Soaring Society Of America Inc
- Assets
- $7.9m
- Revenue
- $2.3m
- Investments
- $0.0
- Employees
- 8
- Location
- Hobbs, NM
- Founding
- 08/1941
- Data as of
- 12/2021
- EIN
- 95-1932120
Organization Overview
Soaring Society Of America Inc is located in Hobbs, NM. The organization was established in 1941. As of 12/2023, Soaring Society Of America Inc employed 8 individuals. This organization is the central organization for a national or regional group of organizations. Soaring Society Of America Inc 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, Soaring Society Of America Inc generated $2.3m in total revenue. This organization has experienced exceptional growth, as over the past 6 years, it has increased revenue by an average of 13.7% each year . All expenses for the organization totaled $1.1m during the year ending 12/2021. You can explore the organizations financials more deeply in the financial statements section below.
Form
990T
Mission & Program ActivityExcerpts From the 990T Filing
TAX YEAR
2021
Describe the Organization's Mission:
Part 3 - Line 1
TO PROMOTE ALL PHASES OF THE SPORT OF SOARING, NATIONALLY AND INTERNATIONALLY.
Describe the Organization's Program Activity:
MAGAZINE PUBLICATION - THE ORGANIZATION PROVIDES A MONTHLY MAGAZINE TO APPROXIMATELY 9,400 MEMBERS AND SUBSCRIBERS
MEMBERSHIP SERVICES - EXPENSES ARE INCURRED FOR LIASON WITH APPROXIMATELY 9,400 MEMBERS INCLUDING COMPETITION COORDINATOR
OTHER PROGRAM SERVICES - EXPENSES INCURRED INCLUDE THE HANDLING OF EDUCATIONAL MATERIALS, SUPPORT OF INTERNATIONAL TEAM, AND OTHER MISCELLANEOUS FUNCTIONS
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Denise Layton Executive Director | Officer | 40 | $122,802 |
Jim Garrison Chair | OfficerTrustee | 2 | $0 |
Geoff Weck 1st Vice Chair | OfficerTrustee | 2 | $0 |
Frank Whitely Vice Chair | OfficerTrustee | 2 | $0 |
Mike Shakman Vice Chair | OfficerTrustee | 2 | $0 |
David Hart Vice Chair/treasurer | OfficerTrustee | 2 | $47,063 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $590,905 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $1,469,655 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $2,060,560 |
| Total Program Service Revenue | $112,502 |
| Investment income | $100,931 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $974 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $58,376 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $2,333,343 |
| 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. | $265,778 |
| Compensation of current officers, directors, key employees. | $265,778 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $42,690 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $8,277 |
| Payroll taxes | $1,834 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $0 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $177,183 |
| Advertising and promotion | $2,777 |
| Office expenses | $333,812 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $22,010 |
| Travel | $4,140 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $474 |
| Interest | $1,624 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $21,400 |
| Insurance | $17,623 |
| All other expenses | $18,891 |
| Total functional expenses | $1,068,277 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,772,027 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $80,967 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $58,663 |
| Prepaid expenses and deferred charges | $12,549 |
| Net Land, buildings, and equipment | $108,055 |
| Investments—publicly traded securities | $5,818,095 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $7,850,356 |
| Accounts payable and accrued expenses | $98,454 |
| Grants payable | $0 |
| Deferred revenue | $356,992 |
| 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 | $455,446 |
| Net assets without donor restrictions | $4,480,503 |
| Net assets with donor restrictions | $2,914,407 |
| 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 | $7,850,356 |