Civic Intelligence

Madison Regatta Inc

990 • Fiscal year 2018 • EIN 35-6071199

Sep 01, 2017 to Aug 31, 2018 • Filed on Jan 09, 2018

PO Box 341Madison, IN 47250

(812) 701-5045

Siviq Scores

Precomputed percentiles for this filing year versus similar nonprofits in the same peer cohort.

Liabilities / Assets

87th percentile

0.55x

Higher debt load relative to assets than 87% of similar nonprofits.

2018 filings • 501(c)4 • $500k-$1M nonprofits • Source year 2018

Liabilities / Revenue

60th percentile

0.11x

Higher debt load relative to revenue than 60% of similar nonprofits.

2018 filings • 501(c)4 • $500k-$1M nonprofits • Source year 2018

Net Margin

50th percentile

6.1%

Higher net margin than 50% of similar nonprofits.

2018 filings • 501(c)4 • $500k-$1M nonprofits • Source year 2018

Top Officer Pay

70th percentile

$0

Higher top officer pay than 70% of similar nonprofits.

Top officer pay equals 0.0% of source-year revenue.

2018 filings • 501(c)4 • $500k-$1M nonprofits • Source year 2018

Asset Growth

7th percentile

-21%

Faster asset growth than 7% of similar nonprofits.

2018 filings • 501(c)4 • $500k-$1M nonprofits • Annualized from 2017 to 2018

Revenue Growth

91st percentile

61%

Faster revenue growth than 91% of similar nonprofits.

2018 filings • 501(c)4 • $500k-$1M nonprofits • Annualized from 2017 to 2018

Assets

Down

$108,426

Down $28,553 (-21%) from 2017

Net Assets

Down

$48,319

Down $36,195 (-43%) from 2017

Liabilities

Up

$60,107

Up $7,642 (+15%) from 2017

Revenue

Up

$526,328

Up $199,277 (+61%) from 2017

Expenses

Up

$494,327

Up $129,875 (+36%) from 2017

Net Income

Up

$32,001

Up $69,402 (+186%) from 2017

Historical Trend

Balance Sheet Trend

The highlighted filing sits inside the broader history for assets, liabilities, and net assets.

$300K$200K$100K$0Assets 2016: $121,915Liabilities 2016: $0Net Assets 2016: $121,9152016Assets 2017: $136,979Liabilities 2017: $52,465Net Assets 2017: $84,5142017Assets 2018: $108,426Liabilities 2018: $60,107Net Assets 2018: $48,3192018Assets 2019: $63,370Liabilities 2019: $50,722Net Assets 2019: $12,6482019Assets 2020: $81,019Liabilities 2020: $51,853Net Assets 2020: $29,1662020Assets 2021: $225,902Liabilities 2021: $51,829Net Assets 2021: $174,0732021Assets 2022: $261,771Liabilities 2022: $51,829Net Assets 2022: $209,9422022Assets 2023: $195,855Liabilities 2023: $0Net Assets 2023: $195,8552023Assets 2024: $210,654Liabilities 2024: $661Net Assets 2024: $209,9932024

Highlighted filing

2018

Assets$108,426
Liabilities$60,107
Net Assets$48,319

Operations Trend

Revenue, expenses, and net income across loaded years, with this filing highlighted.

$1.0M$500K$0-$500KRevenue 2016: $275,151Expenses 2016: $192,631Net Income 2016: $82,5202016Revenue 2017: $327,051Expenses 2017: $364,452Net Income 2017: -$37,4012017Revenue 2018: $526,328Expenses 2018: $494,327Net Income 2018: $32,0012018Revenue 2019: $527,539Expenses 2019: $563,210Net Income 2019: -$35,6712019Revenue 2020: $83,894Expenses 2020: $45,111Net Income 2020: $38,7832020Revenue 2021: $577,913Expenses 2021: $433,006Net Income 2021: $144,9072021Revenue 2022: $131,477Expenses 2022: $95,608Net Income 2022: $35,8692022Revenue 2023: $645,511Expenses 2023: $657,919Net Income 2023: -$12,4082023Revenue 2024: $950,655Expenses 2024: $934,837Net Income 2024: $15,8182024

Highlighted filing

2018

Revenue$526,328
Expenses$494,327
Net Income$32,001
Jump To
Filing Snapshot
Filing Period
Sep 1, 2017 to Aug 31, 2018
Signed
Jan 9, 2018
Return Version
2017v2.3
Gross Receipts
$526,328
Mission and Program Overview

