Georgia Tech Athletic Association
- Assets
- $372.2m
- Revenue
- $94.2m
- Investments
- $387.2k
- Employees
- 0
- Location
- Atlanta, GA
- Founding
- 04/1955
- Data as of
- 06/2022
- EIN
- 58-0622514
Organization Overview
Georgia Tech Athletic Association is located in Atlanta, GA. The organization was established in 1955. According to its NTEE Classification (B43) the organization is classified as: Universities, under the broad grouping of Education and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Georgia Tech Athletic Association 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 06/2022, Georgia Tech Athletic Association generated $94.2m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 4.5% each year. All expenses for the organization totaled $108.9m during the year ending 06/2022. While expenses have increased by 4.8% per year over the past 7 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
990T
Mission & Program ActivityExcerpts From the 990T Filing
TAX YEAR
2022
Describe the Organization's Mission:
Part 3 - Line 1
THE GEORGIA TECH ATHLETIC ASSOCIATION FORMS THE FRONT PORCH OF THE GEORGIA INSTITUTE OF TECHNOLOGY (THE INSTITUTE) AND SERVES AS A GATHERING PLACE FOR STUDENTS, ALUMNI, FANS AND FRIENDS. WE PROVIDE OUR STUDENT-ATHLETES WITH THE OPPORTUNITY FOR ACADEMIC AND ATHLETIC SUCCESS AND PERSONAL GROWTH. WE PROMOTE DIVERSITY AND EQUITY. THE INTEGRITY OF OUR MISSION IS ENHANCED BY OUR COMMITMENT TO ADHERENCE TO THE RULES OF THE INSTITUTE, THE ATLANTIC COAST CONFERENCE AND THE NATIONAL COLLEGIATE ATHLETIC ASSOCIATION. THIS ENVIRONMENT WE CREATE ALLOWS OUR STUDENT-ATHLETES TO COMPETE AT THE HIGHEST LEVELS, AND CREATES ENJOYMENT FOR OUR SUPPORTERS. WE EMBRACE OUR PROUD TRADITIONS AND STRIVE TO ENHANCE THE FUTURE OPPORTUNITIES FOR OUR STUDENT-ATHLETES, COACHES, AND STAFF.
Describe the Organization's Program Activity:
SPORT SPECIFIC ATHLETIC ACTIVITIES
DIRECT SUPPORT ACTIVITIES FOR ATHLETIC PROGRAMS INCLUDING FACILITIES MAINTENANCE AND ENHANCEMENTS.
GRANTS / SCHOLARSHIPS. 451 SCHOLARSHIPS WERE GIVEN DURING THE CURRENT YEAR.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Angel Cabrera President | OfficerTrustee | 1 | $0 |
Baratunde Cola Vice Chair | OfficerTrustee | 1 | $0 |
Mitchell Walker Secretary | OfficerTrustee | 1 | $0 |
Kelly Fox Treasurer | OfficerTrustee | 1 | $0 |
Willie Belton Trustee | Trustee | 1 | $0 |
Jonathan Clarke Trustee | Trustee | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Wilmer Hale Legal Fees | 6/29/22 | $540,955 |
Paul Johnson Consulting Inc Severance | 6/29/22 | $250,000 |
Homer Rice Fundraising- Former Athletic Director | 6/29/22 | $120,000 |
Jackson Lewis Pc Legal Fees | 6/29/22 | $111,282 |
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 | $15,222,727 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $15,222,727 |
| Total Program Service Revenue | $76,557,750 |
| Investment income | $757,834 |
| 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 | $94,187,469 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $13,675,197 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $705,281 |
| Compensation of current officers, directors, key employees. | $423,169 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $25,586,509 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $8,136,438 |
| Payroll taxes | $0 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $789,736 |
| Fees for services: Accounting | $71,100 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $120,000 |
| Advertising and promotion | $0 |
| Office expenses | $548,599 |
| Information technology | $770,724 |
| Royalties | $0 |
| Occupancy | $18,723,025 |
| Travel | $5,665,054 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $180,785 |
| Interest | $474,671 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $9,009,197 |
| Insurance | $1,000,540 |
| All other expenses | $2,009,896 |
| Total functional expenses | $108,851,717 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $135,747 |
| Savings and temporary cash investments | $1,204,738 |
| Pledges and grants receivable | $8,042,489 |
| Accounts receivable, net | $15,067,879 |
| 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 | $670,586 |
| Net Land, buildings, and equipment | $170,154,640 |
| Investments—publicly traded securities | $163,627,731 |
| Investments—other securities | $387,193 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $12,949,566 |
| Total assets | $372,240,569 |
| Accounts payable and accrued expenses | $4,613,634 |
| Grants payable | $0 |
| Deferred revenue | $718,407 |
| Tax-exempt bond liabilities | $79,365,000 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $186,276,985 |
| Unsecured mortgages and notes payable | $1,081,473 |
| Other liabilities | $22,657,968 |
| Total liabilities | $294,713,467 |
| Net assets without donor restrictions | -$88,809,193 |
| Net assets with donor restrictions | $166,336,295 |
| 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 | $372,240,569 |