Hoops For Friends Inc
- Assets
- $69.2k
- Revenue
- $0.0
- Investments
- $0.0
- Employees
- 0
- Location
- Torrance, CA
- Founding
- 12/1998
- Data as of
- 12/2022
- EIN
- 95-4614623
Organization Overview
Hoops For Friends Inc is located in Torrance, CA. The organization was established in 1998. According to its NTEE Classification (T99) the organization is classified as: Philanthropy, Voluntarism & Grantmaking Foundations N.E.C., under the broad grouping of Philanthropy, Voluntarism & Grantmaking Foundations and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Hoops For Friends 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 12/2022, Hoops For Friends Inc generated $27.1k 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 (18.2%) each year. All expenses for the organization totaled $33.2k during the year ending 12/2022. As we would expect to see with falling revenues, expenses have declined by (14.1%) per year over the past 5 years. You can explore the organizations financials more deeply in the financial statements section below.
Form
990EZ
Mission & Program ActivityExcerpts From the 990EZ Filing
TAX YEAR
2022
Describe the Organization's Program Activity:
Part 3
THE PRIMARY ACTIVITY OF THE CORPORATION WILL BE TO ORGANIZE AND CONDUCT AN ANNUAL BASKETBALL TOURNAMENT, THE PROCEEDS FROM WHICH WILL FUND THE PURPOSES OF THE CORPORATION. THE TOURNAMENT ITSELF PROMOTES FRIENDLY COMPETITION FOR THE ASIAN-AMERICAN COMMUNITY AND AN OPPORTUNITY FOR SOCIAL GATHERING UNDER THE VEHICLE OF SPORTS IN GENERAL.PLEASE REFER TO THE ATTACHED STATEMENT SHOWING THE DONEE/RECIPIENTS OF DONATIONS AND SCHOLARSHIPS AWARDED BY HOOPS FOR FRIENDS, INC. DURING THE 2020 TAX YEAR.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Gerald Morita President | 8 | $0 | |
Jolene Morita Sec / Treas | 8 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Total Revenue from Contributions, Gifts, Grants & Similar | $6,778 |
| Total Program Service Revenue | $0 |
| Membership dues | $0 |
| Investment income | $172 |
| Gain or Loss | $0 |
| Net Income from Gaming & Fundraising | $20,190 |
| Other Revenue | $0 |
| Total Revenue | $27,140 |
| Statement of Expenses | |
|---|---|
| Grants and similar amounts paid | $0 |
| Benefits paid to or for members | $0 |
| Salaries, other compensation, and employee benefits | $0 |
| Professional fees and other payments to independent contractors | $0 |
| Occupancy, rent, utilities, and maintenance | $0 |
| Printing, publications, postage, and shipping | $0 |
| Other expenses | $222 |
| Total expenses | $33,203 |
| Balance Sheet | |
|---|---|
| Cash, savings, and investments | $69,244 |
| Other assets | $0 |
| Total assets | $69,244 |
| Total liabilities | $0 |
| Net assets or fund balances | $69,244 |