Civic Intelligence

Madison Regatta Inc

990 • Fiscal year 2021 • EIN 35-6071199

Sep 01, 2020 to Aug 31, 2021 • Filed on Jan 27, 2022

Organization ProfileWWW.MADISONREGATTA.COM
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

75th percentile

0.23x

Higher debt load relative to assets than 75% of similar nonprofits.

2021 filings • 501(c)4 • $500k-$1M nonprofits • Source year 2021

Liabilities / Revenue

59th percentile

0.09x

Higher debt load relative to revenue than 59% of similar nonprofits.

2021 filings • 501(c)4 • $500k-$1M nonprofits • Source year 2021

Net Margin

68th percentile

25%

Higher net margin than 68% of similar nonprofits.

2021 filings • 501(c)4 • $500k-$1M nonprofits • Source year 2021

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.

2021 filings • 501(c)4 • $500k-$1M nonprofits • Source year 2021

Asset Growth

97th percentile

179%

Faster asset growth than 97% of similar nonprofits.

2021 filings • 501(c)4 • $500k-$1M nonprofits • Annualized from 2020 to 2021

Revenue Growth

98th percentile

589%

Faster revenue growth than 98% of similar nonprofits.

2021 filings • 501(c)4 • $500k-$1M nonprofits • Annualized from 2020 to 2021

Balance Sheet
Liabilities / Assets75th percentile

Assets

Up

$225,902

Up $144,883 (+179%) from 2020

Net Assets

Up

$174,073

Up $144,907 (+497%) from 2020

Liabilities

Down

$51,829

Down $24 (-0.0%) from 2020

Revenue And Expenses
Liabilities / Revenue59th percentileNet Margin68th percentile

Revenue

Up

$577,913

Up $494,019 (+589%) from 2020

Expenses

Up

$433,006

Up $387,895 (+860%) from 2020

Net Income

Up

$144,907

Up $106,124 (+274%) from 2020

Historical Trend

Balance Sheet Trend

Asset Growth97th percentile

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

2021

Assets$225,902
Liabilities$51,829
Net Assets$174,073
Open 2021 Filing

Operations Trend

Revenue Growth98th percentile

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

2021

Revenue$577,913
Expenses$433,006
Net Income$144,907
Open 2021 Filing
Jump To
Filing Snapshot
Filing Period
Sep 1, 2020 to Aug 31, 2021
Signed
Jan 27, 2022
Return Version
2020v4.0
Gross Receipts
$577,913
Mission and Program Overview

Mission

To provide services related to the hydroplane race and festival events

Balance Sheet Detail
LineBeginningEndChange
Assets
Cash and Non-Interest-Bearing Accounts$58,427$199,002▲ $140,575
Land, Buildings, and Equipment, Net$22,592$16,900▼ $5,692
Accounts Receivable-$10,000-
Total Assets$81,019$225,902▲ $144,883
Liabilities
Unsecured Notes Loans Payable$51,853$51,829▼ $24
Total Liabilities$51,853$51,829▼ $24
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$29,166$174,073▲ $144,907
Total Net Assets Fund Balance$29,166$174,073▲ $144,907
Total Liabilities and Net Assets / Fund Balance$81,019$225,902▲ $144,883

Asset Categories

AssetBook ValueDepreciationBasis
Other Land Buildings$2,064$183,601$185,665
Equipment$14,836$10,357$25,193
Compensation and Service Providers
Top Officer Pay70th percentile

