2024-11-15T11:57:10-06:00 2023-12-31 260794367 UHY ADVISORS MID-ATLANTIC INC 8601 ROBERT FULTON DRIVE SUITE 210 COLUMBIA MD 21046 990 2023-01-01 541742507 INTERNATIONAL SOCIETY OF TRANSPORT AIRCRAFT TRADING FOUNDATION INTE 3123215169 330 N WABASH AVENUE CHICAGO IL 60611 JANET HUYNH EXECUTIVE DIRECTOR 3123215169 2024-11-14 1 1 KATSIARYNA VASILIEV P02167272 4107205220 2024-11-14 2023 2024-10-15 13:58:12Z JANET HUYNH 330 N WABASH AVENUE CHICAGO IL 60611 2519615 0 X WWW.FOUNDATION.ISTAT.ORG X 2006 VA SUPPORT INDIVIDUALS AND INSTITUTIONS THAT PROMOTE THE ADVANCEMENT OF COMMERCIAL AVIATION AND HUMANITARIANISM. 18 18 0 50 0 0 1504779 1054076 0 0 143530 248795 -6756 4170 1641553 1307041 1725214 604796 0 0 0 0 0 0 11020 379301 412930 2104515 1017726 -462962 289315 6523764 6820859 697288 108953 5826476 6711906 SUPPORT INDIVIDUALS AND INSTITUTIONS THAT PROMOTE THE ADVANCEMENT OF COMMERCIAL AVIATION AND HUMANITARIANISM. 0 0 802598 604796 THE FOUNDATION SUPPORTS FIVE PROGRAMS THAT FOSTER INTEREST IN, CREATE OPPORTUNITIES FOR, AND PROVIDE ASSISTANCE TO THE GLOBAL AVIATION COMMUNITY. THESE PROGRAMS INCLUDE PROVIDING SCHOLARSHIPS TO ACADEMICALLY-QUALIFIED STUDENTS PURSUING AN AVIATION-RELATED DEGREE AT AN ACCREDITED UNIVERSITY; INTERNSHIP OPPORTUNITIES FOR STUDENTS SEEKING CAREERS IN AVIATION; GRANTS TO EDUCATIONAL INSTITUTIONS, MUSEUMS AND OTHER NONPROFIT ORGANIZATIONS THAT NEED FUNDING TO STIMULATE COMMERCIAL AVIATION INTEREST AT VARIOUS ACADEMIC LEVELS; HUMANITARIAN AID EFFORTS, WHEREIN COMMERCIAL AVIATION PLAYS A ROLE; AND STUDENTS THE OPPORTUNITY TO PARTICIPATE IN AN ISTAT UNIVERSITY CERTIFICATE PROGRAM FOCUSING ON AVIATION FINANCE. 802598 1 1 0 0 0 0 0 0 0 1 0 0 0 0 1 1 1 0 0 0 1 1 1 0 1 0 0 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 1 5 0 0 0 0 0 0 0 0 0 0 0 0 0 0 X 18 18 0 1 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 0 0 0 IL X SMITHBUCKLIN CORPORATION 3123215169 330 NORTH WABASH AVENUE SUITE 2000 CHICAGO IL 60611 X SIGTHOR EINARSSON CHAIR 2.00 X X 0 0 0 PETER HUIJBERS VICE CHAIR 2.00 X X 0 0 0 GERRY LADERMAN TREASURER 2.00 X X 0 0 0 CHRISTINE ROVELLI VICE TREASURER 2.00 X X 0 0 0 MARY PRETTYMAN ISTAT PRESIDENT 2.00 X X 0 0 0 DEAN GERBER ISTAT PAST PRESIDENT 2.00 X X 0 0 0 JOEY JOHNSEN DIRECTOR 2.00 X 0 0 0 KRISTEN CHMIELEWSKI DIRECTOR 2.00 X 0 0 0 BRUCE DANKBERG DIRECTOR 2.00 X 0 0 0 NICK FADUGBA DIRECTOR 2.00 X 