T2 Foundation
- Assets
- $11.3k
- Revenue
- $363.5k
- Investments
- $0.0
- Employees
- 0
- Location
- Scranton, PA
- Founding
- 01/2010
- Data as of
- 12/2019
- EIN
- 27-0899435
Organization Overview
T2 Foundation is located in Scranton, PA. The organization was established in 2010. According to its NTEE Classification (N12) the organization is classified as: Fund Raising & Fund Distribution, 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. T2 Foundation 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 12/2019, T2 Foundation generated $363.5k in total revenue. This organization has experienced exceptional growth, as over the past 5 years, it has increased revenue by an average of 61.9% each year . All expenses for the organization totaled $389.5k during the year ending 12/2019. While expenses have increased by 2.8% per year over the past 5 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
2019
Describe the Organization's Mission:
Part 3 - Line 1
TO PROVIDE FUNDS TO COVER EXPENSES AND SUBSIDIZE COSTS OF TRAINING & DEVELOPMENT FOR QUALIFIED ATHLETES PARTICIPATING IN OLYMPIC SPORTS, INCLUDING ALPINE, CROSS-COUNTRY, FREESTYLE, OR FREESKIING DISCIPLINES.
Describe the Organization's Program Activity:
Part 3 - Line 4a
FUNDS USED TO FOSTER NATIONAL & INTERNATIONAL SPORTS COMPETITION IN ACCORDANCE WITH THE FOUNDATION'S MISSION.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Marina Knight Director | 30 | $58,300 | |
Thomas Karam President | OfficerTrustee | 0 | $0 |
Phil Gross Vice President | OfficerTrustee | 0 | $0 |
Brian Lash Director | Trustee | 0 | $0 |
David Brumbaugh Director | Trustee | 0 | $0 |
Ted Ligety Director | Trustee | 0 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $11,165 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $352,381 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $363,546 |
| Total Program Service Revenue | $0 |
| Investment income | $0 |
| 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 | $363,546 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $57,500 |
| Grants and other assistance to domestic individuals. | $227,500 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $58,300 |
| Compensation of current officers, directors, key employees. | $58,300 |
| 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 | $0 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $14,340 |
| Advertising and promotion | $2,286 |
| Office expenses | $5,845 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $11,448 |
| 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 | $0 |
| All other expenses | $0 |
| Total functional expenses | $389,459 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $11,277 |
| Savings and temporary cash investments | $0 |
| 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 | $11,277 |
| 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 | $11,277 |
| 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 | $11,277 |
Grants Awarded
Over the last fiscal year, T2 Foundation has awarded $52,500 in support to 2 organizations.
| Grant Recipient | Amount |
|---|---|
WEST RIVER SPORTS SMST2ELITE PURPOSE: SMS T2 ELITE TEAM | $42,500 |
Steamboat Springs, CO PURPOSE: GENERAL PURPOSE OF THE ORGANIZATION | $10,000 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that T2 Foundation has recieved totaling $10,000.
| Awarding Organization | Amount |
|---|---|
The Foreside Foundation Wilmington, DE PURPOSE: GENERAL & UNRESTRICTED | $10,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
National Football League Foundation New York, NY | $60,299,577 | $75,254,926 |
Usta Foundation Incorporated White Plains, NY | $21,092,938 | $14,501,704 |
Womens Sports Foundation New York, NY | $6,988,365 | $6,164,478 |
Roy A Hunt Foundation Pittsburgh, PA | $0 | $8,030,266 |
Baltimore Sports Tourism Development Council Inc Baltimore, MD | $1,882,664 | $3,644,109 |
Pennsylvania National Horse Show Foundation Harrisburg, PA | $536,390 | $3,371,373 |
Sports Humanitarian Group Inc New York, NY | $2,335,161 | $3,283,483 |
Fisher Brothers Foundation Inc New York, NY | $22,918 | $2,660,000 |
Gramma Fisher Foundation Easton, MD | $26,054,543 | $4,343,834 |
Reamstown Athletic Association Reamstown, PA | $734,775 | $1,303,779 |
Fc Cincinnati Foundation Cincinnati, OH | $616,697 | $1,507,019 |
Fishoff Family Foundation Flushing, NY | $3,998,225 | $548,703 |