Usa Taekwondo Inc
- Assets
- $524.2k
- Revenue
- $2.6m
- Investments
- $0.0
- Employees
- 11
- Location
- Colorado Springs, CO
- Founding
- 09/2004
- Data as of
- 12/2021
- EIN
- 68-0587171
Organization Overview
Usa Taekwondo Inc is located in Colorado Springs, CO. The organization was established in 2004. According to its NTEE Classification (N70) the organization is classified as: Amateur Sports Competitions, under the broad grouping of Recreation & Sports and related organizations. As of 12/2021, USA Taekwondo Inc employed 11 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. USA Taekwondo 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 12/2021, USA Taekwondo Inc generated $2.6m 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 (3.8%) each year. All expenses for the organization totaled $2.6m during the year ending 12/2021. As we would expect to see with falling revenues, expenses have declined by (3.2%) 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
2021
Describe the Organization's Mission:
Part 3 - Line 1
THE PURPOSE OF USA TAEKWONDO SHALL BE TO ENABLE UNITED STATES ATHLETES TO ACHIEVE SUSTAINED COMPETITIVE EXCELLENCE IN THE SPORT OF TAEKWONDO IN THE UNITED STATES AND TO SERVE AS THE NATIONAL GOVERNING BODY FOR THE SPORT OF TAEKWONDO UNDER THE AUTHORITY OF THE UNITED STATES OLYMPIC AND PARALYMPIC COMMITTEE (USOPC) AS SET OUT BELOW. FURTHERMORE, USAT IS COMMITTED TO PROVIDING THE NECESSARY PROGRAMS, SERVICES AND SUPPORT FOR ALL TAEKWONDO PARTICIPANTS BY PROVIDING A SAFE AND POSITIVE ENVIRONMENT AS WELL AS DEMONSTRATING THE HIGH ATHLETIC SKILL, SELF-DISCIPLINE, HUMILITY, INDOMITABLE SPIRIT AND EXPRESSION OF OLYMPIC IDEALS REQUIRED TO EXCEL IN THE SPORT. USAT ENVISIONS A WORLD WHERE TAEKWONDO PARTICIPANTS OF ALL LEVELS HAVE THE NECESSARY PROGRAMS, SERVICES, SUPPORT AND TRAINING TO ACHIEVE EXCELLENCE IN THE SPORT AND THAT USAT IS SEEN AS THE PREMIER BENCHMARK FOR THE DEVELOPMENT OF TAEKWONDO AS AN OLYMPIC SPORT, METHOD OF SELF-DEFENSE, FORM OF RECREATION AND WAY OF LIFE.
Describe the Organization's Program Activity:
Part 3 - Line 4a
HIGH PERFORMANCE PROGRAMS - IN 2020, USA TAEKWONDO INTRODUCED THEIR NEW NATIONAL CENTER FOR EXCELLENCE WITH THE GOAL TO SUPPORT, IMPROVE AND HELP DEVELOP THE NEXT GENERATIONS OF ATHLETES, COACHES AND OFFICIALS OF ALL LEVELS. USA TAEKWONDO HOSTS FIRST CLASS TRAINING CAMPS AND DEVELOPMENT PROGRAMS FOR ALL LEVELS OF ATHLETES, COACHES AND OFFICIALS TO ADVANCE THEIR SKILLS AND TO PREPARE THEM FOR DOMESTIC AND INTERNATIONAL COMPETITIONS. USA TAEKWONDO ALSO HOSTS IN-HOUSE COMPETITION EVENTS: FOCUSED, INTENSE AND HIGH QUALITY, STREAMED LIVE TO DELIVER ACCESS AND EXPOSURE TO TOP LEVEL TAEKWONDO. THE NATIONAL CENTER FOR EXCELLENCE IS THE HOME OF THE USA TAEKWONDO ATHLETE ACADEMY, SPECIFICALLY DESIGNED TO IDENTIFY, AND THEN DEVELOP AND SUPPORT FUTURE OLYMPIANS TO BE READY FOR FUTURE OLYMPIC GAMES.
NATIONAL & INTERNATIONAL EVENTS - APPROXIMATELY 3,500 ATHLETES PARTICIPATED IN DOMESTIC AND INTERNATIONAL COMPETITIONS THROUGHOUT THE YEAR. AN ADDITIONAL APPROXIMATELY 500 ATHLETES COMPETED AT THE STATE LEVEL IN COMPETITIONS SANCTIONED BY USA TAEKWONDO.
