Fast Sailing Foundation Inc in Newport, Rhode Island (RI)

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Fast Sailing Foundation Inc
Employer Identification Number (EIN)050616046
Name of OrganizationFast Sailing Foundation Inc
In Care of NameJohn R Gowell Jr
AddressPO BOX 3404, Newport, RI 02840-0991
SubsectionCharitable Organization, Educational Organization
Ruling Date05/2007
DeductibilityContributions are deductible
FoundationOrganization that normally receives no more than one third of its support from gross investment income and unrelated business income and at the same time more than one third of its support from contributions, fees, and gross receipts related to exempt purposes
OrganizationCorporation
Exempt Organization StatusUnconditional Exemption
Tax Period12/2013
Assets$10,000 to $24,999
Income$100,000 to $499,999
Filing Requirement990 (all other) or 990EZ return
Asset Amount$21,635
Amount of Income$113,724
Form 990 Revenue Amount$113,724
National Taxonomy of Exempt Entities (NTEE)Recreation, Sports, Leisure, Athletics: Swimming, Water Recreation


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Amount of income in 2013: $113,724 (it was $134,625 in 2012)
Fast Sailing Foundation Inc: 

 $113,724
Other organizations performing similar types of work: 

 $81,788

Assets in 2013: $21,635 (it was $31,538 in 2012)
This organization: 

 $21,635
Other organizations performing similar types of work: 

 $33,448

Expenses in 2013: $122,303
Fast Sailing Foundation Inc: 

 $122,303
Other organizations performing similar types of work: 

 $75,206

Income to expenses ratio in 2013: 0.9
This organization: 

 0.9
Other organizations performing similar types of work: 

 0.9

Grants share in income in 2013: 3.9%
Fast Sailing Foundation Inc: 

 3.9%
Other organizations performing similar types of work: 

 78.3%

Financial snapshot ($)

