Minnesota Sports Corp
- Assets
- $7.3m
- Revenue
- $440.5k
- Investments
- $0.0
- Employees
- 0
- Location
- Minneapolis, MN
- Founding
- 07/2015
- Data as of
- 12/2016
- EIN
- 47-3410837
Organization Overview
Minnesota Sports Corp is located in Minneapolis, MN. The organization was established in 2015. According to its NTEE Classification (N70) the organization is classified as: Amateur Sports Competitions, under the broad grouping of Recreation & Sports and related organizations. Minnesota Sports Corp 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 12/2016, Minnesota Sports Corp generated $440.5k in total revenue. This represents a relatively dramatic decline in revenue. Over the past 2 years, the organization has seen revenues fall by an average of (73.7%) each year. All expenses for the organization totaled $99.3k during the year ending 12/2016. 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
2016
Describe the Organization's Mission:
Part 3 - Line 1
SERVE AS THE LOCAL ORGANIZING COMMITTEE FOR THE 2019 FINAL FOUR HELD IN MINNEAPOLIS, MINNESOTA.
Describe the Organization's Program Activity:
Part 3 - Line 4a
MINNESOTA SPORTS CORP. WILL SERVE AS THE LOCAL ORGANIZING COMMITTEE FOR THE 2019 FINAL FOUR. AS SUCH, MSC IS RESPONSIBLE FOR ORGANIZING, ADMINISTERING, AND PROMOTING THE FINAL FOUR TOURNAMENT AND RELATED EVENTS AND ACTIVITIES. MSC WILL COLLABORATE WITH THE NCAA AND THE UNIVERSITY OF MINNESOTA, A LAND GRANT UNIVERSITY, WHICH HAS BEEN DESIGNATED AS THE HOSTING COLLEGIATE INSTITUTION FOR THE 2019 FINAL FOUR.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Kate Mortenson President And CEO | OfficerTrustee | 20 | $61,000 |
Mary Brainerd Secretary/treasurer | OfficerTrustee | 1 | $0 |
Michele Kelm-Helgen Board Member | Trustee | 1 | $0 |
Tom Mcginnis Board Member | Trustee | 1 | $0 |
David Mortenson Board Member | Trustee | 1 | $0 |
Melvin Tennant Board Member | Trustee | 1 | $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 | $440,506 |
| Noncash contributions included in lines 1a–1f | $151,506 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $440,506 |
| 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 | $440,506 |
| 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. | $61,000 |
| Compensation of current officers, directors, key employees. | $20,333 |
| 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 | $4,000 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $2,000 |
| Advertising and promotion | $7,056 |
| Office expenses | $612 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $7,252 |
| Travel | $11,824 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $5,577 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $0 |
| All other expenses | $0 |
| Total functional expenses | $99,321 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $4,630,545 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $2,474,656 |
| 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 | $9 |
| Net Land, buildings, and equipment | $117,506 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $50,000 |
| Total assets | $7,272,716 |
| Accounts payable and accrued expenses | $24,177 |
| Grants payable | $0 |
| Deferred revenue | $560,000 |
| 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 | $584,177 |
| Unrestricted restricted net Assets | $6,453,539 |
| Temporarily restricted net Assets | $235,000 |
| Permanently restricted net Assets or current funds | $0 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Total net assets or fund balances | $6,688,539 |