TY 2025 Form 990

(A) Name and title	(B) Average hours per week (list any hours for related organizations below dotted line)	(C) Position (do not check more than one box, unless person is both an officer and a director/trustee)	(E) Reportable compensation from related organizations (W-2/1099-MISC/1099-NEC)
(1) BRIAN BISHOP...................................................................... CHAIR (TO 4/25)	5.00 .................	X	X
(2) CATHERINE ALMAND...................................................................... VICE CHAIR(TO 4/25)CHAIR(FROM 4/25)	5.00 .................	X	X
(3) LEE KRAUTH...................................................................... DIRECTOR(TO4/25)VICE CHAIR(FROM 4/25)	5.00 .................	X	X
(4) VIRGINIA TONNESON...................................................................... SECRETARY (TO 4/25)	5.00 .................	X	X
(5) CHRISTOPHER WALKER...................................................................... SECRETARY (FROM 4/25)	5.00 .................	X	X
(6) GLENN L STREBE...................................................................... TREASURER (TO 4/25)	5.00 .................	X	X
(7) CHRISTIAN EVANS...................................................................... DIRECTOR(TO4/25)TREASURER(FROM 4/25)	5.00 .................	X	X
(8) HANK HOFFMAN...................................................................... DIRECTOR	5.00 .................	X
(9) HANS J MUEH...................................................................... DIRECTOR (TO 4/25)	5.00 .................	X
(10) GARRY W DUDLEY...................................................................... DIRECTOR	5.00 .................	X
(11) ROBERT A LOWE...................................................................... DIRECTOR	5.00 .................	X
(12) DAN BOHLIN...................................................................... DIRECTOR (FROM 4/25)	5.00 .................	X
(13) WILLIAM CARPENTER...................................................................... DIRECTOR	5.00 .................	X
(14) DENNY MERIDETH...................................................................... DIRECTOR (FROM 4/25)	5.00 .................	X
(15) ROD BISHOP...................................................................... DIRECTOR (FROM 4/25)	5.00 .................	X
(16) DAVID THOMPSON...................................................................... DIRECTOR (FROM 4/25)	5.00 .................	X
(17) NATHAN DIAL...................................................................... DIRECTOR	5.00 .................	X

- TIN:

SCHEDULE A
(Form 990)

Department of the Treasury
Internal Revenue Service

Public Charity Status and Public Support

Complete if the organization is a section 501(c)(3) organization or a section 4947(a)(1) nonexempt charitable trust.
Attach to Form 990 or Form 990-EZ.
Go to www.irs.gov/Form990 for instructions and the latest information.

OMB No. 1545-0047

2025

Open to Public
Inspection

Name of the organization

ASSOCIATION OF GRADUATES OF THE UNITED
STATES AIR FORCE ACADEMY

Employer identification number

84-0580665

Part I

Reason for Public Charity Status (All organizations must complete this part.) See instructions.

The organization is not a private foundation because it is: (For lines 1 through 12, check only one box.)

A church, convention of churches, or association of churches described in section 170(b)(1)(A)(i).

A school described in section 170(b)(1)(A)(ii). (Attach Schedule E (Form 990).)

A hospital or a cooperative hospital service organization described in section 170(b)(1)(A)(iii).

A medical research organization operated in conjunction with a hospital described in section 170(b)(1)(A)(iii). Enter the hospital's name, city, and state:

An organization operated for the benefit of a college or university owned or operated by a governmental unit described in section 170(b)(1)(A)(iv). (Complete Part II.)

A federal, state, or local government or governmental unit described in section 170(b)(1)(A)(v).

An organization that normally receives a substantial part of its support from a governmental unit or from the general public described in section 170(b)(1)(A)(vi). (Complete Part II.)

A community trust described in section 170(b)(1)(A)(vi). (Complete Part II.)

An agricultural research organization described in 170(b)(1)(A)(ix) operated in conjunction with a land-grant college or university or a non-land grant college of agriculture. See instructions. Enter the name, city, and state of the college or university:

An organization that normally receives: (1) more than 33 1/3% of its support from contributions, membership fees, and gross receipts from activities related to its exempt functions—subject to certain exceptions, and (2) no more than 33 1/3% of its support from gross investment income and unrelated business taxable income (less section 511 tax) from businesses acquired by the organization after June 30, 1975. See section 509(a)(2). (Complete Part III.)

An organization organized and operated exclusively to test for public safety. See section 509(a)(4).

An organization organized and operated exclusively for the benefit of, to perform the functions of, or to carry out the purposes of one or more publicly supported organizations described in section 509(a)(1) or section 509(a)(2). See section 509(a)(3). Check the box on lines 12a through 12d that describes the type of supporting organization and complete lines 12e, 12f, and 12g.

Type I. A supporting organization operated, supervised, or controlled by its supported organization(s), typically by giving the supported organization(s) the power to regularly appoint or elect a majority of the directors or trustees of the supporting organization. You must complete Part IV, Sections A and B.

Type II. A supporting organization supervised or controlled in connection with its supported organization(s), by having control or management of the supporting organization vested in the same persons that control or manage the supported organization(s). You must complete Part IV, Sections A and C.

Type III functionally integrated. A supporting organization operated in connection with, and functionally integrated with, its supported organization(s) (see instructions). You must complete Part IV, Sections A, D, and E.

Type III non-functionally integrated. A supporting organization operated in connection with its supported organization(s) that is not functionally integrated. The organization must generally satisfy a distribution requirement and an attentiveness requirement (see instructions). You must complete Part IV, Sections A and D, and Part V.

Check this box if the organization received a written determination from the IRS that it is a Type I, Type II, Type III functionally integrated, or Type III non-functionally integrated supporting organization.

Enter the number of supported organizations ...........................

Provide the following information about the supported organization(s).

(i) Name of supported organization	(ii) EIN	(iv) Is the organization listed in your governing document?		(v) Amount of monetary support (see instructions)	(vi) Amount of other support (see instructions)
(i) Name of supported organization	(ii) EIN	Yes	No	(v) Amount of monetary support (see instructions)	(vi) Amount of other support (see instructions)


Total

For Paperwork Reduction Act Notice, see the Instructions for
Form 990 or 990-EZ.

Cat. No. 11285F

Schedule A (Form 990) 2025

Page 2

Part II

Support Schedule for Organizations Described in Sections 170(b)(1)(A)(iv) and 170(b)(1)(A)(vi)
(Complete only if you checked the box on line 5, 7, or 8 of Part I or if the organization failed to qualify under Part III. If the organization failed to qualify under the tests listed below, please complete Part III.)

Section A. Public Support

Calendar year (or fiscal year beginning in)		(a) 2021	(b) 2022	(c) 2023	(d) 2024	(e) 2025	(f) Total
1	Gifts, grants, contributions, and membership fees received. (Do not include any "unusual grant.") ..
2	Tax revenues levied for the organization's benefit and either paid to or expended on its behalf ....
3	The value of services or facilities furnished by a governmental unit to the organization without charge..
4	Total. Add lines 1 through 3
5	The portion of total contributions by each person (other than a governmental unit or publicly supported organization) included on line 1 that exceeds 2% of the amount shown on line 11, column (f) ..
6	Public support. Subtract line 5 from line 4.

Section B. Total Support

Calendar year (or fiscal year beginning in)		(a) 2021	(b) 2022	(c) 2023	(d) 2024	(e) 2025	(f) Total
7	Amounts from line 4..
8	Gross income from interest, dividends, payments received on securities loans, rents, royalties and income from similar sources...
9	Net income from unrelated business activities, whether or not the business is regularly carried on..
10	Other income. Do not include gain or loss from the sale of capital assets (Explain in Part VI.)..
11	Total support. Add lines 7 through 10

Gross receipts from related activities, etc. (see instructions) ..................

First 5 years. If the Form 990 is for the organization's first, second, third, fourth, or fifth tax year as a section 501(c)(3) organization, check this box and stop here ........................................

Section C. Computation of Public Support Percentage

Public support percentage for 2025 (line 6, column (f) divided by line 11, column (f)) .........

Public support percentage for 2024 Schedule A, Part II, line 14 ...............

16a

33 1/3% support test—2025. If the organization did not check the box on line 13, and line 14 is 33 1/3% or more, check this box
and stop here. The organization qualifies as a publicly supported organization .......................

33 1/3% support test—2024. If the organization did not check a box on line 13 or 16a, and line 15 is 33 1/3% or more, check this
box and stop here. The organization qualifies as a publicly supported organization .....................

17a

10%-facts-and-circumstances test—2025. If the organization did not check a box on line 13, 16a, or 16b, and line 14 is 10% or more, and if the organization meets the "facts-and-circumstances" test, check this box and stop here. Explain in Part VI how the organization meets the "facts-and-circumstances" test. The organization qualifies as a publicly supported organization ............

10%-facts-and-circumstances test—2024. If the organization did not check a box on line 13, 16a, 16b, or 17a, and line 15 is 10% or more, and if the organization meets the "facts-and-circumstances" test, check this box and stop here. Explain in Part VI how the organization meets the "facts-and-circumstances" test. The organization qualifies as a publicly supported organization ............

Private foundation. If the organization did not check a box on line 13, 16a, 16b, 17a, or 17b, check this box and see
instructions .....................................................

Schedule A (Form 990) 2025

Page 3

Part III

Support Schedule for Organizations Described in Section 509(a)(2)
(Complete only if you checked the box on line 10 of Part I or if the organization failed to qualify under Part II. If the organization fails to qualify under the tests listed below, please complete Part II.)

Section A. Public Support

Calendar year (or fiscal year beginning in)		(a) 2021	(b) 2022	(c) 2023	(d) 2024	(e) 2025	(f) Total
1	Gifts, grants, contributions, and membership fees received. (Do not include any "unusual grants.")	9,642,723	5,445,346	5,368,997	5,392,260	5,147,388	30,996,714
2	Gross receipts from admissions, merchandise sold or services performed, or facilities furnished in any activity that is related to the organization's tax-exempt purpose	1,790,600	1,860,893	2,125,598	1,571,247	1,809,736	9,158,074
3	Gross receipts from activities that are not an unrelated trade or business under section 513 .....
4	Tax revenues levied for the organization's benefit and either paid to or expended on its behalf...
5	The value of services or facilities furnished by a governmental unit to the organization without charge
6	Total. Add lines 1 through 5	11,433,323	7,306,239	7,494,595	6,963,507	6,957,124	40,154,788
7a	Amounts included on lines 1, 2, and 3 received from disqualified persons		2,743,400	2,621,094	2,871,000	2,998,600	11,234,094
b	Amounts included on lines 2 and 3 received from other than disqualified persons that exceed the greater of $5,000 or 1% of the amount on line 13 for the year.				375,867	340,517	716,384
c	Add lines 7a and 7b..		2,743,400	2,621,094	3,246,867	3,339,117	11,950,478
8	Public support. (Subtract line 7c from line 6.)						28,204,310

Section B. Total Support

Calendar year (or fiscal year beginning in)		(a) 2021	(b) 2022	(c) 2023	(d) 2024	(e) 2025	(f) Total
9	Amounts from line 6	11,433,323	7,306,239	7,494,595	6,963,507	6,957,124	40,154,788
10a	Gross income from interest, dividends, payments received on securities loans, rents, royalties and income from similar sources	876,021	924,344	1,431,898	1,917,452	1,861,061	7,010,776
b	Unrelated business taxable income (less section 511 taxes) from businesses acquired after June 30, 1975
c	Add lines 10a and 10b	876,021	924,344	1,431,898	1,917,452	1,861,061	7,010,776
11	Net income from unrelated business activities not included on line 10b, whether or not the business is regularly carried on.
12	Other income. Do not include gain or loss from the sale of capital assets (Explain in Part VI.) ..	800,000					800,000
13	Total support. (Add lines 9, 10c, 11, and 12.)..	13,109,344	8,230,583	8,926,493	8,880,959	8,818,185	47,965,564

Section C. Computation of Public Support Percentage

Public support percentage for 2025 (line 8, column (f) divided by line 13, column (f)) .........

58.800 %

Public support percentage from 2024 Schedule A, Part III, line 15 ...............

64.020 %

Section D. Computation of Investment Income Percentage

Investment income percentage for 2025 (line 10c, column (f) divided by line 13, column (f)) ......

14.620 %

Investment income percentage from 2024 Schedule A, Part III, line 17 .............

