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The Foundry Sailing Association FY2020 filing

Cleveland, OHUnknown exempt organization EIN 81-4131039Revenue $165K in FY2020

On file with the IRSclevelandfoundry.org1831 Columbus Rd · Cleveland, OH

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To provide Sailing instruction for youths and young adults

91¢ of each $1 spent went to programs.
$17K paid to officers and key staff.
Mission: Form 990 Part I, line 1 · Programs: Part IX · Pay: Part VII

Before you give

FY2020 · Form 990Independent: from IRS data, not the org
Download 990
Latest return
FY2021
latest Form 990
Concern: the latest return is for FY2021, 5 tax years back; more than 4 tax years.
IRS e-file · Filing history
Spent on programs
91%
of spending
Looks good: 91% of spending went to programs; 75% or more.
Pt IX · Ln 25 · col B
Pay to officers and key staff
$17K
to officers and key staff · 4% of spending
Looks good: pay to officers and key staff is 4% of spending; 15% or less.
Pt VII · Sec A
Cash reserves
<1 mo
of spending, in cash
Concern: 0.0 months of spending in cash; under 2 weeks.
Pt X · Ln 1–2 · Pt I · Ln 18
Named funders
2
named funders · $13K
Fine: 2 funders name it on their filings; under 3.
Funders’ Sch. I, 990-PF
Liabilities
$694K
87% of total assets
Concern: liabilities are 87% of assets; over 80%.
Pt X · Ln 26
Independent board members
6
of 6 voting members
Looks good: 6 of 6 voting members are independent, a majority.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$165K
Spent
$379K
To programs
91%
Net assets
$107K
By yearFY2020–FY2021
Revenue
$165K
FY2020
Tap a bar for its year
Revenue by fiscal year
FY2020$165K
FY2021$148K

From the FY2020 Form 990 · see the original

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You’re viewing the FY2020 filing — not the latest on file. See the latest (FY2021) →

Is it real?

Yes. Never revoked by the IRS. Latest filing on record: FY2021.

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

Where the money goes

91 cents of each dollar spent went to programs.

Program services 91% · $344K Management & general 9% · $35K

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

8 people listed on the 990; $17K paid to officers and key staff.

Part VII, Section A · reportable compensation
Rusty Deane
Executive Director
$17,000Pt VII · Sec A
Liz Barker
Director
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
Tom Einhouse
Director
$0Pt VII · Sec A
See The Foundry Sailing Association 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
  • Loans to or from officersSch L · Pt II1 listed

Programs and updates

Teaches sailing skills to young people.

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Provided by the organization

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1 program · $343K · in their own filed words · FY2020
01

Provide sailing instruction for youths and young adults

$343Kprogram 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 · FY2021
Toledo Community Foundation INCFY2021$10K
The Ss Mack Family FoundationFY2021$3K
Total grants receivedfrom 2 funders$13K

By the numbers

The FY2020 990, line by line.

Download 990
from philanthropy.org
1The main four
Money inPt VIII
$165K
Ln 12
Gifts and grantsLn 1h$110K
Fees for servicesLn 2g$55K
Other incomeLn 4–11$105
Money outPt IX
$379K
Ln 25
Programscol B$344K
Managementcol C$35K
Owns and owesPt X
$107K
net assets · Ln 32
Cash and savingsLn 1–2$538
Total assetsLn 16$801K
LiabilitiesLn 26$694K
PeoplePt VI, VII
8
listed · VII A
PaidVII A1
Voting boardVI 1a6
IndependentVI 1b6
2In more detail
Revenue in detailPt VIII
Gifts and grantsLn 1h$110K
Noncash giftsLn 1g$15K
Fees for servicesLn 2g$55K
Other incomeLn 4–11$105
Total revenueLn 12$165K
Assets in detailPt X, end of year
CashLn 1$538
Cash and savings togetherLn 1–2$538
Land, buildings, equipmentLn 10c$720K
Total assetsLn 16$801K
LiabilitiesLn 26$694K
Net assetsLn 32$107K
OperationsPt I, VI
EmployeesI 54
VolunteersI 620
Fiscal year endsHeaderDecember
Conflict-of-interest policyVI 12aYes
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$24K$538
Land, buildings, equipmentLn 10c$763K$720K
Total assetsLn 16$893K$801K
LiabilitiesLn 26$575K$694K
Net assetsLn 32$318K$107K
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Pay of current officers, directors and key staffLn 5$17K$17K
Other salaries and wagesLn 7$100K$100K
Payroll taxesLn 10$11K$11K
Legal feesLn 11b$8K$8K
Accounting feesLn 11c$8K$8K
Other fees for servicesLn 11g$55K$55K
Advertising and promotionLn 12$985$985
Office expensesLn 13$2K$2K
TravelLn 17$1K$1K
Depreciation, depletion and amortizationLn 22$76K$76K
InsuranceLn 23$20K$20K
Other expenses (24a–d)Ln 24$66K$55K$11K
All other expensesLn 24e$15K$10K$5K
Total functional expensesLn 25$379K$344K$35K$0

