V3 Sports Inc
- Assets
- $6.1m
- Revenue
- -$35.8k
- Investments
- $0.0
- Employees
- 2
- Location
- Minneapolis, MN
- Founding
- 08/2015
- Data as of
- 12/2020
- EIN
- 47-4208106
Organization Overview
V3 Sports Inc is located in Minneapolis, MN. The organization was established in 2015. According to its NTEE Classification (N40) the organization is classified as: Sports Associations & Training Facilities, under the broad grouping of Recreation & Sports and related organizations. As of 12/2021, V3 Sports Inc employed 2 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. V3 Sports Inc is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2020
Describe the Organization's Mission:
Part 3 - Line 1
PROVIDING HEALTH, WELLNESS, EQUITY, AND OPPORTUNITY THROUGH FITNESS, WATER SAFETY, EDUCATION, AND ECONOMIC IMPACT.
Describe the Organization's Program Activity:
Part 3 - Line 4a
V3 WAS NOT ABLE TO PROVIDE SWIM LESSONS OR SWIM CLINICS DUE TO THE DISRUPTION OF COVID-19 AND OUR FOCUS WAS ON BUILDING THE CENTER. WHEN FULLY OPERATIONAL, THE FACILITY WILL SERVE THOUSANDS OF YOUTH AND THEIR FAMILIES PER YEAR AND PROVIDE OVER $5M OF ECONOMIC IMPACT IN NORTH MINNEAPOLIS. IN ADDITION, COVID-19 CONTINUED TO IMPACT V3 DURING 2021, BUT WE CONTINUED TO REACH OUT TO COMMUNITY MEMBERS, NONPROFIT ORGANIZATIONS, PHILANTHROPIC ORGANIZATIONS, LEGISLATIVE LEADERS AND EDUCATIONAL INSTITUTIONS ABOUT THE REDEVELOPMENT OF THE V3 CENTER. IN THE MEANTIME, OUR NONPROFIT PARTNERS CONTINUED TO OFFER SPACE FOR STUDENTS TO "DISTANCE LEARN" WHILE THEIR PARENTS AND CARETAKERS WORKED; THEY CONTINUED TO OFFER NUTRITION AND WELLNESS PROGRAMS FOR CHILDREN AND THEIR FAMILIES; AND THEY CONTINUED TRAINING STUDENT ATHLETES WHICH CONTRIBUTED TO STUDENTS' OVERALL SUCCESS AND RESILIENCY DURING THE PANDEMIC.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Jane Townsennd Managing Director | Officer | 20 | $36,000 |
Isaac DE Souza Director | Trustee | 1 | $12,480 |
Analyah Schlaeger Dos Santos Director And Chair | OfficerTrustee | 2 | $0 |
Darrell Thompson Treasurer | OfficerTrustee | 0.5 | $0 |
Sherman Patterson Jr Chair | OfficerTrustee | 2 | $0 |
Erika Binger Founding Director And Coach | Officer | 20 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Total Revenue from Contributions, Gifts, Grants & Similar | $29,292 |
| Investment income | $2 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | -$65,116 |
| 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 | -$35,822 |
| Statement of Expenses | |
|---|---|
| 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 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 | $2,500 |
| Fees for services: Accounting | $13,404 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $78,325 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $952 |
| Advertising and promotion | $100 |
| Office expenses | $241 |
| Information technology | $3,618 |
| Royalties | $0 |
| Occupancy | $937 |
| Travel | $2,035 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $43,806 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $0 |
| All other expenses | $0 |
| Total functional expenses | $145,918 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $84,915 |
| 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 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $1,358,334 |
| Total assets | $6,126,186 |
| Accounts payable and accrued expenses | $11,937 |
| 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 | $6,530,049 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $21,469 |
| Total liabilities | $6,563,455 |
| Net assets without donor restrictions | $0 |
| 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 |
| Total liabilities and net assets/fund balances | -$437,269 |
Grants Recieved
Over the last fiscal year, we have identified 7 grants that V3 Sports Inc has recieved totaling $1,106,784.
| Awarding Organization | Amount |
|---|---|
Minneapolis Foundation Minneapolis, MN PURPOSE: GENERAL | $1,052,500 |
Sit Investment Associates Foundation Minneapolis, MN PURPOSE: OPERATING | $25,000 |
North Memorial Health Care Robbinsdale, MN PURPOSE: SUPPORT AND TRAIN DIVERSE LIFEGUARDS | $10,000 |
John W Mooty Foundation Tr Edina, MN PURPOSE: COMMUNITY SERVICE | $10,000 |
Network For Good Inc Washington, DC PURPOSE: UNRESTRICTED | $7,259 |
W W W Foundation South Pasadena, CA PURPOSE: GENERAL OPERATING SUPPORT | $2,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
National Sports Center Foundation Blaine, MN | $27,150,165 | $17,022,739 |
Keystone Community Services St Paul, MN | $8,365,266 | $10,237,066 |
Wisconsin Interscholastic Athletic Association Stevens Point, WI | $5,017,808 | $3,980,109 |
Tennis & Education Inc Saint Paul, MN | $4,348,545 | $2,852,378 |
United Sports Academy North Sioux City, SD | $487,095 | $1,858,577 |
Eagan Athletic Association Eagan, MN | $1,025,643 | $1,830,923 |
Fox Cities Sports Development Inc Appleton, WI | $722,935 | $1,613,590 |
Central Collegiate Hockey Association Inc Deephaven, MN | $346,760 | $1,284,146 |
West Fargo Hockey Association Inc West Fargo, ND | $4,329,462 | $2,916,866 |
Rosemount Area Hockey Association Rosemount, MN | $640,181 | $1,169,578 |
Running Usa Inc Minneapolis, MN | $710,193 | $812,424 |
Iowa Volleyball Association Clive, IA | $575,619 | $865,650 |