Civic Intelligence

Veterans Rowing & Kayaking Inc.

990 • Fiscal year 2022 • EIN 80-0953424

Jan 01, 2022 to Dec 31, 2022 • Filed on Nov 14, 2023

Organization Profilewww.veteransrowing.com
8437 Tuttle Ave 331Sarasota, FL 34243

(203) 445-3841

Siviq Scores

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

Liabilities / Assets

76th percentile

0.21x

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

2022 filings • 501(c)3 • $500k-$1M nonprofits • Source year 2022

Liabilities / Revenue

94th percentile

1.96x

Higher debt load relative to revenue than 94% of similar nonprofits.

2022 filings • 501(c)3 • $500k-$1M nonprofits • Source year 2022

Net Margin

65th percentile

15%

Higher net margin than 65% of similar nonprofits.

2022 filings • 501(c)3 • $500k-$1M nonprofits • Source year 2022

Top Officer Pay

53rd percentile

$0

Higher top officer pay than 53% of similar nonprofits.

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

2022 filings • 501(c)3 • $500k-$1M nonprofits • Source year 2022

Asset Growth

52nd percentile

2.6%

Faster asset growth than 52% of similar nonprofits.

2022 filings • 501(c)3 • $500k-$1M nonprofits • Annualized from 2021 to 2022

Revenue Growth

73rd percentile

37%

Faster revenue growth than 73% of similar nonprofits.

2022 filings • 501(c)3 • $500k-$1M nonprofits • Annualized from 2021 to 2022

Balance Sheet
Liabilities / Assets76th percentile

Assets

Up

$693,981

Up $17,864 (+2.6%) from 2021

Net Assets

Up

$546,021

Up $19,824 (+3.8%) from 2021

Liabilities

Down

$147,960

Down $1,960 (-1.3%) from 2021

Revenue And Expenses
Liabilities / Revenue94th percentileNet Margin65th percentile

Revenue

Up

$75,363

Up $20,344 (+37%) from 2021

Expenses

Down

$63,796

Down $5,429 (-7.8%) from 2021

Net Income

Up

$11,567

Up $25,773 (+181%) from 2021

Historical Trend

Balance Sheet Trend

Asset Growth52nd 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

2022

Assets$693,981
Liabilities$147,960
Net Assets$546,021
Open 2022 Filing

Operations Trend

Revenue Growth73rd 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

2022

Revenue$75,363
Expenses$63,796
Net Income$11,567
Open 2022 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2022 to Dec 31, 2022
Signed
Nov 14, 2023
Return Version
2022v5.0
Gross Receipts
$585,324
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
Investments Other Securities-$433,200-
Savings and Temporary Cash Investments$227,540$215,540▼ $12,000
Land, Buildings, and Equipment, Net$440,191$39,231▼ $400,960
Cash and Non-Interest-Bearing Accounts$8,386$6,010▼ $2,376
Total Assets$676,117$693,981▲ $17,864
Liabilities
Mortgage Notes Payable Secured by Investment Property$120,358$118,835▼ $1,523
Other Liabilities$25,054$24,617▼ $437
Accounts Payable and Accrued Expenses$4,508$4,508→ $0
Total Liabilities$149,920$147,960▼ $1,960
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$111,218$546,021▲ $434,803
Net Assets With Donor Restrictions$414,979$0▼ $414,979
Total Net Assets Fund Balance$526,197$546,021▲ $19,824
Total Liabilities and Net Assets / Fund Balance$676,117$693,981▲ $17,864

Asset Categories

AssetBook ValueDepreciationBasis
Other Land Buildings$39,231$170,504$209,735
Other Securities$433,200--
Compensation and Service Providers
Top Officer Pay53rd 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
$28,347
Program Service Revenue
$1,977
Investment Income
$46,145
Other Revenue
$-1,106
All Other Contributions
$28,347
Change in Net Assets
$11,567

Noncash Contribution Practices

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

Major Expense Lines

Line ItemAmount
Other Expenses$63,796
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
Depreciation Depletion$7,154$9,055-$16,209
Travel$10,428--$10,428
Fees for Services Other$5,790--$5,790
Interest-$4,868-$4,868
All Other Expenses$1,328$2,497-$3,825
Other Expenses-$1,770-$1,770
Total Functional Expenses$24,700$39,096$0$63,796
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$24,617
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 331, Sarasota, FL 34243

