philanthropy.org | 990 Resource | FAQ Verify yourself
Sign in

Bermuda Race Foundation INC

Tax-deductible

Newport, RI501(c)(3)Recreation & SportsEIN 86-1989934Revenue $713K in FY2024

On file with the IRSbermudarace.com449 Thames St, 02840-6751 · Newport, RITax-exempt since Feb 2022Publicly supported — 509(a)(2)

This page gets seen. Tell your story. Claim this org.

To promote national and international amateur sailing competition by conducting regional, national and international regattas and races, educational seminars, training, conferences and meetings regarding offshore racing and safety at sea, and to solicit, collect and expend funds for such purposes, and all other legal purposes under section 501(c)(3) of the code.

501(c)(3) charity; gifts are tax-deductible.
96¢ of each $1 spent went to programs.
Run by 180 volunteers.
Mission: Form 990 Part I, line 1 · Status: IRS Pub. 78 · Programs: Part IX · People: Part I, lines 5–6

Before you give

FY2024 · 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 2
filings with a surplus
Average surplus $123K a year · 24% of revenue · last 2 filings
Looks good: a surplus in 2 of the last 2 filings.
Pt I · Ln 19 · 2 filings
Spent on programs
96%
of spending
Looks good: 96% of spending went to programs; 75% or more.
Pt IX · Ln 25 · col B
Cash reserves
<1 mo
of spending, in cash
Worth a look: 0.9 months of spending in cash; under 1.
Pt X · Ln 1–2 · Pt I · Ln 18
Named funders
1
named funder · $1K
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
13
of 13 voting members
Looks good: 13 of 13 voting members are independent, a majority.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$713K
×12 vs prior year
Spent
$631K
To programs
96%
Net assets
$742K
By yearFY2023–FY2024
Revenue
$713K
FY2024▲ ×12
Tap a bar for its year
Revenue by fiscal year
FY2023$299K
FY2023$61K
FY2024$713K
Expenses
$631K
FY2024▲ ×21
Tap a bar for its year
Expenses by fiscal year
FY2023$136K
FY2023$31K
FY2024$631K
Net assets
$742K
FY2024▲ +30%
Tap a bar for its year
Net assets by fiscal year
FY2023$540K
FY2023$570K
FY2024$742K

From the FY2024 Form 990 · see the original

Give Claim

Is it real?

Yes. Never revoked by the IRS. Latest filing on record: FY2024. IRS ruling in Feb 2022.

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

Where the money goes

96 cents of each dollar spent went to programs.

Program services 96% · $608K Management & general 4% · $23K Fundraising 0% · $472

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

Something off? The org can add a note here. Claim this org to fix it.

Who runs it and what they're paid

13 people listed on the 990.

Part VII, Section A · reportable compensation
Brad Willauer
President
$0Pt VII · Sec A
$0Pt VII · Sec A
Jay Gowell
Vice President, Secretary
$0Pt VII · Sec A
Peter Becker
Board Member
$0Pt VII · Sec A
Hal Kempe
Board Member
$0Pt VII · Sec A
Jim Binch
Board Member
$0Pt VII · Sec A
Les Crane
Board Member
$0Pt VII · Sec A
Nick Orem
Board Member
$0Pt VII · Sec A
See Bermuda Race Foundation INC executive salaries →

Are you one of these people? Claim this org to confirm your role

Something off? The org can add a note here. Claim this org to fix it.

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

Organizes sailing races and educational events to promote amateur competition and safety.

Questions for Bermuda Race Foundation INC

Tap to ask. Bermuda Race Foundation INC sees how many people are interested.

Your first name shows with your question. Bermuda Race Foundation INC answers here, for everyone.

Provided by the organization

Know this organization? Claim it to add your story

3 programs · $608K · in their own filed words · FY2024
01

Sponsor, organize, administer, score and judge the bi-annual newport to bermuda ocean yacht race

$472Kprogram expense
02

Educate and train individual amateur sailors for offshore national and international amateur yacht-racing competition

$105Kprogram expense
03

Hosting a public event, seminar or workshop

$31Kprogram 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 · FY2024
The Pamela Howard Family Foundation INCFY2024$1K
Total grants receivedfrom 1 funder$1K

By the numbers

The FY2024 990, line by line.

Download 990
from philanthropy.org
1The main four
Money inPt VIII
$713K
Ln 12
Fees for servicesLn 2g$670K
Investment incomeLn 3$23K
Gifts and grantsLn 1h$20K
Money outPt IX
$631K
Ln 25
Programscol B$608K
Managementcol C$23K
Fundraisingcol D$472
Owns and owesPt X
$742K
net assets · Ln 32
Cash and savingsLn 1–2$48K
Total assetsLn 16$742K
LiabilitiesLn 26$0
PeoplePt VI, VII
13
listed · VII A
PaidVII A0
Voting boardVI 1a13
IndependentVI 1b13
2In more detail
Revenue in detailPt VIII
Gifts and grantsLn 1h$20K
Fees for servicesLn 2g$670K
Investment incomeLn 3$23K
Total revenueLn 12$713K
Assets in detailPt X, end of year
CashLn 1$13K
SavingsLn 2$36K
Cash and savings togetherLn 1–2$48K
InvestmentsLn 11–13$693K
Total assetsLn 16$742K
LiabilitiesLn 26$0
Net assetsLn 32$742K
OperationsPt I, VI
EmployeesI 50
VolunteersI 6180
Fiscal year endsHeaderDecember
Conflict-of-interest policyVI 12aYes
Whistleblower policyVI 13Yes
Records policyVI 14Yes
3Year over year
Balance sheet, start vs end of yearPt X · col A, B
LineStart FY24End FY24
Cash and savingsLn 1–2$70K$48K
InvestmentsLn 11–13$500K$693K
Total assetsLn 16$571K$742K
LiabilitiesLn 26$555$0
Net assetsLn 32$570K$742K
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Advertising and promotionLn 12$393K$392K$0$472
Office expensesLn 13$23K$0$23K$0
Information technologyLn 14$104$0$104$0
InsuranceLn 23$20K$20K$0$0
Other expenses (24a–d)Ln 24$196K$196K$0$0
Total functional expensesLn 25$631K$608K$23K$472

