Laser Class Association Inc
- Assets
- $1.2m
- Revenue
- $1.8m
- Investments
- $0.0
- Employees
- 0
- Location
- Austin, TX
- Founding
- 12/2015
- Data as of
- 12/2021
- EIN
- 46-3045188
Organization Overview
Laser Class Association Inc, operating under the name International Laser Class Association, is located in Austin, TX. The organization was established in 2015. According to its NTEE Classification (N67) the organization is classified as: Swimming & Other Water Recreation, under the broad grouping of Recreation & Sports and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. International Laser Class Association is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
For the year ending 12/2021, International Laser Class Association generated $1.8m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 9.5% each year. All expenses for the organization totaled $1.6m during the year ending 12/2021. While expenses have increased by 8.5% per year over the past 7 years. They've been increasing with an increasing level of total revenue. You can explore the organizations financials more deeply in the financial statements section below.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2021
Describe the Organization's Mission:
Part 3 - Line 1
TO FOSTER NATIONAL AND INTERNATIONAL AMATEUR ATHLETIC COMPETITION IN THE SPORT OF SAILING LASER CLASS SAILBOATS INCLUDING CONDUCTING NATIONAL AND INTERNATIONAL SPORTS COMPETITIONS FOR OLYMPIC ATHLETES AND ATHLETES SEEKING TO QUALIFY FOR THE OLYMPIC GAMES.
Describe the Organization's Program Activity:
Part 3 - Line 4a
ORGANIZATION AND MANAGEMENT OF SAILING COMPETITIONS -- SCHEDULED, ORGANIZED AND MANAGED 3 WORLD CHAMPIONSHIP SAILING COMPETITIONS SERVING OVER 425 ATHLETES FROM OVER 110 COUNTRIES. COMPETITIONS INCLUDED OLYMPIC QUALIFICATION EVENTS FOR MEN AND WOMEN AND THREE AGE SPECIFIC EVENTS (YOUTH AND MASTERS). PROVIDED EQUITABLE ENTRY PROCESS SERVICES UTILIZING CUSTOM BUILT WEB APPLICATION TO ASSURE EQUAL ACCESS TO EVENTS FOR ALL COUNTRIES IN ACCORDANCE WITH THE OLYMPIC CHARTER. ARRANGED OVER 80 VOLUNTEER RACE OFFICIALS, INTERNATIONAL JUDGES AND MEASURERS TO SUPPORT EVENTS. PROVIDED ON SITE SUPPORT AND OVERSAW THE CONDUCT OF ALL RACING AND EQUIPMENT INSPECTION.
EQUIPMENT CERTIFICATION -- ASSURED THE PRINCIPLES OF EQUALITY AND FAIR PLAY THROUGH THE CERTIFICATION OF SAILING EQUIPMENT TO BE USED IN COMPETITION. CARRIED OUT INSPECTIONS AND AUDITS OF ALL EQUIPMENT MANUFACTURERS TO ENSURE COMPLIANCE WITH RULES AND BUILDING SPECIFICATIONS. CARRIED OUT EQUIPMENT INSPECTIONS ON SITE AT EVENTS TO ASSURE ALL EQUIPMENT MEETS RULES AND MANUFACTURING REQUIREMENTS. OVERSAW AND MANAGED UPDATES AND CHANGE REGISTER FOR THE TECHNICAL BUILDING SPECIFICATIONS DOCUMENTS. TRAINED AND CERTIFIED 6 NEW VOLUNTEER MEASURERS AND EQUIPMENT INSPECTORS FOR USE IN FUTURE EVENTS.
MEDIA AN PUBLICATIONS -- FACILITATED COMMUNICATION WITH ATHLETES AROUND THE WORLD BY PUBLISHING A NEWS AND INFORMATION ON WEBSITE REACHING OVER 500,000 PEOPLE WORLDWIDE. HANDLED MEDIA AND PRESS COVERAGE FOR SAILING COMPETITIONS FOR 2019 WORLD CHAMPIONSHIPS. MANAGED AND UPDATED SOCIAL MEDIA AND WEBSITE WITH CURRENT NEWS AND INFORMATION ABOUT ILCA SAILING EVENTS. PUBLISHED ANNUAL HANDBOOK WITH RULES AND REGULATIONS TO INFORM ATHLETES OF COMPLIANCE REQUIREMENTS AND ASSURE FAIR AND EQUAL COMPETITION AT EVENTS WORLDWIDE.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Eric Faust Executive Secretary | OfficerTrustee | 40 | $0 |
Tracy Usher President | OfficerTrustee | 15 | $0 |
Hugh Leicester Vice President | OfficerTrustee | 5 | $0 |
Nick Page Treasurer | OfficerTrustee | 5 | $0 |
Peter Hedge World Council Member | Trustee | 1 | $0 |
Carlos Palombo World Council Member | Trustee | 5 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $123,681 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $0 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $123,681 |
| Total Program Service Revenue | $1,455,465 |
| Investment income | $1,037 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $323,253 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | -$60,875 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $1,842,561 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $222,901 |
| Fees for services: Legal | $101,889 |
| Fees for services: Accounting | $6,500 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $154,281 |
| Advertising and promotion | $29,950 |
| Office expenses | $18,326 |
| Information technology | $18,935 |
| Royalties | $0 |
| Occupancy | $22,497 |
| Travel | $7,660 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $8,569 |
| All other expenses | $0 |
| Total functional expenses | $1,632,583 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $258,665 |
| Savings and temporary cash investments | $878,089 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $18,263 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $1,155,017 |
| Accounts payable and accrued expenses | $19,580 |
| Grants payable | $0 |
| Deferred revenue | $178,386 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $197,966 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $957,051 |
| Total liabilities and net assets/fund balances | $1,155,017 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Sea Star Base Galveston Galveston, TX | $52,632,706 | $20,281,003 |
Elkins Lake Recreation Corporation Huntsville, TX | $9,584,590 | $4,419,021 |
City Of Midland Aquatics Inc Midland, TX | $15,063,835 | $4,415,991 |
Lakeside Aquatic Club Flower Mound, TX | $1,073,156 | $2,759,695 |
Dads Club Swim Team Inc Houston, TX | $8,890,317 | $2,500,934 |
First Colony Swim Team Inc Missouri City, TX | $836,343 | $2,162,266 |
Courtney S Turner Charitable Trust Boatmens First Natl Bk Of Kc Ttee Dallas, TX | $21,330,664 | $1,286,547 |
Laser Class Association Inc Austin, TX | $1,155,017 | $1,842,561 |
Katy Aquatic Team For Youth Inc Katy, TX | $1,965,760 | $1,613,790 |
Austin Rowing Club Austin, TX | $793,099 | $1,451,124 |
Metroplex Aquatics Allen, TX | $207,807 | $1,113,321 |
City Of Plano Swimmers Inc Plano, TX | $1,713,838 | $1,678,096 |