Norris Penrose Legacy Foundation
- Assets
- $7.4m
- Revenue
- $7.9m
- Investments
- $0.0
- Employees
- 26
- Location
- Colorado Springs, CO
- Founding
- Data as of
- 01/2024
- EIN
- 86-3390659
Organization Overview
Norris Penrose Legacy Foundation is located in Colorado Springs, CO. According to its NTEE Classification (N31) the organization is classified as: Community Recreational Centers, under the broad grouping of Recreation & Sports and related organizations. As of 01/2024, Norris Penrose Legacy Foundation employed 26 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Norris Penrose Legacy 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 01/2024, Norris Penrose Legacy Foundation generated $7.9m in total revenue. All expenses for the organization totaled $5.3m during the year ending 01/2024. While expenses have increased by 700.7% per year over the past 2 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
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2024
Describe the Organization's Mission:
Part 3 - Line 1
TO ACQUIRE AND CONTINUE THE OPERATION, MAINTENANCE, AND CAPITAL IMPROVEMENTS OF NORRIS PENROSE EVENT CENTER (NPEC), SO AS TO CONTINUE THE LESSENING OF THE BURDEN OF ANY LOCAL GOVERNMENT TO FINANCIALLY SUPPORT THE COMMUNITY EVENTS HELD AT NPEC.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE PURPOSE OF THE CORPORATION IS TO ACQUIRE AND CONTINUE THE OPERATION, MAINTENANCE, AND CAPITAL IMPROVEMENTS OF NPEC, SO AS TO CONTINUE THE LESSENING OF THE BURDEN OF ANY LOCAL GOVERNMENT TO FINANCIALLY SUPPORT THE COMMUNITY EVENTS HELD AT NPEC. THESE EVENTS NOT ONLY INCLUDE THE RODEOS, BUT ALSO INCLUDE THE HOLDING OF CONVENTIONS, COMMUNITY FAIRS AND EXPOS, MOTOCROSS EVENTS, CONCERTS, CHARITABLE FUNDRAISING EVENTS, INCLUDING CHARITABLE GALAS, AND OTHER COMMUNITY EVENTS. IN ADDITION, NPEC SERVES AS AN EQUESTRIAN RIDING AND BOARDING FACILITY, WHICH INCLUDES THE OPERATION OF A NON-PROFIT THERAPEUTIC RIDING CENTER THAT SERVES THE PIKES PEAK COMMUNITY.
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PDF Copies of 990 Filings
Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Mike Jorgensen President | OfficerTrustee | 1 | $0 |
Rich Bender Vice President | OfficerTrustee | 1 | $0 |
Ralph Braden Secretary | OfficerTrustee | 1 | $0 |
Rick Powell Treasurer | OfficerTrustee | 1 | $0 |
Jerry Biggs Director | Trustee | 1 | $0 |
Scott Bryan Director | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $53,977 |
| Related organizations | $6,449,186 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $56,256 |
| Noncash contributions included in lines 1a–1f | $6,449,186 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $6,559,419 |
| Total Program Service Revenue | $1,141,516 |
| Investment income | $6,925 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $112,940 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | -$4,065 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $7,915,633 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $3,759,846 |
| 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. | $172,719 |
| Compensation of current officers, directors, key employees. | $138,175 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $279,049 |
| Pension plan accruals and contributions | $3,072 |
| Other employee benefits | $2,925 |
| Payroll taxes | $48,409 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $2,625 |
| Fees for services: Accounting | $8,400 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $92,434 |
| Advertising and promotion | $7,276 |
| Office expenses | $33,147 |
| Information technology | $7,452 |
| Royalties | $0 |
| Occupancy | $315,176 |
| Travel | $6 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $269 |
| Interest | $100,279 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $222,925 |
| Insurance | $77,462 |
| All other expenses | $12,006 |
| Total functional expenses | $5,299,022 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $391,910 |
| Savings and temporary cash investments | $710,287 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $36,725 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $3,897 |
| Prepaid expenses and deferred charges | $15,026 |
| Net Land, buildings, and equipment | $5,827,152 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $396,124 |
| Total assets | $7,381,121 |
| Accounts payable and accrued expenses | $87,989 |
| Grants payable | $0 |
| Deferred revenue | $803,350 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $1,000,000 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $2,650,119 |
| Other liabilities | $191,103 |
| Total liabilities | $4,732,561 |
| Net assets without donor restrictions | $2,648,560 |
| 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 | $7,381,121 |
Grants Awarded
Over the last fiscal year, Norris Penrose Legacy Foundation has awarded $3,759,846 in support to 2 organizations.
| Grant Recipient | Amount |
|---|---|
PIKES PEAK OR BUST RODEO FOUNDATION PURPOSE: TRANSFER OF LIABILITIES UNDER NEW OPERATIONS | $3,706,221 |
MEMORIAL HEALTH SYSTEM FOUNDATION PURPOSE: SUPPORT FOR LOCAL BREAST CANCER PATIENTS | $53,625 |