Bella Mente Quantum Racing Association
- Assets
- $41.7m
- Revenue
- $5.7m
- Investments
- $0.0
- Employees
- 0
- Location
- Minneapolis, MN
- Founding
- 12/2017
- Data as of
- 12/2021
- 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 12/2021, Bella Mente Quantum Racing Association generated $5.7m in total revenue. This represents a relatively dramatic decline in revenue. Over the past 3 years, the organization has seen revenues fall by an average of (49.7%) each year. All expenses for the organization totaled $4.5m during the year ending 12/2021. As we would expect to see with falling revenues, expenses have declined by (51.3%) per year over the past 3 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
2021
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 |
|---|---|---|---|
Terry Hutchinson Director Of Sailing | 40 | $320,000 | |
Rob Ouelette COO (until 5/1/21) | 40 | $161,100 | |
Ben Osborn Treasurer | 40 | $51,035 | |
Nicholas Thole Asst. Treasurer | 5 | $0 | |
John Fauth Director | 5 | $0 | |
Michael Cazer CEO | 5 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Luis Saenz Mariscal | 12/30/21 | $148,500 |
Dell Marketing | 12/30/21 | $256,749 |
Riedel Communications | 12/30/21 | $189,876 |
Botin Partners | 12/30/21 | $472,034 |
Simulator In Motion | 12/30/21 | $285,000 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Contributions, Gifts, Grants & Similar | $6,621,311 |
| Interest on Savings | $17 |
| Dividends & Interest | $0 |
| Net Rental Income | $0 |
| Net Gain on Sale of Assets | -$927,602 |
| Capital Gain Net Income | $0 |
| Net ST Capital Gain | $0 |
| Income Modifications | $0 |
| Profit on Inventory Sales | $0 |
| Other Income | $29,637 |
| Total Revenue | $5,723,363 |
| Statement of Expenses | |
|---|---|
| Compensation of officers, directors, trustees, etc | $845,107 |
| Other employee salaries and wages | $105,946 |
| Pension plans, employee benefits | $0 |
| Interest | $0 |
| Taxes | $0 |
| Depreciation | $35,501 |
| Occupancy | $171,931 |
| Travel, conferences, and meetings | $375,659 |
| Printing and publications | $41,067 |
| Other expenses | $1,371,898 |
| Total operating and administrative expenses | $4,500,169 |
| Contributions, gifts, grants paid | $0 |
| Total expenses and disbursements | $4,500,169 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $93,572 |
| Savings and temporary cash investments | $82 |
| 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 | $14,969 |
| Net Investments - land, buildings, equipment | $0 |
| Investments—mortgage loans | $0 |
| Investments—other | $0 |
| Net Land, buildings, and equipment | $0 |
| Other assets | $41,631,782 |
| Total assets | $41,740,405 |
| Accounts payable and accrued expenses | $332,227 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $9,000,000 |
| Mortgages and other notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $9,332,227 |
Grants Recieved
Over the last fiscal year, we have identified 7 grants that Bella Mente Quantum Racing Association has recieved totaling $415,000.
| Awarding Organization | Amount |
|---|---|
Alexander J Roepers Foundation New York, NY PURPOSE: GENERAL CONTRIBUTION | $250,000 |
Lotz Family Foundation Fort Lauderdale, FL PURPOSE: TO IMPROVE THE QUALITY OF COMPETITIVE SAILING IN THE UNITED STATES THROUGH YOUTH DEVELOPMENT | $50,000 |
Louis F Bantle And Virginia C Bantle Charitable Foundation Inc Darien, CT PURPOSE: GENERAL SUPPORT | $50,000 |
Robert Dudley Harrington Jr Charitable Foundation New York, NY PURPOSE: GENERAL EXEMPT PURPOSE | $30,000 |
Gubelmann Family Foundation Inc West Palm Beach, FL PURPOSE: GENERAL OPERATIONS | $15,000 |
Community Foundation Of Collier County Naples, FL PURPOSE: RELIGION RELATED | $10,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Bella Mente Quantum Racing Association Minneapolis, MN | $41,740,405 | $5,723,363 |
Iowa Girls High School Athletic Union West Des Moines, IA | $5,061,518 | $4,564,466 |
National Archery In The Shools Program Inc Waldo, WI | $6,967,095 | $3,407,459 |
United States Bowling Congress Inc Milwaukee, WI | $609,702 | $1,811,037 |
Iowa Harness Racing Association Eagle Grove, IA | $797,423 | $1,325,981 |
Iowa Soccer Association West Des Moines, IA | $597,318 | $1,619,010 |
Newjets Inc Eden Prairie, MN | $1,209,250 | $1,209,489 |
Bowhunting Preservation Alliance Inc New Ulm, MN | $19,509 | $847,704 |
The Forest Lake Athletic Association Forest Lake, MN | $599,285 | $725,357 |
Wisconsin Trapshooting Association Inc Burlington, WI | $3,345,328 | $827,218 |
Minnesota Sports Corp Minneapolis, MN | $8,338,408 | $1,644,540 |
Blackhawk Ski Club Middleton, WI | $656,855 | $589,659 |