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Fast Break Fund INC

Tax-deductible

Halfmoon, NY501(c)(3)Recreation & SportsEIN 14-1805594Revenue $7K in FY2022

On file with the IRSfastbreakfund.org6 Corporate Dr, 12065-8603 · Halfmoon, NYTax-exempt since Mar 1999Publicly supported charity — 170(b)(1)(A)(vi)

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To provide scholarship assistance for summer sports camps and leagues, fundamental and advanced skill instruction, academic guidance, and college application assistance.

501(c)(3) charity; gifts are tax-deductible.
99¢ of each $1 spent went to programs.
Mission: Form 990 Part I, line 1 · Status: IRS Pub. 78 · Programs: Part IX

Before you give

FY2022 · Form 990Independent: from IRS data, not the org
Download 990
IRS status
501(c)(3)
not on the IRS revocation list
Looks good: listed by the IRS and not on the revocation list.
IRS BMF · Auto-Revocation List
Tax-deductible gifts
Yes
Donations are tax-deductible
Looks good: the IRS lists gifts to it as deductible.
IRS Pub. 78 · IRS BMF
Latest return
FY2022
latest Form 990
Worth a look: the latest return is for FY2022, 4 tax years back; more than 3 tax years.
IRS e-file · Filing history
Surplus or deficit
0 of 3
filings with a surplus
Average deficit $16K a year · 65% of revenue · last 3 filings
Concern: a surplus in 0 of the last 3 filings.
Pt I · Ln 19 · 3 filings
Spent on programs
99%
of spending
Looks good: 99% of spending went to programs; 75% or more.
Pt IX · Ln 25 · col B
Cash reserves
50 mo
of spending, in cash
Looks good: 50.4 months of spending in cash; 3 or more.
Pt X · Ln 1–2 · Pt I · Ln 18
Named funders
1
named funder · $15K
Fine: 1 funder names it on their filings; under 3.
Funders’ Sch. I, 990-PF
Liabilities
$0
0% of total assets
Looks good: liabilities are 0% of assets; 50% or less.
Pt X · Ln 26
Independent board members
1
of 4 voting members
Worth a look: 1 of 4 voting members are independent, under half.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$7K
-63% vs prior year
Spent
$34K
To programs
99%
Net assets
$142K
By yearFY2020–FY2022
Revenue
$7K
FY2022▼ -63%
Tap a bar for its year
Revenue by fiscal year
FY2020$45K
FY2021$19K
FY2022$7K
Expenses
$34K
FY2022▼ -11%
Tap a bar for its year
Expenses by fiscal year
FY2020$47K
FY2021$38K
FY2022$34K
Net assets
$142K
FY2022▼ -16%
Tap a bar for its year
Net assets by fiscal year
FY2020$187K
FY2021$169K
FY2022$142K

From the FY2022 Form 990 (year ending September 2022) · see the original

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Is it real?

Yes. Never revoked by the IRS. Latest filing on record: FY2022. IRS ruling in Mar 1999.

IRS Pub. 78 · IRS Auto-Revocation List · IRS Business Master File

Where the money goes

99 cents of each dollar spent went to programs.

Program services 99% · $34K Management & general 1% · $315

Form 990 Part IX, line 25, columns B–D. Every line is in By the numbers.

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Who runs it and what they're paid

4 people listed on the 990.

Part VII, Section A · reportable compensation · most recent filed roster (FY2021); the FY2022 filing did not itemize Part VII
Lawrence R Hynes
Board Member
$0Pt VII · Sec A
$0Pt VII · Sec A
Kevin Tully
Treasurer
$0Pt VII · Sec A
Frank R Hart
Board Member
$0Pt VII · Sec A
See Fast Break Fund INC executive salaries →

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Questions the 990 asks

The form asks each of these directly. These are the filed answers.

  • Family or business ties among officersPt VI · Ln 2Yes
  • Top official's pay set by an independent reviewPt VI · Ln 15aNo

Programs and updates

Funds summer sports camps, skill instruction, academic guidance, and college application help.

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Provided by the organization

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2 programs · $34K · in their own filed words · FY2021
01

Providing scholarship assistance for summer sports camps, leagues and college tuition.

$33Kprogram expense
02

Organizing and operating summer sports camps.

$708program expense

Funders

Who pays for it.

From grant filings on record. Receipts are incomplete: individual donors are never listed.

Grants

Schedule I · received and paid
Grants received · FY2024
Donor Advised Charitable Giving INCFY2024$15K
Total grants receivedfrom 1 funder$15K
Grants paid · 3 grants · $30K · 2020–2021
Individual RecipientFY2021$13,383
Individual RecipientFY2021$5,600
Koubek Basketball Camps INCFY2020$10,898

By the numbers

The FY2022 990, line by line.