12.450 %

19a

33 1/3% support tests-2025. If the organization did not check the box on line 14, and line 15 is more than 33 1/3%, and line 17 is not more than 33 1/3%, check this box and stop here. The organization qualifies as a publicly supported organization .......

33 1/3 % support tests—2024. If the organization did not check a box on line 14 or line 19a, and line 16 is more than 33 1/3% and line 18 is not more than 33 1/3%, check this box and stop here. The organization qualifies as a publicly supported organization .....

Private foundation. If the organization did not check a box on line 14, 19a, or 19b, check this box and see instructions ....

Schedule A (Form 990) 2025

Page 4

Part IV

Supporting Organizations

(Complete only if you checked a box on line 12 of Part I. If you checked box 12a, of Part I, complete Sections A and B. If you checked box 12b, of Part I, complete Sections A and C. If you checked box 12c, of Part I, complete Sections A, D, and E. If you checked box12d, of Part I, complete Sections A and D, and complete Part V.)

Section A. All Supporting Organizations

Yes

Are all of the organization’s supported organizations listed by name in the organization’s governing documents?
If "No," describe in Part VI how the supported organizations are designated. If designated by class or purpose,
describe the designation. If historic and continuing relationship, explain.

Did the organization have any supported organization that does not have an IRS determination of status under section 509(a)(1) or (2)? If "Yes," explain in Part VI how the organization determined that the supported organization was described in section 509(a)(1) or (2).

Did the organization have a supported organization described in section 501(c)(4), (5), or (6)? If "Yes," answer lines 3b and 3c below.

Did the organization confirm that each supported organization qualified under section 501(c)(4), (5), or (6) and satisfied the public support tests under section 509(a)(2)? If "Yes," describe in Part VI when and how the organization made the determination.

Did the organization ensure that all support to such organizations was used exclusively for section 170(c)(2)(B) purposes? If "Yes," explain in Part VI what controls the organization put in place to ensure such use.

Was any supported organization not organized in the United States ("foreign supported organization")? If “Yes” and if you checked box 12a or 12b in Part I, answer lines 4b and 4c below.

Did the organization have ultimate control and discretion in deciding whether to make grants to the foreign supported organization? If “Yes,” describe in Part VI how the organization had such control and discretion despite being controlled or supervised by or in connection with its supported organizations.

Did the organization support any foreign supported organization that does not have an IRS determination under sections 501(c)(3) and 509(a)(1) or (2)? If “Yes,” explain in Part VI what controls the organization used to ensure that all support to the foreign supported organization was used exclusively for section 170(c)(2)(B) purposes.

Did the organization add, substitute, or remove any supported organizations during the tax year? If “Yes,” answer lines 5b and 5c below (if applicable). Also, provide detail in Part VI, including (i) the names and EIN numbers of the supported organizations added, substituted, or removed; (ii) the reasons for each such action; (iii) the authority under the organization's organizing document authorizing such action; and (iv) how the action was accomplished (such as by amendment to the organizing document).

Type I or Type II only. Was any added or substituted supported organization part of a class already designated in the organization's organizing document?

Substitutions only. Was the substitution the result of an event beyond the organization's control?

Did the organization provide support (whether in the form of grants or the provision of services or facilities) to anyone other than (i) its supported organizations, (ii) individuals that are part of the charitable class benefited by one or more of its supported organizations, or (iii) other supporting organizations that also support or benefit one or more of the filing organization’s supported organizations? If “Yes,” provide detail in Part VI.

Did the organization provide a grant, loan, compensation, or other similar payment to a substantial contributor (defined in section 4958(c)(3)(C)), a family member of a substantial contributor, or a 35% controlled entity with regard to a substantial contributor? If “Yes,” complete Part I of Schedule L (Form 990) .

Did the organization make a loan to a disqualified person (as defined in section 4958) not described on line 7? If “Yes,” complete Part I of Schedule L (Form 990).

Was the organization controlled directly or indirectly at any time during the tax year by one or more disqualified persons, as defined in section 4946 (other than foundation managers and organizations described in section 509(a)(1) or (2))? If “Yes,” provide detail in Part VI.

Did one or more disqualified persons (as defined on line 9a) hold a controlling interest in any entity in which the supporting organization had an interest? If “Yes,” provide detail in Part VI.

Did a disqualified person (as defined on line 9a) have an ownership interest in, or derive any personal benefit from, assets in which the supporting organization also had an interest? If “Yes,” provide detail in Part VI.

10a

Was the organization subject to the excess business holdings rules of section 4943 because of section 4943(f) (regarding certain Type II supporting organizations, and all Type III non-functionally integrated supporting organizations)? If “Yes,” answer line 10b below.

10a

Did the organization have any excess business holdings in the tax year? (Use Schedule C, Form 4720, to determine whether the organization had excess business holdings).

10b

Schedule A (Form 990) 2025

Page 5

Part IV

Supporting Organizations (continued)

Yes

Has the organization accepted a gift or contribution from any of the following persons?

A person who directly or indirectly controls, either alone or together with persons described on lines 11b and 11c below, the governing body of a supported organization?

11a

A family member of a person described on 11a above?

11b

A 35% controlled entity of a person described on line 11a or 11b above? If “Yes” to 11a, 11b, or 11c, provide detail in Part VI.

11c

Section B. Type I Supporting Organizations

Yes

Did the officers, directors, trustees, or membership of one or more supported organizations have the power to regularly appoint or elect at least a majority of the organization’s directors or trustees at all times during the tax year? If “No,” describe in Part VI how the supported organization(s) effectively operated, supervised, or controlled the organization’s activities. If the organization had more than one supported organization, describe how the powers to appoint and/or remove directors or trustees were allocated among the supported organizations and what conditions or restrictions, if any, applied to such powers during the tax year.

Did the organization operate for the benefit of any supported organization other than the supported organization(s) that operated, supervised, or controlled the supporting organization? If “Yes,” explain in Part VI how providing such benefit carried out the purposes of the supported organization(s) that operated, supervised or controlled the supporting organization.

Section C. Type II Supporting Organizations

Yes

Were a majority of the organization’s directors or trustees during the tax year also a majority of the directors or trustees of each of the organization’s supported organization(s)? If “No,” describe in Part VI how control or management of the supporting organization was vested in the same persons that controlled or managed the supported organization(s).

Section D. All Type III Supporting Organizations

Yes

Did the organization provide to each of its supported organizations, by the last day of the fifth month of the organization’s tax year, (i) a written notice describing the type and amount of support provided during the prior tax year, (ii) a copy of the Form 990 that was most recently filed as of the date of notification, and (iii) copies of the organization’s governing documents in effect on the date of notification, to the extent not previously provided?

Were any of the organization’s officers, directors, or trustees either (i) appointed or elected by the supported organization(s) or (ii) serving on the governing body of a supported organization? If "No," explain in Part VI how the organization maintained a close and continuous working relationship with the supported organization(s).

By reason of the relationship described in line 2 above, did the organization’s supported organizations have a significant voice in the organization’s investment policies and in directing the use of the organization’s income or assets at all times during the tax year? If "Yes," describe in Part VI the role the organization’s supported organizations played in this regard.

Section E. Type III Functionally-Integrated Supporting Organizations

Check the box next to the method that the organization used to satisfy the Integral Part Test during the year (see instructions):

The organization satisfied the Activities Test. Complete line 2 below.

The organization is the parent of each of its supported organizations. Complete line 3 below.

The organization supported a governmental supported organization. Describe in Part VI how you supported a governmental supported organization (see instructions).

Activities Test. Answer lines 2a and 2b below.

Yes

Did substantially all of the organization’s activities during the tax year directly further the exempt purposes of its supported organization(s)? If "Yes," then in Part VI identify those supported organizations and explain how these activities directly furthered their exempt purposes, how the organization was responsive to each of its supported organizations, and how the organization determined that these activities constituted substantially all of its activities.

Did the activities described on line 2a, above, constitute activities that, but for the organization’s involvement, one or more of the organization’s supported organization(s) would have been engaged in? If “Yes,” explain in Part VI the reasons for the organization’s position that its supported organization(s) would have engaged in these activities but for the organization’s involvement.

Parent of Supported Organizations. Answer lines 3a, 3b, and 3c below.

Are the organization and its supported organization(s) part of an integrated system (for example, a hospital system)? If “Yes,” provide details in Part VI.

Did the organization direct the policies, programs, and activities of each of its supported organizations? If "Yes," describe in Part VI the role played by the organization in this regard.

Did the organization have the power to regularly appoint or elect (and remove) a majority of the officers, directors, or trustees of each of the supported organizations?If "Yes" or "No", provide details in Part VI.

Schedule A (Form 990) 2025

Page 6

Part V

Type III Non-Functionally Integrated 509(a)(3) Supporting Organizations

Check here if the organization satisfied the Integral Part Test as a qualifying trust on Nov. 20, 1970 (explain in Part VI). See instructions. All other Type III non-functionally integrated supporting organizations must complete Sections A through E.

	Section A - Adjusted Net Income		(A) Prior Year	(B) Current Year (optional)
1	Net short-term capital gain	1
2	Recoveries of prior-year distributions	2
3	Other gross income (see instructions)	3
4	Add lines 1 through 3	4
5	Depreciation and depletion	5
6	Portion of operating expenses paid or incurred for production or collection of gross income or for management, conservation, or maintenance of property held for production of income (see instructions)	6
7	Other expenses (see instructions)	7
8	Adjusted Net Income (subtract lines 5, 6 and 7 from line 4)	8

	Section B - Minimum Asset Amount		(A) Prior Year	(B) Current Year (optional)
1	Aggregate fair market value of all non-exempt-use assets (see instructions for short tax year or assets held for part of year):	1
a	Average monthly value of securities	1a
b	Average monthly cash balances	1b
c	Fair market value of other non-exempt-use assets	1c
d	Total (add lines 1a, 1b, and 1c)	1d
e	Discount claimed for blockage or other factors (explain in detail in Part VI):
2	Acquisition indebtedness applicable to non-exempt use assets	2
3	Subtract line 2 from line 1d	3
4	Cash deemed held for exempt use. Enter 0.015 of line 3 (for greater amount, see instructions).	4
5	Net value of non-exempt-use assets (subtract line 4 from line 3)	5
6	Multiply line 5 by 0.035	6
7	Recoveries of prior-year distributions	7
8	Minimum Asset Amount (add line 7 to line 6)	8

	Section C - Distributable Amount		Current Year
1	Adjusted net income for prior year (from Section A, line 8, Column A)	1
2	Enter 85% of line 1	2
3	Minimum asset amount for prior year (from Section B, line 8, Column A)	3
4	Enter greater of line 2 or line 3	4
5	Income tax imposed in prior year	5
6	Distributable Amount. Subtract line 5 from line 4, unless subject to emergency temporary reduction (see instructions)	6

Check here if the current year is the organization's first as a non-functionally- integrated Type III supporting organization (see instructions)

Schedule A (Form 990) 2025

Page 7

Part V

Type III Non-Functionally Integrated 509(a)(3) Supporting Organizations(continued)

Section D - Distributions		Current Year
1 Amounts paid to supported organizations to accomplish exempt purposes	1
2 Amounts paid to perform activity that directly furthers exempt purposes of supported organizations, in excess of income from activity	2
3 Administrative expenses paid to accomplish exempt purposes of supported organizations	3
4 Amounts paid to acquire exempt-use assets	4
5 Qualified set-aside amounts (prior IRS approval required - provide details in Part VI)	5
6Total annual distributions. Add lines 1 through 5.	6
7 Distributions to attentive supported organizations to which the organization is responsive (provide details in Part VI). See instructions	7
8 Distributable amount for 2025 from Section C, line 6	8
9 Line 7 amount divided by Line 8 amount	9

Section E - Distribution Allocations (see instructions)		(i) Excess Distributions	(ii) Underdistributions Pre-2025	(iii) Distributable Amount for 2025
1 Distributable amount for 2025 from Section C, line 6
2 Underdistributions, if any, for years prior to 2025 (reasonable cause required-- explain in Part VI). See instructions.
3 Excess distributions carryover, if any, to 2025:
a From 2020.......
b From 2021.......
c From 2022.......
d From 2023.......
e From 2024.......
fTotal of lines 3a through e
g Applied to underdistributions of prior years
h Applied to 2025 distributable amount
i Carryover from 2020 not applied (see instructions)
j Remainder. Subtract lines 3g, 3h, and 3i from line 3f.
4Distributions for 2025 from Section D, line 6:
$
a Applied to underdistributions of prior years
b Applied to 2025 distributable amount
c Remainder. Subtract lines 4a and 4b from line 4.
5 Remaining underdistributions for years prior to 2025, if any. Subtract lines 3g and 4a from line 2. If the amount is greater than zero, explain in Part VI. See instructions.
6 Remaining underdistributions for 2025. Subtract lines 3h and 4b from line 1. If the amount is greater than zero, explain in Part VI. See instructions.
7 Excess distributions carryover to 2026. Add lines 3j and 4c.
8 Breakdown of line 7:
a Excess from 2021.....
b Excess from 2022.....
c Excess from 2023.....
d Excess from 2024.....
e Excess from 2025.....

