Knothole Foundation Inc
- Assets
- $6.5m
- Revenue
- $1.1m
- Investments
- $0.0
- Employees
- 0
- Location
- Charlotte, NC
- Founding
- 12/2018
- Data as of
- 12/2023
- EIN
- 82-4726399
Organization Overview
Knothole Foundation Inc is located in Charlotte, NC. The organization was established in 2018. According to its NTEE Classification (N63) the organization is classified as: Baseball & Softball, 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. Knothole Foundation 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 12/2023, Knothole Foundation Inc generated $1.1m in total revenue. This organization has experienced exceptional growth, as over the past 5 years, it has increased revenue by an average of 25.5% each year . All expenses for the organization totaled $923.9k during the year ending 12/2023. 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
KNOTHOLE'S MISSION IS TO PROMOTE THE SPORT OF BASEBALL IN UNDERSERVED COMMUNITIES AND TO CREATE LIFE OPPORTUNITIES FOR UNDERSERVED YOUTH BY PROVIDING ACCESS TO FACILITIES, EDUCATION, HEALTH AND WELLNESS PROTOCOLS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE SIGNIFICANT AMOUNT OF FUNDS DEVOTED TO CAPITAL THRU 2021 SHIFTED TO OPERATIONS IN 2022 AND CONTINUED THRU 2023 AS THE MAJORITY OF FIELD/FACILITY DEVELOPMENT WAS COMPLETED AND ONGOING MAINTENANCE AND OPERATIONS IN SUPPORT OF TEAMS, CAMPS, CLINICS, EVENTS AND COMMUNITY OUTREACH WAS EMPHASIZED. THIS HAS PROVIDED THE FOUNDATION FOR FULLY SERVING THE COMMUNITY AND RELATED MISSION OF INCREASING DIVERSITY AND ACCESS FOR YOUTH BASEBALL, AFFORDING YOUTH AGES 4-18 THE BENEFIT OF TEAM SPORTS, ALONG WITH THE WRAP-AROUND SUPPORT FOR EDUCATION AND LIFE SKILLS.
PROGRAMMING CONTINUED TO SCALE SIGNIFICANTLY AS THE NUMBER OF YOUTH PLAYING AFFILIATED ON TEAMS INCREASED AS DID THE NUMBER OF YOUTH INTRODUCED TO BASEBALL (1,700), MANY FOR THE FIRST TIME, THROUGH CAMPS AND CLINICS CONDUCTED AT THE DREAM FIELDS AND IN COMMUNITY. KEY EVENTS WERE ALSO PLANNED AND EXECUTED (I.E. 4TH ANNUAL HBCU CAMP/SHOWCASE; 2ND ANNUAL WESTSIDE STORY SPRING BREAK TOURNAMENT; NATIONAL NIGHT OUT IN PARTNERSHIP WITH CMPD; BACK TO SCHOOL EVENT FOR OVER 200 STUDENTS). EDUCATION CONTINUED TO BE IMBEDDED IN THE FABRIC OF BASEBALL-THEMED ACTIVITIES (AS MEASURED BY BOOKS DISTRIBUTE; OF READING HOURS; % PLAYERS ENGAGED IN READING). AFFORDABLE ACCESS CONTINUED TO BE AN AREA OF FOCUS WITH OVER 90% OF COSTS SUBSIDIZED FOR PLAYER PARTICIPATION ON TEAMS AND COST PER PARTICIPANT HOUR DRIVEN LOWER.
Get More from Intellispect for FreeCreate a free account to get more data, nonprofit salaries, advanced search and more.
Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Morris Madden Secretary | Trustee | 15 | $0 |
Alan Barnes Treasurer | Trustee | 20 | $0 |
Tashia Coe Executive Co | Trustee | 2 | $0 |
Tj Lewis Executive Co | Trustee | 2 | $0 |
Jeff Schaeffer Officer | Trustee | 20 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $162,483 |
| All other contributions, gifts, grants, and similar amounts not included above | $405,506 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $567,989 |
| Total Program Service Revenue | $576,375 |
| 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 | $1,144,364 |
| 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 | $0 |
| Advertising and promotion | $29,623 |
| Office expenses | $4,104 |
| Information technology | $18,012 |
| 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 | $34,090 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $268,575 |
| Insurance | $22,525 |
| All other expenses | $7,265 |
| Total functional expenses | $923,946 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $179,395 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $660,000 |
| 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 | $159,784 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $5,531,643 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $6,530,822 |
| Accounts payable and accrued expenses | $47,643 |
| Grants payable | $0 |
| Deferred revenue | $1,837,517 |
| 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 | $645,392 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $2,530,552 |
| Net assets without donor restrictions | $4,000,270 |
| 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 | $6,530,822 |