Civic Intelligence

Veterans Rowing & Kayaking Inc.

990 • Fiscal year 2020 • EIN 80-0953424

Jan 01, 2020 to Dec 31, 2020 • Filed on Apr 28, 2021

Organization Profilewww.veteransrowing.com
8437 Tuttle Ave No 331Sarasota, FL 34243

(203) 445-3841

Siviq Scores

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

Liabilities / Assets

71st percentile

0.23x

Higher debt load relative to assets than 71% of similar nonprofits.

2020 filings • 501(c)3 • $500k-$1M nonprofits • Source year 2020

Liabilities / Revenue

76th percentile

0.28x

Higher debt load relative to revenue than 76% of similar nonprofits.

2020 filings • 501(c)3 • $500k-$1M nonprofits • Source year 2020

Net Margin

97th percentile

83%

Higher net margin than 97% of similar nonprofits.

2020 filings • 501(c)3 • $500k-$1M nonprofits • Source year 2020

Top Officer Pay

51st percentile

$0

Higher top officer pay than 51% of similar nonprofits.

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

2020 filings • 501(c)3 • $500k-$1M nonprofits • Source year 2020

Asset Growth

95th percentile

197%

Faster asset growth than 95% of similar nonprofits.

2020 filings • 501(c)3 • $500k-$1M nonprofits • Annualized from 2018 to 2020

Revenue Growth

90th percentile

74%

Faster revenue growth than 90% of similar nonprofits.

2020 filings • 501(c)3 • $500k-$1M nonprofits • Annualized from 2018 to 2020

Balance Sheet
Liabilities / Assets71st percentile

Assets

Up

$703,486

Up $623,552 (+780%) from 2018

Net Assets

Up

$540,403

Up $535,093 (+10077%) from 2018

Liabilities

Up

$163,083

Up $88,459 (+119%) from 2018

Revenue And Expenses
Liabilities / Revenue76th percentileNet Margin97th percentile

Revenue

Up

$578,592

Up $386,604 (+201%) from 2018

Expenses

Down

$98,220

Down $132,741 (-57%) from 2018

Net Income

Up

$480,372

Up $519,345 (+1333%) from 2018

Historical Trend

Balance Sheet Trend

Asset Growth95th percentile

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

$800K$600K$400K$200K$0Assets 2014: $12,025Liabilities 2014: $02014Assets 2015: $81,153Liabilities 2015: $2,150Net Assets 2015: $79,0032015Assets 2016: $108,466Liabilities 2016: $9,883Net Assets 2016: $98,5832016Assets 2017: $107,638Liabilities 2017: $63,355Net Assets 2017: $44,2832017Assets 2018: $79,934Liabilities 2018: $74,624Net Assets 2018: $5,3102018Assets 2020: $703,486Liabilities 2020: $163,083Net Assets 2020: $540,4032020Assets 2021: $676,117Liabilities 2021: $149,920Net Assets 2021: $526,1972021Assets 2022: $693,981Liabilities 2022: $147,960Net Assets 2022: $546,0212022Assets 2023: $601,184Liabilities 2023: $98,702Net Assets 2023: $502,4822023

Highlighted filing

2020

Assets$703,486
Liabilities$163,083
Net Assets$540,403
Open 2020 Filing

Operations Trend

Revenue Growth90th percentile

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

$600K$400K$200K$0-$200KRevenue 2014: $54,031Expenses 2014: $42,036Net Income 2014: $11,9952014Revenue 2015: $106,237Expenses 2015: $45,915Net Income 2015: $60,3222015Revenue 2016: $79,563Expenses 2016: $152,518Net Income 2016: -$72,9552016Revenue 2017: $47,868Expenses 2017: $158,353Net Income 2017: -$110,4852017Revenue 2018: $191,988Expenses 2018: $230,961Net Income 2018: -$38,9732018Revenue 2020: $578,592Expenses 2020: $98,220Net Income 2020: $480,3722020Revenue 2021: $55,019Expenses 2021: $69,225Net Income 2021: -$14,2062021Revenue 2022: $75,363Expenses 2022: $63,796Net Income 2022: $11,5672022Revenue 2023: $25,525Expenses 2023: $69,064Net Income 2023: -$43,5392023

Highlighted filing

2020

Revenue$578,592
Expenses$98,220
Net Income$480,372
Open 2020 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2020 to Dec 31, 2020
Signed
Apr 28, 2021
Return Version
2020v4.1
Gross Receipts
$824,206
Mission and Program Overview

Mission

Created the "military rowing program' for all active duty, reservist, rotc and honorably discharged veterans.