Schedule A (Form 990) (2025)

Schedule A (Form 990) 2025

Page 8

Part VI

Supplemental Information. Provide the explanations required by Part II, line 10; Part II, line 17a or 17b; Part III, line 12; Part IV, Section A, lines 1, 2, 3b, 3c, 4b, 4c, 5a, 6, 9a, 9b, 9c, 11a, 11b, and 11c; Part IV, Section B, lines 1 and 2; Part IV, Section C, line 1; Part IV, Section D, lines 2 and 3; Part IV, Section E, lines 1c, 2a, 2b, 3a, 3b, and 3c; Part V, line 1; Part V, Section B, line 1e; Part V Section D, lines 5 and 7; and Part V, Section E, lines 2, 5, and 6. Also complete this part for any additional information. (See instructions).

Facts And Circumstances Test

Return Reference	Explanation
SCHEDULE A, PART III, LINE 12, EXPLANATION OF OTHER INCOME:	SUBSIDY FROM ENDOWMENT - 2021 AMOUNT: $ 800,000.

Schedule A (Form 990) 2025

Additional Data

Software ID:
Software Version:

- TIN:

Schedule B
(Form 990)
(Rev. January 2025)

Department of the Treasury
Internal Revenue Service

Schedule of Contributors

Attach to Form 990, 990-EZ, or 990-PF.

Go to www.irs.gov/Form990 for the latest information.

OMB No. 1545-0047

Name of the organization

ASSOCIATION OF GRADUATES OF THE UNITED
STATES AIR FORCE ACADEMY

Employer identification number

84-0580665

Organization type (check one):

Filers of:

Section:

Form 990 or 990-EZ

501(c)( ) (enter number) organization

4947(a)(1) nonexempt charitable trust not treated as a private foundation

527 political organization

Form 990-PF

501(c)(3) exempt private foundation

4947(a)(1) nonexempt charitable trust treated as a private foundation

501(c)(3) taxable private foundation

Check if your organization is covered by the General Rule or a Special Rule.
Note: Only a section 501(c)(7), (8), or (10) organization can check boxes for both the General Rule and a Special Rule. See instructions.

General Rule

For an organization filing Form 990, 990-EZ, or 990-PF that received, during the year, contributions totaling $5,000 or more (in money or other property) from any one contributor. Complete Parts I and II. See instructions for determining a contributor's total contributions.

Special Rules

For an organization described in section 501(c)(3) filing Form 990 or 990-EZ that met the 33¹/3% support test of the regulations
under sections 509(a)(1) and 170(b)(1)(A)(vi), that checked Schedule A (Form 990 or 990-EZ), Part II, line 13, 16a, or 16b, and that received from any one contributor, during the year, total contributions of the greater of (1) $5,000 or (2) 2% of the amount on (i) Form 990, Part VIII, line 1h, or (ii) Form 990-EZ, line 1. Complete Parts I and II.

For an organization described in section 501(c)(7), (8), or (10) filing Form 990 or 990-EZ that received from any one contributor,
during the year, total contributions of more than $1,000 exclusively for religious, charitable, scientific, literary, or educational purposes, or for the prevention of cruelty to children or animals. Complete Parts I, II, and III.

For an organization described in section 501(c)(7), (8), or (10) filing Form 990 or 990-EZ that received from any one contributor,
during the year, contributions exclusively for religious, charitable, etc., purposes, but no such contributions totaled more than $1,000. If this box is checked, enter here the total contributions that were received during the year for an exclusively religious, charitable, etc., purpose. Don't complete any of the parts unless the General Rule applies to this organization because it received nonexclusively religious, charitable, etc., contributions totaling $5,000 or more during the year ......... $

Caution: An organization that isn't covered by the General Rule and/or the Special Rules doesn't file Schedule B (Form 990,
990-EZ, or 990-PF), but it must answer “No” on Part IV, line 2, of its Form 990; or check the box on line H of its Form 990-EZ
or on its Form 990PF, Part I, line 2, to certify that it doesn't meet the filing requirements of Schedule B (Form 990,
990-EZ, or 990-PF).

For Paperwork Reduction Act Notice, see the Instructions
for Form 990, 990-EZ, or 990-PF.

Cat. No. 30613XSchedule B (Form 990) (Rev. 1-2025)

Schedule B (Form 990) (Rev. 2025) Page 2

Name of organization ASSOCIATION OF GRADUATES OF THE UNITED STATES AIR FORCE ACADEMY

Part I	Contributors (see instructions). Use duplicate copies of Part I if additional space is needed.
(a) No.	(b) Name, address, and ZIP + 4	(c) Total contributions	(d) Type of contribution
RESTRICTED	,	$ RESTRICTED	Person Payroll Noncash (Complete Part II for noncash contributions.)
(a) No.	(b) Name, address, and ZIP + 4	(c) Total contributions	(d) Type of contribution
		$	Person Payroll Noncash (Complete Part II for noncash contributions.)
(a) No.	(b) Name, address, and ZIP + 4	(c) Total contributions	(d) Type of contribution
		$	Person Payroll Noncash (Complete Part II for noncash contributions.)
(a) No.	(b) Name, address, and ZIP + 4	(c) Total contributions	(d) Type of contribution
		$	Person Payroll Noncash (Complete Part II for noncash contributions.)
(a) No.	(b) Name, address, and ZIP + 4	(c) Total contributions	(d) Type of contribution
		$	Person Payroll Noncash (Complete Part II for noncash contributions.)
(a) No.	(b) Name, address, and ZIP + 4	(c) Total contributions	(d) Type of contribution
		$	Person Payroll Noncash (Complete Part II for noncash contributions.)
Schedule B (Form 990) (Rev. 1-2025)

Schedule B (Form 990) (Rev. 1-2025)

Page 3

Name of organization ASSOCIATION OF GRADUATES OF THE UNITED STATES AIR FORCE ACADEMY		Employer identification number 84-0580665

Part II	Noncash Property (see instructions). Use duplicate copies of Part II if additional space is needed.
(a) No. from Part I	(b) Description of noncash property given	(c) FMV (or estimate) (See instructions)	(d) Date received
		$
(a) No. from Part I	(b) Description of noncash property given	(c) FMV (or estimate) (See instructions)	(d) Date received
		$
(a) No. from Part I	(b) Description of noncash property given	(c) FMV (or estimate) (See instructions)	(d) Date received
		$
(a) No. from Part I	(b) Description of noncash property given	(c) FMV (or estimate) (See instructions)	(d) Date received
		$
(a) No. from Part I	(b) Description of noncash property given	(c) FMV (or estimate) (See instructions)	(d) Date received
		$
(a) No. from Part I	(b) Description of noncash property given	(c) FMV (or estimate) (See instructions)	(d) Date received
		$
Schedule B (Form 990) (Rev. 1-2025)

Schedule B (Form 990) (Rev. 1-2025)

Page 4


Name of organization ASSOCIATION OF GRADUATES OF THE UNITED STATES AIR FORCE ACADEMY			Employer identification number 84-0580665
Part III Exclusively religious, charitable, etc., contributions to organizations described in section 501(c) (7), (8), or (10) that total more than $1,000 for the year from any one contributor. Complete columns (a) through (e) and the following line entry. For organizations completing Part III, enter the total of exclusively religious, charitable, etc., contributions of $1,000 or less for the year. (Enter this information once. See instructions.) $ Use duplicate copies of Part III if additional space is needed.

(a)
No. from Part I

(b) Purpose of gift

(d) Description of how gift is held

(e) Transfer of gift
Transferee's name, address, and ZIP 4	Relationship of transferor to transferee

(a)
No. from Part I

(b) Purpose of gift

(d) Description of how gift is held

(e) Transfer of gift
Transferee's name, address, and ZIP 4	Relationship of transferor to transferee

(a)
No. from Part I

(b) Purpose of gift

(d) Description of how gift is held

(e) Transfer of gift
Transferee's name, address, and ZIP 4	Relationship of transferor to transferee

(a)
No. from Part I

(b) Purpose of gift

(d) Description of how gift is held

(e) Transfer of gift
Transferee's name, address, and ZIP 4	Relationship of transferor to transferee

Schedule B (Form 990) (Rev. 1-2025)

Additional Data

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SCHEDULE D
(Form 990)

Department of the Treasury
Internal Revenue Service

Supplemental Financial Statements

Complete if the organization answered "Yes," on Form 990,
Part IV, line 6, 7, 8, 9, 10, 11a, 11b, 11c, 11d, 11e, 11f, 12a, or 12b.
Attach to Form 990.
Go to www.irs.gov/Form990 for instructions and the latest information.

OMB No. 1545-0047

Open to Public Inspection

Name of the organization

ASSOCIATION OF GRADUATES OF THE UNITED
STATES AIR FORCE ACADEMY

Employer identification number

84-0580665

Part I

Organizations Maintaining Donor Advised Funds or Other Similar Funds or Accounts. Complete if the organization answered "Yes" on Form 990, Part IV, line 6.

		(a) Donor advised funds	(b) Funds and other accounts
1	Total number at end of year .........
2	Aggregate value of contributions to (during year)
3	Aggregate value of grants from (during year)
4	Aggregate value at end of year ........

Did the organization inform all donors and donor advisors in writing that the assets held in donor advised funds are the organization’s property, subject to the organization’s exclusive legal control? ............

Yes No

Did the organization inform all grantees, donors, and donor advisors in writing that grant funds can be used only for charitable purposes and not for the benefit of the donor or donor advisor, or for any other purpose conferring impermissible private benefit? ...................................

Yes No

Part II

Conservation Easements.
Complete if the organization answered "Yes" on Form 990, Part IV, line 7.

Purpose(s) of conservation easements held by the organization (check all that apply).

Preservation of land for public use (e.g., recreation or education) Preservation of an historically important land area

Protection of natural habitat Preservation of a certified historic structure

Preservation of open space

Complete lines 2a through 2d if the organization held a qualified conservation contribution in the form of a conservation easement on the last day of the tax year.


a	Total number of conservation easements ......................	2a
b	Total acreage restricted by conservation easements ....................	2b
c	Number of conservation easements on a certified historic structure included in (a) .....	2c
d	Number of conservation easements included in (c) acquired after July 25, 2006, and not on a historic structure listed in the National Register ...	2d

Number of conservation easements modified, transferred, released, extinguished, or terminated by the organization during the
tax year

Number of states where property subject to conservation easement is located

Does the organization have a written policy regarding the periodic monitoring, inspection, handling of violations, and enforcement of the conservation easements it holds? ............

Yes No

Staff and volunteer hours devoted to monitoring, inspecting, handling of violations, and enforcing conservation easements during the year

Amount of expenses incurred in monitoring, inspecting, handling of violations, and enforcing conservation easements during the year
$

Does each conservation easement reported on line 2(d) above satisfy the requirements of section 170(h)(4)(B)(i) and section 170(h)(4)(B)(ii)? .............................

Yes No

In Part XIII, describe how the organization reports conservation easements in its revenue and expense statement, and
balance sheet, and include, if applicable, the text of the footnote to the organization’s financial statements that describes
the organization’s accounting for conservation easements.

Part III

Organizations Maintaining Collections of Art, Historical Treasures, or Other Similar Assets.
Complete if the organization answered "Yes" on Form 990, Part IV, line 8.

If the organization elected, as permitted under FASB ASC 958, not to report in its revenue statement and balance sheet works of art, historical treasures, or other similar assets held for public exhibition, education, or research in furtherance of public service, provide, in Part XIII, the text of the footnote to its financial statements that describes these items.

