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Madison Regatta Incorporated FY2021 filing

Not tax-deductible

Madison, IN501(c)(4)Since 1955EIN 35-6071199Revenue $578K in FY2021

On file with the IRSmadisonregatta.comPo Box 341, 47250-0341 · Madison, INTax-exempt since Dec 1936

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To provide services related to the hydroplane race and festival events

100¢ of each $1 spent went to programs.
Mission: Form 990 Part I, line 1 · Programs: Part IX

Before you give

FY2021 · Form 990Independent: from IRS data, not the org
Download 990
IRS status
501(c)(4)
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
No
Donations are not tax-deductible
Worth a look: the IRS does not list gifts to it as deductible.
IRS Pub. 78 · IRS BMF
Latest return
FY2025
latest Form 990
Looks good: the latest return is for FY2025, 1 tax year back; within 2 tax years.
IRS e-file · Filing history
Surplus or deficit
3 of 5
filings with a surplus
Average deficit $10K a year · 2% of revenue · last 5 filings
Worth a look: a surplus in 3 of the last 5 filings.
Pt I · Ln 19 · 5 filings
Spent on programs
100%
of spending
Looks good: 100% of spending went to programs; 75% or more.
Pt IX · Ln 25 · col B
Cash reserves
6 mo
of spending, in cash
Looks good: 5.5 months of spending in cash; 3 or more.
Pt X · Ln 1–2 · Pt I · Ln 18
Named funders
1
named funder · $5K
Fine: 1 funder names it on their filings; under 3.
Funders’ Sch. I, 990-PF
Liabilities
$52K
23% of total assets
Looks good: liabilities are 23% of assets; 50% or less.
Pt X · Ln 26
Independent board members
21
of 21 voting members
Looks good: 21 of 21 voting members are independent, a majority.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$578K
Spent
$433K
To programs
100%
Net assets
$174K
By yearFY2021–FY2025
Revenue
$578K
FY2021
Tap a bar for its year
Revenue by fiscal year
FY2021$578K
FY2022$131K
FY2023$646K
FY2024$951K
FY2025$984K
Expenses
$433K
FY2021
Tap a bar for its year
Expenses by fiscal year
FY2021$433K
FY2022$96K
FY2023$658K
FY2024$935K
FY2025$1.2M
Net assets
$174K
FY2021
Tap a bar for its year
Net assets by fiscal year
FY2021$174K
FY2022$210K
FY2023$196K
FY2024$210K
FY2025−$28K

From the FY2021 Form 990 (year ending August 2021) · figures checked against the IRS filing · see the original

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You’re viewing the FY2021 filing — not the latest on file. See the latest (FY2025) →

Is it real?

Yes. Never revoked by the IRS. Latest filing on record: FY2025. IRS ruling in Dec 1936.

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

Where the money goes

100 cents of each dollar spent went to programs.

Program services 100% · $433K

Form 990 Part IX, line 25. Every line is in By the numbers.

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Who runs it and what they're paid

21 people listed on the 990.

Part VII, Section A · reportable compensation · most recent filed roster (FY2020); the FY2021 filing did not itemize Part VII
Matt True
Director
$0Pt VII · Sec A
Greg Thorpe
President
$0Pt VII · Sec A
Cheryl Lyon
Treasurer
$0Pt VII · Sec A
Jak McCormick
Vice Preside
$0Pt VII · Sec A
$0Pt VII · Sec A
Jason Abbott
Race Chair
$0Pt VII · Sec A
Kim Washer
Festival Cha
$0Pt VII · Sec A
Mike Lichlyter
Sponsorship
$0Pt VII · Sec A
See Madison Regatta Incorporated 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 2No
  • Top official's pay set by an independent reviewPt VI · Ln 15aNo

Programs and updates

Sponsors and supports hydroplane races and festival events.

Questions for Madison Regatta Incorporated

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Provided by the organization

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1 program · $433K · in their own filed words · FY2020
01

To provide services related to staging hydroplane race and festival events in madison, in

$433Kprogram expense

Funders

Who pays for it.

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

Grants

Schedule I · funders on record
Grants received · FY2020
Arvin Sango Foundation INCFY2020$5K
Total grants receivedfrom 1 funder$5K

By the numbers

The FY2021 990, line by line.

