Bearings Bike Shop Inc

What it reported doing in 2024

Through four programs, bearings bike works uniquely provides learning experiences and resources to help youth develop in the context of work - all connected to bike building, riding, racing and related life skills. Skills for life is bearings- drop-in after school program where kids are exposed to transferable technical knowledge and skills from the starting point of a childhood icon, the bike. In skills for life, all program activities and skills assessments are based on building and fixing bikes; learning is self-paced, and earning and maintaining a bike provides natural incentives for progress. Soft skills and character strength development are embedded into the experience and supported by caring, trusted adult mentors. In 2023, over 300 students logged over 4,000 hours in skills for life programming, developing skills and building relationships. Students demonstrated skill mastery through mechanical curriculum "level ups" 150 times. Over 80% of students surveyed report having at least one high quality developmental relationship with an adult leader at bearings. Gearing up is a school-partnership program that offers hands-on, student- centered learning experiences and intervention for struggling students. Bearings staff coach the students through the mechanical curriculum, building positive developmental relationships and using authentic experiences to foster soft skills and character strengths while also providing context for classroom content. In 2023, bearings served 52 youth through gearing up; 100% completed the first level of the mechanical curriculum. School leaders regularly report to bearings that students hone skills such as self-governance, perseverance and critical thinking because of bearings' partnership program. Frameworks is bearings' workforce development program for teens and young adults that creates skill-building opportunities through real-life work experience in the context of bearings retail bike shop. Bearings takes a market-based approach to workforce development: the program rewards hard work and skills development, inviting teens to apply for employment at bearings through enrollment in the program. Frameworks currently functions in two formats: an 8-week summer internship experience for high schoolers; and a 12-18-month advanced mechanical and job training program for young adults 18-22 who are disconnected from school and work. To date, 100% of frameworks graduates have enrolled in post-secondary education or secured employment within 6 months of high school completion. As kids grow in their enjoyment of riding the bikes they've earned, bearings invites them to step into cycling and begin to learn more advanced bike handling skills. Our youth mountain biking program includes clinics, camps, and a competitive mountain biking team. Because of its infrastructure, bearings is able to provide a unique competitive sport experience in an urban setting that would otherwise be inaccessible due to the numerous barriers to entry, including the high cost of competitive cycling. Further, the importance of introducing a sport-based program not only allows youth to develop positive, mentoring relationships with coaches and a social support system among their peers, but also impacts current health determinants and long-term health outcomes.

Financial Efficiency

• Mission deployment rate: 48.2%; rating input score 48
• Program expense ratio: 79%; rating input score 79
• Fundraising efficiency: $27.11 raised per $1 spent on fundraising; rating input score 67; 67th percentile among comparable filings

Transparency & Controls

• Consistency checks: 100%; rating input score 100; 63rd percentile among comparable filings
• Pay-setting controls: Limited
• Foreign activity oversight: Limited
• Grant itemization coverage: Limited
• Major donor itemization: Yes; rating input score 100
• Related-party transparency: Limited

Accountability

• Independent voting board: 91.7%; rating input score 92; 22nd percentile among comparable filings
• Governance controls: 8 of 8 controls in place; rating input score 100
  • Conflict-of-interest policy: Pass
  • Whistleblower policy: Pass
  • Document-retention policy: Pass
  • CEO compensation review process: NotApplicable
  • Other executive compensation review process: Pass
  • Form 990 shared with the board: Pass
  • Board meeting minutes documented: Pass
  • Audit committee oversight: Pass
  • Independent financial-statement audit: Pass

Sustainability

• Operating margin: 43.9%; rating input score 90; 90th percentile among comparable filings
• Total-asset coverage ratio: 3.19; rating input score 75; 75th percentile among comparable filings
• Liabilities to assets ratio: 0.05; rating input score 71; 71st percentile among comparable filings
• Officer compensation ratio: 10.7%; rating input score 28; 28th percentile among comparable filings

Growth

• Program expense growth: 15.4% per year; rating input score 100; 78th percentile among comparable filings
• Revenue growth: 9.1% per year; rating input score 100; 65th percentile among comparable filings
• Asset growth: 13.9% per year; rating input score 100; 71st percentile among comparable filings