If the organization elected, as permitted under FASB ASC 958, to report in its revenue statement and balance sheet works of art, historical treasures, or other similar assets held for public exhibition, education, or research in furtherance of public service, provide the following amounts relating to these items:

(i)

Revenue included on Form 990, Part VIII, line 1 ......................... $

(ii)

Assets included in Form 990, Part X ............................... $ 37,637

If the organization received or held works of art, historical treasures, or other similar assets for financial gain, provide the
following amounts required to be reported under FASB ASC 958 relating to these items:

Revenue included on Form 990, Part VIII, line 1 .......................... $

Assets included in Form 990, Part X ............................... $

For Paperwork Reduction Act Notice, see the Instructions for Form 990.

Cat. No. 52283D

Schedule D (Form 990) (Rev. 1-2025)

Page 2

Part III

Organizations Maintaining Collections of Art, Historical Treasures, or Other Similar Assets (continued)

Using the organization’s acquisition, accession, and other records, check any of the following that are a significant use of its collection items (check all that apply):

Public exhibition

Loan or exchange programs

Scholarly research

Other

Preservation for future generations

Provide a description of the organization’s collections and explain how they further the organization’s exempt purpose in
Part XIII.

During the year, did the organization solicit or receive donations of art, historical treasures or other similar
assets to be sold to raise funds rather than to be maintained as part of the organization’s collection?...

Yes No

Part IV

Escrow and Custodial Arrangements. Complete if the organization answered "Yes" on Form 990, Part IV, line 9, or reported an amount on Form 990, Part X, line 21.

Is the organization an agent, trustee, custodian or other intermediary for contributions or other assets not
included on Form 990, Part X? ....................................

Yes No


b	If "Yes," explain the arrangement in Part XIII and complete the following table:		Amount
c	Beginning balance .............................	1c
d	Additions during the year ............................	1d
e	Distributions during the year ..........................	1e
f	Ending balance ................................	1f

Did the organization include an amount on Form 990, Part X, line 21, for escrow or custodial account liability? ...

Yes No

If "Yes," explain the arrangement in Part XIII. Check here if the explanation has been provided in Part XIII ....

Part V

Endowment Funds.
Complete if the organization answered "Yes" on Form 990, Part IV, line 10.

		(a) Current year	(b) Prior year	(c) Two years back	(d) Three years back	(e) Four years back

1a	Beginning of year balance ....	12,454,843	11,497,383	9,996,938	12,955,272	11,793,224
b	Contributions ...	129,747	38,423	17,039	2,925	101,150
c	Net investment earnings, gains, and losses	1,701,823	1,121,415	1,726,695	-2,604,631	1,407,585
d	Grants or scholarships ...
e	Other expenditures for facilities and programs ...	614,670	202,378	243,289	356,628	346,687
f	Administrative expenses ....
g	End of year balance ......	13,671,743	12,454,843	11,497,383	9,996,938	12,955,272

Provide the estimated percentage of the current year end balance (line 1g, column (a)) held as:

Board designated or quasi-endowment 46.130 %

Permanent endowment 35.170 %

Term endowment 18.700 %

The percentages on lines 2a, 2b, and 2c should equal 100%.

Are there endowment funds not in the possession of the organization that are held and administered for the
organization by:

Yes

(i) Unrelated organizations .................

3a(i)

Yes

(ii) Related organizations .................

3a(ii)

If "Yes" on 3a(ii), are the related organizations listed as required on Schedule R? .........

Describe in Part XIII the intended uses of the organization's endowment funds.

Part VI

Land, Buildings, and Equipment.
Complete if the organization answered "Yes" on Form 990, Part IV, line 11a. See Form 990, Part X, line 10.

Description of property		(a) Cost or other basis (investment)	(b) Cost or other basis (other)	(c) Accumulated depreciation	(d) Book value

1a	Land .....
b	Buildings ....	11,169,194	9,062,419	2,106,775
c	Leasehold improvements
d	Equipment ....	2,619,524	2,150,110	469,414
e	Other .....	41,217	27,285	13,932
Total. Add lines 1a through 1e. (Column (d) must equal Form 990, Part X, column (B), line 10(c).)..				2,590,121

Schedule D (Form 990) (Rev. 1-2025)

Page 3

Part VII

Investments - Other Securities.
Complete if the organization answered "Yes" on Form 990, Part IV, line 11b. See Form 990, Part X, line 12.

(a) Description of security or category (including name of security)	(b) Book value	(c) Method of valuation: Cost or end-of-year market value
(1) Financial derivatives.........
(2) Closely-held equity interests........
(3) Other (A) BENEFICIAL INTEREST IN TRUST	64,680,079	F
(B)
(C)
(D)
(E)
(F)
(G)
(H)
Total. (Column (b) must equal Form 990, Part X, col. (B) line 12.)	64,680,079

Part VIII

Investments - Program Related. Complete if the organization answered 'Yes' on Form 990, Part IV, line 11c. See Form 990, Part X, line 13.

(a) Description of investment	(b) Book value	(c) Method of valuation: Cost or end-of-year market value

(1)
(2)
(3)
(4)
(5)
(6)
(7)
(8)
(9)
Total. (Column (b) must equal Form 990, Part X, col.(B) line 13.)

Part IX

Other Assets.
Complete if the organization answered 'Yes' on Form 990, Part IV, line 11d. See Form 990, Part X, line 15.

(a) Description				(b) Book value

(1)
(2)
(3)
(4)
(5)
(6)
(7)
(8)
(9)
Total. (Column (b) must equal Form 990, Part X, col.(B) line 15.)...........

Part X

Other Liabilities.
Complete if the organization answered 'Yes' on Form 990, Part IV, line 11e or 11f. See Form 990, Part X, line 25.

1.(a) Description of liability	(b) Book value
(1) Federal income taxes









Total. (Column (b) must equal Form 990, Part X, col.(B) line 25.)
2. Liability for uncertain tax positions. In Part XIII, provide the text of the footnote to the organization's financial statements that reports the organization's liability for uncertain tax positions under FIN 48 (ASC 740). Check here if the text of the footnote has been provided in Part XIII

Schedule D (Form 990) (Rev. 1-2025)

Page 4

Part XI Reconciliation of Revenue per Audited Financial Statements With Revenue per Return. Complete if the organization answered 'Yes' on Form 990, Part IV, line 12a.
1	Total revenue, gains, and other support per audited financial statements .......			1	21,542,169
2	Amounts included on line 1 but not on Form 990, Part VIII, line 12:
a	Net unrealized gains (losses) on investments ....	2a	4,454,800
b	Donated services and use of facilities .........	2b	137,683
c	Recoveries of prior year grants ...........	2c
d	Other (Describe in Part XIII.) ...........	2d	5,251,442
e	Add lines 2a through 2d .....................			2e	9,843,925
3	Subtract line 2e from line 1..................			3	11,698,244
4	Amounts included on Form 990, Part VIII, line 12, but not on line 1:
a	Investment expenses not included on Form 990, Part VIII, line 7b .	4a	2,943
b	Other (Describe in Part XIII.) ...........	4b
c	Add lines 4a and 4b....................			4c	2,943
5	Total revenue. Add lines 3 and 4c. (This must equal Form 990, Part I, line 12.) ......			5	11,701,187

Part XII Reconciliation of Expenses per Audited Financial Statements With Expenses per Return. Complete if the organization answered 'Yes' on Form 990, Part IV, line 12a.
1	Total expenses and losses per audited financial statements ...........			1	9,743,189
2	Amounts included on line 1 but not on Form 990, Part IX, line 25:
a	Donated services and use of facilities .........	2a	137,683
b	Prior year adjustments ............	2b
c	Other losses ................	2c
d	Other (Describe in Part XIII.) ...........	2d
e	Add lines 2a through 2d....................			2e	137,683
3	Subtract line 2e from line 1...................			3	9,605,506
4	Amounts included on Form 990, Part IX, line 25, but not on line 1:
a	Investment expenses not included on Form 990, Part VIII, line 7b ..	4a	2,943
b	Other (Describe in Part XIII.) ...........	4b
c	Add lines 4a and 4b.....................			4c	2,943
5	Total expenses. Add lines 3 and 4c. (This must equal Form 990, Part I, line 18.) ......			5	9,608,449

Part XIII

Supplemental Information

Provide the descriptions required for Part II, lines 3, 5, and 9; Part III, lines 1a and 4; Part IV, lines 1b and 2b; Part V, line 4; Part X, line 2; Part XI, lines 2d and 4b; and Part XII, lines 2d and 4b. Also complete this part to provide any additional information.

Return Reference	Explanation
PART III, LINE 4:	THE ASSOCIATION OF GRADUATES HOLDS A COLLECTION OF HISTORICAL ITEMS RELATING TO THE HERITAGE OF THE U.S. AIR FORCE ACADEMY. THESE ITEMS INCLUDE WORKS OF ART, FURNITURE, YEARBOOKS, AND UNIFORM PIECES DONATED IN SUPPORT OF OUR MISSION TO PRESERVE THE HERITAGE OF THE U.S. AIR FORCE ACADEMY. SOME PIECES ARE DISPLAYED IN OUR BUILDING, WHILE OTHERS ARE IN PROTECTIVE STORAGE.
PART IV, LINE 2B:	THE ASSOCIATION HOLDS AND INVESTS MONIES FOR CERTAIN GRADUATE CLASSES OF THE ACADEMY FOR THOSE CLASSES' ACTIVITIES AT FUTURE DATES AND FOR OTHER ORGANIZATIONS. THESE FUNDS ARE CLASSIFIED AS AGENCY DEPOSITS AND ARE RECORDED AT FAIR VALUE.
PART V, LINE 4:	THE TEMPORARY RESTRICTED ENDOWMENT EARNINGS OF THE ASSOCIATION OF GRADUATES' ENDOWMENT FUNDS ARE USED TO FUND SPECIFIC PROGRAMS AND PROJECTS OF THE UNITED STATES AIR FORCE ACADEMY, AS SPECIFIED BY THE ORIGINAL DONORS OF THOSE FUNDS, AS WELL AS TO MAINTAIN DOOLITTLE HALL AND WECKER HALL, WHICH IS THE HEADQUARTERS AND OPERATING LOCATION OF THE ORGANIZATION.
PART X, LINE 2:	THE ASSOCIATION IS EXEMPT FROM FEDERAL INCOME TAXES UNDER THE PROVISIONS OF 501(C)(3) OF THE INTERNAL REVENUE CODE. IN ADDITION, THE ASSOCIATION QUALIFIES FOR THE CHARITABLE CONTRIBUTION DEDUCTION. THE ASSOCIATION BELIEVES THAT IT DOES NOT HAVE ANY UNCERTAIN TAX POSITIONS THAT ARE MATERIAL TO THE FINANCIAL STATEMENTS.
PART XI, LINE 2D - OTHER ADJUSTMENTS:	CHANGE IN FAIR VALUE - TRUST INTEREST: 5,247,652. CHANGE IN FAIR VALUE - SPLIT INTEREST AGREEMENT: 3,790.

Schedule D (Form 990) (Rev. 1-2025)

Additional Data

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SCHEDULE F(Form 990)
(Rev. January 2025)

Department of the Treasury
Internal Revenue Service

Statement of Activities Outside the United States

Complete if the organization answered "Yes" to Form 990, Part IV, line 14b, 15, or 16.Attach to Form 990.Go to www.irs.gov/Form990 for instructions and the latest information.

OMB No. 1545-0047

Open to Public Inspection

Name of the organization
ASSOCIATION OF GRADUATES OF THE UNITED
STATES AIR FORCE ACADEMY

Employer identification number

84-0580665

Part I

General Information on Activities Outside the United States. Complete if the organization answered "Yes" on Form 990, Part IV, line 14b.

For grantmakers. Does the organization maintain records to substantiate the amount of its grants and

other assistance, the grantees’ eligibility for the grants or assistance, and the selection criteria used

to award the grants or assistance? . . . . . . . . . . . . . . . . . . . . . . . . .

Yes

For grantmakers. Describe in Part V the organization’s procedures for monitoring the use of its grants and other assistance outside the United States.

Activites per Region. (The following Part I, line 3 table can be duplicated if additional space is needed.)