Board Members and Trustees

NameTitle
Jason AbbottRace Chair
Roger SnellRace Chair
Greg ThorpePresident
Aaron RobinsonDirector
Beth CampbellDirector
Brent TurnerDirector
Greg BentzDirector
Harold PerryDirector
John KnoebelDirector
Kim TrueDirector
Libby HoffmanDirector
Matt TrueDirector
Michael HeitzDirector
Mick BarronDirector
Natalie GreenDirector
Nate DavisDirector
Shawn HumesDirector
Kim WasherFestival CHA
Mike LichlyterSponsorship
Cheryl LyonTreasurer
Jak MccormickVice Preside
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$577,913
Investment Income
$0
Other Revenue
$0
Change in Net Assets
$144,907
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$433,006
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$162,207--$162,207
Other Expenses$42,000--$42,000
Depreciation Depletion$5,692--$5,692
Interest$2,546--$2,546
Occupancy$2,014--$2,014
Fees for Services Accounting$150--$150
Total Functional Expenses$433,006$0$0$433,006
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 35% controlled entity
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
Greg Thorpe
Title
President
Signed
2022-01-27
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Greg Thorpe
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
Tracy L Wyne 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

“Race chair - crane expens 18,330 0 0 v.p. & land manager - san 17,955 0 0 treasurer - event staff 14,873 0 0 marketing chair - sponsor 14,412 0 0 race chair - k & k insura 13,862 0 0 treasurer - commission ga 13,278 0 0 v.p. & land manager - sou 9,353 0 0 insurance expense all eve 8,241 0 0 race chair - pit expense 7,795 0 0 race chair - fuel 7,022 0 0 treasurer - bank charges 5,229 0 0 insurance- flood ins. On 3,439 0 0 v.p. & land manager - gol 3,428 0 0 v.p. & land manager - pro 2,398 0 0 treasurer - regatta off & 2,252 0 0 board member expense 2,029 0 0 racing expense: gold cup 2,000 0 0 race chair - race trophie 1,885 0 0 ice 1,728 0 0 insurance- property 1,708 0 0 race chair - safety & res 1,511 0 0 treasurer - office expens 1,348 0 0 race chair - apba expense 1,250 0 0 festival chair - corn hol 1,200 0 0 festival chair - teen pag 1,129 0 0 radios 900 0 0 insurance officers/ direc 748 0 0 paypal/ strip fees 727 0 0 permits 508 0 0 festival chair - parade e 285 0 0 festival chair - festival 264 0 0 treasurer exp.-chamber du 255 0 0 racing expenses: race cou 250 0 0 insurance commissions pai 250 0 0 treasurer expense - posta 184 0 0 festival chair- waterball 133 0 0 sponsorship expense 48 0 0 total 162,207 0 0”

Raw XML Appendix373 raw XML fields

This appendix keeps the raw XML leaves available for debugging and edge-case review. The human report above is the primary experience.