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2024 Latest Viewing $713K$631K$82K$742K 990 PDF
FY2023 $299K$136K$164K$540K 990 PDF

Want to add your own materials alongside these filings? Claim this org

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 FY2024 990 (6 parts)
Part I · Summary $713,202 revenue, 12 lines filed
I-8 Contributions and grantsPrior year $15,830$19,929
I-9 Program service revenuePrior year $32,987$669,997
I-10 Investment incomePrior year $12,150$23,276
I-11 Other revenue$0
I-12 Total revenuePrior year $60,967$713,202
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 $30,623$630,795
I-18 Total expensesPrior year $30,623$630,795
I-19 Revenue less expensesPrior year $30,344$82,407
Part VI · Governance 13 of 13 board members independent, 1 to look at
VI-1a Voting members of the governing body13
VI-1b Independent voting members13
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
VI-13 Written whistleblower policyYes
VI-14 Document retention and destruction policyYes
Part VIII · Statement of revenue $713,202 across 5 lines filed
VIII-1f All other contributions, gifts and grants$19,929
VIII-1h Total contributions, gifts and grants$19,929
VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Unrelated business $0 · Excluded from tax $0$669,997
VIII-3 Investment incomeUnrelated business $0 · Excluded from tax $0$23,276
VIII-12 Total revenueRelated to mission $693,273 · Unrelated business $0 · Excluded from tax $0$713,202
Part IX · Statement of functional expenses $630,795 across 5 lines filed
IX-12 Advertising and promotionPrograms $392,184 · Management $0 · Fundraising $472$392,656
IX-13 Office expensesPrograms $0 · Management $22,551 · Fundraising $0$22,551
IX-14 Information technologyPrograms $0 · Management $104 · Fundraising $0$104
IX-23 InsurancePrograms $19,690 · Management $0 · Fundraising $0$19,690
IX-24 Other expenses (24a–d)Programs $195,794 · Management $0 · Fundraising $0$195,794
IX-25 Total functional expensesPrograms $607,668 · Management $22,655 · Fundraising $472$630,795
Part X · Balance sheet $741,637 assets, 9 lines filed
X-1 Cash, non-interest-bearingStart of year $29,466$12,660
X-2 Savings and temporary cash investmentsStart of year $40,428$35,834
X-9 Prepaid expenses and deferred chargesStart of year $703$335
X-13 Program-related investmentsStart of year $500,127$692,808
X-16 Total assetsStart of year $570,724$741,637
X-17 Accounts payable and accrued expensesStart of year $555$0
X-26 Total liabilitiesStart of year $555$0
X-32 Total net assets or fund balancesStart of year $570,169$741,637
X-33 Total liabilities and net assetsStart of year $570,724$741,637
Part XI · Reconciliation of net assets $741,637 net assets at year end
XI-1 Total revenue$713,202
XI-2 Total expenses$630,795
XI-3 Revenue less expenses$82,407
XI-4 Net assets at start of year$570,169
XI-5 Net unrealized gains (losses) on investments$89,061
XI-10 Net assets at end of year$741,637

Form 990 e-file (XML) FY2024 from the IRS · Classification, formation year and address from the IRS Business Master File

Similar organizations you could support · Compare with another nonprofit

Names, privacy, and removal requests More

The names, titles, and compensation shown on this page are reproduced from IRS Form 990 filings, which are public records.

Philanthropy.org does not alter the content of those filings. All information appears exactly as reported by the filing organization for the tax year shown.

We publish only information contained in the public IRS filing — and less than the filing contains. Our profile pages do not display street addresses, telephone numbers, personal email addresses, or other personal contact information, even where the filing includes them.

Many people share the same name. A name shown on this page reflects only what one organization reported in one IRS filing for one tax year. It should not be interpreted as identifying any other individual with the same or a similar name.

If you are no longer affiliated with the organization, your name will generally stop appearing in future IRS filings once the organization no longer reports you. Pages for tax years in which you were reported remain published because those filings remain part of the public record.

Philanthropy.org does not alter or remove IRS filing records. Removing a page from this website would not remove the underlying IRS filing, which remains publicly available from the IRS and other publishers of the same information.

If you believe the IRS filing itself is inaccurate, corrections must be made by the filing organization or the IRS directly.

If you ARE the filing organization, claim this org and add context

Made it to the end? Claim this organization

All figures are derived from public IRS Form 990 filings and are presented without evaluation of any organization. philanthropy.org does not rate, score, or rank organizations, including the pay comparisons above.