(a) Region		(b) Number of offices in the region	(c) Number of employees, agents, and independent contractors in the region	(d) Activities conducted in region (by type) (such as, fundraising, program services, investments, grants to recipients located in the region)	(e) If activity listed in (d) is a program service, describe specific type of service(s) in the region	(f) Total expenditures for and investments in the region
	EUROPE (INCLUDING ICELAND & GREENLAND)			GRANT TO RECIPIENT	USAFA GRADUATE SCHOLARSHIPS	14,542
















3a	Sub-total ....	0	0			14,542
b	Total from continuation sheets to Part I ...	0	0			0
c	Totals (add lines 3a and 3b)	0	0			14,542

For Paperwork Reduction Act Notice, see the Instructions for Form 990.Cat. No. 50082W Schedule F (Form 990) (Rev. 1-2025)

Schedule F (Form 990) (Rev. 1-2025)

Page 2

Part II

Grants and Other Assistance to Organizations or Entities Outside the United States. Complete if the organization answered "Yes" on Form 990, Part IV, line 15, for any recipient who received more than $5,000. Part II can be duplicated if additional space is needed.

1 (a) Name of organization		(b) IRS code section and EIN (if applicable)	(c) Region	(d) Purpose of grant	(e) Amount of cash grant	(f) Manner of cash disbursement	(g) Amount of noncash assistance	(h) Description of noncash assistance	(i) Method of valuation (book, FMV, appraisal, other)

2	Enter total number of recipient organizations listed above that are recognized as charities by the foreign country, recognized as tax-exempt by the IRS, or for which the grantee or counsel has provided a section 501(c)(3) equivalency letter .......
3	Enter total number of other organizations or entities .......................

Schedule F (Form 990) (Rev. 1-2025)

Schedule F (Form 990) (Rev. 1-2025)Page 3

Part III

Grants and Other Assistance to Individuals Outside the United States. Complete if the organization answered "Yes" on Form 990, Part IV, line 16.

Part III can be duplicated if additional space is needed.

	(b) Region	(c) Number of recipients	(d) Amount of cash grant	(e) Manner of cash disbursement
GERHART SCHOLARSHIP	EUROPE (INCLUDING ICELAND & GREENLAND)	1	14,542	WIRE

Schedule F (Form 990) (Rev. 1-2025)

Page 4

Part IV

Foreign Forms

Schedule F (Form 990) (Rev. 1-2025)

Page 5

Part V

Supplemental Information
Provide the information required by Part I, line 2 (monitoring of funds); Part I, line 3, column (f) (accounting method; amounts of investments vs. expenditures per region); Part II, line 1 (accounting method); Part III (accounting method); and Part III, column (c) (estimated number of recipients), as applicable. Also complete this part to provide any additional information. See instructions.

ReturnReference	Explanation
PART I, LINE 2:	THE ORGANIZATION MONITORS THE USE OF GRANT FUNDS : SCHOLARSHIPS FUNDS ARE PAID DIRECTLY TO THE SCHOLARSHIP RECIPIENT'S EDUCATIONAL INSTITUTION.
PART III, COL (C):	THE NUMBER OF INDIVIDUALS WAS DETERMINED BY THE NUMBER OF FULFILLED SCHOLARSHIP APPLICATIONS.
PART II, LINE 1 ACCOUNTING METHOD:	THE ASSOCIATION OF GRADUATES OF THE U.S AIR FORCE REPORTS ALL EXPENDITURES BASED ON THE ACCRUAL METHOD OF ACCOUNTING.
PART III ACCOUNTING METHOD:	THE ASSOCIATION OF GRADUATES OF THE U.S AIR FORCE REPORTS ALL EXPENDITURES BASED ON THE ACCRUAL METHOD OF ACCOUNTING.
PART III, LINE 1:	THE SCHOLARSHIP REPORTED ON PART III, LINE 1 WAS AWARDED FOR THE BENEFIT OF A GRADUATE OF THE UNITED STATES AIR FORCE ACADEMY, WAS LIMITED TO EDUCATIONAL EXPENSES, AND WAS PAID DIRECTLY TO THE RECIPIENT'S EDUCATIONAL INSTITUTION. ALTHOUGH THE RECIPIENT IS A U.S. CITIZEN, THE SCHOLARSHIP FUNDS WERE PAID AND USED OUTSIDE THE UNITED STATES, AND THEREFORE MEETS THE IRS DEFINITION OF A FOREIGN INDIVIDUAL FOR SCHEDULE F REPORTING PURPOSES.

Schedule F (Form 990) (Rev. 1-2025)

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Schedule I
(Form 990)
(Rev. January 2025)

Department of the Treasury
Internal Revenue Service

Grants and Other Assistance to Organizations,
Governments and Individuals in the United States

Complete if the organization answered "Yes," on Form 990, Part IV, line 21 or 22.
Attach to Form 990.
Go to www.irs.gov/Form990 for instructions and the latest information.

OMB No. 1545-0047

Open to Public
Inspection

Name of the organization
ASSOCIATION OF GRADUATES OF THE UNITED
STATES AIR FORCE ACADEMY

Employer identification number
84-0580665

Part I

General Information on Grants and Assistance

Does the organization maintain records to substantiate the amount of the grants or assistance, the grantees' eligibility for the grants or assistance, and
the selection criteria used to award the grants or assistance? ........................

Yes No

Describe in Part IV the organization's procedures for monitoring the use of grant funds in the United States.

Part II

Grants and Other Assistance to Domestic Organizations and Domestic Governments. Complete if the organization answered "Yes" on Form 990, Part IV, line 21, for any recipient

that received more than $5,000. Part II can be duplicated if additional space is needed.

(a) Name and address of organization or government	(b) EIN	(c) IRC section (if applicable)	(d) Amount of cash grant	(e) Amount of non-cash assistance	(f) Method of valuation (book, FMV, appraisal, other)	(g) Description of noncash assistance	(h) Purpose of grant or assistance
(1) AIR FORCE INSTITUTE OF TECHNOLOGY 8899 E 56TH STREET INDIANAPOLIS,IN46249	31-1190492	501(C)(3)	24,824	0			ENDOWED SCHOLARSHIPS FOR GRADUATING AIR FORCE ACADEMY CADETS.
(2) FALCON FOUNDATION 3115 ACADEMY DRIVE USAF ACADEMY,CO80840	75-6016930	501(C)(3)	29,840	0			GENERAL ASSISTANCE TO SUPPORT FOUNDATION PROGRAMS
(3) UNITED STATES AIR FORCE ACADEMY 2304 CADET DRIVE STE 3300 USAFA,CO80840	26-0537053	U.S. AIR FORCE	131,564	1,602,377	COST	REAL PROPERTY UPGRADES AND CADET EVENT SUPPORT	TO PROVIDE SUPPORT
(4) AIR FORCE ACADEMY FOUNDATION 3115 ACADEMY DRIVE USAFA,CO80840	26-0537053	501(C)(3)	859,461	0			SUPPORT FOUNDATION PROJECTS

Enter total number of section 501(c)(3) and government organizations listed in the line 1 table .................

Enter total number of other organizations listed in the line 1 table ........................ .

For Paperwork Reduction Act Notice, see the Instructions for Form 990.

Cat. No. 50055P

Schedule I (Form 990) Rev. 1-2025

Page 2

Part III

Grants and Other Assistance to Domestic Individuals. Complete if the organization answered "Yes" on Form 990, Part IV, line 22.
Part III can be duplicated if additional space is needed.

(a) Type of grant or assistance	(b) Number of recipients	(c) Amount of cash grant	(d) Amount of noncash assistance	(e) Method of valuation (book, FMV, appraisal, other)	(f) Description of noncash assistance

(1)
(2)
(3)
(4)
(5)
(6)
(7)

Part IV

Supplemental Information. Provide the information required in Part I, line 2; Part III, column (b); and any other additional information.

Return Reference	Explanation
PART I, LINE 2:	THE ORGANIZATION MONITORS THE USE OF GRANT FUNDS BY MAINTAINING REGULAR CONTACT WITH THE STAFF OF RECIPIENT ORGANIZATIONS AND PERIODICALLY REVIEWING RECIPIENT ORGANIZATIONS' ACTIVITIES AND ATTENDING JOINT FUNCTIONS. SCHOLARSHIPS FUNDS ARE PAID DIRECTLY TO THE SCHOLARSHIP RECIPIENT'S EDUCATIONAL INSTITUTION.

Schedule I (Form 990) Rev. 1-2025

Additional Data

Software ID:
Software Version:

- TIN:

Schedule J
(Form 990)
(Rev. January 2025)

Department of the Treasury
Internal Revenue Service

Compensation Information

For certain Officers, Directors, Trustees, Key Employees, and Highest
Compensated Employees
Complete if the organization answered "Yes" on Form 990, Part IV, line 23.
Attach to Form 990.
Go to www.irs.gov/Form990 for instructions and the latest information.

OMB No. 1545-0047

Open to Public Inspection

Name of the organization

ASSOCIATION OF GRADUATES OF THE UNITED
STATES AIR FORCE ACADEMY

Employer identification number

84-0580665

Part I

Questions Regarding Compensation

Yes

Check the appropiate box(es) if the organization provided any of the following to or for a person listed on Form
990, Part VII, Section A, line 1a. Complete Part III to provide any relevant information regarding these items.

First-class or charter travel Housing allowance or residence for personal use

Travel for companions Payments for business use of personal residence

Tax idemnification and gross-up payments Health or social club dues or initiation fees

Discretionary spending account Personal services (e.g., maid, chauffeur, chef)

If any of the boxes on Line 1a are checked, did the organization follow a written policy regarding payment or reimbursement or provision of all of the expenses described above? If "No," complete Part III to explain .....

Yes

Did the organization require substantiation prior to reimbursing or allowing expenses incurred by all
directors, trustees, officers, including the CEO/Executive Director, regarding the items checked on Line 1a? ....

Yes

Indicate which, if any, of the following the filing organization used to establish the compensation of the
organization's CEO/Executive Director. Check all that apply. Do not check any boxes for methods
used by a related organization to establish compensation of the CEO/Executive Director, but explain in Part III.

Compensation committee Written employment contract

Independent compensation consultant Compensation survey or study

Form 990 of other organizations Approval by the board or compensation committee

During the year, did any person listed on Form 990, Part VII, Section A, line 1a, with respect to the filing organization or a related organization:

Receive a severance payment or change-of-control payment? .............

Participate in, or receive payment from, a supplemental nonqualified retirement plan? .........

Yes

Participate in, or receive payment from, an equity-based compensation arrangement? .........

If "Yes" to any of lines 4a-c, list the persons and provide the applicable amounts for each item in Part III.

Only 501(c)(3), 501(c)(4), and 501(c)(29) organizations must complete lines 5-9.

For persons listed on Form 990, Part VII, Section A, line 1a, did the organization pay or accrue any
compensation contingent on the revenues of:

The organization? ....................

Any related organization? .......................

If "Yes," on line 5a or 5b, describe in Part III.

For persons listed on Form 990, Part VII, Section A, line 1a, did the organization pay or accrue any
compensation contingent on the net earnings of:

The organization? ..................

Any related organization? ......................

If "Yes," on line 6a or 6b, describe in Part III.

For persons listed on Form 990, Part VII, Section A, line 1a, did the organization provide any nonfixed
payments not described in lines 5 and 6? If "Yes," describe in Part III ............

Yes

Were any amounts reported on Form 990, Part VII, paid or accured pursuant to a contract that was
subject to the initial contract exception described in Regulations section 53.4958-4(a)(3)? If "Yes," describe
in Part III ..........................

If "Yes" on line 8, did the organization also follow the rebuttable presumption procedure described in Regulations section 53.4958-6(c)? .........................

For Paperwork Reduction Act Notice, see the Instructions for Form 990.

Cat. No. 50053T

Schedule J (Form 990) (Rev. 1-2025)

Page 2

Part II

Officers, Directors, Trustees, Key Employees, and Highest Compensated Employees. Use duplicate copies if additional space is needed.

For each individual whose compensation must be reported on Schedule J, report compensation from the organization on row (i) and from related organizations, described in the
instructions, on row (ii). Do not list any individuals that are not listed on Form 990, Part VII.
Note. The sum of columns (B)(i)-(iii) for each listed individual must equal the total amount of Form 990, Part VII, Section A, line 1a, applicable column (D) and (E) amounts for that individual.