Mission

To provide services related to the hydroplane race and festival events

Balance Sheet Detail
LineBeginningEndChange
Assets
Accounts Receivable$79,461--
Cash and Non-Interest-Bearing Accounts$6,832$59,683▲ $52,851
Land, Buildings, and Equipment, Net$50,686$48,743▼ $1,943
Total Assets$136,979$108,426▼ $28,553
Liabilities
Unsecured Notes Loans Payable-$46,607-
Accounts Payable and Accrued Expenses$52,465$13,500▼ $38,965
Total Liabilities$52,465$60,107▲ $7,642
Net Assets / Fund Balance
Unrestricted Net Assets$84,514$48,319▼ $36,195
Total Net Assets Fund Balance$84,514$48,319▼ $36,195
Total Liabilities and Net Assets / Fund Balance$136,979$108,426▼ $28,553

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$48,743$52,115$100,858
Compensation and Service Providers

Board Members and Trustees

NameTitle
Roger SnellRace Chair
Tony ThorneVendor Chair
Matt TruePresident
Beth CampbellDirector
Brent TurnerDirector
Charlie GroomsDirector
Curtis ChathamDirector
Denny JacksonDirector
Harold PerryDirector
Joe VollDirector
John KnoebelDirector
Mary BatesDirector
Michael HeitzDirector
Mike LichlyterDirector
Nate DavisDirector
Tommy LoweryDirector
Tony SteinhardtDirector
Kim WasherFestival CHA
Kim TrueSecretary
Marc MeirleySponsorship
Cheryl LyonTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$526,327
Investment Income
$1
Other Revenue
$0
Change in Net Assets
$32,001
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$494,327
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Salaries, Compensation, and Employee Benefits$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
All Other Expenses$233,543--$233,543
Other Expenses$24,823--$24,823
Interest$2,504--$2,504
Depreciation Depletion$1,944--$1,944
Occupancy$1,539--$1,539
Fees for Services Accounting$1,440--$1,440
Total Functional Expenses$494,327$0$0$494,327
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Professional Fundraising Fees$0
Political and Lobbying Activity
Political campaign activity
No
Subject to proxy tax
No
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Backup withholding compliance
No
Business relationship with family members
No
Business relationship with organization members
No
Material changes to governing documents
No
Compensation from other sources disclosed
No
CEO compensation reviewed
No
Other officer compensation reviewed
No
Conflict-of-interest policy
No
Audited financial statements prepared
No
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

Form 990, Page 6, Part VI, Line 11B

No review was or will be conducted.

Form 990, Page 6, Part VI, Line 19

Documents provided upon request

Filing and Contact Details

Filer

Filer Name
Madison Regatta Inc
EIN
35-6071199
Phone
8127015045
Address
PO BOX 341, MADISON, IN 47250

Signing Officer

Name
Matt True
Title
President
Signed
2018-01-09
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Matt True
Formed
1955
Legal Domicile
In
Voting Board Members
21
Independent Board Members
21
Employees
0
Volunteers
75

Preparer

Firm
Sherman Barber & Mullikin Pc
Address
210 W 3RD ST, MADISON, IN 47250-3339
Preparer
Kevin W Mullikin CPA
Phone
8122655312
Supplemental Narrative

Additional Explanations

Form 990, Page 2, Part III, Line 4D

To provide services related to staging hydroplane race and festival events in madison, in

Form 990, Part IX, Line 24E

Treasurer - event staff 23,361 0 0 miscellaneous expense 21,494 0 0 treasurer - commission ga 21,093 0 0 race chair - crane expens 19,500 0 0 treasurer - vip expense 16,136 0 0 land expense-temt rental 15,610 0 0 v.p. & land manager - sou 14,600 0 0 v.p. & land manager - san 13,695 0 0 race chair - apba expense 11,139 0 0 v.p. & land manager - pro 10,649 0 0 treasurer - miscellaneous 9,620 0 0 race chair - prize money 6,093 0 0 v.p. & land manager - gol 6,028 0 0 marketing chair - publici 5,048 0 0 motor sports grant 4,250 0 0 race chair - fuel 4,005 0 0 marketing chair - web sit 3,329 0 0 festival chair - teen pag 3,289 0 0 treasurer - bank charges 3,266 0 0 festival chair - festival 2,800 0 0 safety & rescue 2,777 0 0 race chair - apba dues 2,395 0 0 treasurer - wrist band ex 2,296 0 0 race chair - pit expense 2,279 0 0 golf scramble 1,797 0 0 treasurer - telephone 1,097 0 0 treasurer - office expens 983 0 0 race chair - race course 966 0 0 treasurer - regatta off & 794 0 0 cornhole tournament payou 750 0 0 entertainment expense 742 0 0 race chair - race trophie 515 0 0 bad debt 415 0 0 autograph session 300 0 0 treasurer - parking pass 188 0 0 treasurer exp.-chamber du 140 0 0 festival chair - waterbal 122 0 0 treasurer expense - posta 105 0 0 v.p. & land manager - rv -11 0 0 treasurer expense - credi -112 0 0 total 233,543 0 0

