Velocity Aquatics
- Assets
- $89.0k
- Revenue
- $232.6k
- Investments
- $0.0
- Employees
- 17
- Location
- Delano, MN
- Founding
- 12/2016
- Data as of
- 08/2022
- EIN
- 47-1567537
Organization Overview
Velocity Aquatics is located in Delano, MN. The organization was established in 2016. 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 08/2022, Velocity Aquatics employed 17 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Velocity Aquatics 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 08/2022, Velocity Aquatics generated $232.6k in total revenue. This organization has experienced exceptional growth, as over the past 6 years, it has increased revenue by an average of 21.3% each year . All expenses for the organization totaled $238.6k during the year ending 08/2022. While expenses have increased by 24.5% per year over the past 6 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
2022
Describe the Organization's Mission:
Part 3 - Line 1
VELOCITY AQUATICS IS A YEAR ROUND COMPETITIVE SWIM TEAM OFFERING HIGH QUALITY PROFESSIONAL COACHING AND TECHIQUE INSTRUCTION FOR 163 YOUTH SWIMMERS AGE 18 AND UNDER.
Describe the Organization's Program Activity:
Part 3 - Line 4a
SWIMMING PROGRAM: PROVIDED SWIMMING INSTRUCTION FOR 163 YOUTH SWIMMERS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Andy Cotant Treasurer | Officer | 3 | $0 |
Jen Mays Member | Officer | 2 | $0 |
Jennifer Knutson President | Officer | 3 | $0 |
Charlie Mann Vice President | Officer | 3 | $0 |
Jill Hoglund Secretary | Officer | 3 | $0 |
Corey Hansen Member | Officer | 2 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $254 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $254 |
| Total Program Service Revenue | $204,556 |
| 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 | $27,787 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $232,597 |
| 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. | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $141,149 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $11,209 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $1,939 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $18,241 |
| Advertising and promotion | $2,666 |
| Office expenses | $1,246 |
| Information technology | $1,099 |
| Royalties | $0 |
| Occupancy | $44,896 |
| Travel | $6,757 |
| 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 | $2,101 |
| All other expenses | $902 |
| Total functional expenses | $238,570 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $70,110 |
| Savings and temporary cash investments | $18,300 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $626 |
| 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 | $89,036 |
| Accounts payable and accrued expenses | $0 |
| Grants payable | $0 |
| Deferred revenue | $24,710 |
| 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 | $24,710 |
| Net assets without donor restrictions | $64,326 |
| 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 | $89,036 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that Velocity Aquatics has recieved totaling $149.
| Awarding Organization | Amount |
|---|---|
Amazonsmile Foundation Seattle, WA PURPOSE: GENERAL SUPPORT | $149 |
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 |