Civic Intelligence

Madison Regatta Inc

990 • Fiscal year 2023 • EIN 35-6071199

Sep 01, 2022 to Aug 31, 2023 • Filed on Jun 26, 2023

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

38th percentile

0.00x

Tied with the lowest-debt nonprofits in its peer group.

2023 filings • 501(c)4 • $500k-$1M nonprofits • Source year 2023

Liabilities / Revenue

39th percentile

0.00x

Tied with the lowest-debt nonprofits in its peer group.

2023 filings • 501(c)4 • $500k-$1M nonprofits • Source year 2023

Net Margin

31st percentile

-1.9%

Higher net margin than 31% of similar nonprofits.

2023 filings • 501(c)4 • $500k-$1M nonprofits • Source year 2023

Top Officer Pay

71st percentile

$0

Higher top officer pay than 71% of similar nonprofits.

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

2023 filings • 501(c)4 • $500k-$1M nonprofits • Source year 2023

Asset Growth

7th percentile

-25%

Faster asset growth than 7% of similar nonprofits.

2023 filings • 501(c)4 • $500k-$1M nonprofits • Annualized from 2022 to 2023

Revenue Growth

98th percentile

391%

Faster revenue growth than 98% of similar nonprofits.

2023 filings • 501(c)4 • $500k-$1M nonprofits • Annualized from 2022 to 2023

Balance Sheet
Liabilities / Assets38th percentile

Assets

Down

$195,855

Down $65,916 (-25%) from 2022

Net Assets

Down

$195,855

Down $14,087 (-6.7%) from 2022

Liabilities

Down

$0

Down $51,829 (-100%) from 2022

Revenue And Expenses
Liabilities / Revenue39th percentileNet Margin31st percentile

Revenue

Up

$645,511

Up $514,034 (+391%) from 2022

Expenses

Up

$657,919

Up $562,311 (+588%) from 2022

Net Income

Down

-$12,408

Down $48,277 (-135%) from 2022

Historical Trend

Balance Sheet Trend

Asset Growth7th 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

2023

Assets$195,855
Liabilities$0
Net Assets$195,855
Open 2023 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

2023

Revenue$645,511
Expenses$657,919
Net Income-$12,408
Open 2023 Filing
Jump To
Filing Snapshot
Filing Period
Sep 1, 2022 to Aug 31, 2023
Signed
Jun 26, 2023
Return Version
2022v5.0
Gross Receipts
$645,511
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$226,850$184,378▼ $42,472
Accounts Receivable$21,765--
Land, Buildings, and Equipment, Net$13,156$11,477▼ $1,679
Total Assets$261,771$195,855▼ $65,916
Liabilities
Unsecured Notes Loans Payable$51,829--
Total Liabilities$51,829$0▼ $51,829
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$209,942$195,855▼ $14,087
Total Net Assets Fund Balance$209,942$195,855▼ $14,087
Total Liabilities and Net Assets / Fund Balance$261,771$195,855▼ $65,916

Asset Categories

AssetBook ValueDepreciationBasis
Other Land Buildings-$185,665$185,665
Equipment$11,477$13,716$25,193
Compensation and Service Providers
Top Officer Pay71st percentile

Board Members and Trustees

NameTitle
Jeremy SachlebenPit Chairman
Mark HamiltonRace Chair
Jak MccormickPresident
John KnoebelDirector
Melissa WolfDirector
Michael HeitzDirector
Nate DavisDirector
Robin CullDirector
Snake PerryDirector
Tim BipesDirector
Tommy LowryDirector
Roger SnellAsst. Race C
Kim WasherFestival CHA
Hannah FisherSecretary
Mike LichlyterSponsorship
Laken CrabtreeTreasurer
Kyle BipesVice Preside
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$645,511
Investment Income
$0
Other Revenue
$0
Change in Net Assets
$-12,408
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$657,919
Total Fundraising Expense$2,817
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Salaries, Compensation, and Employee Benefits$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
All Other Expenses$240,180--$240,180
Other Expenses$42,000--$42,000
Occupancy$4,762--$4,762
Interest--$2,817$2,817
Fees for Services Accounting$1,630--$1,630
Total Functional Expenses$655,102$0$2,817$657,919
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
Jak Mccormick
Title
President
Signed
2023-06-26
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Jak Mccormick
Formed
1955
Legal Domicile
In
Voting Board Members
17
Independent Board Members
17
Employees
0