(A) Name and Title		(B) Breakdown of W-2, 1099-MISC compensation, and/or 1099-NEC			(C) Retirement and other deferred compensation	(D) Nontaxable benefits	(E) Total of columns (B)(i)-(D)	(F) Compensation in column (B) reported as deferred on prior Form 990
(A) Name and Title		(i) Base compensation	(ii) Bonus & incentive compensation	(iii) Other reportable compensation	(C) Retirement and other deferred compensation	(D) Nontaxable benefits	(E) Total of columns (B)(i)-(D)
1MARK D HILLE CEO	(i) (ii)	173,992 ------------- 0	23,000 ------------- 0	29,234 ------------- 0	37,387 ------------- 0	14,224 ------------- 0	277,837 ------------- 0	29,234 ------------- 0
2NAVIERE WALKEWICZ SENIOR VP OF ENGAGEMENT	(i) (ii)	131,864 ------------- 0	900 ------------- 0	0 ------------- 0	30,479 ------------- 0	1,122 ------------- 0	164,365 ------------- 0	0 ------------- 0
3KATIE WILLEMARK CFO	(i) (ii)	127,344 ------------- 0	500 ------------- 0	0 ------------- 0	27,921 ------------- 0	7,050 ------------- 0	162,815 ------------- 0	0 ------------- 0

Schedule J (Form 990) (Rev. 1-2025)

Page 3

Part III

Supplemental Information

Provide the information, explanation, or descriptions required for Part I, lines 1a, 1b, 3, 4a, 4b, 4c, 5a, 5b, 6a, 6b, 7, and 8, and for Part II. Also complete this part for any additional information.

Return Reference	Explanation
PART I, LINE 4B	THE ORGANIZATION MAINTAINS A NONQUALIFIED SECTION 457(F) DEFERRED COMPENSATION ARRANGEMENT UNDER WHICH EXECUTIVE EMPLOYEES MAY EARN ADDITIONAL COMPENSATION OVER A FOUR-YEAR PERIOD, WITH INTEREST, SUBJECT TO CONTINUED SERVICE THROUGH THE FOUR-YEAR PERIOD ENDING ON DECEMBER 31ST, AND SPECIFIED FORFEITURE, TERMINATION, PERFORMANCE-GOAL, AND PAYOUT ELECTION PROVISIONS. DEFERRED COMPENSATION PROVIDED UNDER A SECTION 457(F) PLAN IS REPORTED ON SCHEDULE J AS EMPLOYER CONTRIBUTIONS TO DEFERRED COMPENSATION PRIOR TO VESTING AND IS INCLUDED IN THE EXECUTIVE'S FORM W-2 AS TAXABLE WAGES IN THE YEAR THE AMOUNTS BECOME SUBSTANTIALLY VESTED. ACTUAL CASH PAYMENTS UNDER THE ARRANGEMENT MAY OCCUR AT A LATER DATE AND THEREFORE MAY NOT COINCIDE WITH THE YEAR OF W-2 REPORTING OR VESTING. PLEASE REVIEW SCHEDULE J, COLUMN (F) FOR 457F COMPENSATION AMOUNTS REPORTED IN INDIVIDUAL'S CURRENT YEAR W2, BUT WOULD HAVE BEEN REPORTED AS AN EMPLOYER PAID BENEFIT IN A PRIOR YEAR, ON THE FORM 990. THE EMPLOYER'S CONTRIBUTION TO THIS PLAN FOR THE YEAR ENDED DECEMBER 31ST, 2025, FOR THE INDIVIDUALS LISTED ON THE FORM 990, PART VII, ARE AS FOLLOWS: MARK HILLE: $29,234 KATIE WILLEMARCK: $20,000. KELLY BANET: $2,000. NAVIERE WALKEWICZ: $22,500.
PART I, LINE 7	BONUSES WERE PAID TO ALL QUALIFYING EMPLOYEES, SUBJECT TO APPROVAL BY THE COMPENSATION AND EXECUTIVE COMMITTEES.
SCHEDULE J, PART 2, LINE 1 & 2	SCHEDULE O DISCLOSURE REFERENCING FORM 990, PART VII, COLUMN (D), COLUMN (F), AS RELATED TO THE COOPERATIVE OPERATING AGREEMENT WITH THE ASSOCIATION OF GRADUATES OF THE AIR FORCE ACADEMY FOUNDATION (AFAF).

Schedule J (Form 990) (Rev. 1-2025)

Additional Data

Software ID:
Software Version:

- TIN:

SCHEDULE M
(Form 990)

Department of the Treasury

Internal Revenue Service

Noncash Contributions

Complete if the organizations answered "Yes" on Form 990, Part IV, lines 29 or 30.
Attach to Form 990.
Go to www.irs.gov/Form990 for the latest information.

OMB No. 1545-0047

2025

Open to Public Inspection

Name of the organization

ASSOCIATION OF GRADUATES OF THE UNITED
STATES AIR FORCE ACADEMY

Employer identification number

84-0580665

Part I

Types of Property

	(a) Check if applicable	(b) Number of contributions or items contributed	(c) Noncash contribution amounts reported on Form 990, Part VIII, line 1g	(d) Method of determining noncash contribution amounts
1 Art—Works of art ....
2 Art—Historical treasures .
3 Art—Fractional interests ..
4 Books and publications ..
5 Clothing and household goods .......
6 Cars and other vehicles ..
7 Boats and planes ....
8 Intellectual property ...
9 Securities—Publicly traded .
10 Securities—Closely held stock .
11 Securities—Partnership, LLC, or trust interests ....
12 Securities—Miscellaneous ..
13 Qualified conservation contribution—Historic structures .....
14 Qualified conservation contribution—Other ...
15 Real estate—Residential .
16 Real estate—Commercial ..
17 Real estate—Other ...
18 Collectibles .....
19 Food inventory ...
20 Drugs and medical supplies .
21 Taxidermy ......
22 Historical artifacts ....
23 Scientific specimens ..
24 Archeological artifacts ...
25 Other ( FOOTBALL TICKETS )	X	16	13,333	FMV
26 Other ( MISC. SUPPLIES )	X	30	9,500	FMV
27 Other ( )
28 Other ( )

Number of Forms 8283 received by the organization during the tax year for contributions
for which the organization completed Form 8283, Part IV, Donee Acknowledgement

Yes

30a

During the year, did the organization receive by contribution any property reported in Part I, lines 1 through 28, that it must hold for at least three years from the date of the initial contribution, and which isn't required to be used for exempt purposes for the entire holding period? ...................

30a

If "Yes," describe the arrangement in Part II.

Does the organization have a gift acceptance policy that requires the review of any nonstandard contributions?

Yes

32a

Does the organization hire or use third parties or related organizations to solicit, process, or sell noncash

contributions? ..........................

32a

If "Yes," describe in Part II.

If the organization didn't report an amount in column (c) for a type of property for which column (a) is checked,

describe in Part II.

For Paperwork Reduction Act Notice, see the Instructions for Form 990.

Cat. No. 51227J

Schedule M (Form 990) (2025)

Page 2

Part IISupplemental Information. Provide the information required by Part I, lines 30b, 32b, and 33, and whether the organization is reporting in Part I, column (b), the number of contributions, the number of items received, or a combination of both. Also complete this part for any additional information.

Return Reference	Explanation
PART I, COLUMN (B):	COLUMN (B) REPORTS THE NUMBER OF ITEMS CONTRIBUTED.

Schedule M (Form 990) (2025)

Additional Data

Software ID:
Software Version:

- TIN:

SCHEDULE O
(Form 990)
(Rev. January 2025)
Department of the Treasury
Internal Revenue Service

Supplemental Information to Form 990 or 990-EZ

Complete to provide information for responses to specific questions on
Form 990 or 990-EZ or to provide any additional information.
Attach to Form 990 or 990-EZ.
Go to www.irs.gov/Form990 for instructions and the latest information.