Download 990
from philanthropy.org
1The main four
Money inPt VIII
$7K
Ln 12
Gifts and grantsLn 1h$6K
Investment incomeLn 3$891
Fees for servicesLn 2g$37
Money outPt IX
$34K
Ln 25
Programscol B$34K
Managementcol C$315
Owns and owesPt X
$142K
net assets · Ln 32
Cash and savingsLn 1–2$142K
Total assetsLn 16$142K
LiabilitiesLn 26$0
PeoplePt VI, VII
4
listed · VII A
PaidVII A0
Voting boardVI 1a4
IndependentVI 1b1
2In more detail
Revenue in detailPt VIII
Gifts and grantsLn 1h$6K
Fees for servicesLn 2g$37
Investment incomeLn 3$891
Total revenueLn 12$7K
Assets in detailPt X, end of year
SavingsLn 2$142K
Cash and savings togetherLn 1–2$142K
Total assetsLn 16$142K
LiabilitiesLn 26$0
Net assetsLn 32$142K
OperationsPt I, VI
EmployeesI 50
VolunteersI 60
Fiscal year endsHeaderSeptember
Conflict-of-interest policyVI 12aNo
Whistleblower policyVI 13No
Records policyVI 14No
3Year over year
Balance sheet, start vs end of yearPt X · col A, B
LineStart FY22End FY22
Cash and savingsLn 1–2$169K$142K
Total assetsLn 16$169K$142K
LiabilitiesLn 26$0$0
Net assetsLn 32$169K$142K
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Grants to domestic organizationsLn 1$33K$33K
Other expenses (24a–d)Ln 24$1K$708$315
Total functional expensesLn 25$34K$34K$315$0

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2022 Latest Viewing $7K$34K−$27K$142K 990 PDF
FY2021 $19K$38K−$18K$169K 990 PDF
FY2020 $45K$47K−$2K$187K 990 PDF

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Schedules filed Part IV

III · Programs I · Grants R · Related orgs G · Fundraising L · Interested persons A · Public support F · Foreign M · Noncash
See the full FY2022 990 (6 parts)
Part I · Summary $7,179 revenue, 12 lines filed
I-8 Contributions and grantsPrior year $16,853$6,251
I-9 Program service revenuePrior year $1,266$37
I-10 Investment incomePrior year $1,323$891
I-11 Other revenuePrior year $0$0
I-12 Total revenuePrior year $19,442$7,179
I-13 Grants and similar amounts paidPrior year $36,819$32,843
I-14 Benefits paid to membersPrior year $0$0
I-15 Salaries and benefitsPrior year $0$0
I-16a Professional fundraising feesPrior year $0$0
I-17 Other expensesPrior year $1,024$1,023
I-18 Total expensesPrior year $37,843$33,866
I-19 Revenue less expensesPrior year −$18,401−$26,687
Part VI · Governance 1 of 4 board members independent, 5 to look at
VI-1a Voting members of the governing body4
VI-1b Independent voting members1
VI-2 Family or business relationship among officers or directorsYes
VI-12a Written conflict of interest policyNo
VI-13 Written whistleblower policyNo
VI-14 Document retention and destruction policyNo
VI-15a Process for setting top official's payNo
Part VIII · Statement of revenue $7,179 across 5 lines filed
VIII-1f All other contributions, gifts and grants$6,251
VIII-1h Total contributions, gifts and grants$6,251
VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Related to mission $37$37
VIII-3 Investment incomeExcluded from tax $891$891
VIII-12 Total revenueRelated to mission $37 · Unrelated business $0 · Excluded from tax $891$7,179
Part IX · Statement of functional expenses $33,866 across 2 lines filed
IX-1 Grants to domestic organizationsPrograms $32,843$32,843
IX-24 Other expenses (24a–d)Programs $708 · Management $315$1,023
IX-25 Total functional expensesPrograms $33,551 · Management $315 · Fundraising $0$33,866
Part X · Balance sheet $142,174 assets, 5 lines filed
X-2 Savings and temporary cash investmentsStart of year $168,861$142,174
X-16 Total assetsStart of year $168,861$142,174
X-26 Total liabilitiesStart of year $0$0
X-32 Total net assets or fund balancesStart of year $168,861$142,174
X-33 Total liabilities and net assetsStart of year $168,861$142,174
Part XI · Reconciliation of net assets $142,174 net assets at year end
XI-1 Total revenue$7,179
XI-2 Total expenses$33,866
XI-3 Revenue less expenses−$26,687
XI-4 Net assets at start of year$168,861
XI-9 Other changes in net assets$0
XI-10 Net assets at end of year$142,174

Form 990 e-file (XML) FY2022 from the IRS · Classification, formation year and address from the IRS Business Master File

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