Form 990, Part XI, Line 9

Prior year net asset change 14 correction of prior year balances

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IRS990/OtherExpensesGrp/Desc0H1 SPONSORSHIP
IRS990/OtherExpensesGrp/Desc1FESTIVAL CHAIR - MUSIC EX
IRS990/OtherExpensesGrp/Desc2RACE CHAIR - GPW CLASS EX
IRS990/OtherExpensesGrp/Desc3RACE CHAIR - K & K INSURA
IRS990/OtherExpensesGrp/ProgramServicesAmt0112500
IRS990/OtherExpensesGrp/ProgramServicesAmt168914
IRS990/OtherExpensesGrp/ProgramServicesAmt247120
IRS990/OtherExpensesGrp/ProgramServicesAmt324823
IRS990/OtherExpensesGrp/TotalAmt0112500
IRS990/OtherExpensesGrp/TotalAmt168914
IRS990/OtherExpensesGrp/TotalAmt247120
IRS990/OtherExpensesGrp/TotalAmt324823
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IRS990/PrincipalOfficerNm0MATT TRUE
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IRS990/ProgramServiceRevenueGrp/Desc0PROGRAM RELATED EVENTS
IRS990/ProgramServiceRevenueGrp/Desc1SPONSORSHIP INCOME
IRS990/ProgramServiceRevenueGrp/Desc2TREASURER - MEMBERSHIP
IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt0386563
IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt1137939
IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt21825
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt0386563
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt1137939
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt21825
IRS990/ProgSrvcAccomActyOtherGrp/Desc0TO PROVIDE SERVICES RELATED TO STAGING HYDROPLANE RACE AND FESTIVAL EVENTS IN MADISON, IN
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IRS990/PYExcessBenefitTransInd0false
IRS990/PYOtherExpensesAmt0364452
IRS990/PYProgramServiceRevenueAmt0327051
IRS990/PYRevenuesLessExpensesAmt0-37401
IRS990/PYTotalExpensesAmt0364452
IRS990/PYTotalRevenueAmt0327051
IRS990/ReconcilationRevenueExpnssAmt032001
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IRS990/ReportInvestmentsOtherSecInd0false
IRS990/ReportLandBuildingEquipmentInd0true
IRS990/ReportOtherAssetsInd0false
IRS990/ReportOtherLiabilitiesInd0false
IRS990/ReportProgramRelatedInvstInd0false
IRS990/RevenueAmt0526327
IRS990/ScheduleBRequiredInd0false
IRS990ScheduleD/BuildingsGrp/BookValueAmt048743
IRS990ScheduleD/BuildingsGrp/DepreciationAmt052115
IRS990ScheduleD/BuildingsGrp/OtherCostOrOtherBasisAmt0100858
IRS990ScheduleD/TotalBookValueLandBuildingsAmt048743
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IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0TO PROVIDE SERVICES RELATED TO STAGING HYDROPLANE RACE AND FESTIVAL EVENTS IN MADISON, IN
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1NO REVIEW WAS OR WILL BE CONDUCTED.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2DOCUMENTS PROVIDED UPON REQUEST
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3TREASURER - EVENT STAFF 23,361 0 0 MISCELLANEOUS EXPENSE 21,494 0 0 TREASURER - COMMISSION GA 21,093 0 0 RACE CHAIR - CRANE EXPENS 19,500 0 0 TREASURER - VIP EXPENSE 16,136 0 0 LAND EXPENSE-TEMT RENTAL 15,610 0 0 V.P. & LAND MANAGER - SOU 14,600 0 0 V.P. & LAND MANAGER - SAN 13,695 0 0 RACE CHAIR - APBA EXPENSE 11,139 0 0 V.P. & LAND MANAGER - PRO 10,649 0 0 TREASURER - MISCELLANEOUS 9,620 0 0 RACE CHAIR - PRIZE MONEY 6,093 0 0 V.P. & LAND MANAGER - GOL 6,028 0 0 MARKETING CHAIR - PUBLICI 5,048 0 0 MOTOR SPORTS GRANT 4,250 0 0 RACE CHAIR - FUEL 4,005 0 0 MARKETING CHAIR - WEB SIT 3,329 0 0 FESTIVAL CHAIR - TEEN PAG 3,289 0 0 TREASURER - BANK CHARGES 3,266 0 0 FESTIVAL CHAIR - FESTIVAL 2,800 0 0 SAFETY & RESCUE 2,777 0 0 RACE CHAIR - APBA DUES 2,395 0 0 TREASURER - WRIST BAND EX 2,296 0 0 RACE CHAIR - PIT EXPENSE 2,279 0 0 GOLF SCRAMBLE 1,797 0 0 TREASURER - TELEPHONE 1,097 0 0 TREASURER - OFFICE EXPENS 983 0 0 RACE CHAIR - RACE COURSE 966 0 0 TREASURER - REGATTA OFF & 794 0 0 CORNHOLE TOURNAMENT PAYOU 750 0 0 ENTERTAINMENT EXPENSE 742 0 0 RACE CHAIR - RACE TROPHIE 515 0 0 BAD DEBT 415 0 0 AUTOGRAPH SESSION 300 0 0 TREASURER - PARKING PASS 188 0 0 TREASURER EXP.-CHAMBER DU 140 0 0 FESTIVAL CHAIR - WATERBAL 122 0 0 TREASURER EXPENSE - POSTA 105 0 0 V.P. & LAND MANAGER - RV -11 0 0 TREASURER EXPENSE - CREDI -112 0 0 TOTAL 233,543 0 0
