Portsmouth Invitational Tournament Foundation Inc
- Assets
- $485.1k
- Revenue
- $265.9k
- Investments
- $0.0
- Employees
- 0
- Location
- Portsmouth, VA
- Founding
- 03/2008
- Data as of
- 06/2023
- EIN
- 04-3650760
Organization Overview
Portsmouth Invitational Tournament Foundation Inc is located in Portsmouth, VA. The organization was established in 2008. According to its NTEE Classification (N70) the organization is classified as: Amateur Sports Competitions, under the broad grouping of Recreation & Sports and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Portsmouth Invitational Tournament Foundation Inc is a 501(c)(4) and as such, is described as a "Civic League, Social Welfare Organization, and Local Association of Employees" by the IRS.
For the year ending 06/2023, Portsmouth Invitational Tournament Foundation Inc generated $265.9k in total revenue. This organization has experienced exceptional growth, as over the past 8 years, it has increased revenue by an average of 17.2% each year . All expenses for the organization totaled $232.2k during the year ending 06/2023. While expenses have increased by 25.9% per year over the past 8 years. They've been increasing with an increasing level of total revenue. You can explore the organizations financials more deeply in the financial statements section below.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2023
Describe the Organization's Mission:
Part 3 - Line 1
RAISE FUNDS FROM ACTIVITIES SUCH AS THE PORTSMOUTH INVITATIONAL TOURNAMENT. FUNDS RAISED SHALL BE GIVEN FOR CHARITABLE PURPOSES TO NONPROFIT COMMUNITY ORGANIZATIONS & FOR SCHOLARSHIPS TO DESERVING STUDENT ATHLETES GRADUATING FROM LOCAL HIGH SCHOOLS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
HOST THE ANNUAL PORTSMOUTH INVITATIONAL BASKETBALL TOURNAMENT ("PIT"). THE PURPOSE OF THE TOURNAMENT IS TO PROVIDE COLLEGE SCHOLARSHIPS TO LOCAL HIGH SCHOOL STUDENTS, PROVIDE CHARTIABLE CONTRIBUTIONS TO COMMUNITY ORGANIZATIONS, SHOWCASE THE CITY OF PORTSMOUTH AND BENEFIT THE LOCAL ECONOMY.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Jack Ankerson Director | Trustee | $0 | |
Terry Baronner Director | Trustee | $0 | |
Michael Boyd Director | Trustee | $0 | |
Randy Caviness Director | Trustee | $0 | |
Synthia Goode Director | Trustee | $0 | |
Clifton Jones Director | Trustee | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $25,000 |
| All other contributions, gifts, grants, and similar amounts not included above | $2,543 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $27,543 |
| Total Program Service Revenue | $236,471 |
| Investment income | $1,925 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $265,939 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $2,215 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $0 |
| Office expenses | $1,057 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $7,576 |
| All other expenses | $0 |
| Total functional expenses | $232,214 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $20,748 |
| Savings and temporary cash investments | $464,364 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $485,112 |
| Accounts payable and accrued expenses | $0 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $0 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $485,112 |
| Total liabilities and net assets/fund balances | $485,112 |