0 0 0 RICHARD GOODHEAD DIRECTOR 2.00 X 0 0 0 AYOMIDE JIDEOMOLE DIRECTOR 2.00 X 0 0 0 ANDREW LA STELLA DIRECTOR 2.00 X 0 0 0 TRACEY O'BRIEN DIRECTOR 2.00 X 0 0 0 JEAN B STEIN DIRECTOR 2.00 X 0 0 0 MARK STREETER DIRECTOR 2.00 X 0 0 0 JOEL WAGNER DIRECTOR 2.00 X 0 0 0 RICHARD WALL DIRECTOR 2.00 X 0 0 0 MEGAN KING EXECUTIVE DIRECTOR - SMITHBUKLIN 2.00 X 0 0 0 0 0 0 0 0 0 0 SMITHBUCKLIN CORPORATION 300N WABASH AVE SUITE 2000 CHICAGO IL 60611 MANAGEMENT SERVICES 341076 1 336950 557497 159629 1054076 143873 143873 1202715 1097793 104922 104922 104922 34358 336950 114781 -80423 -80423 MISCELLANEOUS INCOME 900099 84593 84593 84593 1307041 0 0 252965 88718 88718 205670 205670 310408 310408 284523 140356 137267 6900 12880 12880 28552 28552 MISCELLANEOUS 77498 55501 17877 4120 MEETINGS AND HOSPITALIT 9477 1945 7532 1017726 802598 204108 11020 639934 597593 331342 159159 5552488 6064107 6523764 6820859 693063 78779 4225 15000 0 15174 697288 108953 X 3808718 4609517 2017758 2102389 5826476 6711906 6523764 6820859 X 289315 788763 -192648 0 X X 0 1 X 1 0 X 1135449 1544280 1161915 1504779 1054076 6400499 1135449 1544280 1161915 1504779 1054076 6400499 4217142 2183357 144223 116530 200775 159409 143873 764810 11300 84593 95893 7261202 0.30070 0.30060 X PART II, SECTION C, LINE 17A, FACTS AND CIRCUMSTANCES TEST THE FOUNDATION SUPPORTS FIVE PROGRAMS THAT FOSTER INTEREST IN, CREATE OPPORTUNITIES FOR, AND PROVIDE ASSISTANCE TO THE GLOBAL AVIATION COMMUNITY. THESE PROGRAMS INCLUDE PROVIDING SCHOLARSHIPS TO ACADEMICALLY-QUALIFIED STUDENTS PURSUING AN AVIATION-RELATED DEGREE AT AN ACCREDITED UNIVERSITY; INTERNSHIP OPPORTUNITIES FOR STUDENTS SEEKING CAREERS IN AVIATION; GRANTS TO EDUCATIONAL INSTITUTIONS, MUSEUMS AND OTHER NONPROFIT ORGANIZATIONS THAT NEED FUNDING TO STIMULATE COMMERCIAL AVIATION INTEREST AT VARIOUS ACADEMIC LEVELS; HUMANITARIAN AID EFFORTS, WHEREIN COMMERCIAL AVIATION PLAYS A ROLE; AND STUDENTS THE OPPORTUNITY TO PARTICIPATE IN AN ISTAT UNIVERSITY CERTIFICATE PROGRAM FOCUSING ON AVIATION FINANCE. AS SUCH, ALTHOUGH THE FOUNDATION'S PUBLIC SUPPORT PERCENTAGES WERE 30.13% AND 30.06% AT DECEMBER 31, 2023 AND 2022, RESPECTIVELY, THE FOUNDATION SHOULD QUALIFY FOR PUBLIC CHARITY STATUS UNDER THE FACTS AND CIRCUMSTANCES TEST BECAUSE: * PUBLIC SUPPORT RECEIVED BY THE FOUNDATION WAS MORE THAN 10% OF THE TOTAL SUPPORT NORMALLY RECEIVED BY THE