Revenue for 2013

Support schedule

Revenue, Expenses, and Changes in Net Assets or Fund Balances
201120122013
Total revenue$149,090$134,625$113,724
Contributions, gifts, grants, and similar amounts received$9,741$5,010$4,434
Program service revenue including government fees and contracts$139,346$129,610$109,290
Membership dues and assessments$0$0$0
Investment income$3$5$0
Gain/Loss from sale of assets other than inventory$0$0$0
Net income/loss from gaming and fundraising events$0$0$0
Gross profit/loss from sales of inventory$0$0$0
Other revenue$0$0$0
Total expenses$167,325$132,389$122,303
Total net assets$27,978$30,214$21,635
Excess/Deficit for the year$-18,235$2,236$-8,579
Net assets or fund balances at beginning of year$46,213$27,978$30,214
Other changes in net assets or fund balances$0$0$0
Net assets or fund balances at end of year$30,214$21,635
Balance Sheets
201120122013
Total assets$32,508$31,538$21,635
Total liabilities$4,530$1,324$0
Net assets or fund balances$27,978$30,214$21,635
Other Information
201120122013
Did the organization engage in any significant activity not previously reported to the IRS?NoNo
Were any significant changes made to the organizing or governing documents?NoNo
Did the organization have unrelated business gross income of $1,000 or more during the year from business activitiesNoNoNo
Has the organization filed a Form 990-T for the year?NoNo
Did the organization undergo a liquidation, dissolution, termination, or significant disposition of net assets during the year?NoNo
Amount of political expenditures, direct or indirect$0$0
Did the organization file Form 1120-POL for this year?NoNo
Did the organization borrow from, or make any loans to, any officer, director, trustee, or key employee or were any such loans made in a prior year and still outstanding at the end of the tax year covered by this return?NoNo
Total amount involved$0$0
Initiation fees and capital contributions$0$0$0
Gross receipts for public use of club facilities$0$0$0
Did the organization engage in any section 4958 excess benefit transaction during the year, or did it engage in an excess benefit transaction in a prior year that has not been reported on any of its prior Forms 990 or 990-EZ?NoNo
At any time during the tax year, was the organization a party to a prohibited tax shelter transaction?NoNo
Reason for Public Charity Status (for 2013)
The organization is not a private foundation because it is:An organization that normally receives: (1) more than 33 1/3 % of its support from contributions, membership fees, and gross receipts from activities related to its exempt functions - subject to certain exceptions, and (2) no more than 33 1/3 % of its support from gross investment income and unrelated business taxable income (less section 511 tax) from businesses acquired by the organization after June 30, 1975
Number of organizations supported0
Sum of amounts of support$0
Support Schedule for Organizations Described in Section 509(a)(2) (for 2009 - 2013)
2009 - 2013 Total
Public support$624,957
Subtotal$624,957
Gifts, grants, contributions, and membership fees received$46,975
Gross receipts from admissions, merchandise sold or services performed, or facilities furnished in any activity that is related to the organization's tax-exempt purpose$577,982
Gross receipts from activities that are not an unrelated trade or business under section 513$0
Tax revenues levied for the organization's benefit and either paid to or expended on its behalf$0
The value of services or facilities furnished by a governmental unit to the organization without charge$0
Less$0
Amounts received from disqualified persons$0
Amounts received from other than disqualified persons that exceed the greater of $5,000 or 1% of the total support$0
Total support$624,957
Public support$624,957
Subtotal$0
Gross income from interest, dividends, payments received on securities loans, rents, royalties and income from similar sources$0
Unrelated business taxable income (less section 511 taxes) from businesses acquired after June 30, 1975$0
Net income from unrelated business activities, whether or not the business is regularly carried on$0
Other income$0
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Organizations performing similar types of work
IdNameAddressStateEstablishedTotal Income
1University Swim ClubPo Box 10442, Knoxville, TN 37939-0442TN2007-02$43,203
2Us Swimming Inc, Usa Swimming1 Olympic Plaza, Colorado Springs, CO 80909CO2006-03$40,777,941
3Sea Scout Base Galveston7509 Broadway St, Galveston, TX 77554-8921TX2012-02$9,959,938
4International Professional Surfing, Triple Crown Of Surfing59-063 Hoalua St Apt A, Haleiwa, HI 96712-8721HI2013-11$2,830,586
5Seva Seahawks Booster ClubPO BOX 1781, Yorktown, VA 23692-1781VA1995-03$2,663,053
6Row New York1027 46th Ave Ste 101, Long Is City, NY 11101-5202NY2002-03$1,874,869
7Katy Aquatic Team For Youth Inc, Katy Aquatics Summer Team5506 First Street Ave, Katy, TX 77493TX2001-08$1,788,163
8New England Science & Sailing Foundation IncPO BOX 733, Stonington, CT 06378-0733CT2004-08$1,387,535
9Saratoga Rowing Association IncPO BOX 750, Saratoga Spgs, NY 12866-0750NY2001-06$1,240,829
10Sammamish Rowing AssociationPO BOX 3309, Redmond, WA 98073-3309WA1995-10$1,074,124
11Sarasota Crew Inc343 Palmetto Ave, Osprey, FL 34229-9381FL2002-08$1,072,630
12Quicksilver SwimmingPO BOX 36205, San Jose, CA 95158-6205CA2013-03$1,058,075
13Weekapaug Yacht Club23 Spray Rock Rd, Westerly, RI 02891-4606RI2009-01$186,042
14Fast Sailing Foundation IncPO BOX 3404, Newport, RI 02840-0991RI2007-05$113,724
15Narragansett Bay Yachting Association IncPO BOX 73, Bristol, RI 02809-0073RI2001-06$57,305
16Blue Parrot Yacht ClubPO BOX 1731, E Greenwich, RI 02818-0662RI2014-06$0
17East Bay Rowing Inc12 Joyce Street, Barrington, RI 02806RI2011-04$0
18Move 2 Swim6 Candleberry Rd, Barrington, RI 02806-2512RI2015-02$0
19Rhode Island Sailing Foundation Inc144 Wapping Road, Portsmouth, RI 02871RI2001-11$0
20Sail Usa Inc No 241219 Nooseneck Hill Road, West Greenwich, RI 02817RI2012-08$0
Number of organizations performing similar types of work
Alaska27
Alabama20
Arkansas10
Arizona45
California413
Colorado64
Connecticut38
District of Columbia6
Delaware9
Florida173
Georgia37
Hawaii57
Iowa23
Idaho15
Illinois66
Indiana74
Kansas16
Kentucky34
Louisiana13
Massachusetts62
Maryland71
Maine14
Michigan92
Minnesota45
Missouri36
Mississippi8
Montana11
North Carolina65
North Dakota3
Nebraska11
New Hampshire23
New Jersey52
New Mexico18
Nevada17
New York143
Ohio77
Oklahoma9
Oregon52
Pennsylvania94
Rhode Island8
South Carolina17
South Dakota13
Tennessee36
Texas216
Utah22
Virginia101
Vermont8
Washington79
Wisconsin78
West Virginia8
Wyoming12
International10
Total2,651

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