To provide recreational and competitive rowing opportunities and instruction to military veterans in the surrounding communities and to promote recreational river use and environmental education

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$95,559$461,291▲ $365,732
Savings and Temporary Cash Investments-$230,326-
Cash and Non-Interest-Bearing Accounts$-589$11,869▲ $12,458
Prepaid Expenses and Deferred Charges$1,787$0▼ $1,787
Total Assets$96,757$703,486▲ $606,729
Liabilities
Mortgage Notes Payable Secured by Investment Property-$138,805-
Other Liabilities$52,077$20,799▼ $31,278
Accounts Payable and Accrued Expenses$3,479$3,479→ $0
Total Liabilities$55,556$163,083▲ $107,527
Net Assets / Fund Balance
Net Assets With Donor Restrictions-$405,700-
Net Assets Without Donor Restrictions$41,201$134,703▲ $93,502
Total Net Assets Fund Balance$41,201$540,403▲ $499,202
Total Liabilities and Net Assets / Fund Balance$96,757$703,486▲ $606,729

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$238,778$4,422$243,200
Equipment$60,013$148,942$208,955
Land$162,500-$162,500
Compensation and Service Providers
Top Officer Pay51st percentile

Board Members and Trustees

NameTitle
Allan Jay Kellogg JrChairman Emeritus
Richard RiveraVice President
John Roger WatermanDirector
Paul Stephen VarszegiExecutive Director
Gregory PeterkinSecretary
Helen CrouchTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$465,475
Program Service Revenue
$14,791
Investment Income
$98,326
Other Revenue
$0
All Other Contributions
$465,475
Change in Net Assets
$480,372

Noncash Contribution Practices

Property subject to holding requirements
No
Reviewed unusual noncash gifts
Yes
Third parties used for noncash contributions
No

Noncash Contributions

Contribution TypeContribution CountReported AmountValuation Method
Real Estate Residential1$405,700Comparable Sales
Total Noncash Contributions1$405,700-
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$98,220
Total Fundraising Expense$7,452
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Salaries, Compensation, and Employee Benefits$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Depreciation Depletion-$44,017-$44,017
All Other Expenses$210$11,764-$11,974
Conferences and Meetings-$743$5,392$6,135
Other Expenses$683$4,583-$5,266
Fees for Services Other$2,813$70-$2,883
Fees for Services Legal-$750$2,060$2,810
Advertising-$1,564-$1,564
Occupancy-$172-$172
Total Functional Expenses$14,298$76,470$7,452$98,220
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
Lobbying activity
No
Subject to proxy tax
No
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Loan From Executive Director$20,799
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
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, Part VI, Section B, line 11B

“The Form 990 is provided to the board of directors for their review and comment prior to filing”

Form 990, Part VI, Section C, line 19

“All governing documents are available at the organization's office upon request. Some documents are available on its website as well.”

Filing and Contact Details

Filer

Filer Name
Veterans Rowing & Kayaking Inc
EIN
80-0953424
Phone
2034453841
Address
8437 Tuttle Ave No 331, Sarasota, FL 34243

Signing Officer

Name
Paul Stephen Varszegi
Title
President
Phone
2034453841
Signed
2021-04-28
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Paul Stephen Varszegi
Formed
2013
Legal Domicile
Ct
Voting Board Members
19
Independent Board Members
19
Employees
0
Volunteers
0

Preparer

Firm
Nathan Accounting Group LLC
Address
200 Fisher Drive, Avon, CT 06001
Preparer
Daniel R Kaufman CPA
Phone
8606775001
Supplemental Narrative