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, Part IX, Line 24E

“Race chair - lodging 39,591 0 0 hospitality chair - tent 39,572 0 0 marketing chair - sponsor 25,503 0 0 race chair - crane expens 22,287 0 0 race chair - security 17,538 0 0 race chair - fees 15,812 0 0 race chair - pit crew sta 15,283 0 0 treasurer - commissions 8,400 0 0 treasurer - electrical/au 8,224 0 0 race chair - fuel expense 4,784 0 0 treasurer - regatta off & 4,396 0 0 race chair - pit expense 3,975 0 0 insurance- property 3,820 0 0 treasurer - event staff e 3,098 0 0 treasurer - golf carts 2,985 0 0 race chair - course expen 2,805 0 0 ice expenses 2,584 0 0 treasurer - wrist band ex 2,556 0 0 festival chair - event ex 2,445 0 0 treasurer - flood insuran 2,291 0 0 race chair - safety & res 2,230 0 0 treasurer - radio expense 2,100 0 0 treasurer - board expense 1,811 0 0 sponsorship expense 1,540 0 0 treasurer - bank charges 1,297 0 0 race chair - trophies 1,208 0 0 treasurer - office expens 1,170 0 0 treasurer expense - posta 338 0 0 treasurer - membership du 260 0 0 race chair - k & k insura 217 0 0 treasurer - permit fees 60 0 0 total 240,180 0 0”

Form 990, Part XI, Line 9

“Book / tax depreciation difference -1,679”

