New Wave Swim Team
- Assets
- $441.5k
- Revenue
- $1.1m
- Investments
- $0.0
- Employees
- 25
- Location
- Raleigh, NC
- Founding
- 04/1986
- Data as of
- 08/2022
- EIN
- 56-1469322
Organization Overview
New Wave Swim Team is located in Raleigh, NC. The organization was established in 1986. 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. As of 08/2022, New Wave Swim Team employed 25 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. New Wave Swim Team 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 08/2022, New Wave Swim Team generated $1.1m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 7.6% each year. All expenses for the organization totaled $994.4k during the year ending 08/2022. While expenses have increased by 6.4% 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
2022
Describe the Organization's Mission:
Part 3 - Line 1
TO PROVIDE YEAR ROUND TRAINING FOR COMPETITIVE SWIMMING WHILE PROMOTING LIFE SKILLS AND CHARACTER DEVELOPMENT.
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROGRAMS TO PROVIDE SUPPORT TO TRAIN & DEVELOP COMPETITIVE SWIMMERS
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
John Roy President/ceo | Officer | 40 | $67,800 |
Zachary Murray Treasurer | Officer | 40 | $44,100 |
Bradford Hancock Secretary | Officer | 40 | $38,000 |
Jonathan Bescher Vice President | Officer | 40 | $23,700 |
Jason Van Olst Board Member | Trustee | 10 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| 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 | $0 |
| Total Program Service Revenue | $995,863 |
| Investment income | $9 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| 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 | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $1,106,359 |
| 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. | $173,600 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $241,892 |
| Pension plan accruals and contributions | $5,208 |
| Other employee benefits | $6,669 |
| Payroll taxes | $31,809 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $691 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $1,500 |
| Advertising and promotion | $0 |
| Office expenses | $3,912 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $9,709 |
| Travel | $0 |
| 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 | $2,946 |
| Insurance | $5,584 |
| All other expenses | $1,300 |
| Total functional expenses | $994,369 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $332,207 |
| Savings and temporary cash investments | $81,870 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $17,312 |
| 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 | $10,100 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $441,489 |
| Accounts payable and accrued expenses | $17,483 |
| Grants payable | $0 |
| Deferred revenue | $94,901 |
| 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 | $1,452 |
| Total liabilities | $113,836 |
| Net assets without donor restrictions | $327,653 |
| 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 | $0 |
| Total liabilities and net assets/fund balances | $441,489 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Divers Alert Network Durham, NC | $37,418,607 | $12,273,989 |
Mecklenburg Aquatic Club Inc Charlotte, NC | $2,813,176 | $4,694,169 |
Nova Of Virginia Aquatics Inc Richmond, VA | $8,429,552 | $3,737,460 |
Occoquan Swimming Inc Manassas, VA | $416,953 | $2,263,892 |
Hollow Rock Racquet And Swim Club Inc Durham, NC | $3,219,714 | $2,479,240 |
Raleigh Swimming Association Raleigh, NC | $3,136,776 | $2,156,316 |
United States Power Squadrons Raleigh, NC | $2,932,406 | $2,085,267 |
American Canoe Association Fredericksburg, VA | $2,935,103 | $2,005,196 |
Excel Aquatics Brentwood, TN | $851,394 | $1,571,381 |
Old Dominion Boat Club Alexandria, VA | $11,245,214 | $1,105,837 |
Nashville Aquatic Club Nashville, TN | $573,153 | $1,290,870 |
Tide Swimming Virginia Beach, VA | $1,525,215 | $1,751,645 |