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IRS990/Form990PartVIISectionAGrp/TitleTxt1PRESIDENT
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IRS990/Form990PartVIISectionAGrp/TitleTxt4DIRECTOR
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IRS990/PYProgramServiceRevenueAmt083894
IRS990/PYRevenuesLessExpensesAmt038783
IRS990/PYTotalExpensesAmt045111
IRS990/PYTotalRevenueAmt083894
IRS990/ReconcilationRevenueExpnssAmt0144907
IRS990/RelatedEntityInd0false
IRS990/RelatedOrganizationCtrlEntInd0false
IRS990/ReportInvestmentsOtherSecInd0false
IRS990/ReportLandBuildingEquipmentInd0true
IRS990/ReportOtherAssetsInd0false
IRS990/ReportOtherLiabilitiesInd0false
IRS990/ReportProgramRelatedInvstInd0false
IRS990/RevenueAmt0577913
IRS990/ScheduleBRequiredInd0false
IRS990ScheduleD/EquipmentGrp/BookValueAmt014836
IRS990ScheduleD/EquipmentGrp/DepreciationAmt010357
IRS990ScheduleD/EquipmentGrp/OtherCostOrOtherBasisAmt025193
IRS990ScheduleD/OtherLandBuildingsGrp/BookValueAmt02064
IRS990ScheduleD/OtherLandBuildingsGrp/DepreciationAmt0183601
IRS990ScheduleD/OtherLandBuildingsGrp/OtherCostOrOtherBasisAmt0185665
IRS990ScheduleD/TotalBookValueLandBuildingsAmt016900
IRS990/ScheduleJRequiredInd0false
IRS990/ScheduleORequiredInd0false
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/ExplanationTxt3RACE CHAIR - CRANE EXPENS 18,330 0 0 V.P. & LAND MANAGER - SAN 17,955 0 0 TREASURER - EVENT STAFF 14,873 0 0 MARKETING CHAIR - SPONSOR 14,412 0 0 RACE CHAIR - K & K INSURA 13,862 0 0 TREASURER - COMMISSION GA 13,278 0 0 V.P. & LAND MANAGER - SOU 9,353 0 0 INSURANCE EXPENSE ALL EVE 8,241 0 0 RACE CHAIR - PIT EXPENSE 7,795 0 0 RACE CHAIR - FUEL 7,022 0 0 TREASURER - BANK CHARGES 5,229 0 0 INSURANCE- FLOOD INS. ON 3,439 0 0 V.P. & LAND MANAGER - GOL 3,428 0 0 V.P. & LAND MANAGER - PRO 2,398 0 0 TREASURER - REGATTA OFF & 2,252 0 0 BOARD MEMBER EXPENSE 2,029 0 0 RACING EXPENSE: GOLD CUP 2,000 0 0 RACE CHAIR - RACE TROPHIE 1,885 0 0 ICE 1,728 0 0 INSURANCE- PROPERTY 1,708 0 0 RACE CHAIR - SAFETY & RES 1,511 0 0 TREASURER - OFFICE EXPENS 1,348 0 0 RACE CHAIR - APBA EXPENSE 1,250 0 0 FESTIVAL CHAIR - CORN HOL 1,200 0 0 FESTIVAL CHAIR - TEEN PAG 1,129 0 0 RADIOS 900 0 0 INSURANCE OFFICERS/ DIREC 748 0 0 PAYPAL/ STRIP FEES 727 0 0 PERMITS 508 0 0 FESTIVAL CHAIR - PARADE E 285 0 0 FESTIVAL CHAIR - FESTIVAL 264 0 0 TREASURER EXP.-CHAMBER DU 255 0 0 RACING EXPENSES: RACE COU 250 0 0 INSURANCE COMMISSIONS PAI 250 0 0 TREASURER EXPENSE - POSTA 184 0 0 FESTIVAL CHAIR- WATERBALL 133 0 0 SPONSORSHIP EXPENSE 48 0 0 TOTAL 162,207 0 0
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
IRS990/SchoolOperatingInd0false
IRS990/SignificantChangeInd0false
IRS990/SignificantNewProgramSrvcInd0false
IRS990/StatesWhereCopyOfReturnIsFldCd0IN
IRS990/SubjectToExcsTaxNetInvstIncInd0false
IRS990/SubjectToProxyTaxInd0false
IRS990/SubjToTaxRmnrtnExPrchtPymtInd0false
IRS990/TaxablePartyNotificationInd0false
IRS990/TaxExemptBondsInd0false
IRS990/TerminateOperationsInd0false
IRS990/TotalAssetsBOYAmt081019
IRS990/TotalAssetsEOYAmt0225902
IRS990/TotalAssetsGrp/BOYAmt081019
IRS990/TotalAssetsGrp/EOYAmt0225902
IRS990/TotalCompGreaterThan150KInd0false
IRS990/TotalEmployeeCnt00
IRS990/TotalFunctionalExpensesGrp/FundraisingAmt00
IRS990/TotalFunctionalExpensesGrp/ManagementAndGeneralAmt00