ORGANIZATION. * THE FOUNDATION MAINTAINED DEFINITIVE PROGRAMS FOR ACCOMPLISHING ITS CHARITABLE WORK. * THE FOUNDATION MAINTAINED A CONTINUOUS AND BONA FIDE PROGRAM FOR SOLICITING FUNDS. * THE COMPOSITION OF THE FOUNDATION'S BOARD OF DIRECTORS CONSISTS OF PROFESSIONAL REPRESENTING THE BOARD INTERESTS OF ITS MEMBERS TO SUPPORT INDIVIDUALS AND INSTITUTIONS THAT PROMOTE THE ADVANCEMENT OF COMMERCIAL AVIATION AND HUMANITARIANISM. RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 1054793 199460 1254253 1309480 -254687 1054793 1115296 194184 1309480 0 0 0 DUE TO INTERNATIONAL SOCIETY OF TRANSPORT AIRCRAFT TRADING 15174 15174 X 2182033 788763 114781 903544 1278489 28552 28552 1307041 1103955 114781 114781 989174 28552 28552 1017726 PART X, LINE 2: THE ISTAT FOUNDATION IS EXEMPT FROM INCOME TAXES UNDER SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE, EXCEPT TO THE EXTENT OF ANY NET UNRELATED BUSINESS INCOME IN EXCESS OF A $1,000 SPECIFIC DEDUCTION. THE ISTAT FOUNDATION REPORTED NO SUCH INCOME FOR THE YEAR ENDED DECEMBER 31, 2023 OR 2022. ALTHOUGH THE ISTAT FOUNDATION HAS DETERMINED IT IS NOT REQUIRED TO RECORD A LIABILITY FOR ANY UNCERTAIN TAX POSITIONS AS OF DECEMBER 31, 2023 OR 2022. THE ISTAT FOUNDATION HAS NOT RECEIVED ANY NOTICE OF EXAMINATION FROM THE INTERNAL REVENUE SERVICE, AND THE ISTAT FOUNDATION'S FEDERAL INFORMATION RETURNS FOR 2020 THROUGH 2023 REMAIN SUBJECT TO EXAMINATION. PART XI, LINE 2D - OTHER ADJUSTMENTS: DIRECT FUNDRAISING EXPENSES 114,781. PART XII, LINE 2D - OTHER ADJUSTMENTS: DIRECT FUNDRAISING EXPENSES 114,781. 0 EAST ASIA & PACIFIC 0 0 GRANTS TO RECIPIENTS 40200 EUROPE 0 0 GRANTS TO RECIPIENTS 259934 SUB-SAHARAN AFRICA 0 0 GRANTS TO RECIPIENTS 20780 SOUTH AMERICA 0 0 GRANTS TO RECIPIENTS 13200 MIDDLE EAST AND NORTH AFRICA 0 0 GRANTS TO RECIPIENTS 1000 0 0 0 0 0 0 335114 0 335114 EAST ASIA & PACIFIC GRANTS 10000 WIRE 0 EUROPE (INCLUDING ICELAND & GREENLAND) HUMANITARIAN AID 55000 WIRE 0 EUROPE (INCLUDING ICELAND & GREENLAND) GRANTS 7373 WIRE 0 SUB-SAHARAN AFRICA GRANTS 17000 WIRE 0 SOUTH AMERICA GRANTS 8500 WIRE 0 SCHOLARSHIP AWARDS EAST ASIA & PACIFIC 5 26700 SCHOLARSHIP AWARDS EUROPE 15 193561 SCHOLARSHIP AWARDS MIDDLE EAST & NORTH AFRICA 1 1000 SCHOLARSHIP AWARDS SUB-SAHARAN AFRICA 2 3780 SCHOLARSHIP AWARDS SOUTH AMERICA 1 4700 0 0 0 0 0 0 PART I, LINE 2: EVERY GRANT PROPOSAL IS VETTED TO ENSURE