Additional Explanations

Form 990, Part IX, line 24E

“Telephone: Program service expenses 0. Management and general expenses 4,022. Fundraising expenses 0. Total expenses 4,022. Meals & Entertainment: Program service expenses 0. Management and general expenses 3,316. Fundraising expenses 0. Total expenses 3,316. Business Registrations and Permits: Program service expenses 0. Management and general expenses 1,736. Fundraising expenses 0. Total expenses 1,736. Website: Program service expenses 0. Management and general expenses 872. Fundraising expenses 0. Total expenses 872. Donations: Program service expenses 0. Management and general expenses 610. Fundraising expenses 0. Total expenses 610. BANK SERVICE CHARGES: Program service expenses 0. Management and general expenses 554. Fundraising expenses 0. Total expenses 554. Postage: Program service expenses 0. Management and general expenses 398. Fundraising expenses 0. Total expenses 398. Miscellaneous: Program service expenses 0. Management and general expenses 256. Fundraising expenses 0. Total expenses 256. MEDICAL: Program service expenses 210. Management and general expenses 0. Fundraising expenses 0. Total expenses 210.”

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IRS990ScheduleA/TotalSupportCalendarYearGrp/CurrentTaxYearMinus3YearsAmt032337
IRS990ScheduleA/TotalSupportCalendarYearGrp/CurrentTaxYearMinus4YearsAmt056597
IRS990ScheduleA/TotalSupportCalendarYearGrp/TotalAmt01079566
IRS990ScheduleB/ContributorInformationGrp/ContributorBusinessName/BusinessNameLine10RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorNum0RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/AddressLine10RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/AddressLine20RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/City0RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/State0RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/ZIPCode0RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/TotalContributionsAmt0RESTRICTED
IRS990/ScheduleBRequiredInd01
IRS990ScheduleD/BuildingsGrp/BookValueAmt0238778
IRS990ScheduleD/BuildingsGrp/DepreciationAmt04422
IRS990ScheduleD/BuildingsGrp/OtherCostOrOtherBasisAmt0243200
IRS990ScheduleD/EquipmentGrp/BookValueAmt060013
IRS990ScheduleD/EquipmentGrp/DepreciationAmt0148942
IRS990ScheduleD/EquipmentGrp/OtherCostOrOtherBasisAmt0208955
IRS990ScheduleD/LandGrp/BookValueAmt0162500
IRS990ScheduleD/LandGrp/OtherCostOrOtherBasisAmt0162500
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt020799
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc0LOAN FROM EXECUTIVE DIRECTOR
IRS990ScheduleD/TotalBookValueLandBuildingsAmt0461291
IRS990ScheduleD/TotalLiabilityAmt020799
IRS990/ScheduleJRequiredInd00
IRS990ScheduleM/AnyPropertyThatMustBeHeldInd00
IRS990ScheduleM/RealEstateResidentialGrp/ContributionCnt01
IRS990ScheduleM/RealEstateResidentialGrp/MethodOfDeterminingRevenuesTxt0Comparable Sales
IRS990ScheduleM/RealEstateResidentialGrp/NonCashCheckboxInd0X
IRS990ScheduleM/RealEstateResidentialGrp/NoncashContributionsRptF990Amt0405700
IRS990ScheduleM/ReviewProcessUnusualNCGiftsInd01
IRS990ScheduleM/SupplementalInformationDetail/ExplanationTxt0The entity created the Irene Makatura Varszegi Memorial Endowment with the donation of a house and associated land owned by the executive director.
IRS990ScheduleM/SupplementalInformationDetail/FormAndLineReferenceDesc0990 Schedule M
IRS990ScheduleM/ThirdPartiesUsedInd00
IRS990/ScheduleORequiredInd01
