Michael Phelps Foundation
- Assets
- $1.7m
- Revenue
- $832.8k
- Investments
- $0.0
- Employees
- 3
- Location
- South Portland, ME
- Founding
- 12/2008
- Data as of
- 12/2022
- EIN
- 61-1571538
Organization Overview
Michael Phelps Foundation is located in South Portland, ME. The organization was established in 2008. According to its NTEE Classification (P12) the organization is classified as: Fund Raising & Fund Distribution, under the broad grouping of Human Services and related organizations. As of 12/2022, Michael Phelps Foundation employed 3 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Michael Phelps Foundation 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 12/2022, Michael Phelps Foundation generated $832.8k in total revenue. This organization has experienced exceptional growth, as over the past 8 years, it has increased revenue by an average of 28.8% each year . All expenses for the organization totaled $869.7k during the year ending 12/2022. While expenses have increased by 14.7% per year over the past 8 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.
Since 2016, Michael Phelps Foundation has awarded 68 individual grants totaling $1,893,864. If you would like to learn more about the grant giving history of this organization, scroll down to the grant profile section of this page.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2022
Describe the Organization's Mission:
Part 3 - Line 1
THE ORGANIZATION'S MISSION IS TO PROMOTE HEALTHY, ACTIVE LIVES, ESPECIALLY FOR CHILDREN, PRIMARILY BY EXPANDING OPPORTUNITIES FOR PARTICIPATION IN THE SPORT OF SWIMMING.
Describe the Organization's Program Activity:
Part 3 - Line 4a
MPF'S VISION IS FOR EVERYONE TO HAVE ACCESS TO WATER SAFETY EDUCATION, SUPPORT FOR HEALTHY LIVING (EMOTIONAL AND PHYSICAL), AND TOOLS TO SET GOALS AND PURSUE DREAMS. WE DEVELOP PROGRAM-DRIVEN SOLUTIONS THROUGH OUR IM AND LEVEL FIELD FUND SWIMMING PROGRAMS AND HAVE SUSTAINABLE DELIVERY THROUGH STRATEGIC PARTNERSHIPS SUCH AS THE BOYS & GIRLS CLUBS OF AMERICA, LEVEL FIELD FUND AND SPECIAL OLYMPICS INTERNATIONAL.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Michael Phelps President | OfficerTrustee | 5 | $0 |
Deborah Phelps Secretary | OfficerTrustee | 3 | $0 |
Robert Bowman Board Member | Trustee | 3 | $0 |
Lenny Krayzelburg Treasurer | OfficerTrustee | 3 | $0 |
Michael Lynch Board Member | Trustee | 3 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $400,472 |
| Related organizations | $0 |
| Government grants | $30,175 |
| All other contributions, gifts, grants, and similar amounts not included above | $482,231 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $912,878 |
| Total Program Service Revenue | $0 |
| Investment income | $8,254 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | -$88,341 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $832,791 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $363,505 |
| 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. | $78,894 |
| Compensation of current officers, directors, key employees. | $7,820 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $82,113 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $19,630 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $6,742 |
| Fees for services: Accounting | $26,695 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $158 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $10,852 |
| Office expenses | $21,158 |
| Information technology | $3,020 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $102,082 |
| 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 | $6,289 |
| All other expenses | $31,678 |
| Total functional expenses | $869,679 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,613,797 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $25,000 |
| Accounts receivable, net | $42,113 |
| 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 | $9,131 |
| Net Land, buildings, and equipment | $494 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $1,690,535 |
| Accounts payable and accrued expenses | $52,847 |
| 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 | $52,847 |
| Net assets without donor restrictions | $1,572,688 |
| Net assets with donor restrictions | $65,000 |
| 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 | $1,690,535 |
Grants Awarded
Over the last fiscal year, Michael Phelps Foundation has awarded $302,500 in support to 11 organizations.
| Grant Recipient | Amount |
|---|---|
BOYS AND GIRLS CLUBS OF AMERICA PURPOSE: THE FOUNDATION DELIVERS A GRANT TO THE NATIONAL OFFICE FOR THE IMPLEMENTATION OF THE IM PROGRAM IN BOYS & GIRLS CLUBS ACROSS THE COUNTRY. THE NATIONAL OFFICE DISBURSES THE GRANT TO EACH CLUB TO HELP CLUB MEMBERS LEARN HOW TO SWIM, SET GOALS AND LIVE A HEALTHIER LIFE. | $200,000 |
LAZARUS HOUSE PURPOSE: DONATION TO SUPPORT PROGRAMMING. | $20,000 |
TRICITY FAMILY SERVICES PURPOSE: DONATION TO SUPPORT PROGRAMMING. | $20,000 |
MENTAL HEALTH ASSOCIATION IN FORSYTH PURPOSE: DONATION TO FOR MENTAL HEALTH PROGRAMMING. | $15,000 |
CAL'S ANGELS PURPOSE: DONATION TO SUPPORT PROGRAMMING. | $10,000 |
SOUTHWEST VALLEY FAMILY YMCA PURPOSE: IM PROGRAM GRANT | $7,500 |