V3 Sports Inc
- Assets
- $27.9m
- Revenue
- $23.2m
- Investments
- $0.0
- Employees
- 19
- Location
- Minneapolis, MN
- Founding
- 08/2015
- Data as of
- 12/2023
- 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 12/2023, V3 Sports Inc employed 19 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.
For the year ending 12/2023, V3 Sports Inc generated $23.2m in total revenue. All expenses for the organization totaled $14.5m during the year ending 12/2023.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2023
Describe the Organization's Mission:
Part 3 - Line 1
THE MISSION OF V3 SPORTS IS TO ELEVATE ITS COMMUNITY (NORTH MINNEAPOLIS) THROUGH WELLNESS, FITNESS, AND EDUCATION. IN SERVING ITS MISSION, V3 SPORTS OPERATES THE V3 CENTER IN NORTH MINNEAPOLIS AND RUNS CULTURALLY RELEVANT PROGRAMMING THROUGH ITS STATE-OF-THE-ART AQUATICS, FITNESS AND COMMUNITY CENTER, WHICH HOSTS A CHILDCARE SERVICE, A BOYS AND GIRLS CLUB BRANCH AND A LOCALLY-OWNED RESTAURANT.
Describe the Organization's Program Activity:
Part 3 - Line 4a
V3 SPORTS COMPLETED MOST OF THE CONSTRUCTION OF ITS PHASE 1 COMMUNITY CENTER IN 2023, OFFERING SUPPORTERS AND THE PUBLIC A SNEAK PEEK OF THE PROGRESS IN OCTOBER 2023.
V3 SPORTS DELIVERED PROGRAMMING IN 2023 THAT INCLUDED SWIMMING LESSONS AND WOMEN-ONLY SWIMS AT FRANKLIN MIDDLE SCHOOL, HELD A DO MORE THAN TRI TRIATHLON FOR YOUTH IN THE NORTH MINNEAPOLIS COMMUNITY, HELD A FAMILY SWIM AND WELLNESS FAIR, GIVING AWAY 80 BIKES TO THE FIRST ATTENDEES, RAN LIFEGUARD TRAININGS, RAN A 10-WEEK CAREER EXPLORATION INTERNSHIP PROGRAM CALLED THE DISCOVERY PROJECT, AND BROUGHT V3 PARTICIPANTS TO THE FIRST CULTURAL SWIM EXCHANGE WITH THE FLATHEAD BOYS AND GIRLS CLUB IN MONTANA.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Malik Rucker Executive Director | Officer | 40 | $98,077 |
Jacqueline D Strebe Director Of Finance And Operations | Officer | 40 | $60,769 |
Jane Townsend Managing Director | Officer | 40 | $24,703 |
Tru Pettigrew Director | Trustee | 0.5 | $0 |
David Plummer Director | Trustee | 0.5 | $0 |
Wokie Weah Director | Trustee | 0.5 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Lse Architects Inc Architect Services | 12/30/23 | $1,442,027 |
Tegra Group Inc Project Advisors | 12/30/23 | $261,500 |
Rjm Construction Llc Construction Services | 12/30/23 | $15,839,478 |
American Engineering Testing Inc Project Testing Services | 12/30/23 | $132,451 |
Sankofa Swim International Llc Aquatic Program Development | 12/30/23 | $114,929 |
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 | $23,029,418 |
| Noncash contributions included in lines 1a–1f | $15,057,180 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $23,029,418 |
| Total Program Service Revenue | $6,710 |
| Investment income | $150,484 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $99 |
| 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 | $23,186,711 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $12,958,775 |
| 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. | $189,455 |
| Compensation of current officers, directors, key employees. | $138,707 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $148,598 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $3,666 |
| Payroll taxes | $28,540 |
| Fees for services: Management | $56,013 |
| Fees for services: Legal | $67,115 |
| Fees for services: Accounting | $79,632 |
| Fees for services: Lobbying | $39,000 |
| Fees for services: Fundraising | $126,073 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $288,079 |
| Advertising and promotion | $258,443 |
| Office expenses | $25,057 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $151,330 |
| Travel | $5,044 |
| 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 | $4,307 |
| All other expenses | $0 |
| Total functional expenses | $14,480,727 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $2,001,976 |
| Savings and temporary cash investments | $12,695,342 |
| Pledges and grants receivable | $789,225 |
| Accounts receivable, net | $6,160 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $4,300,200 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $33,533 |
| Net Land, buildings, and equipment | $1,727,526 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $6,344,320 |
| Total assets | $27,898,282 |
| Accounts payable and accrued expenses | $2,849,760 |
| 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 | $0 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $2,849,760 |
| Net assets without donor restrictions | $24,165,250 |
| Net assets with donor restrictions | $883,272 |
| 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 | $27,898,282 |