Sandsharks Inc
- Assets
- $15.1k
- Revenue
- $211.5k
- Investments
- $0.0
- Employees
- 15
- Location
- Southern Pines, NC
- Founding
- 04/1994
- Data as of
- 08/2023
- EIN
- 56-1838975
Organization Overview
Sandsharks Inc is located in Southern Pines, NC. The organization was established in 1994. According to its NTEE Classification (N66) the organization is classified as: Racquet Sports, under the broad grouping of Recreation & Sports and related organizations. As of 08/2023, Sandsharks Inc employed 15 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Sandsharks 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 08/2023, Sandsharks Inc generated $211.5k in total revenue. This represents a relatively dramatic decline in revenue. Over the past 7 years, the organization has seen revenues fall by an average of (5.5%) each year. All expenses for the organization totaled $263.4k during the year ending 08/2023. As we would expect to see with falling revenues, expenses have declined by (1.1%) per year over the past 7 years. 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
2023
Describe the Organization's Mission:
Part 3 - Line 1
THE ORGANIZATION PROVIDES SWIM TRAINING FROM BEGINNER TO SENIOR NATIONAL LEVELS, AND THE PROGRAM ALLOWS SWIMMERS TO COMPETE IN MEETS SPONSORED BY USA SWIMMING.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE ORGANIZATION PROVIDES SWIM TRAINING FROM BEGINNER TO SENIOR NATIONAL LEVELS, AND THE PROGRAM ALLOWS SWIMMERS TO COMPETE IN MEETS SPONSORED BY USA SWIMMING.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Scott Gainey Head Coach | Trustee | 20 | $55,995 |
Lindley Fleury President | OfficerTrustee | 20 | $0 |
Ed Hill Vice Preside | OfficerTrustee | 20 | $0 |
Marvin Milkowich Director | Trustee | 5 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $465 |
| All other contributions, gifts, grants, and similar amounts not included above | $10,626 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $11,091 |
| Total Program Service Revenue | $185,473 |
| Investment income | $65 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $14,910 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $211,539 |
| 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. | $55,895 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $55,331 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $8,490 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $0 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $311 |
| Office expenses | $823 |
| Information technology | $1,677 |
| Royalties | $0 |
| Occupancy | $31,410 |
| Travel | $13,176 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $444 |
| Interest | $8,556 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $5,488 |
| All other expenses | $5,759 |
| Total functional expenses | $263,399 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $15,090 |
| 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 |
| 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 | $15,090 |
| Accounts payable and accrued expenses | $7,706 |
| 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 | $111,828 |
| Unsecured mortgages and notes payable | $45,698 |
| Other liabilities | $0 |
| Total liabilities | $165,232 |
| Net assets without donor restrictions | -$150,142 |
| 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 | $15,090 |