Flashes Aquatics INC FY2020 filing

Tax-deductible

Indianapolis, IN501(c)(3)Since 2003Recreation & SportsEIN 56-2452897

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Flashes Aquatics is committed to developing athletes who achieve their highest potential technically, physically, and mentally while emphasizing strength in character, sportsmanship, and a life-long love of swimming.

501(c)(3) charity; gifts are tax-deductible.
87¢ of each $1 spent went to programs.
Mission: Form 990 Part I, line 1 · Status: IRS Pub. 78 · Programs: Part IX

Before you give

FY2020 · 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
FY2024
latest Form 990
Looks good: the latest return is for FY2024, 2 tax years back; within 2 tax years.
IRS e-file · Filing history
Surplus or deficit
2 of 4
filings with a surplus
Average deficit $5K a year · 2% of revenue · last 4 filings
Worth a look: a surplus in 2 of the last 4 filings.
Pt I · Ln 19 · 4 filings
Spent on programs
87%
of spending
Looks good: 87% of spending went to programs; 75% or more.
Pt IX · Ln 25 · col B
Cash reserves
14 mo
of spending, in cash
Looks good: 13.6 months of spending in cash; 3 or more.
Pt X · Ln 1–2 · Pt I · Ln 18
Named funders
1
named funder · $238
Fine: 1 funder names it on their filings; under 3.
Funders’ Sch. I, 990-PF
Liabilities
$14K
8% of total assets
Looks good: liabilities are 8% of assets; 50% or less.
Pt X · Ln 26
Independent board members
4
of 4 voting members
Looks good: 4 of 4 voting members are independent, a majority.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$211K
Spent
$154K
To programs
87%
Net assets
$160K
By yearFY2020–FY2024
Revenue
$211K
FY2020
Revenue by fiscal year
FY2020$211K
FY2021$234K
FY2023$245K
FY2024$322K
FY2024$449K
Expenses
$154K
FY2020
Expenses by fiscal year
FY2020$154K
FY2021$228K
FY2023$292K
FY2024$357K
FY2024$395K
Net assets
$160K
FY2020
Net assets by fiscal year
FY2020$160K
FY2021$188K
FY2023$200K
FY2024$165K
FY2024$219K

From the FY2020 Form 990 (year ending July 2020) · see the original

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Is it real?

Yes. Exemption reinstated (2010-12-15). Per the IRS revocation list. Latest filing on record: FY2024. IRS ruling in Mar 2014.

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

Where the money goes

87 cents of each dollar spent went to programs.

Program services 87% · $135K Management & general 13% · $19K

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

5 people listed on the 990.

Part VII, Section A · reportable compensation · most recent filed roster (FY2019); the FY2020 filing did not itemize Part VII
$0Pt VII · Sec A
Vice President
$0Pt VII · Sec A
$0Pt VII · Sec A
Treasurer
$0Pt VII · Sec A
Secretary
$0Pt VII · Sec A
See Flashes Aquatics 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 2No
  • Top official's pay set by an independent reviewPt VI · Ln 15aNo

Programs and updates

Develops swimmers to reach their full potential while fostering character and sportsmanship.

Provided by the organization

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3 programs · $135K · in their own filed words · FY2019
01

Swim Club

There are 125 student athlete members in the club. They practice 3 to 6 days per week, year round. Each practice is 1 to 2 hours depending on the group level. Coaches and life guards are paid to support these practices. Equipment, supplies and insurance are aditional costs for the club.

$115Kprogram expense
02

Swim Meets

Club swimmers participate in meets 2 weekends per month for about 8 months out of the year. Swimmers meeting time standards set by IN swimming go on to swim at divisional and state meets. All 125 members are eligible to participate in the meets.

$18Kprogram expense
03

Swim Lessons

Lessons are offered 2 days per weekfor 30 to 45 minutes in April, May, June, September, October, November and December. We serve 300 children each year in the lesson program. The program teaches water safety first and stroke technique. The program develops swimmers for joing the swim club

$2Kprogram 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 · FY2023
Total grants receivedfrom 1 funder$238

By the numbers

The FY2020 990, line by line.

