Bearings Bike Shop Inc, operating under the name Bearings Bike Works, is located in Atlanta, GA. The organization was established in 2012. According to its NTEE Classification (P99) the organization is classified as: Human Services N.E.C., under the broad grouping of Human Services and related organizations. As of 03/2022, Bearings Bike Works employed 25 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Bearings Bike Works 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 03/2022, Bearings Bike Works generated $973.0k in total revenue. This organization has experienced exceptional growth, as over the past 6 years, it has increased revenue by an average of 12.7% each year . All expenses for the organization totaled $839.2k during the year ending 03/2022. 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
2022
Describe the Organization's Mission:
Part 3 - Line 1
BEARINGS BIKE SHOP PUTS THE RIGHT TOOLS IN THE HANDS OF YOUTH ENABLING THEM TO ADVANCE THEIR SKILLS TO BUILD PRODUCTIVE LIVES.
Describe the Organization's Program Activity:
Part 3 - Line 4a
BEARINGS' YOUTH PROGRAMS SAW SIGNIFICANT GROWTH AND REBUILDING FROM APRIL 2021 THROUGH MARCH 2022, AS OUR ORGANIZATION AND COMMUNITY REGAINED A SENSE OF NORMALCY FOLLOWING THE PANDEMIC. IN 2021, WE WERE ABLE TO RESUME IN-PERSON PROGRAMMING ACROSS ALL OF OUR YOUTH DEVELOPMENT PROGRAMS DURING THAT TIME AND REBUILD CONNECTIONS WITH KIDS AND FAMILIES IN OUR COMMUNITY.PARTICIPANTS IN OUR SKILLS FOR LIFE AFTER-SCHOOL DROP-IN PROGRAM SPENT OVER 3,000 HOURS LEARNING TO BUILD AND REPAIR BIKES AND DEVELOPING CHARACTER STRENGTHS LIKE PERSEVERANCE AND CONFIDENCE. PARTICIPANTS ADVANCED PROGRAM LEVELS A TOTAL OF 75 TIMES, INDICATING MASTERY OF MECHANICAL SKILLS.GEARING UP, OUR SCHOOL PARTNERSHIP PROGRAM WITH PURPOSE BUILT SCHOOLS ATLANTA, REGAINED MOMENTUM FOLLOWING A PAUSE DURING THE PANDEMIC WHEN SCHOOLS WERE MOSTLY VIRTUAL. 30 STUDENTS FROM ATLANTA SCHOOLS PARTICIPATED IN THE PROGRAM AND HAD THE OPPORTUNITY TO LEARN AND MASTER SKILLS IN A NON-TRADITIONAL SETTING. 100% OF STUDENTS WHO PARTICIPATED IN THE PROGRAM PASSED "STARTING POINT", THE FIRST LEVEL OF OUR MECHANICAL SKILLS CURRICULUM.OUR YOUTH MOUNTAIN BIKING TEAM HAD A SUCCESSFUL FIRST SEASON OF COMPETITION THROUGH THE GEORGIA CYCLING ASSOCIATION'S YOUTH MOUNTAIN BIKING PROGRAM. PROGRAM PARTICIPANTS DEVELOPED TECHNICAL SKILLS ON THE TRAIL AND GREW AS TEAMMATES AND ATHLETES, FINISHING 13 OUT OF 36 TEAMS FROM ACROSS THE STATE IN THEIR DIVISION. THE TEAM COMPETED IN 5 RACES IN THE FALL OF 2021 AND PARTICIPANTS SPENT OVER 100 HOURS RIDING OVER THE COURSE OF THE SEASON. THROUGH THIS EXCITING NEW PROGRAM, WE WERE ABLE TO BUILD PARTNERSHIPS WITHIN THE CYCLING COMMUNITY AND HAVE SEEN STEADILY INCREASING ENTHUSIASM FOR YOUTH MOUNTAIN BIKING WITHIN THE CITY OF ATLANTA. SEVEN TEENS GRADUATED FROM OUR FRAMEWORKS ADVANCED JOB TRAINING PROGRAM IN WHICH THEY LEARNED EMPLOYMENT SKILLS, GAINED WORK EXPERIENCE IN A UNIQUE BIKE SHOP SETTING, AND EXPLORED CAREER PATHWAYS DURING THIS 8-WEEK PAID SUMMER INTERNSHIP. AT THE END OF THE INTERNSHIP, 4 TEENS WERE HIRED ON TO WORK IN A MORE OFFICIAL CAPACITY AS MECHANICS EITHER IN THE YOUTH PROGRAM OR OUR SALES AND SERVICE RETAIL SHOP. FOR 100% OF OUR 2021 PARTICIPANTS, FRAMEWORKS WAS THEIR FIRST EXPOSURE TO THE WORKFORCE, AND THEY WORKED A TOTAL OF 1,660 HOURS WITH 286 OF THOSE HOURS SPENT COACHING IN OUR YOUTH PROGRAM.