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0The Form 990 is provided to the board of directors for their review and comment prior to filing
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1All governing documents are available at the organization's office upon request. Some documents are available on its website as well.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2Telephone: Program service expenses 0. Management and general expenses 4,022. Fundraising expenses 0. Total expenses 4,022. Meals & Entertainment: Program service expenses 0. Management and general expenses 3,316. Fundraising expenses 0. Total expenses 3,316. Business Registrations and Permits: Program service expenses 0. Management and general expenses 1,736. Fundraising expenses 0. Total expenses 1,736. Website: Program service expenses 0. Management and general expenses 872. Fundraising expenses 0. Total expenses 872. Donations: Program service expenses 0. Management and general expenses 610. Fundraising expenses 0. Total expenses 610. BANK SERVICE CHARGES: Program service expenses 0. Management and general expenses 554. Fundraising expenses 0. Total expenses 554. Postage: Program service expenses 0. Management and general expenses 398. Fundraising expenses 0. Total expenses 398. Miscellaneous: Program service expenses 0. Management and general expenses 256. Fundraising expenses 0. Total expenses 256. MEDICAL: Program service expenses 210. Management and general expenses 0. Fundraising expenses 0. Total expenses 210.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0Form 990, Part VI, Section B, line 11b
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1Form 990, Part VI, Section C, line 19
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2Form 990, Part IX, line 24e
IRS990/SchoolOperatingInd00
IRS990/SignificantChangeInd00
IRS990/SignificantNewProgramSrvcInd00
IRS990/StatesWhereCopyOfReturnIsFldCd0CT
IRS990/StatesWhereCopyOfReturnIsFldCd1FL
IRS990/SubjectToExcsTaxNetInvstIncInd00
IRS990/SubjectToProxyTaxInd00
IRS990/SubjToTaxRmnrtnExPrchtPymtInd00
IRS990/TaxablePartyNotificationInd00
IRS990/TaxExemptBondsInd00
IRS990/TerminateOperationsInd00
IRS990/TotalAssetsBOYAmt096757
IRS990/TotalAssetsEOYAmt0703486
IRS990/TotalAssetsGrp/BOYAmt096757
IRS990/TotalAssetsGrp/EOYAmt0703486
IRS990/TotalCompGreaterThan150KInd00
IRS990/TotalContributionsAmt0465475
IRS990/TotalEmployeeCnt00
IRS990/TotalFunctionalExpensesGrp/FundraisingAmt07452
IRS990/TotalFunctionalExpensesGrp/ManagementAndGeneralAmt076470
IRS990/TotalFunctionalExpensesGrp/ProgramServicesAmt014298
IRS990/TotalFunctionalExpensesGrp/TotalAmt098220
IRS990/TotalGrossUBIAmt00
IRS990/TotalLiabilitiesBOYAmt055556
IRS990/TotalLiabilitiesEOYAmt0163083
IRS990/TotalLiabilitiesGrp/BOYAmt055556
IRS990/TotalLiabilitiesGrp/EOYAmt0163083
IRS990/TotalNetAssetsFundBalanceGrp/BOYAmt041201
IRS990/TotalNetAssetsFundBalanceGrp/EOYAmt0540403
IRS990/TotalOtherCompensationAmt00
IRS990/TotalProgramServiceExpensesAmt014298
IRS990/TotalProgramServiceRevenueAmt014791
IRS990/TotalReportableCompFromOrgAmt00
IRS990/TotalRevenueGrp/ExclusionAmt098263
IRS990/TotalRevenueGrp/RelatedOrExemptFuncIncomeAmt014854
IRS990/TotalRevenueGrp/TotalRevenueColumnAmt0578592
IRS990/TotalRevenueGrp/UnrelatedBusinessRevenueAmt00
IRS990/TotalVolunteersCnt00
IRS990/TotLiabNetAssetsFundBalanceGrp/BOYAmt096757
IRS990/TotLiabNetAssetsFundBalanceGrp/EOYAmt0703486
IRS990/TotReportableCompRltdOrgAmt00
IRS990/TrnsfrExmptNonChrtblRltdOrgInd00
IRS990/TypeOfOrganizationCorpInd0X
