Palmdale Aerospace Academy Foundation moves to activate fundraising role, board approves foundation and LLC tax documents

Members of the Palmdale Aerospace Academy Foundation and the academy’s board discussed reviving the foundation’s fundraising function and approved foundation tax filings and related LLC documents.

During a joint foundation meeting, board members noted the foundation historically focused on construction while the campus was built; board member Nardi Lopez said it would be appropriate now to “initiate those fundraising opportunities” to support student extracurricular activities and college transition needs. Lopez asked whether the foundation should review and edit its guidelines at the next meeting.

The boards considered the Palmdale Aerospace Academy Foundation entity and Design, Create, Explore LLC, an LLC described in the meeting as a foundation subsidiary that houses bonds and fixed assets. The meeting included a description of the informational tax filings the entities must file; the presentation referenced IRS informational returns and state informational filings.

A motion to approve the Academy Foundation and Design, Create, Explore LLC tax documents was moved and seconded; the board recorded the motion as approved by voice vote.

Board members discussed the presence of net assets in foundation financial statements and a staff member explained that the net asset figure does not represent liquid cash but rather the value of investments and assets, using a homeowner-analogy: as a house builds equity, that is not the same as cash on hand.

Foundation members agreed to explore adding community members with interest in fundraising and to revisit foundation guidelines at a subsequent meeting. Staff said they would circulate suggested edits and next steps.