BASIC AND REASONABLE DUE DILIGENCE. THE VETTING PROCESS FOR GRANTS OVER $10,000 INCLUDES THE REVIEW OF THE ORGANIZATION'S FINANCIAL STATEMENTS AND THE ENDORSEMENT OF A TRUSTED THIRD PARTY. FOR NON-PROFIT, NONGOVERNMENTAL ORGANIZATIONS/INSTITUTIONS BASED OUTSIDE OF THE UNITED STATES. THE FOLLOWING MUST BE MET TO OBTAIN A GRANT 1) IT MUST BE ORGANIZED AND OPERATED EXCLUSIVELY FOR CHARITABLE, EDUCATIONAL, OR OTHER EXEMPT PURPOSES; 2) IT MUST BE OPERATED EXCLUSIVELY FOR SPECIFIED CHARITABLE PURPOSES; 3) EITHER ITS COUNTRY'S LAWS AND CUSTOMS, OR ITS GOVERNING DOCUMENTS, PROHIBIT SUBSTANTIAL NON-CHARITABLE ACTIVITIES OR LOBBYING; 4) EITHER IT'S COUNTRY'S LAWS OR CUSTOMS, OR THE ORGANIZATION'S GOVERNING DOCUMENTS, PROHIBIT ANY DIRECT OR INDIRECT INTERVENTION IN A POLITICAL CAMPAIGN, 5) EITHER IT'S COUNTRY'S LAWS AND CUSTOMES, OR THE ORGANIZATION'S GOVERNING DOCUMENTS, PROHIBIT ANY OF ITS ASSETS OR INCOME TO BENEFIT A PRIVATE PERSON; AND 6) UPON DISSOLUTION ITS ASSETS MUST BE DISTRIBUTED TO ANOTHER NONPROFIT ORGANIZATION FOR EITHER A CHARITABLE OR OTHER EXEMPT PURPOSE OR TO A GOVERNMENT ENTITY. FAILURE TO DEMONSTRATE COMPLIANCE WITH THE NONPROFIT ORGANIZATION STANDARDS STATED ABOVE MY RESULT IN THE REVOCATION OF GRANT FUNDS. IN ADDITION, GRANT RECIPIENTS ARE ALSO REQUIRED TO ACKNOWLEDGE THE FOLLOWING IN A SIGNED GRANT AGREEMENT TO OBTAIN FUNDING: 1) THEY WILL PROVIDE THE FOUNDATION WITH A WRITTEN REPORT SUMMARIZING THE PROGRAM/PROJECT PROMPTLY FOLLOWING THE PERIOD IN WHICH ALL GRANT FUNDS HAVE BEEN USED; 2) THEY WILL REPORT HOW THEY ACHIEVED THE PURPOSE OF THE GRANT AND INCLUDE A DETAILED ACCOUNTING OF THE USES OR EXPENDITURE OF ALL GRANTS; AND 3) THEY WILL PROVIDE ANY OTHER INFORMATION REASONABLY REQUESTED BY THE FOUNDATION. IN DOING SO, IT IS RECOMMENDED THEY PROVIDE OR VIDEOS OF THE FUNDED PROGRAM/PROJECT AND IF THE GRAN RECIPIENT OBTAIN AUDITED FINANCIAL STATEMENTS COVERING ANY PART OF THE GRANT PERIOD THEY ARE REQUESTED AS WELL. GRANT RECIPIENTS ARE ALSO REQUIRED TO KEEP FINANCIAL RECORDS RELATED TO THE GRANT, ALONG WITH COPIES OF ANY REPORTS SUBMITTED TO THE FOUNDATION FOR AT LEAST FOUR YEARS FOLLOWING THE YEAR IN WHICH ALL GRANT FUNDS ARE FULLY EXPENDED. GOLF 371308 336950 34358 114781 371308 336950 34358 114781 114781 -80423 1 WINGS OF HOPE INC 18370 WINGS OF HOPE BLVD ST LOUIS MO 63005 430909606 501(C)(3) 0 6000 HUMANITARIAN