Download 990
from philanthropy.org
1The main four
Money inPt VIII
$578K
Ln 12
Fees for servicesLn 2g$578K
Money outPt IX
$433K
Ln 25
Programscol B$433K
Owns and owesPt X
$174K
net assets · Ln 32
Cash and savingsLn 1–2$199K
Total assetsLn 16$226K
LiabilitiesLn 26$52K
PeoplePt VI, VII
21
listed · VII A
PaidVII A0
Voting boardVI 1a21
IndependentVI 1b21
2In more detail
Revenue in detailPt VIII
Fees for servicesLn 2g$578K
Total revenueLn 12$578K
Assets in detailPt X, end of year
CashLn 1$199K
Cash and savings togetherLn 1–2$199K
Land, buildings, equipmentLn 10c$17K
Total assetsLn 16$226K
LiabilitiesLn 26$52K
Net assetsLn 32$174K
OperationsPt I, VI
EmployeesI 50
VolunteersI 675
Fiscal year endsHeaderAugust
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 FY21End FY21
Cash and savingsLn 1–2$58K$199K
Land, buildings, equipmentLn 10c$23K$17K
Total assetsLn 16$81K$226K
LiabilitiesLn 26$52K$52K
Net assetsLn 32$29K$174K
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Accounting feesLn 11c$150$150
OccupancyLn 16$2K$2K
InterestLn 20$3K$3K
Depreciation, depletion and amortizationLn 22$6K$6K
Other expenses (24a–d)Ln 24$260K$260K
All other expensesLn 24e$162K$162K
Total functional expensesLn 25$433K$433K$0$0

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2025 Latest $984K$1.2M−$237K−$28K 990 PDF
FY2024 $951K$935K$16K$210K 990 PDF
FY2023 $646K$658K−$12K$196K 990 PDF
FY2022 $131K$96K$36K$210K 990 PDF
FY2021 Viewing $578K$433K$145K$174K 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 FY2021 990 (6 parts)
Part I · Summary $577,913 revenue, 12 lines filed
I-8 Contributions and grants$0
I-9 Program service revenuePrior year $83,894$577,913
I-10 Investment income$0
I-11 Other revenue$0
I-12 Total revenuePrior year $83,894$577,913
I-13 Grants and similar amounts paid$0
I-14 Benefits paid to members$0
I-15 Salaries and benefits$0
I-16a Professional fundraising fees$0
I-17 Other expensesPrior year $45,111$433,006
I-18 Total expensesPrior year $45,111$433,006
I-19 Revenue less expensesPrior year $38,783$144,907
Part VI · Governance 21 of 21 board members independent, 4 to look at
VI-1a Voting members of the governing body21
VI-1b Independent voting members21
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
VI-2 Family or business relationship among officers or directorsNo
Part VIII · Statement of revenue $577,913 across 2 lines filed
VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Related to mission $577,913$577,913
VIII-12 Total revenueRelated to mission $577,913$577,913
Part IX · Statement of functional expenses $433,006 across 6 lines filed
IX-11c Accounting feesPrograms $150$150
IX-16 OccupancyPrograms $2,014$2,014
IX-20 InterestPrograms $2,546$2,546
IX-22 Depreciation, depletion and amortizationPrograms $5,692$5,692
IX-24 Other expenses (24a–d)Programs $260,397$260,397
IX-24e All other expensesPrograms $162,207$162,207
IX-25 Total functional expensesPrograms $433,006 · Management $0 · Fundraising $0$433,006
Part X · Balance sheet $225,902 assets, 9 lines filed
X-1 Cash, non-interest-bearingStart of year $58,427$199,002
X-4 Accounts receivable$10,000
X-10c Land, buildings and equipment, netStart of year $22,592$16,900
X-16 Total assetsStart of year $81,019$225,902
X-24 Unsecured notes and loans payableStart of year $51,853$51,829
X-26 Total liabilitiesStart of year $51,853$51,829
X-27 Net assets without donor restrictionsStart of year $29,166$174,073
X-32 Total net assets or fund balancesStart of year $29,166$174,073
X-33 Total liabilities and net assetsStart of year $81,019$225,902
Part XI · Reconciliation of net assets $174,073 net assets at year end
XI-1 Total revenue$577,913
XI-2 Total expenses$433,006
XI-3 Revenue less expenses$144,907
XI-4 Net assets at start of year$29,166
XI-10 Net assets at end of year$174,073

Form 990 e-file (XML) FY2021 from the IRS · Classification, formation year and address from the IRS Business Master File

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