New Ulm Turnverein
- Assets
- $1.3m
- Revenue
- $143.4k
- Investments
- $0.0
- Employees
- 15
- Location
- New Ulm, MN
- Founding
- 06/1947
- Data as of
- 06/2022
- EIN
- 41-0742505
Organization Overview
New Ulm Turnverein, operating under the name Gambling Fund, is located in New Ulm, MN. The organization was established in 1947. According to its NTEE Classification (N60) the organization is classified as: Amateur Sports, under the broad grouping of Recreation & Sports and related organizations. As of 06/2022, Gambling Fund employed 15 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Gambling Fund 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 06/2022, Gambling Fund generated $143.4k in total revenue. This represents a relatively dramatic decline in revenue. Over the past 7 years, the organization has seen revenues fall by an average of (19.8%) each year. All expenses for the organization totaled $235.0k during the year ending 06/2022. As we would expect to see with falling revenues, expenses have declined by (13.6%) per year over the past 7 years. You can explore the organizations financials more deeply in the financial statements section below.
Form
990T
Mission & Program ActivityExcerpts From the 990T Filing
TAX YEAR
2022
Describe the Organization's Mission:
Part 3 - Line 1
HISTORIC BUILDING FOR CULTURAL, EDUCATIONAL, PHYSICAL, AND SOCIAL ACTIVITIES
Describe the Organization's Program Activity:
NON-COMPETITIVE ATHLETIC PROGRAM THROUGH GYMNASTIC TRAINING TO BUILD SOUND MIND AND BODY FOR APPROXIMATELY 200 STUDENTS 3 - 18 YEARS OF AGE IN CLASSES HELD FOUR TIMES PER WEEK NOVEMBER THRU FEBRUARY AND MARCH THRU MAY.
PRESERVE AND MAINTAIN THE TURNER HALL BUILDING AS IS APPROPRIATE AND CONSISTENT WITH ITS STATUS AS A LISTING IN THE NATIONAL REGISTER OF HISTORIC PLACES. THERE WERE APPROXIMATELY 400 TO 500 MEMBER HOUSEHOLDS SUPPORTING THIS PROGRAM THRU THEIR $95 ANNUAL MEMBERSHIP FEE. ADDED A QUARTERLY LECTURE SERIES CALLED TURNER TALKS THAT IS FREE AND OPEN TO THE PUBLIC.
COMMUNITY MEETING HALL USED BY VARIOUS NON-PROFIT ORGANIZATIONS FREE OF CHARGE. THERE WERE APPROXIMATELY 40 ORGANIZATIONS WHO MET ABOUT 300 TIMES DURING THE YEAR.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Matthew Berger President | OfficerTrustee | 1 | $0 |
Sean Gremmels Vice President | OfficerTrustee | 1 | $0 |
Yvonne Weber Secretary | OfficerTrustee | 1 | $0 |
Dan Schwartz Treasurer | OfficerTrustee | 1 | $0 |
Daniel Hoisington Director | Trustee | 1 | $0 |
David Hirth Director | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $8,588 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $32,275 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $40,863 |
| Total Program Service Revenue | $69,875 |
| Investment income | $3 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $925 |
| Net Rental Income | $14,315 |
| Net Gain/Loss on Asset Sales | -$2,846 |
| Net Income from Fundraising Events | $20,227 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $143,362 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $710 |
| 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 | $31,009 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $9,125 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $7,884 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $927 |
| Office expenses | $1,924 |
| Information technology | $492 |
| Royalties | $0 |
| Occupancy | $33,073 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $1,924 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $98,339 |
| Insurance | $3,873 |
| All other expenses | $0 |
| Total functional expenses | $234,962 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $80,863 |
| 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 | $1,198,533 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $48,800 |
| Total assets | $1,328,196 |
| 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 | $3,827 |
| Other liabilities | $0 |
| Total liabilities | $3,827 |
| Net assets without donor restrictions | $1,324,369 |
| 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 | $1,328,196 |