AWARD AIR CAMP INC PO BOX 752332 DAYTON OH 45475 272186089 501(C)(3) 0 7300 2023 GRANT NATIONAL AVIATION HALL OF FAME 1100 SPAATZ ST DAYTON OH 45433 237117952 501(C)(3) 0 10000 2023 GRANT EMBRY RIDDLE AERONAUTICAL UNIVERSITY 1 AEROSPACE BLVD DAYTONA BEACH FL 32114 590936101 501(C)(3) 0 21444 2023 GRANT, ISTAT U MUSEUMS AT MITCHEL 1 DAVIS AVE GARDEN CITY NY 11530 113558761 501(C)(3) 0 5250 2023 GRANT INTERNATIONAL AVIATION WOMEN'S ASSOCIATION 19 MANTUA RD MOUNT ROYAL NJ 02061 954277780 501(C)(6) 0 14600 2023 GRANT INTREPID MUSEUM FOUNDATION INC WEST 46TH STREET AND 12TH AVENUE NEW YORK NY 10036 133062419 501(C)(3) 0 10000 2023 GRANT WE WERE ONCE THEM 336 BESSIE COLEMAN BLVD WAXAHACHIE TX 75165 824827784 501(C)(3) 0 10000 2023 GRANT 8 1 SCHOLARSHIPS 31 194170 STIPEND 3 7500 PART I, LINE 2: EVERY GRAN PROPOSAL IS VETTED TO ENSURE BASIC AND REASONABLE DUE DILIGENCE. THE VETTING PROCESS FOR GRANTS OVER $10,000 INCLUDES THE REVIEW OF THE ORGANIZATION'S FINANCIAL STATEMENTS AND THE ENDORSEMENT OF A TRUSTED THIRD PARTY. FOR NON-PROFIT, NONGOVERNMENTAL ORGANIZATIONS/INSTITUTIONS BASED IN THE UNITED STATES, THE FOLLOWING MUST BE MET TO OBTAIN A GRANT 1) IT MUST BE CURRENTLY RECOGNIZED BY THE INTERNAL REVENUE SERVICES (IRS) AS A PUBLIC CHARITY DESCRIBED IN SECTION 501(C)(3) AND 509(A)(1), (2), OR (3) OF THE INTERNAL REVENUE CODE OF 1986 AS AMENDED (THE CODE); 2) IT'S TAX-EXEMPT STATUS UNDER SECTIONS 501(C)(3) AND 509 (A) OF THE CODE HAS NOT CHANGED SINCE THE ISSUANCE OF THE IRS DETERMINATION LETTER PROVIDED TO THE FOUNDATION; AND 3) IT MUST HAVE NO ISSUES PRESENTLY PENDING BEFORE ANY OFFICE OF THE IRS THAT COULD RESULT IN ANY PROPOSED CHANGES TO ITS TAX-EXEMPT STATUS UNDER SECTIONS 501(C)(3) OR 509(A) OF THE CODE. FAILURE TO DEMONSTRATE COMPLIANCE WITH THE NONPROFIT ORGANIZATION STANDARDS ABOVE MAY RESULT IN THE REVOCATION OF GRANT FUNDS. IN ADDITION, GRANT RECIPIENTS ARE ALSO REQUIRED TO ACKNOWLEDGE THE FOLLOWING IN A SIGNED GRANT AGREEMENT TO OBTAIN FUNDING: 1) THEY WILL PROVIDE THE FOUNDATION WITH A WRITTEN REPORT SUMMARIZING THE PROGRAM/PROJECT PROMPTLY FOLLOWING THE PERIOD IN WHICH ALL GRANT FUNDS HAVE BEEN USED; 2) THEY WILL REPORT HOW THEY ACHIEVED THE PURPOSE OF THE GRANT AND INCLUDE A DETAILED ACCOUNTING OF THE USES OR EXPENDITURE OF ALL GRANTS; AND 3) THEY WILL PROVIDE ANY OTHER INFORMATION REASONABLY REQUESTED BY THE FOUNDATION. IN