OMB No. 1545-0047

Open to Public
Inspection

Name of the organization

ASSOCIATION OF GRADUATES OF THE UNITED
STATES AIR FORCE ACADEMY

Employer identification number

84-0580665

Return Reference	Explanation
FORM 990, PART VI, SECTION A, LINE 2	MARK HILLE, CEO OF THE FILING ORGANIZATION, ALSO SERVES AS CEO OF THE NON-PROFIT ORGANIZATIONS: AIR FORCE ACADEMY FOUNDATION (AFAF) AND THE AIR FORCE ACADEMY FOUNDATION REAL ESTATE TRUST (AFAF R/E) . BASED ON THE IRS DEFINITION OF A BUSINESS RELATIONSHIP, MARK HILLE HAS A BUSINESS RELATIONSHIP WITH THE FOLLOWING OFFICER-EMPLOYEE AND HIGHLY COMPENSATED EMPLOYEE, DUE TO THE EMPLOYEES' EMPLOYMENT BY AFAF: KATIE WILLEMARCK, CFO, NAVIERE WALKEWICZ, SENIOR VICE PRESIDENT OF ENGAGEMENT, AND MICHAEL CORNELIUS, EXECUTIVE VICE PRESIDENT OF ALUMNI RELATIONS.
FORM 990, PART VI, SECTION A, LINE 4	THE ORGANIZATION'S BYLAWS WERE AMENDED AS FOLLOWS: (1) FAMILY MEMBER MEMBERSHIP WAS REPLACED WITH SURVIVING SPOUSE MEMBERSHIP, PROVIDING LIFETIME MEMBERSHIP WITH NO VOTING RIGHTS FOR THE SURVIVING SPOUSE; (2) HONORARY MEMBERSHIP WAS EXPANDED TO INCLUDE SERVICE TO THE DEPARTMENT OF THE AIR FORCE AND THE UNITED STATES SPACE FORCE, AND THE APPROVAL REQUIREMENT WAS CLARIFIED AS FOUR FIFTHS (80%) APPROVAL; (3) APPOINTED DIRECTOR TERMS WERE LIMITED TO ONE FOUR YEAR TERM ONLY; (4) THE QUORUM REQUIREMENT FOR DIRECTOR VOTING WAS INCREASED FROM "MORE THAN HALF" TO A TWO THIRDS MAJORITY OF DIRECTORS, AND AN EXPANDED LIST OF MOTIONS NOW REQUIRES APPROVAL BY TWO THIRDS OF THE ENTIRE BOARD; (5) THE PETITION PATHWAY FOR DIRECTOR NOMINATION WAS REMOVED AND REPLACED WITH A REQUIREMENT OF 100 VERIFIED SIGNATURES FROM GRADUATE MEMBERS TO NOMINATE A DIRECTOR; (6) THE POSITION OF CLASS ADVISORY SENATE (CAS) PRESIDENT WAS CLARIFIED AS AN EX OFFICIO DIRECTOR WITH VOTING RIGHTS; (7) THE GOVERNANCE COMMITTEE IS NOW REQUIRED TO COORDINATE BOARD PERFORMANCE EVALUATIONS; AND (8) THE BYLAWS WERE AMENDED TO EXPLICITLY REQUIRE A BIENNIAL REVIEW OF THE BYLAWS, WITH BOARD APPROVED AMENDMENTS TAKING IMMEDIATE EFFECT UNLESS OTHERWISE STATED.
FORM 990, PART VI, SECTION A, LINE 6	THE ORGANIZATION HAS THE FOLLOWING MEMBERSHIP CATEGORIES: 1. GRADUATE MEMBERSHIP IS GRANTED TO ALL GRADUATES OF THE ACADEMY WHO OPT IN. GRADUATE MEMBERS ARE ELIGIBLE TO VOTE IN ELECTIONS AND FOR ALL BENEFITS ESTABLISHED BY THE BOARD. 2. SURVIVING SPOUSES OF GRADUATE MEMBERS ARE INVITED TO OPT IN FOR A LIFETIME MEMBERSHIP IN HONOR OF THEIR SPOUSE'S GRADUATE MEMBERSHIP WITH ALL BENEFITS EXCEPT THEY MAY NOT VOTE IN ELECTIONS. 3. ASSOCIATE MEMBERSHIP HAS BEEN AWARDED IN THE PAST TO NONGRADUATES WHO WERE IDENTIFIED BY THE CHIEF EXECUTIVE OFFICER (CEO) AS FRIENDS OF THE ACADEMY. ASSOCIATE MEMBERS PAY ANNUAL DUES OR HAVE BECOME LIFE ASSOCIATE MEMBERS. ASSOCIATE MEMBERS ARE ELIGIBLE FOR ALL THE BENEFITS OF MEMBERSHIP AND MAY VOTE IN ACCORDANCE WITH ARTICLE III, SECTION 7. NEW ASSOCIATE MEMBERSHIPS ARE NO LONGER OFFERED BY THE AOG. 4. AFFILIATE MEMBERSHIP MAY BE AWARDED TO NON-GRADUATES WHO HAVE BEEN IDENTIFIED BY THE CEO AS FRIENDS OF THE ACADEMY. AFFILIATE MEMBERS PAY ANNUAL DUES OR CAN BECOME LIFE AFFILIATE MEMBERS BY PAYING A LIFETIME FEE. AFFILIATE MEMBERS ARE ELIGIBLE FOR ALL THE BENEFITS OF MEMBERSHIP BUT MAY NOT VOTE IN ELECTIONS. 5. HONORARY MEMBERSHIP MAY BE AWARDED TO NON-GRADUATES WHO HAVE RENDERED OUTSTANDING AND CONSPICUOUS SERVICE TO THE DEPARTMENT OF THE AIR FORCE, THE UNITED STATES SPACE FORCE, THE ACADEMY AND/OR THE AOG. HONORARY MEMBERS MUST BE RECOMMENDED BY A MEMBER OF THE BOARD AND RECEIVE AT LEAST FOUR-FIFTHS ACCEPTANCE OF ALL DIRECTORS. HONORARY MEMBERSHIP IS RESTRICTED TO 25 LIVING PERSONS. A PERSON MAY BE BROUGHT TO THE BOARD TWICE FOR CONSIDERATION BEFORE BECOMING INELIGIBLE FOR HONORARY MEMBERSHIP STATUS. HONORARY MEMBERS WILL NOT PAY DUES AND WILL BE ELIGIBLE FOR ALL THE BENEFITS OF MEMBERSHIP BUT MAY NOT VOTE IN ELECTIONS.
FORM 990, PART VI, SECTION A, LINE 7A	ELECTIONS ARE HELD BIENNIALLY AND APPROXIMATELY HALF OF THE ELECTED DIRECTORS ARE ELECTED TO 4-YEAR TERMS. CANDIDATES ARE PLACED ON THE BALLOT BY THE NOMINATING COMMITTEE AFTER SUBMITTING A COMPLETE NOMINATION PACKAGE INCLUDING 100 VERIFIED SIGNATURES FROM GRADUATE MEMBERS IN GOOD STANDING. THERE ARE NO ALTERNATIVE PATHWAYS TO BE PLACED ON THE BALLOT. ALL GRADUATE MEMBERS ARE NOTIFIED BY MAIL, EMAIL, AND OTHER MEANS OF HOW THEY MAY BECOME A CANDIDATE. ALL MEMBERS WHO ARE ELIGIBLE TO VOTE TO RECEIVE NOTICE OF HOW TO CAST THEIR BALLOT. CANDIDATES RECEIVING THE MOST VOTES ARE ELECTED TO THE BOARD.
FORM 990, PART VI, SECTION A, LINE 7B	GRADUATE AND ASSOCIATE MEMBERS MAY VOTE IN ELECTIONS OF DIRECTORS, TO AMEND THE ARTICLES OF INCORPORATION AND/OR BYLAWS, AND ON ANY ISSUES SUBMITTED TO THE MEMBERSHIP BY THE BOARD. EACH MEMBER HAS ONE VOTE AND MAY NOT ALLOCATE THEIR VOTE TO ANYONE ELSE.
FORM 990, PART VI, SECTION B, LINE 11B	FORM 990 WILL BE SUBMITTED TO THE AUDIT COMMITTEE, THEN EACH MEMBER OF THE BOARD OF DIRECTORS, PHYSICALLY OR BY ELECTRONIC TRANSMISSION, PRIOR TO ITS FILING DUE DATE.
FORM 990, PART VI, SECTION B, LINE 12C	THE CONFLICT-OF-INTEREST POLICY IS REVIEWED, UPDATED, IF NECESSARY, AND PRESENTED TO THE BOARD EACH AUGUST. ALL DIRECTORS AND OFFICERS MUST REVIEW AND SIGN THE STATEMENT DECLARING THAT THERE ARE NO CONFLICTS OF INTEREST, OR THAT THEY MUST REPORT WHEN THEY HAVE CONFLICTS OF INTEREST.
FORM 990, PART VI, SECTION B, LINE 15	THE COMPENSATION FOR THE CEO IS DETERMINED BY A COMPENSATION COMMITTEE OF THE BOARD OF DIRECTORS FROM COMPARATIVE DATA FOR OTHER ASSOCIATION EXECUTIVES: THE CEO APPROVES THE COMPENSATION OF OTHER OFFICERS AND EMPLOYEES OF THE ORGANIZATION, AS RECOMMENDED BY THE SENIOR STAFF IN BUDGET PREPARATIONS.THE ORGANIZATION HAS NO OTHER PAID OFFICERS OR EMPLOYEES MEETING THE IRS DEFINITION OF A KEY EMPLOYEE.
FORM 990, PART VI, SECTION C, LINE 19	COPIES OF THE ORGANIZATION'S CURRENT BYLAWS, ARTICLES OF INCORPORATION, GOVERNANCE AND FINANCIAL MANAGEMENT POLICIES, AND THE PRIOR YEAR FINANCIAL STATEMENTS ARE AVAILABLE ON THE ORGANIZATION'S WEBSITE. ADDITIONALLY, THE ORGANIZATION WILL PROVIDE IN A TIMELY MANNER, COPIES OF ALL GOVERNING DOCUMENTS INCLUDING ITS CONFLICT-OF-INTEREST POLICY, WHEN REQUESTED IN PERSON. FORM 990 IS POSTED ON THE ORGANIZATION'S WEBSITE AFTER FILING; THE FORM 1023 WAS FILED PRIOR TO 1985 AND IS NOT AVAILABLE TO PUBLIC INSPECTION: THE FORM 990-T AND FORM 990 PUBLIC INSPECTION COPIES ARE AVAILABLE UPON REQUEST AT THE ORGANIZATION'S ADDRESS.
FORM 990, PART VII, COLUMN (D), COLUMN (F)	FORM 990, PART I, LINE 5 AND 990, PART VI, LINE 2A / 2B FORM 990, PART VII, COLUMN (D), COLUMN (F) FORM 990, PART VII, LINE 5 SCHEDULE J, PART II, LINE 1 THE FILING ORGANIZATION, THE ASSOCIATION OF GRADUATES OF THE U.S. AIR FORCE ACADEMY (AOG), PARTICIPATES IN A COOPERATIVE OPERATING AGREEMENT WITH THE AIR FORCE ACADEMY FOUNDATION (AFAF). THE AGREEMENT PROVIDES FOR SHARED SERVICES INCLUDING OFFICE SPACE, FURNITURE AND EQUIPMENT, DATA ENTRY SERVICES, MAIL AND CHECK PROCESSING SERVICES, AND INFORMATION TECHNOLOGY SUPPORT. ADDITIONALLY, AS PART OF THE COOPERATIVE OPERATING AGREEMENT, THE ORGANIZATIONS ARE UNDER A COMMON PAYMASTER AGREEMENT WHICH INCLUDES SHARED LEADERSHIP COSTS FOR THE CHIEF EXECUTIVE OFFICER (CEO) AND ALL OTHER SHARED STAFF. AS OF 2024, THE AIR FORCE ACADEMY FOUNDATION BECAME THE EMPLOYER OF RECORD, FILING ALL PERTINENT TAX DOCUMENTS ON A QUARTERLY AND ANNUAL BASIS AS NEEDED, INCLUDING MAKING REQUIRED TAX DEPOSITS. HOWEVER, AS THE INDIVIDUALS MEET THE DEFINITION OF COMMON LAW EMPLOYEES OF THE AOG, THEIR SALARIES/WAGES ARE REFLECTED ON FORM 990, PART VII, SECTION A, COLUMN D AND E, AND ON FORM 990, PART IX, STATEMENT OF FUNCTIONAL EXPENSE, LINES 5 THROUGH 10, AS INSTRUCTED PER IRS GUIDELINES.
FORM 990, PART XI, LINE 9:	CHANGE IN FAIR VALUE - TRUST INTEREST 5,247,652. CHANGE IN FAIR VALUE - SPLIT INTEREST AGREEMENT 3,790.

For Paperwork Reduction Act Notice, see the Instructions for Form 990 or 990-EZ.

Cat. No. 51056K

Schedule O (Form 990) (Rev. 1-2025)

Additional Data

Software ID:
Software Version:

1	Briefly describe the organization’s mission or most significant activities: TO SERVE GRADUATES, PRESERVE THE HERITAGE OF THE ACADEMY AND LONG BLUE LINE, AND (CONTINUED ON SCH O) SUPPORT USAFA IN ITS MISSION TO DEVELOP LEADERS OF CHARACTER FOR THE DEPARTMENT OF THE AIR FORCE, THE UNITED STATES SPACE FORCE, AND NATION.
2	Check this box
3	Number of voting members of the governing body (Part VI, line 1a) ........	3	16
4	Number of independent voting members of the governing body (Part VI, line 1b) .....	4	16
5	Total number of individuals employed in calendar year 2025 (Part V, line 2a) ......	5	115
6	Total number of volunteers (estimate if necessary) .............	6	120
7a	Total unrelated business revenue from Part VIII, column (C), line 12 ........	7a	140,764
b	Net unrelated business taxable income from Form 990-T, Part I, line 11 .........	7b	0

		Prior Year	Current Year
8	Contributions and grants (Part VIII, line 1h) .........	5,392,260	5,147,388
9	Program service revenue (Part VIII, line 2g) .........	835,329	819,546
10	Investment income (Part VIII, column (A), lines 3, 4, and 7d ) ....	5,547,512	4,865,231
11	Other revenue (Part VIII, column (A), lines 5, 6d, 8c, 9c, 10c, and 11e)	687,217	869,022
12	Total revenue—add lines 8 through 11 (must equal Part VIII, column (A), line 12)	12,462,318	11,701,187
13	Grants and similar amounts paid (Part IX, column (A), lines 1–3 )...	11,315,503	2,662,608
14	Benefits paid to or for members (Part IX, column (A), line 4).....	0	0
15	Salaries, other compensation, employee benefits (Part IX, column (A), lines 5–10)	3,163,007	3,544,800
16a	Professional fundraising fees (Part IX, column (A), line 11e) .....	0	0
b	Total fundraising expenses (Part IX, column (D), line 25) 0
17	Other expenses (Part IX, column (A), lines 11a–11d, 11f–24e)....	2,957,686	3,401,041
18	Total expenses. Add lines 13–17 (must equal Part IX, column (A), line 25)	17,436,196	9,608,449
19	Revenue less expenses. Subtract line 18 from line 12.......	-4,973,878	2,092,738
		Beginning of Current Year	End of Year
20	Total assets (Part X, line 16).............	118,472,760	131,255,150
21	Total liabilities (Part X, line 26).............	5,181,532	6,164,942
22	Net assets or fund balances. Subtract line 21 from line 20.....	113,291,228	125,090,208

Sign Here

	Signature of officer	Date

	Type or print name and title


4a	(Code: ) (Expenses $ 4,566,953 including grants of $ 2,662,608 ) (Revenue $ 978,145 )
	ACADEMY AND OTHER SERVICES - FUNDS UTILIZED FOR PROJECTS THAT DIRECTLY SUPPORT THE ACADEMY, CADET WING OR ALUMNI.

4b	(Code: ) (Expenses $ 1,139,242 including grants of $ 0 ) (Revenue $ 115,146 )
	PUBLICATIONS - FUNDS UTILIZED FOR PUBLICATION AND DISTRIBUTION OF THE ALUMNI MAGAZINE CHECKPOINTS, THE REGISTER OF GRADUATES AND VARIOUS OTHER ALUMNI AND ACADEMY RELATED PUBLICATIONS.

4c	(Code: ) (Expenses $ 936,993 including grants of $ 0 ) (Revenue $ 319,649 )
	SPECIAL EVENTS & CHAPTER SUPPORT - FUNDS UTILIZED FOR EVENTS OPEN TO GRADUATES AT THE ACADEMY AND AT THE LOCAL CHAPTER LEVEL SUCH AS FOUNDERS DAY CELEBRATIONS AND THE DISTINGUISHED GRADUATES AND AWARD DINNER.

