Fastbreak Foundation
- Assets
- $829.5k
- Revenue
- $423.7k
- Investments
- $84.7k
- Employees
- 0
- Location
- Minneapolis, MN
- Founding
- 09/1993
- Data as of
- 09/2023
- EIN
- 41-1644554
Organization Overview
Fastbreak Foundation is located in Minneapolis, MN. The organization was established in 1993. According to its NTEE Classification (T23) the organization is classified as: Private Operating Foundations, under the broad grouping of Philanthropy, Voluntarism & Grantmaking Foundations and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Fastbreak 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 09/2023, Fastbreak Foundation generated $423.7k 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 (7.9%) each year. All expenses for the organization totaled $287.9k during the year ending 09/2023. As we would expect to see with falling revenues, expenses have declined by (8.8%) per year over the past 7 years. You can explore the organizations financials more deeply in the financial statements section below.
Since 2015, Fastbreak Foundation has awarded 147 individual grants totaling $1,274,000. If you would like to learn more about the grant giving history of this organization, scroll down to the grant profile section of this page.
Form
990PF
Mission & Program ActivityExcerpts From the 990PF Filing
TAX YEAR
2023
Describe the Organization's Program Activity:
Part 3 - Line 4a
TICKETS FOR KIDS: EACH SEASON, SUPPORTERS OF THE TICKETS FOR KIDS PROGRAM DONATE NBA OR WNBA TICKETS TO THE FASTBREAK FOUNDATION, WHICH ARE THEN DISTRIBUTED TO NON-PROFITS THAT SUPPORT UNDER-RESOURCED COMMUNITIES; ALLOWING THEM TO EXPERIENCE A TIMBERWOLVES OR LYNX GAME IN PERSON. THE FOUNDATION WORKS WITH MORE THAN 200 ORGANIZATIONS ACROSS THE STATE OF MINNESOTA AND PROVIDES OVER 15,000 TICKETS ANNUALLY TO CHILDREN AND THEIR FAMILIES.
BOOK MOBILE: EACH MONTH, THE BOOK MOBILE HITS THE ROAD TO VISIT LOCAL SCHOOLS AND NON-PROFITS TO SPREAD THE LOVE OF READING THROUGHOUT MINNESOTA. THE BOOK MOBILE OFFERS STUDENTS AN INCENTIVE TO READ BY GIVING THEM A CHANCE TO PICK OUT THEIR VERY OWN BOOK TO KEEP, ALLOWING THEM TO READ AT SCHOOL AND AT HOME. STUDENTS ALSO RECEIVE FUN PRIZES AND MEET TIMBERWOLVES MASCOT, CRUNCH, OR LYNX MASCOT, PROWL. THE BOOK MOBILE TARGETS K-2ND GRADERS IN A 30-MILE RADIUS OF THE TWIN CITIES METRO AREA.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Ethan Casson Chief Executive Officer | 0.5 | $0 | |
Jennifer Ridgeway Executive Director | 5 | $0 | |
Suzanne M Spellacy Secretary | 1 | $0 | |
Pete Stene Treasurer | 1 | $0 | |
Glen A Taylor Director | 0.5 | $0 | |
Brett Carter Director | 0.5 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Contributions, Gifts, Grants & Similar | $123,571 |
| Interest on Savings | $11,665 |
| Dividends & Interest | $3,693 |
| Net Rental Income | $0 |
| Net Gain on Sale of Assets | $0 |
| Capital Gain Net Income | $0 |
| Net ST Capital Gain | $0 |
| Income Modifications | $0 |
| Profit on Inventory Sales | $0 |
| Other Income | $284,759 |
| Total Revenue | $423,688 |
| Statement of Expenses | |
|---|---|
| Compensation of officers, directors, trustees, etc | $0 |
| Other employee salaries and wages | $0 |
| Pension plans, employee benefits | $0 |
| Interest | $0 |
| Taxes | $100 |
| Depreciation | $0 |
| Occupancy | $0 |
| Travel, conferences, and meetings | $0 |
| Printing and publications | $0 |
| Other expenses | $104,566 |
| Total operating and administrative expenses | $111,924 |
| Contributions, gifts, grants paid | $176,000 |
| Total expenses and disbursements | $287,924 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $561,675 |
| Savings and temporary cash investments | $183,216 |
| Net Accounts receivable | $0 |
| Net Pledges Receivable | $0 |
| Grants receivable | $0 |
| Receivables from Officers, Directors, or Controlling Persons | $0 |
| Net other notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Investments - land, buildings, equipment | $0 |
| Investments—mortgage loans | $0 |
| Investments—other | $0 |
| Net Land, buildings, and equipment | $0 |
| Other assets | $0 |
| Total assets | $829,542 |
| Accounts payable and accrued expenses | $66,618 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Mortgages and other notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $66,618 |
Grants Awarded
Over the last fiscal year, Fastbreak Foundation has awarded $176,000 in support to 6 organizations.
| Grant Recipient | Amount |
|---|---|
A MOTHER'S LOVE INITIATIVES PURPOSE: STARTING FIVE GRANTS | $25,000 |
THE MINNEAPOLIS FOUNDATION PURPOSE: ACCBCA BREAST HEALTH AWARENESS & EDUCATION | $51,000 |
PLAYWORKS MINNESOTA PURPOSE: STARTING FIVE GRANTS | $25,000 |
SPECIAL OLYMPICS MINNESOTA INC PURPOSE: STARTING FIVE GRANTS | $25,000 |
YOUTHLINK MN PURPOSE: STARTING FIVE GRANTS | $25,000 |
TWIN CITIES PRIDE PURPOSE: STARTING FIVE GRANTS | $25,000 |