1The main four
Money inPt VIII
$211K
Ln 12
Fees for servicesLn 2g$178K
Gifts and grantsLn 1h$30K
Investment incomeLn 3$2K
Money outPt IX
$154K
Ln 25
Programscol B$135K
Managementcol C$19K
Owns and owesPt X
$160K
net assets · Ln 32
Cash and savingsLn 1–2$175K
Total assetsLn 16$175K
LiabilitiesLn 26$14K
PeoplePt VI, VII
5
listed · VII A
PaidVII A0
Voting boardVI 1a4
IndependentVI 1b4
2In more detail
Revenue in detailPt VIII
Gifts and grantsLn 1h$30K
Fees for servicesLn 2g$178K
Investment incomeLn 3$2K
Total revenueLn 12$211K
Assets in detailPt X, end of year
CashLn 1$39K
SavingsLn 2$136K
Cash and savings togetherLn 1–2$175K
Total assetsLn 16$175K
LiabilitiesLn 26$14K
Net assetsLn 32$160K
OperationsPt I, VI
EmployeesI 544
VolunteersI 625
Fiscal year endsHeaderJuly
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 FY20End FY20
Cash and savingsLn 1–2$117K$175K
Total assetsLn 16$117K$175K
LiabilitiesLn 26$6K$14K
Net assetsLn 32$112K$160K
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Grants to domestic individualsLn 2$1K$1K
Benefits paid to or for membersLn 4$22K$22K
Other salaries and wagesLn 7$91K$91K$0$0
Payroll taxesLn 10$8K$8K$0$0
Legal feesLn 11b$802$0$802$0
Accounting feesLn 11c$2K$0$2K$0
Advertising and promotionLn 12$138$0$138$0
Office expensesLn 13$9K$0$9K$0
OccupancyLn 16$7K$0$7K$0
TravelLn 17$171$0$171$0
Conferences, conventions and meetingsLn 19$262$0$262$0
InsuranceLn 23$12K$12K$0$0
Total functional expensesLn 25$154K$135K$19K$0

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2024 $322K$357K−$35K$165K 990 PDF
FY2023 $245K$292K−$47K$200K 990 PDF
FY2022 Not on file
FY2021 $234K$228K$6K$188K 990 PDF
FY2020 Viewing $211K$154K$57K$160K 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 FY2020 990 (4 parts)
Part VIII · Statement of revenue $210,942 across 4 lines filed
Lines not itemized here account for $178,092 of total revenue; see the IRS return.
VIII-1f All other contributions, gifts and grants$30,439
VIII-1h Total contributions, gifts and grants$30,439
VIII-3 Investment incomeUnrelated business $0 · Excluded from tax $0$2,411
VIII-12 Total revenueRelated to mission $180,503 · Unrelated business $0 · Excluded from tax $0$210,942
Part IX · Statement of functional expenses $153,756 across 12 lines filed
IX-2 Grants to domestic individualsPrograms $1,000$1,000
IX-4 Benefits paid to or for membersPrograms $21,977$21,977
IX-7 Other salaries and wagesPrograms $91,416 · Management $0 · Fundraising $0$91,416
IX-10 Payroll taxesPrograms $7,963 · Management $0 · Fundraising $0$7,963
IX-11b Legal feesPrograms $0 · Management $802 · Fundraising $0$802
IX-11c Accounting feesPrograms $0 · Management $2,194 · Fundraising $0$2,194
IX-12 Advertising and promotionPrograms $0 · Management $138 · Fundraising $0$138
IX-13 Office expensesPrograms $0 · Management $8,602 · Fundraising $0$8,602
IX-16 OccupancyPrograms $0 · Management $7,055 · Fundraising $0$7,055
IX-17 TravelPrograms $0 · Management $171 · Fundraising $0$171
IX-19 Conferences, conventions and meetingsPrograms $0 · Management $262 · Fundraising $0$262
IX-23 InsurancePrograms $12,176 · Management $0 · Fundraising $0$12,176
IX-25 Total functional expensesPrograms $134,532 · Management $19,224 · Fundraising $0$153,756
Part X · Balance sheet $174,577 assets, 7 lines filed
X-1 Cash, non-interest-bearingStart of year $13,984$38,760
X-2 Savings and temporary cash investmentsStart of year $103,405$135,817
X-16 Total assetsStart of year $117,389$174,577
X-17 Accounts payable and accrued expensesStart of year $5,645$14,332
X-26 Total liabilitiesStart of year $5,645$14,332
X-32 Total net assets or fund balancesStart of year $111,744$160,245
X-33 Total liabilities and net assetsStart of year $117,389$174,577
Part XI · Reconciliation of net assets $160,245 net assets at year end
XI-1 Total revenue$210,942
XI-2 Total expenses$153,756
XI-3 Revenue less expenses$57,186
XI-4 Net assets at start of year$111,744
XI-10 Net assets at end of year$160,245

Form 990 e-file (XML) FY2020 from the IRS · Classification, formation year and address from the IRS Business Master File

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