Raw XML Appendix353 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/TitleTxt3PRESIDENT
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IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0NO REVIEW WAS OR WILL BE CONDUCTED.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1DOCUMENTS PROVIDED UPON REQUEST
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2RACE CHAIR - LODGING 39,591 0 0 HOSPITALITY CHAIR - TENT 39,572 0 0 MARKETING CHAIR - SPONSOR 25,503 0 0 RACE CHAIR - CRANE EXPENS 22,287 0 0 RACE CHAIR - SECURITY 17,538 0 0 RACE CHAIR - FEES 15,812 0 0 RACE CHAIR - PIT CREW STA 15,283 0 0 TREASURER - COMMISSIONS 8,400 0 0 TREASURER - ELECTRICAL/AU 8,224 0 0 RACE CHAIR - FUEL EXPENSE 4,784 0 0 TREASURER - REGATTA OFF & 4,396 0 0 RACE CHAIR - PIT EXPENSE 3,975 0 0 INSURANCE- PROPERTY 3,820 0 0 TREASURER - EVENT STAFF E 3,098 0 0 TREASURER - GOLF CARTS 2,985 0 0 RACE CHAIR - COURSE EXPEN 2,805 0 0 ICE EXPENSES 2,584 0 0 TREASURER - WRIST BAND EX 2,556 0 0 FESTIVAL CHAIR - EVENT EX 2,445 0 0 TREASURER - FLOOD INSURAN 2,291 0 0 RACE CHAIR - SAFETY & RES 2,230 0 0 TREASURER - RADIO EXPENSE 2,100 0 0 TREASURER - BOARD EXPENSE 1,811 0 0 SPONSORSHIP EXPENSE 1,540 0 0 TREASURER - BANK CHARGES 1,297 0 0 RACE CHAIR - TROPHIES 1,208 0 0 TREASURER - OFFICE EXPENS 1,170 0 0 TREASURER EXPENSE - POSTA 338 0 0 TREASURER - MEMBERSHIP DU 260 0 0 RACE CHAIR - K & K INSURA 217 0 0 TREASURER - PERMIT FEES 60 0 0 TOTAL 240,180 0 0
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3BOOK / TAX DEPRECIATION DIFFERENCE -1,679
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0FORM 990, PAGE 6, PART VI, LINE 11B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1FORM 990, PAGE 6, PART VI, LINE 19
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2FORM 990, PART IX, LINE 24E
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3FORM 990, PART XI, LINE 9
IRS990/SchoolOperatingInd0false
IRS990/SignificantChangeInd0false
IRS990/SignificantNewProgramSrvcInd0false
IRS990/StatesWhereCopyOfReturnIsFldCd0IN
IRS990/SubjectToExcsTaxNetInvstIncInd0false
IRS990/SubjectToProxyTaxInd0false
IRS990/SubjToTaxRmnrtnExPrchtPymtInd0false
IRS990/TaxablePartyNotificationInd0false
IRS990/TaxExemptBondsInd0false
IRS990/TerminateOperationsInd0false
IRS990/TotalAssetsBOYAmt0261771
IRS990/TotalAssetsEOYAmt0195855
IRS990/TotalAssetsGrp/BOYAmt0261771
IRS990/TotalAssetsGrp/EOYAmt0195855
IRS990/TotalCompGreaterThan150KInd0false
IRS990/TotalEmployeeCnt00
IRS990/TotalFunctionalExpensesGrp/FundraisingAmt02817
IRS990/TotalFunctionalExpensesGrp/ManagementAndGeneralAmt00
IRS990/TotalFunctionalExpensesGrp/ProgramServicesAmt0655102
IRS990/TotalFunctionalExpensesGrp/TotalAmt0657919
IRS990/TotalGrossUBIAmt00
IRS990/TotalLiabilitiesBOYAmt051829
IRS990/TotalLiabilitiesEOYAmt00
IRS990/TotalLiabilitiesGrp/BOYAmt051829
IRS990/TotalLiabilitiesGrp/EOYAmt00
IRS990/TotalNetAssetsFundBalanceGrp/BOYAmt0209942
IRS990/TotalNetAssetsFundBalanceGrp/EOYAmt0195855
IRS990/TotalProgramServiceExpensesAmt0655102
IRS990/TotalProgramServiceRevenueAmt0645511
IRS990/TotalRevenueGrp/RelatedOrExemptFuncIncomeAmt0645511
IRS990/TotalRevenueGrp/TotalRevenueColumnAmt0645511
IRS990/TotLiabNetAssetsFundBalanceGrp/BOYAmt0261771
IRS990/TotLiabNetAssetsFundBalanceGrp/EOYAmt0195855
IRS990/TypeOfOrganizationCorpInd0X
IRS990/UnrelatedBusIncmOverLimitInd0false
IRS990/UnsecuredNotesLoansPayableGrp/BOYAmt051829
IRS990/UponRequestInd0X
IRS990/USAddress/AddressLine1Txt0PO BOX 341
IRS990/USAddress/CityNm0MADISON
IRS990/USAddress/StateAbbreviationCd0IN
IRS990/USAddress/ZIPCd047250
IRS990/VotingMembersGoverningBodyCnt017
IRS990/VotingMembersIndependentCnt017
IRS990/WebsiteAddressTxt0WWW.MADISONREGATTA.COM
IRS990/WhistleblowerPolicyInd0false
ReturnHeader/BuildTS02023-04-26 12:10:37Z
ReturnHeader/BusinessOfficerGrp/DiscussWithPaidPreparerInd0true
ReturnHeader/BusinessOfficerGrp/PersonNm0JAK MCCORMICK
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0PRESIDENT
ReturnHeader/BusinessOfficerGrp/SignatureDt02023-06-26
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/IRSResponsiblePrtyInfoCurrInd0true
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/PreparationDt02024-07-03
ReturnHeader/PreparerPersonGrp/PreparerPersonNm0TRACY L WYNE CPA
ReturnHeader/ReturnTs02024-07-03T10:41:19-04:00
ReturnHeader/ReturnTypeCd0990
ReturnHeader/SigningOfficerGrp/PersonFullName/PersonFirstNm0JAK
ReturnHeader/SigningOfficerGrp/PersonFullName/PersonLastNm0MCCORMICK
ReturnHeader/TaxPeriodBeginDt02022-09-01
ReturnHeader/TaxPeriodEndDt02023-08-31
ReturnHeader/TaxYr02022

Document Assets

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Filings

Displayed year

2023 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$195,855
Liabilities
$0
Net assets
$195,855
Revenue
$645,511
Expenses
$657,919
Net income
-$12,408
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
Peer Organizations

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