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2021 Latest $148K 990 PDF
FY2020 Viewing $165K$379K−$213K$107K 990 PDF

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Schedules filed Part IV

III · Programs R · Related orgs G · Fundraising L · Interested persons I · Grants O · Explanations
See the full FY2020 990 (6 parts)
Part I · Summary $165,070 revenue, 12 lines filed
I-8 Contributions and grantsPrior year $119,001$110,155
I-9 Program service revenuePrior year $115,731$54,810
I-10 Investment income$0
I-11 Other revenuePrior year $254$105
I-12 Total revenuePrior year $234,986$165,070
I-13 Grants and similar amounts paid$0
I-14 Benefits paid to members$0
I-15 Salaries and benefits$127,210
I-16a Professional fundraising fees$0
I-17 Other expensesPrior year $504,116$251,295
I-18 Total expensesPrior year $504,116$378,505
I-19 Revenue less expensesPrior year −$269,130−$213,435
Part VI · Governance 6 of 6 board members independent, 3 to look at
VI-1a Voting members of the governing body6
VI-1b Independent voting members6
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
VI-12a Written conflict of interest policyYes
Part VIII · Statement of revenue $165,070 across 7 lines filed
VIII-1f All other contributions, gifts and grants$110,155
VIII-1g Noncash contributions (included above)$14,905
VIII-1h Total contributions, gifts and grants$110,155
VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Related to mission $54,810$54,810
VIII-8 Net income from fundraising events$0
VIII-11a-d Other revenue, itemized rows (sum of 11a–11d as filed)Related to mission $105$105
VIII-12 Total revenueRelated to mission $54,915$165,070
Part IX · Statement of functional expenses $378,505 across 13 lines filed
IX-5 Pay of current officers, directors and key staffPrograms $17,000$17,000
IX-7 Other salaries and wagesPrograms $99,569$99,569
IX-10 Payroll taxesPrograms $10,641$10,641
IX-11b Legal feesManagement $7,999$7,999
IX-11c Accounting feesManagement $7,600$7,600
IX-11g Other fees for servicesPrograms $55,007$55,007
IX-12 Advertising and promotionPrograms $985$985
IX-13 Office expensesManagement $1,873$1,873
IX-17 TravelManagement $1,085$1,085
IX-22 Depreciation, depletion and amortizationPrograms $75,993$75,993
IX-23 InsurancePrograms $20,146$20,146
IX-24 Other expenses (24a–d)Programs $54,935 · Management $10,596$65,531
IX-24e All other expensesPrograms $9,678 · Management $5,398$15,076
IX-25 Total functional expensesPrograms $343,954 · Management $34,551 · Fundraising $0$378,505
Part X · Balance sheet $800,742 assets, 13 lines filed
X-1 Cash, non-interest-bearingStart of year $23,871$538
X-3 Pledges and grants receivableStart of year $43,500$18,500
X-4 Accounts receivableStart of year $50,963$51,443
X-9 Prepaid expenses and deferred chargesStart of year $10,963$10,201
X-10c Land, buildings and equipment, netStart of year $763,254$720,060
X-16 Total assetsStart of year $892,551$800,742
X-17 Accounts payable and accrued expensesStart of year $6,250$8,044
X-24 Unsecured notes and loans payableStart of year $34,630$47,289
X-26 Total liabilitiesStart of year $574,802$693,928
X-27 Net assets without donor restrictionsStart of year $297,749$104,314
X-28 Net assets with donor restrictionsStart of year $20,000$2,500
X-32 Total net assets or fund balancesStart of year $317,749$106,814
X-33 Total liabilities and net assetsStart of year $892,551$800,742
Part XI · Reconciliation of net assets $106,814 net assets at year end
XI-1 Total revenue$165,070
XI-2 Total expenses$378,505
XI-3 Revenue less expenses−$213,435
XI-4 Net assets at start of year$317,749
XI-10 Net assets at end of year$106,814

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

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