MEMBERSHIP - APPROXIMATELY 6,700 INDIVIDUALS AND 400 CLUBS ARE MEMBERS OF USA TAEKWONDO. INDIVIDUAL MEMBERS WERE PROVIDED ACCIDENT INSURANCE COVERAGE AND CLUBS RECEIVE GENERAL LIABILITY INSURANCE AS PART OF THEIR MEMBERSHIP PACKAGES. CLUBS QUALIFY TO HOST SANCTIONED USA TAEKWONDO COMPETITIONS. THE DAN OFFICE PROCESSED APPROXIMATELY 641 DOMESTIC AND INTERNATIONAL CERTIFICATIONS FOR MEMBERS AND NON-MEMBERS.
MEDIA - THIS PROGRAM EXISTS TO SHOWCASE THE USA TAEKWONDO PROGRAM, INCREASE THE VISIBILITY OF THE BRAND, BRING PEOPLE TO THE SPORT AND TO PROMOTE THE SPORT AND USA TAEKWONDO ACADEMY TEAM THROUGH DIGITAL CONTENT.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Stephen Mcnally Chief Executive Officer | Officer | 40 | $143,045 |
David Turgeon Usat Aac Athlete Rep | Trustee | 2 | $800 |
Bernard Robinson Referee Director | Trustee | 2 | $700 |
Beth Pinkney Chair Of Board | OfficerTrustee | 2 | $0 |
Jaysen Ishida Usopc Aac Athlete Rep | Trustee | 2 | $0 |
Seth Wilson Club Director | Trustee | 2 | $0 |
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 | $743,039 |
| Noncash contributions included in lines 1a–1f | $22,279 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $743,039 |
| Total Program Service Revenue | $1,885,699 |
| Investment income | $0 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $1,809 |
| 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 | $2,630,547 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $71,083 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $159,279 |
| Compensation of current officers, directors, key employees. | $50,064 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $511,977 |
| Pension plan accruals and contributions | $10,055 |
| Other employee benefits | $71,967 |
| Payroll taxes | $51,039 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $25,230 |
| Fees for services: Accounting | $12,350 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $591,583 |
| Advertising and promotion | $0 |
| Office expenses | $109,771 |
| Information technology | $2,763 |
| Royalties | $0 |
| Occupancy | $119,509 |
| Travel | $622,138 |
| 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 | $23,397 |
| Insurance | $132,080 |
| All other expenses | $4,214 |
| Total functional expenses | $2,623,907 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $337,095 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $44,800 |
| 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 | $13,725 |
| Net Land, buildings, and equipment | $122,976 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $5,576 |
| Total assets | $524,172 |
| Accounts payable and accrued expenses | $175,780 |
| Grants payable | $0 |
| Deferred revenue | $216,198 |
| 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 | $20,000 |
| Total liabilities | $411,978 |
| Net assets without donor restrictions | $112,194 |
| 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 | $524,172 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Arizona Sports Foundation Scottsdale, AZ | $81,400,423 | $14,775,397 |
Ute Conference Incorporated Salt Lake City, UT | $2,255,529 | $3,204,941 |
Federation Of International Lacrosse Colorado Springs, CO | $3,266,134 | $134,323 |
Usa Taekwondo Inc Colorado Springs, CO | $524,172 | $2,630,547 |
Utah Sports Commission Foundation Salt Lake City, UT | $18,438,050 | $3,736,716 |
Columbine-Lakewood Colorado Soccer Association Littleton, CO | $2,347,897 | $1,993,125 |
Arsenal Alliance Soccer Club South Jordan, UT | $2,138,683 | $1,979,351 |
United States Judo Inc Colorado Springs, CO | $1,217,965 | $1,945,568 |
Colorado Springs Sports Corporation Colorado Springs, CO | $3,652,409 | $2,084,620 |
Harmony Amateur Sports Foundation Encampment, WY | $11,031,379 | $10,357,162 |
Td4tucson Tucson, AZ | $1,275,054 | $1,690,367 |
National Collegiate Hockey Conference Colorado Springs, CO | $2,025,436 | $1,750,874 |