The Impossible Dream Inc
- Assets
- $146.2k
- Revenue
- $142.1k
- Investments
- $0.0
- Employees
- 0
- Location
- New York, NY
- Founding
- 03/2015
- Data as of
- 12/2021
- EIN
- 80-0969365
Organization Overview
The Impossible Dream Inc is located in New York, NY. The organization was established in 2015. According to its NTEE Classification (N67) the organization is classified as: Swimming & Other Water Recreation, under the broad grouping of Recreation & Sports and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Impossible Dream 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, Impossible Dream Inc generated $142.1k in total revenue. The organization has seen a slow decline revenue. Over the past 7 years, revenues have fallen by an average of (2.2%) each year. All expenses for the organization totaled $198.3k during the year ending 12/2021. As we would expect to see with falling revenues, expenses have declined by (4.6%) 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
TO UTILIZE IMPOSSIBLE DREAM, A UNIVERSALLY ACCESSIBLE 60' CATAMARAN, TO ENGAGE GLOBAL COMMUNITY AND INSPIRE PEOPLE WITH DISABILITIES, ETC. IMPROVE THEIR INDEPENDENCE AND QUALITY OF LIFE.
Describe the Organization's Program Activity:
Part 3 - Line 4a
TAKING PEOPLE WITH DISABILITIES, WOUNDED SOLDIERS, AND DISADVANTAGED YOUTH SAILING ABOARD THE UNIVERSALLY ACCESSIBLE CATAMARAN.IMPOSSIBLE DREAM RECEIVED APPROXIMATELY $10,000 OF IN-KIND DOCKING DURING 2021.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
William Rey Board Member | Trustee | 1 | $67,000 |
Deborah Mellen Chairwoman/ceo | OfficerTrustee | 50 | $0 |
Harry Horgan Treasurer | OfficerTrustee | 50 | $0 |
David Mccauley Board Member | Trustee | 1 | $0 |
Alan Brown Board Member | Trustee | 1 | $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 | $142,108 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $142,108 |
| Total Program Service Revenue | $0 |
| Investment income | $0 |
| 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 | $142,108 |
| 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. | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| 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 | $67,000 |
| Advertising and promotion | $0 |
| Office expenses | $0 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $1,652 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $34,450 |
| Insurance | $13,074 |
| All other expenses | $0 |
| Total functional expenses | $198,319 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $60,018 |
| 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 | $86,205 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $146,223 |
| Accounts payable and accrued expenses | $21,356 |
| 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 | $100,000 |
| Other liabilities | $0 |
| Total liabilities | $121,356 |
| Net assets without donor restrictions | $0 |
| 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 | $200,000 |
| Retained earnings, endowment, accumulated income, or other funds | -$175,133 |
| Total liabilities and net assets/fund balances | $146,223 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that The Impossible Dream Inc has recieved totaling $2,000.
| Awarding Organization | Amount |
|---|---|
Institution For Savings In Newbrypt & Its Vcnty Chrtble Foundation Inc Newburyport, MA PURPOSE: EXEMPT PURPOSE | $2,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
New York Junior Tennis League Inc Long Island City, NY | $15,745,055 | $13,403,069 |
Row New York Inc New York, NY | $11,063,352 | $5,131,305 |
New England Sailing Foundation Inc Marblehead, MA | $32,351 | $1,795,441 |
New England Science & Sailing Foundation Inc Stonington, CT | $5,613,617 | $3,618,390 |
Long Island Swimming Garden City, NY | $5,786,299 | $2,981,330 |
Stony Brook Yacht Club Inc Stony Brook, NY | $1,925,542 | $2,144,649 |
Community Boating Inc Boston, MA | $5,688,954 | $2,833,055 |
Hudson River Community Sailing Inc New York, NY | $1,975,748 | $1,753,516 |
Winchester Boat Club Winchester, MA | $5,238,512 | $1,099,002 |
South Jersey Aquatic Club Voorhees, NJ | $176,269 | $1,185,963 |
Saugatuck Harbor Yacht Club Inc Westport, CT | $2,019,925 | $1,016,320 |
West Side Rowing Club Incorporated Of The City Of Buffalo Buffalo, NY | $4,706,391 | $1,097,011 |