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4PRIOR YEAR NET ASSET CHANGE 14 CORRECTION OF PRIOR YEAR BALANCES
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0FORM 990, PAGE 2, PART III, LINE 4D
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1FORM 990, PAGE 6, PART VI, LINE 11B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2FORM 990, PAGE 6, PART VI, LINE 19
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3FORM 990, PART IX, LINE 24E
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc4FORM 990, PART XI, LINE 9
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IRS990/TotalFunctionalExpensesGrp/ProgramServicesAmt0494327
IRS990/TotalFunctionalExpensesGrp/TotalAmt0494327
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IRS990/TotalLiabilitiesBOYAmt052465
IRS990/TotalLiabilitiesEOYAmt060107
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IRS990/TotalProgramServiceExpensesAmt0494327
IRS990/TotalProgramServiceRevenueAmt0526327
IRS990/TotalRevenueGrp/RelatedOrExemptFuncIncomeAmt0526328
IRS990/TotalRevenueGrp/TotalRevenueColumnAmt0526328
IRS990/TotalVolunteersCnt075
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IRS990/UnrestrictedNetAssetsGrp/BOYAmt084514
IRS990/UnrestrictedNetAssetsGrp/EOYAmt048319
IRS990/UnsecuredNotesLoansPayableGrp/EOYAmt046607
IRS990/UponRequestInd0X
IRS990/USAddress/AddressLine1Txt0PO BOX 341
IRS990/USAddress/CityNm0MADISON
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IRS990/USAddress/ZIPCd047250
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IRS990/WebsiteAddressTxt0WWW.MADISONREGATTA.COM
IRS990/WhistleblowerPolicyInd0false
ReturnHeader/BuildTS02019-02-21 02:37:17Z
ReturnHeader/BusinessOfficerGrp/DiscussWithPaidPreparerInd0true
ReturnHeader/BusinessOfficerGrp/PersonNm0MATT TRUE
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0PRESIDENT
ReturnHeader/BusinessOfficerGrp/SignatureDt02018-01-09
ReturnHeader/Filer/BusinessName/BusinessNameLine1Txt0MADISON REGATTA INC
ReturnHeader/Filer/BusinessNameControlTxt0MADI
ReturnHeader/Filer/EIN0356071199
ReturnHeader/Filer/PhoneNum08127015045
ReturnHeader/Filer/USAddress/AddressLine1Txt0PO BOX 341
ReturnHeader/Filer/USAddress/CityNm0MADISON
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ReturnHeader/Filer/USAddress/ZIPCd047250
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ReturnHeader/FilingSecurityInformation/AtSubmissionFilingDeviceId0AC4DBA24EA2BE5743A49E2BF41F80369EDE5E034
ReturnHeader/FilingSecurityInformation/FilingLicenseTypeCd0P
ReturnHeader/FilingSecurityInformation/IPAddress/IPv4AddressTxt069.174.133.146
ReturnHeader/FilingSecurityInformation/IPDt02019-01-09
ReturnHeader/FilingSecurityInformation/IPTimezoneCd0CS
ReturnHeader/FilingSecurityInformation/IPTm015:58:03
ReturnHeader/PreparerFirmGrp/PreparerFirmEIN0351900977
ReturnHeader/PreparerFirmGrp/PreparerFirmName/BusinessNameLine1Txt0SHERMAN BARBER & MULLIKIN PC
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/AddressLine1Txt0210 W 3RD ST
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/CityNm0MADISON
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/StateAbbreviationCd0IN
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/ZIPCd0472503339
ReturnHeader/PreparerPersonGrp/PhoneNum08122655312
ReturnHeader/PreparerPersonGrp/PreparationDt02019-01-09
ReturnHeader/PreparerPersonGrp/PreparerPersonNm0KEVIN W MULLIKIN CPA

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