IRS990/TotalFunctionalExpensesGrp/ProgramServicesAmt0433006
IRS990/TotalFunctionalExpensesGrp/TotalAmt0433006
IRS990/TotalGrossUBIAmt00
IRS990/TotalLiabilitiesBOYAmt051853
IRS990/TotalLiabilitiesEOYAmt051829
IRS990/TotalLiabilitiesGrp/BOYAmt051853
IRS990/TotalLiabilitiesGrp/EOYAmt051829
IRS990/TotalNetAssetsFundBalanceGrp/BOYAmt029166
IRS990/TotalNetAssetsFundBalanceGrp/EOYAmt0174073
IRS990/TotalProgramServiceExpensesAmt0433006
IRS990/TotalProgramServiceRevenueAmt0577913
IRS990/TotalRevenueGrp/RelatedOrExemptFuncIncomeAmt0577913
IRS990/TotalRevenueGrp/TotalRevenueColumnAmt0577913
IRS990/TotalVolunteersCnt075
IRS990/TotLiabNetAssetsFundBalanceGrp/BOYAmt081019
IRS990/TotLiabNetAssetsFundBalanceGrp/EOYAmt0225902
IRS990/TypeOfOrganizationCorpInd0X
IRS990/UnrelatedBusIncmOverLimitInd0false
IRS990/UnsecuredNotesLoansPayableGrp/BOYAmt051853
IRS990/UnsecuredNotesLoansPayableGrp/EOYAmt051829
IRS990/UponRequestInd0X
IRS990/USAddress/AddressLine1Txt0PO BOX 341
IRS990/USAddress/CityNm0MADISON
IRS990/USAddress/StateAbbreviationCd0IN
IRS990/USAddress/ZIPCd047250
IRS990/VotingMembersGoverningBodyCnt021
IRS990/VotingMembersIndependentCnt021
IRS990/WebsiteAddressTxt0WWW.MADISONREGATTA.COM
IRS990/WhistleblowerPolicyInd0false
ReturnHeader/BuildTS02022-09-23 18:48:47Z
ReturnHeader/BusinessOfficerGrp/DiscussWithPaidPreparerInd0true
ReturnHeader/BusinessOfficerGrp/PersonNm0GREG THORPE
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0PRESIDENT
ReturnHeader/BusinessOfficerGrp/SignatureDt02022-01-27
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
ReturnHeader/Filer/USAddress/StateAbbreviationCd0IN
ReturnHeader/Filer/USAddress/ZIPCd047250
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/PreparationDt02022-01-29
ReturnHeader/PreparerPersonGrp/PreparerPersonNm0TRACY L WYNE CPA
ReturnHeader/ReturnTs02022-01-29T09:22:17-06:00
ReturnHeader/ReturnTypeCd0990
ReturnHeader/SigningOfficerGrp/PersonFullName/PersonFirstNm0GREG
ReturnHeader/SigningOfficerGrp/PersonFullName/PersonLastNm0THORPE
ReturnHeader/TaxPeriodBeginDt02020-09-01
ReturnHeader/TaxPeriodEndDt02021-08-31
ReturnHeader/TaxYr02020

Document Assets

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Filings

Displayed year

2021 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$225,902
Liabilities
$51,829
Net assets
$174,073
Revenue
$577,913
Expenses
$433,006
Net income
$144,907
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$2.11$0.01$2.10$9.51$9.35$0.16
2023Detailed filing. Detailed filing data is available for this year.$1.96$0.00$1.96$6.46$6.58$0.12
2022Detailed filing. Detailed filing data is available for this year.$2.62$0.52$2.10$1.31$0.96$0.36
2021Detailed filing. Detailed filing data is available for this year.$2.26$0.52$1.74$5.78$4.33$1.45
2020Detailed filing. Detailed filing data is available for this year.$0.81$0.52$0.29$0.84$0.45$0.39
2019Detailed filing. Detailed filing data is available for this year.$0.63$0.51$0.13$5.28$5.63$0.36
2018Detailed filing. Detailed filing data is available for this year.$1.08$0.60$0.48$5.26$4.94$0.32
2017Detailed filing. Detailed filing data is available for this year.$1.37$0.52$0.85$3.27$3.64$0.37
2016Detailed filing. Detailed filing data is available for this year.$1.22$0.00$1.22$2.75$1.93$0.83