Dipsea Race Foundation
- Assets
- $951.1k
- Revenue
- $118.3k
- Investments
- $0.0
- Employees
- 0
- Location
- Mill Valley, CA
- Founding
- 03/2000
- Data as of
- 12/2022
- EIN
- 68-0405142
Organization Overview
Dipsea Race Foundation is located in Mill Valley, CA. The organization was established in 2000. According to its NTEE Classification (N70) the organization is classified as: Amateur Sports Competitions, 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. Dipsea Race Foundation 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 12/2022, Dipsea Race Foundation generated $118.3k in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 6.2% each year. All expenses for the organization totaled $123.2k during the year ending 12/2022. While expenses have increased by 6.7% per year over the past 8 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
PRESERVE HISTORIC DIPSEA TRADITION AND ENCOURAGE PERSONS OF ALL AGES TO APPRECIATE AND PROTECT THE DIPSEA TRAIL.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE ORGANIZATION AWARDS COLLEGE SCHOLARSHIPS TO GRADUATINGHIGH SCHOOL STUDENTS WHO HAVE BEEN ACTIVE IN THE DIPSEA RACE ASRUNNERS OR VOLUNTEERS AND WHO HAVE DEMONSTRATED OUTSTANDING QUALITIES AS STUDENTS, ATHLETES AND COMMUNITY MEMBERS. IN 2022 NINE SCHOLARSHIPS OF $5,000 EACH WERE AWARDED.IN THE YEAR 2022, DIPSEA ENROLLED 100 LOW INCOME AND AT RISK YOUTH IN THE DIPSEA RACE PROGRAM. THESE CHILDREN ARE PROVIDED WITH GOOD RUNNING SHOES AND A T-SHIRT. 15 OF THOSE CHILDREN BECAME ELIGIBLE TO TAKE PART IN THE COMPETITIVE DIPSEA RACE. CHILDREN ALSO WERE A PART OF THE JINGLE BELLS 5K IN SAUSALITO, CA. THEY WERE ABLE TO DONATE PART OF THE PROCEEDS TO THE "MATTHEW TURNER SCHOLARSHIP FOUNDATION" THE CHILDREN WERE REWARDED WITH A PANCAKE BREAKFAST IN THE SPINIKER RESTERAUNT IN SAUSALITO.
THE ORGANIZATION PRESERVES AND MAINTAINS THE HISTORIC DIPSEA TRAIL & STEPSFOR CURRENT AND FUTURE GENERATIONS. THE ORGANIZATION ALSO ENCOURAGES BOYSAND GIRLS FROM ALL BACKGROUNDS TO DEVELOP THE SELF-DISCIPLINE REQUIRED TO TRAINFOR A DIFFICULT CROSS COUNTRY RACE AS WELL AS A SENSE OF COMMUNITYRESPONSIBILITY THAT CAN BE TRANSFERRED TO OTHER ASPECTS OF LIFE.
THE ORGANIZATION RESTORED A PORTION OF THE DIPSEA STEPS WHICH ARE AN INTEGRAL PART OF THE DIPSEA TRAILTHE TOTAL COST OF RESTORATION TO DATE IS $768,779 WHICHAMOUNT HAS BEEN CAPITALIZED AS A NON-DEPRECIABLE ASSET.SEE FORM 990, PAGE 11, PART X, LINE 15.THE DIPSEA STEPS HAVE BEEN DESIGNATED AS A NATIONALHISTORIC MONUMENT. THE MAYOR OF MILL VALLEY HAS RECOGNIZEDAND HONORED THE DIPSEA STEPS AS SUCH.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Mervyn Regan President | OfficerTrustee | 5 | $0 |
Louis Encalada Director | OfficerTrustee | 2 | $0 |
Monica Farrar Secretary | Trustee | 2 | $0 |
Leon Hunting Director | Trustee | 2 | $0 |
Ana Levaggi Director | Trustee | 0 | $0 |
Charles Miller Director | Trustee | 2 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $49,793 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $68,491 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $118,284 |
| Total Program Service Revenue | $0 |
| Investment income | $56 |
| 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 | $118,340 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $45,000 |
| 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 | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $4,838 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $7,415 |
| Advertising and promotion | $36,582 |
| Office expenses | $0 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $2,400 |
| 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 | $3,073 |
| Insurance | $322 |
| All other expenses | $2,261 |
| Total functional expenses | $123,211 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $47,441 |
| Savings and temporary cash investments | $104,821 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| 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 | $30,100 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $768,779 |
| Total assets | $951,141 |
| Accounts payable and accrued expenses | $0 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| 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 | $0 |
| Net assets without donor restrictions | $933,417 |
| Net assets with donor restrictions | $17,724 |
| 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 | $951,141 |