DOING SO, IT IS RECOMMENDED THEY PROVIDE OR VIDEOS OF THE FUNDED PROGRAM/PROJECT AND IF THE GRAN RECIPIENT OBTAIN AUDITED FINANCIAL STATEMENTS COVERING ANY PART OF THE GRANT PERIOD THEY ARE REQUESTED AS WELL. GRANT RECIPIENTS ARE ALSO REQUIRED TO KEEP FINANCIAL RECORDS RELATED TO THE GRANT, ALONG WITH COPIES OF ANY REPORTS SUBMITTED TO THE FOUNDATION FOR AT LEAST FOUR YEARS FOLLOWING THE YEAR IN WHICH ALL GRANT FUNDS ARE FULLY EXPENDED. FORM 990, PART VI, SECTION A, LINE 3 THE FOUNDATION HAS DELEGATED THE MANAGEMENT OF ITS DAILY OPERATIONS TO SMITHBUCKLIN CORPORATION IN CHICAGO. SMITHBUCKLIN CORPORATION IS A MANAGEMENT COMPANY WHICH MANAGES ALL ASPECTS OF THE FOUNDATION IN ACCORDANCE WITH THE FOUNDATION'S BYLAWS AND POLICIES. OPERATIONS MAY INCLUDE, BUT ARE NOT LIMITED TO, ADMINISTRATION, FINANCE AND ACCOUNTING, EVENT MANAGEMENT, EDUCATION, AND INFORMATION TECHNOLOGY. SMITHBUCKLIN CORPORATION EMPLOYEES PROVIDE THESE SERVICES. FORM 990, PART VI, SECTION B, LINE 11B THE FOUNDATION'S 990 IS PREPARED BY INDEPENDENT PUBLIC ACCOUNTANTS AND SUBMITTED TO THE FOUNDATION'S MANAGEMENT COMPANY FOR INITIAL REVIEW. THE FORM IS THEN SUBMITTED TO THE BOARD OF DIRECTORS FOR REVIEW AND DISCUSSION PRIOR TO FILING. FORM 990, PART VI, SECTION B, LINE 12C DIRECTORS ARE REQUIRED TO DISCLOSE ANY CONFLICTS OF INTEREST AS THEY ARISE. FORM 990, PART VI, SECTION C, LINE 19 THE FOUNDATION'S GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, AND FINANCIAL STATEMENTS ARE AVAILABLE TO THE PUBLIC UPON REQUEST. FORM 990, PART XII, LINE 2C THE PROCESS DID NOT CHANGE FROM THE PRIOR YEAR. FORM 990, PART XI, LINE 8 AS A RESULT OF AN INTERNAL REVIEW OF THE ISTAT FOUNDATION'S RECEIVABLES AND PAYABLES, MANAGEMENT IDENTIFIED OVERSTATED AND UNDERSTATED BALANCES RELATED TO PRIOR PERIOD ACTIVITY. THE 2022 FINANCIAL STATEMENTS HAVE BEEN RESTATED TO REFLECT THE ACCURATE BALANCES OF THE ACCOUNTS MANAGEMENT REVIEWED AND SUBSEQUENTLY CORRECTED. THE EFFECT OF THE RESTATEMENT ON THE CHANGE IN NET ASSETS AS OF DECEMBER 31, 2022 WAS A DECREASE IN AMOUNT OF $192,648. INTERNATIONAL SOCIETY OF TRANSPORT AIRCRAFT TRADING 330 N WABASH AVE SUITE 2000 CHICAGO IL 60611 521304567 TRADE ASSOCIATION DE 501(C)(6) 0 0 0 1 0 1 0 0 0 0 0 0 0 0 1 0 0 0 0 0 INTERNATIONAL SOCIETY OF TRANSPORT AIRCRAFT TRADING C 557497 CASH INTERNATIONAL SOCIETY OF TRANSPORT AIRCRAFT TRADING E 15174 CASH