Signing Officer

Name
Paul Stephen Varszegi
Title
President
Phone
2034453841
Signed
2023-11-14
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
Hertz Herson CPA Llp
Address
200 Fisher Drive, Avon, CT 06001
Preparer
Daniel R Kaufman CPAABV CGMA
Phone
8606775001
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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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IRS990ScheduleD/TotalBookValueSecuritiesAmt0433200
IRS990ScheduleD/TotalLiabilityAmt024617
IRS990/ScheduleJRequiredInd00
IRS990ScheduleM/AnyPropertyThatMustBeHeldInd00
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/FormAndLineReferenceDesc0Form 990, Part VI, Section B, line 11b
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1Form 990, Part VI, Section C, line 19
IRS990/SchoolOperatingInd00
IRS990/SignificantChangeInd00
IRS990/SignificantNewProgramSrvcInd00
IRS990/StatesWhereCopyOfReturnIsFldCd0CT
IRS990/StatesWhereCopyOfReturnIsFldCd1FL
IRS990/SubjectToExcsTaxNetInvstIncInd00
IRS990/SubjectToProxyTaxInd00
IRS990/SubjToTaxRmnrtnExPrchtPymtInd00
IRS990/TaxablePartyNotificationInd00
IRS990/TaxExemptBondsInd00
IRS990/TerminateOperationsInd00
IRS990/TotalAssetsBOYAmt0676117
IRS990/TotalAssetsEOYAmt0693981
IRS990/TotalAssetsGrp/BOYAmt0676117
IRS990/TotalAssetsGrp/EOYAmt0693981
IRS990/TotalCompGreaterThan150KInd00
IRS990/TotalContributionsAmt028347
IRS990/TotalEmployeeCnt00
IRS990/TotalFunctionalExpensesGrp/FundraisingAmt00
IRS990/TotalFunctionalExpensesGrp/ManagementAndGeneralAmt039096
IRS990/TotalFunctionalExpensesGrp/ProgramServicesAmt024700
IRS990/TotalFunctionalExpensesGrp/TotalAmt063796
IRS990/TotalGrossUBIAmt00
IRS990/TotalLiabilitiesBOYAmt0149920
IRS990/TotalLiabilitiesEOYAmt0147960
IRS990/TotalLiabilitiesGrp/BOYAmt0149920
IRS990/TotalLiabilitiesGrp/EOYAmt0147960
IRS990/TotalNetAssetsFundBalanceGrp/BOYAmt0526197
IRS990/TotalNetAssetsFundBalanceGrp/EOYAmt0546021
IRS990/TotalOtherCompensationAmt00
IRS990/TotalProgramServiceExpensesAmt024700
IRS990/TotalProgramServiceRevenueAmt01977
IRS990/TotalReportableCompFromOrgAmt00
IRS990/TotalRevenueGrp/ExclusionAmt00
IRS990/TotalRevenueGrp/RelatedOrExemptFuncIncomeAmt047016
IRS990/TotalRevenueGrp/TotalRevenueColumnAmt075363
IRS990/TotalRevenueGrp/UnrelatedBusinessRevenueAmt00
IRS990/TotalVolunteersCnt00
IRS990/TotLiabNetAssetsFundBalanceGrp/BOYAmt0676117
IRS990/TotLiabNetAssetsFundBalanceGrp/EOYAmt0693981
IRS990/TotReportableCompRltdOrgAmt00
IRS990/TravelGrp/ProgramServicesAmt010428
IRS990/TravelGrp/TotalAmt010428
IRS990/TrnsfrExmptNonChrtblRltdOrgInd00
IRS990/TypeOfOrganizationCorpInd0X
IRS990/UnrelatedBusIncmOverLimitInd00
IRS990/UponRequestInd0X
IRS990/USAddress/AddressLine1Txt08437 Tuttle Ave No 331
IRS990/USAddress/CityNm0Sarasota
IRS990/USAddress/StateAbbreviationCd0FL
IRS990/USAddress/ZIPCd034243
IRS990/VotingMembersGoverningBodyCnt019
IRS990/VotingMembersIndependentCnt019
IRS990/WebsiteAddressTxt0www.veteransrowing.com
IRS990/WhistleblowerPolicyInd00
ReturnHeader/AdditionalFilerInformation/TrustedCustomerGrp/AuthenticationAssuranceLevelCd0AAL1
ReturnHeader/AdditionalFilerInformation/TrustedCustomerGrp/IdentityAssuranceLevelCd0IAL1
ReturnHeader/AdditionalFilerInformation/TrustedCustomerGrp/TrustedCustomerCd03
ReturnHeader/BuildTS02023-04-26 12:10:37Z
ReturnHeader/BusinessOfficerGrp/DiscussWithPaidPreparerInd01
ReturnHeader/BusinessOfficerGrp/PersonNm0Paul Stephen Varszegi
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0President
ReturnHeader/BusinessOfficerGrp/PhoneNum02034453841
ReturnHeader/BusinessOfficerGrp/SignatureDt02023-11-14
ReturnHeader/Filer/BusinessName/BusinessNameLine1Txt0Veterans Rowing & Kayaking Inc
ReturnHeader/Filer/BusinessNameControlTxt0VETE
ReturnHeader/Filer/EIN0800953424
ReturnHeader/Filer/PhoneNum02034453841
ReturnHeader/Filer/USAddress/AddressLine1Txt08437 Tuttle Ave 331
ReturnHeader/Filer/USAddress/CityNm0Sarasota
ReturnHeader/Filer/USAddress/StateAbbreviationCd0FL
ReturnHeader/Filer/USAddress/ZIPCd034243
ReturnHeader/IRSResponsiblePrtyInfoCurrInd01
ReturnHeader/PreparerFirmGrp/PreparerFirmEIN0812276003
ReturnHeader/PreparerFirmGrp/PreparerFirmName/BusinessNameLine1Txt0HERTZ HERSON CPA LLP
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 CPAABV CGMA
ReturnHeader/ReturnTs02023-11-15T15:16:39-06:00
ReturnHeader/ReturnTypeCd0990
ReturnHeader/SigningOfficerGrp/PersonFullName/PersonFirstNm0Paul
ReturnHeader/SigningOfficerGrp/PersonFullName/PersonLastNm0Stephen Varszegi
ReturnHeader/TaxPeriodBeginDt02022-01-01
ReturnHeader/TaxPeriodEndDt02022-12-31
ReturnHeader/TaxYr02022

Document Assets

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Filings

Displayed year

2022 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$693,981
Liabilities
$147,960
Net assets
$546,021
Revenue
$75,363
Expenses
$63,796
Net income
$11,567
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