Bella Mente Quantum Racing Association
- Assets
- $32.4m
- Revenue
- $30.3m
- Investments
- $0.0
- Employees
- 0
- Location
- Minneapolis, MN
- Founding
- 12/2017
- Data as of
- 06/2023
- EIN
- 82-2576323
Organization Overview
Bella Mente Quantum Racing Association is located in Minneapolis, MN. The organization was established in 2017. 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. Bella Mente Quantum Racing 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 06/2023, Bella Mente Quantum Racing Association generated $30.3m in total revenue. This represents a relatively dramatic decline in revenue. Over the past 5 years, the organization has seen revenues fall by an average of (7.6%) each year. All expenses for the organization totaled $16.3m during the year ending 06/2023. As we would expect to see with falling revenues, expenses have declined by (16.0%) per year over the past 5 years. You can explore the organizations financials more deeply in the financial statements section below.
Form
990PF
Mission & Program ActivityExcerpts From the 990PF Filing
TAX YEAR
2023
Describe the Organization's Program Activity:
Part 3 - Line 4a
BMQRA IS ORGANIZED AND OPERATED AS A QUALIFIED AMATEUR SPORTS ORGANIZATION. BMQRA IS FOCUSED ON THE DEVELOPMENT AND SUPPORT OF A TEAM TO PARTICIPATE IN THE AMERICA'S CUP AND THE CHALLENGER SELECTION SERIES THAT LEAD TO THE CUP.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Douglas Devos Director | 5 | $0 | |
John Fauth Director | 5 | $0 | |
Phil Lotz Director | 5 | $0 | |
William Ketcham Director | 5 | $0 | |
Michael Cazer Director And CEO | 20 | $0 | |
Terry Hutchinson Director Of Sailing | 40 | $309,157 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Jordan Composites | 6/29/23 | $138,197 |
Scott Ferguson Llc | 6/29/23 | $184,021 |
Farr Yacht | 6/29/23 | $135,065 |
Mario Caponneto | 6/29/23 | $126,200 |
Toolspole | 6/29/23 | $164,434 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Contributions, Gifts, Grants & Similar | $30,334,613 |
| Interest on Savings | $26 |
| Dividends & Interest | $0 |
| Net Rental Income | $0 |
| Net Gain on Sale of Assets | $0 |
| Capital Gain Net Income | $0 |
| Net ST Capital Gain | $0 |
| Income Modifications | $0 |
| Profit on Inventory Sales | $0 |
| Other Income | $0 |
| Total Revenue | $30,334,639 |
| Statement of Expenses | |
|---|---|
| Compensation of officers, directors, trustees, etc | $0 |
| Other employee salaries and wages | $1,018,274 |
| Pension plans, employee benefits | $0 |
| Interest | $0 |
| Taxes | $0 |
| Depreciation | $0 |
| Occupancy | $1,333,436 |
| Travel, conferences, and meetings | $1,713,930 |
| Printing and publications | $0 |
| Other expenses | $4,520,905 |
| Total operating and administrative expenses | $16,318,208 |
| Contributions, gifts, grants paid | $0 |
| Total expenses and disbursements | $16,318,208 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $717,654 |
| Savings and temporary cash investments | $12,432 |
| Net Accounts receivable | $0 |
| Net Pledges Receivable | $0 |
| Grants receivable | $0 |
| Receivables from Officers, Directors, or Controlling Persons | $0 |
| Net other notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $527,818 |
| Net Investments - land, buildings, equipment | $0 |
| Investments—mortgage loans | $0 |
| Investments—other | $0 |
| Net Land, buildings, and equipment | $0 |
| Other assets | $31,113,545 |
| Total assets | $32,371,449 |
| Accounts payable and accrued expenses | $2,388,683 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Mortgages and other notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $2,388,683 |