Name (title) | Role | Hours | Compensation |
---|---|---|---|
Timothy O'mara Executive Director | OfficerTrustee | 40 | $97,000 |
Stacye Brim Chairwoman | OfficerTrustee | 2 | $0 |
Evan Longstreth Treasurer | OfficerTrustee | 2 | $0 |
Melissa Kruse Secretary | OfficerTrustee | 2 | $0 |
Darryl Lesure Secretary | OfficerTrustee | 2 | $0 |
Jason Bright Board Member | Trustee | 1 | $0 |
Statement of Revenue | |
---|---|
Federated campaigns | $0 |
Membership dues | $0 |
Fundraising events | $73,746 |
Related organizations | $0 |
Government grants | $0 |
All other contributions, gifts, grants, and similar amounts not included above | $679,405 |
Noncash contributions included in lines 1a–1f | $36,927 |
Total Revenue from Contributions, Gifts, Grants & Similar | $753,151 |
Total Program Service Revenue | $66,270 |
Investment income | $29 |
Tax Exempt Bond Proceeds | $0 |
Royalties | $0 |
Net Rental Income | $0 |
Net Gain/Loss on Asset Sales | $0 |
Net Income from Fundraising Events | $13,966 |
Net Income from Gaming Activities | $0 |
Net Income from Sales of Inventory | $139,613 |
Miscellaneous Revenue | $0 |
Total Revenue | $973,029 |
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. | $97,000 |
Compensation of current officers, directors, key employees. | $4,555 |
Compensation to disqualified persons | $42,772 |
Other salaries and wages | $308,414 |
Pension plan accruals and contributions | $0 |
Other employee benefits | $61,111 |
Payroll taxes | $36,360 |
Fees for services: Management | $0 |
Fees for services: Legal | $0 |
Fees for services: Accounting | $20,600 |
Fees for services: Lobbying | $0 |
Fees for services: Fundraising | $0 |
Fees for services: Investment Management | $0 |
Fees for services: Other | $16,264 |
Advertising and promotion | $24,810 |
Office expenses | $10,336 |
Information technology | $1,856 |
Royalties | $0 |
Occupancy | $24,106 |
Travel | $2,561 |
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 | $51,004 |
Insurance | $0 |
All other expenses | $4,471 |
Total functional expenses | $839,216 |
Balance Sheet | |
---|---|
Cash—non-interest-bearing | $468,528 |
Savings and temporary cash investments | $1,006 |
Pledges and grants receivable | $22,889 |
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 | $19,825 |
Prepaid expenses and deferred charges | $15,557 |
Net Land, buildings, and equipment | $1,968,086 |
Investments—publicly traded securities | $0 |
Investments—other securities | $0 |
Investments—program-related | $0 |
Intangible assets | $0 |
Other assets | $0 |
Total assets | $2,495,891 |
Accounts payable and accrued expenses | $58,026 |
Grants payable | $0 |
Deferred revenue | $15,000 |
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 | $73,026 |
Net assets without donor restrictions | $2,359,981 |
Net assets with donor restrictions | $62,884 |
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 | $2,495,891 |
Over the last fiscal year, we have identified 11 grants that Bearings Bike Shop Inc has recieved totaling $254,887.
Awarding Organization | Amount |
---|---|
Petters Family Foundation Newport News, VA PURPOSE: CAPITAL AND OPERATIONAL SUPPORT | $100,000 |
National Christian Charitable Foundation Inc Alpharetta, GA PURPOSE: GROWTH | $68,000 |
Katherine John Murphy Foundation Dtd 11-16-54 % Trust Co Of Ga Ttee Orlando, FL PURPOSE: GENERAL OPERATING | $30,000 |
Laureus Sport For Good Foundation Of America New York, NY PURPOSE: GENERAL SUPPORT | $20,000 |
American Online Giving Foundation Inc Newark, DE PURPOSE: GENERAL SUPPORT | $16,552 |
Thrivent Financial For Lutherans Minneapolis, MN PURPOSE: General Support | $8,933 |
Organization Name | Assets | Revenue |
---|---|---|
Support Our Troops Inc Daytona Beach, FL | $652,227 | $41,324,093 |
Southeastern Community Action Partnership Inc Lumberton, NC | $11,958,279 | $19,896,705 |
American Fundraising Foundation Inc Maitland, FL | $13,489,394 | $16,136,083 |
The Arc Of Southwest Georgia Inc Albany, GA | $6,771,229 | $11,186,192 |
North Carolina Justice Center Raleigh, NC | $7,153,656 | $8,035,969 |
Overland Missions Inc Cocoa, FL | $9,630,002 | $9,209,723 |
Central Florida Community Action Agency Inc Gainesville, FL | $1,781,778 | $5,443,160 |
Georgia Southern University Athletic Foundation Inc Statesboro, GA | $44,746,506 | $10,941,210 |
Camp Southern Ground Inc Fayetteville, GA | $42,360,262 | $6,762,157 |
Hope For Justice Inc Nashville, TN | $1,240,056 | $3,979,236 |
Supportive Housing Communities Inc Charlotte, NC | $5,021,475 | $3,897,502 |
The Green Chair Project Inc Raleigh, NC | $6,753,039 | $4,421,917 |