Lake Minnetonka Sailing School Inc
- Assets
- $855.3k
- Revenue
- $488.1k
- Investments
- $0.0
- Employees
- 28
- Location
- Excelsior, MN
- Founding
- 09/1972
- Data as of
- 12/2021
- EIN
- 23-7178929
Organization Overview
Lake Minnetonka Sailing School Inc is located in Excelsior, MN. The organization was established in 1972. According to its NTEE Classification (N67) the organization is classified as: Swimming & Other Water Recreation, under the broad grouping of Recreation & Sports and related organizations. As of 12/2021, Lake Minnetonka Sailing School Inc employed 28 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Lake Minnetonka Sailing School Inc is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
For the year ending 12/2021, Lake Minnetonka Sailing School Inc generated $488.1k in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 3.5% each year. All expenses for the organization totaled $509.5k during the year ending 12/2021. While expenses have increased by 4.4% per year over the past 7 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
2021
Describe the Organization's Mission:
Part 3 - Line 1
ENHANCE THE MENTAL AND PHYSICAL SKILLS OF OUR STUDENTS WHILE IGNITING A LIFETIME PASSION FOR THE SPORT OF SAILING.
Describe the Organization's Program Activity:
Part 3 - Line 4a
TO PROVIDE PUBLIC AND PRIVATE ADULT AND YOUTH SAILING INSTRUCTION, EDUCATION, PROGRAMS, AND COMPETITIONS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Ian Solum Middle & High School Director | Officer | 40 | $51,165 |
Annika Ekholm Director Of Operations | Officer | 40 | $41,199 |
Dan Callinan Treasurer | OfficerTrustee | 10 | $0 |
Mark Sigel President | OfficerTrustee | 15 | $0 |
Tara Engebretson Secretary | OfficerTrustee | 10 | $0 |
Jason Ostbye Director | Trustee | 10 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $35,749 |
| Related organizations | $0 |
| Government grants | $53,750 |
| All other contributions, gifts, grants, and similar amounts not included above | $24,915 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $114,414 |
| Total Program Service Revenue | $375,064 |
| Investment income | $12,332 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | -$23,990 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $10,234 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $488,054 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $3,880 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $92,364 |
| Compensation of current officers, directors, key employees. | $23,091 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $190,175 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $21,021 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $11,500 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $6,146 |
| Fees for services: Other | $0 |
| Advertising and promotion | $5,751 |
| Office expenses | $23,986 |
| 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 | $50,613 |
| Insurance | $32,713 |
| All other expenses | $0 |
| Total functional expenses | $509,486 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $21,771 |
| Savings and temporary cash investments | $38,263 |
| 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 | $1,750 |
| Net Land, buildings, and equipment | $332,148 |
| Investments—publicly traded securities | $445,400 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $16,008 |
| Total assets | $855,340 |
| Accounts payable and accrued expenses | $45 |
| 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 | $45 |
| Net assets without donor restrictions | $855,295 |
| 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 | $0 |
| Total liabilities and net assets/fund balances | $855,340 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that Lake Minnetonka Sailing School Inc has recieved totaling $109.
| Awarding Organization | Amount |
|---|---|
Amazonsmile Foundation Seattle, WA PURPOSE: GENERAL SUPPORT | $109 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Walter Schroeder Aquatic Center Ltd Brown Deer, WI | $2,876,227 | $1,771,521 |
Rochester Swim Club Orcas Rochester, MN | $1,478,113 | $1,744,806 |
Usa Swimming Inc Minnetonka, MN | $1,086,906 | $1,178,043 |
Waukesha Express Swim Team Inc Waukesha, WI | $109,829 | $1,001,501 |
Usa Swimming Inc New London, WI | $201,918 | $903,511 |
South Metro Storm Swim Club Lakeville, MN | $230,213 | $738,939 |
Sailing Education Association Of Sheboygan Inc Sheboygan, WI | $3,043,659 | $639,193 |
Ozaukee Aquatics Inc Cedarburg, WI | $165,542 | $738,005 |
Edina Swim Club Inc Edina, MN | $440,938 | $736,378 |
Eden Prairie Foxjet Swim Team Eden Prairie, MN | $301,926 | $531,103 |
Milwaukee Community Sailing Center Inc Milwaukee, WI | $2,878,635 | $633,926 |
Minneapolis Sailing Center Minneapolis, MN | $376,071 | $638,488 |