IRS990/UnrelatedBusIncmOverLimitInd00
IRS990/UponRequestInd0X
IRS990/USAddress/AddressLine1Txt028 Hillston Road No 300
IRS990/USAddress/CityNm0Trumbull
IRS990/USAddress/StateAbbreviationCd0CT
IRS990/USAddress/ZIPCd006611
IRS990/VotingMembersGoverningBodyCnt019
IRS990/VotingMembersIndependentCnt019
IRS990/WebsiteAddressTxt0www.veteransrowing.com
IRS990/WhistleblowerPolicyInd00
ReturnHeader/AdditionalFilerInformation/TrustedCustomerGrp/AuthenticationAssuranceLevelCd0AAL1
ReturnHeader/AdditionalFilerInformation/TrustedCustomerGrp/IdentityAssuranceLevelCd0IAL1
ReturnHeader/AdditionalFilerInformation/TrustedCustomerGrp/TrustedCustomerCd03
ReturnHeader/BuildTS02022-09-23 18:48:47Z
ReturnHeader/BusinessOfficerGrp/DiscussWithPaidPreparerInd01
ReturnHeader/BusinessOfficerGrp/PersonNm0Paul Stephen Varszegi
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0President
ReturnHeader/BusinessOfficerGrp/PhoneNum02034453841
ReturnHeader/BusinessOfficerGrp/SignatureDt02021-04-28
ReturnHeader/Filer/BusinessName/BusinessNameLine1Txt0Veterans Rowing & Kayaking Inc
ReturnHeader/Filer/BusinessNameControlTxt0VETE
ReturnHeader/Filer/EIN0800953424
ReturnHeader/Filer/PhoneNum02034453841
ReturnHeader/Filer/USAddress/AddressLine1Txt08437 Tuttle Ave No 331
ReturnHeader/Filer/USAddress/CityNm0Sarasota
ReturnHeader/Filer/USAddress/StateAbbreviationCd0FL
ReturnHeader/Filer/USAddress/ZIPCd034243
ReturnHeader/PreparerFirmGrp/PreparerFirmEIN0262953282
ReturnHeader/PreparerFirmGrp/PreparerFirmName/BusinessNameLine1Txt0NATHAN ACCOUNTING GROUP LLC
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/AddressLine1Txt0200 Fisher Drive
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/CityNm0Avon
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/StateAbbreviationCd0CT
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/ZIPCd006001
ReturnHeader/PreparerPersonGrp/PhoneNum08606775001
ReturnHeader/PreparerPersonGrp/PreparerPersonNm0Daniel R Kaufman CPA
ReturnHeader/ReturnTs02021-05-05T15:51:08-05:00
ReturnHeader/ReturnTypeCd0990
ReturnHeader/SigningOfficerGrp/PersonFullName/PersonFirstNm0Paul
ReturnHeader/SigningOfficerGrp/PersonFullName/PersonLastNm0Stephen Varszegi
ReturnHeader/TaxPeriodBeginDt02020-01-01
ReturnHeader/TaxPeriodEndDt02020-12-31
ReturnHeader/TaxYr02020

Document Assets

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Filings

Displayed year

2020 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$703,486
Liabilities
$163,083
Net assets
$540,403
Revenue
$578,592
Expenses
$98,220
Net income
$480,372
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2023Detailed filing. Detailed filing data is available for this year.$6.01$0.99$5.02$0.26$0.69$0.44
2022Detailed filing. Detailed filing data is available for this year.$6.94$1.48$5.46$0.75$0.64$0.12
2021Detailed filing. Detailed filing data is available for this year.$6.76$1.50$5.26$0.55$0.69$0.14
2020Detailed filing. Detailed filing data is available for this year.$7.03$1.63$5.40$5.79$0.98$4.80
2018Detailed filing. Detailed filing data is available for this year.$0.80$0.75$0.05$1.92$2.31$0.39
2017Detailed filing. Detailed filing data is available for this year.$1.08$0.63$0.44$0.48$1.58$1.10
2016Detailed filing. Detailed filing data is available for this year.$1.08$0.10$0.99$0.80$1.53$0.73
2015Detailed filing. Detailed filing data is available for this year.$0.81$0.02$0.79$1.06$0.46$0.60
2014Summary only. Only limited summary data is available for this year.$0.12$0.00$0.54$0.42$0.12