	(Code: ) (Expenses $ 486,267 including grants of $ 0 ) (Revenue $ )
	LINE 4D, PROGRAM SERVICEMEMBER SERVICES, REUNIONS & CAREER SERVICES - MEMBER SERVICES EXPENDITURES ARE USED TO MAINTAIN INFORMATION ON GRADUATES AND FAMILIES OF CURRENT CADETS AND TO PROVIDE NETWORKING OPPORTUNITIES AMONG GRADUATES AND SUPPORTERS. THE ASSOCIATION ALSO PROVIDES SUPPORT AND COORDINATION FOR ACTIVITIES SURROUNDING CLASS REUNIONS. CAREER SERVICES OFFERED INCLUDE CAREER CONFERENCES, MOCK INTERVIEWS, AND RESUME REVIEWS FOR GRADUATES SEEKING NEW EMPLOYMENT.

4d	Other program services (Describe in Schedule O.)
	(Expenses $ 486,267 including grants of $ 0 ) (Revenue $ )
4e	Total program service expenses7,129,455

(A) Name and title	(B) Average hours per week (list any hours for related organizations below dotted line)	(C) Position (do not check more than one box, unless person is both an officer and a director/trustee)			(D) Reportable compensation from the organization (W-2/1099-MISC/1099-NEC)	(E) Reportable compensation from related organizations (W-2/1099-MISC/1099-NEC)	(F) Estimated amount of other compensation from the organization and related organizations
(A) Name and title
(18) JENNIFER WALTERS........................................................................ DIRECTOR	5.00 .......................	X			0	0	0
(19) ALEXANDER FOGASSY........................................................................ DIRECTOR (FROM 4/25)	5.00 .......................	X			0	0	0
(20) JOHN CINNAMON........................................................................ DIRECTOR (FROM 4/25)	5.00 .......................	X			0	0	0
(21) EMMA PRZYBYSLAWSKI........................................................................ DIRECTOR (TO 4/25)	5.00 .......................	X			0	0	0
(22) JOSEPH BLEDSOE........................................................................ DIRECTOR (TO 4/25)	5.00 .......................	X			0	0	0
(23) RANDY HELMS........................................................................ DIRECTOR (TO 4/25)	5.00 .......................	X			0	0	0
(24) MARK D HILLE........................................................................ CEO	20.00 .......................		X		226,226	0	51,611
(25) KATIE WILLEMARK........................................................................ CFO	20.00 .......................		X		127,844	0	34,971
(26) NAVIERE WALKEWICZ........................................................................ SENIOR VP OF ENGAGEMENT	36.00 .......................			X	132,764	0	31,601
(27) MICHAEL CORNELIUS EXEC VP........................................................................ OF ALUMNI RELATIONS(FROM2/25)	38.00 .......................			X	131,666	0	7,812

1b	Sub-Total..............
c	Total from continuation sheets to Part VII, Section A..
d	Total (add lines 1b and 1c).........	618,500	0	125,995

(A) Name and business address	(B) Description of services	(C) Compensation
LEVY 7994 COLLECTIONS CENTER DRIVE CHICAGO,IL60693	CATERING AND EVENT SERVICES	159,893




2 Total number of independent contractors (including but not limited to those listed above) who received more than $100,000 of compensation from the organization 1

1a	Federated campaigns..		1a
b	Membership dues..		1b	982,328
c	Fundraising events..		1c
d	Related organizations		1d
e	Government grants (contributions)		1e

f	All other contributions, gifts, grants, and similar amounts not included above		1f	4,165,060

g	Noncash contributions included in lines 1a - 1f:$		1g	22,833

h Total. Add lines 1a-1f.......		5,147,388

		Business Code
2a	HOMECOMING AND REUNIONS	813410	510,013	510,013
b	PUBLIC ADVERTISING	511190	140,764		140,764
c	SACC CONFERENCE	813410	116,881	116,881
d	NON-CLASS RELATED SOCIAL EVENTS	813410	51,888	51,888
e
f	All other program service revenue.
g	Total. Add lines 2a–2f .....		819,546

3 Investment income (including dividends, interest, and othersimilar amounts) ......			1,726,197			1,726,197
4 Income from investment of tax-exempt bond proceeds
5 Royalties...........			134,864			134,864
			(i) Real	(ii) Personal
6a	Gross rents	6a		14,750
b	Less: rental expenses	6b		0
c	Rental income or (loss)	6c		14,750
d	Net rental income or (loss).......			14,750	14,750
			(i) Securities	(ii) Other
7a	Gross amount from sales of assets other than inventory	7a	10,406,595
b	Less: cost or other basis and sales expenses	7b	7,267,561
c	Gain or (loss)	7c	3,139,034
d	Net gain or (loss).........			3,139,034			3,139,034
8a	Gross income from fundraising events (not including $ of contributions reported on line 1c). See Part IV, line 18 ....
			8a
b	Less: direct expenses ...		8b
c	Net income or (loss) from fundraising events..
9a	Gross income from gaming activities. See Part IV, line 19 ...
			9a
b	Less: direct expenses ...		9b
c	Net income or (loss) from gaming activities..
10a	Gross sales of inventory, less returns and allowances ..
			10a	861,111
b	Less: cost of goods sold ..		10b	396,796
c	Net income or (loss) from sales of inventory..			464,315	464,315

Business Code
11a	MISCELLANEOUS REVENUE		900099	132,583	132,583
b	ADMIN. FEES & SERVICE CHARGES		900099	122,510	122,510
c
d	All other revenue ....
e	Total. Add lines 11a–11d ......			255,093
12	Total revenue. See instructions.....			11,701,187	1,412,940	140,764	5,000,095

1	Grants and other assistance to domestic organizations and domestic governments. See Part IV, line 21 ....	2,648,066	2,648,066
2	Grants and other assistance to domestic individuals. See Part IV, line 22 ...........
3	Grants and other assistance to foreign organizations, foreign governments, and foreign individuals. See Part IV, lines 15 and 16. .............	14,542	14,542
4	Benefits paid to or for members .......
5	Compensation of current officers, directors, trustees, and key employees ...........	440,652		440,652
6	Compensation not included above, to disqualified persons (as defined under section 4958(f)(1)) and persons described in section 4958(c)(3)(B) .........
7	Other salaries and wages........	2,513,931	1,376,579	1,137,352
8	Pension plan accruals and contributions (include section 401(k) and 403(b) employer contributions) ....	64,305	18,323	45,982
9	Other employee benefits .......	308,732	200,524	108,208
10	Payroll taxes ...........	217,180	131,069	86,111
11	Fees for services (non-employees):
a	Management ......
b	Legal .........	24,844		24,844
c	Accounting ...........	39,830		39,830
d	Lobbying ...........
e	Professional fundraising services. See Part IV, line 17
f	Investment management fees ......	2,943		2,943
g	Other (If line 11g amount exceeds 10% of line 25, column (A) amount, list line 11g expenses on Schedule O)	431,004	243,811	187,193
12	Advertising and promotion ....	21,621	8,727	12,894
13	Office expenses .......	738,741	679,913	58,828
14	Information technology ......	92,533	79,216	13,317
15	Royalties ..
16	Occupancy ...........	345,241	295,520	49,721
17	Travel ............	73,613	60,019	13,594
18	Payments of travel or entertainment expenses for any federal, state, or local public officials .
19	Conferences, conventions, and meetings ....	653,397	591,593	61,804
20	Interest ...........
21	Payments to affiliates .......
22	Depreciation, depletion, and amortization ..	510,639	437,149	73,490
23	Insurance ...	122,231		122,231
24	Other expenses. Itemize expenses not covered above (List miscellaneous expenses in line 24e. If line 24e amount exceeds 10% of line 25, column (A) amount, list line 24e expenses on Schedule O.)
a	HISTORICAL HERITAGE COL	344,404	344,404
b
c
d
e	All other expenses
25	Total functional expenses. Add lines 1 through 24e	9,608,449	7,129,455	2,478,994	0
26	Joint costs. Complete this line only if the organization reported in column (B) joint costs from a combined educational campaign and fundraising solicitation. Check here if following SOP 98-2 (ASC 958-720).

1	Cash–non-interest-bearing ........			2,149,327	1	1,332,195
2	Savings and temporary cash investments .........				2
3	Pledges and grants receivable, net ......				3
4	Accounts receivable, net .............			770,800	4	562,999
5	Loans and other receivables from any current or former officer, director, trustee, key employee, creator or founder, substantial contributor, or 35% controlled entity or family member of any of these persons .......
					5
6	Loans and other receivables from other disqualified persons (as defined under section 4958(f)(1)), and persons described in section 4958(c)(3)(B) ...
					6
7	Notes and loans receivable, net ...........				7
8	Inventories for sale or use ............			394,822	8	384,096
9	Prepaid expenses and deferred charges ......			235,866	9	269,812
10a	Land, buildings, and equipment: cost or other basis. Complete Part VI of Schedule D	10a	13,829,935
b	Less: accumulated depreciation	10b	11,239,814	2,888,026	10c	2,590,121
11	Investments—publicly traded securities .			52,601,492	11	61,435,848
12	Investments—other securities. See Part IV, line 11 .....			59,432,427	12	64,680,079
13	Investments—program-related. See Part IV, line 11 ..				13
14	Intangible assets ...............				14
15	Other assets. See Part IV, line 11 ...........				15
16	Total assets. Add lines 1 through 15 (must equal line 33)...			118,472,760	16	131,255,150

17	Accounts payable and accrued expenses .....	979,528	17	1,960,604
18	Grants payable ...		18
19	Deferred revenue .........	2,776,659	19	2,491,181
20	Tax-exempt bond liabilities .........		20
21	Escrow or custodial account liability. Complete Part IV of Schedule D	1,425,345	21	1,713,157
22	Loans and other payables to any current or former officer, director, trustee, key employee, creator or founder, substantial contributor, or 35% controlled entity or family member of any of these persons .........
			22
23	Secured mortgages and notes payable to unrelated third parties ..		23
24	Unsecured notes and loans payable to unrelated third parties ..		24
25	Other liabilities (including federal income tax, payables to related third parties, and other liabilities not included on lines 17 - 24). Complete Part X of Schedule D		25
26	Total liabilities. Add lines 17 through 25..	5,181,532	26	6,164,942

	Organizations that follow FASB ASC 958, check here and complete lines 27, 28, 32, and 33.
27	Net assets without donor restrictions ..........	40,029,500	27	44,610,673
28	Net assets with donor restrictions ...........	73,261,728	28	80,479,535
	Organizations that do not follow FASB ASC 958, check here and complete lines 29 through 33.
29	Capital stock or trust principal, or current funds .....		29
30	Paid-in or capital surplus, or land, building or equipment fund ...		30
31	Retained earnings, endowment, accumulated income, or other funds		31
32	Total net assets or fund balances ...........	113,291,228	32	125,090,208
33	Total liabilities and net assets/fund balances ........	118,472,760	33	131,255,150

1	Was the organization a U.S. transferor of property to a foreign corporation during the tax year? If "Yes," the organization may be required to file Form 926, Return by a U.S. Transferor of Property to a Foreign Corporation (see Instructions for Form 926). . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	Yes	No
2	Did the organization have an interest in a foreign trust during the tax year? If "Yes," the organization may be required to separately file Form 3520, Annual Return to Report Transactions with Foreign Trusts and Receipt of Certain Foreign Gifts, and/or Form 3520-A, Annual Information Return of Foreign Trust With a U.S. Owner (see Instructions for Forms 3520 and 3520-A; don't file with Form 990). . . . . . . . . . . . . . . . . . . . . . . .	Yes	No
3	Did the organization have an ownership interest in a foreign corporation during the tax year? If "Yes," the organization may be required to file Form 5471, Information Return of U.S. Persons with Respect to Certain Foreign Corporations. (see Instructions for Form 5471). . . . . . . . . . . . . . . . . . . . . . . . . . . .	Yes	No
4	Was the organization a direct or indirect shareholder of a passive foreign investment company or a qualified electing fund during the tax year? If “Yes,” the organization may be required to file Form 8621, Information Return by a Shareholder of a Passive Foreign Investment Company or Qualified Electing Fund. (see Instructions for Form 8621) .	Yes	No
5	Did the organization have an ownership interest in a foreign partnership during the tax year? If "Yes," the organization may be required to file Form 8865, Return of U.S. Persons with Respect to Certain Foreign Partnerships (see Instructions for Form 8865). . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	Yes	No
6	Did the organization have any operations in or related to any boycotting countries during the tax year? If "Yes," the organization may be required to separately file Form 5713, International Boycott Report (see Instructions for Form 5713; don't file with Form 990).. . . . . . . . . . . . . . . . . . . . . . . . . . . .	Yes	No