Hanover Aquatics Inc

Nonprofit profile at a glance

EIN
541763158
IRS 990 coverage
2011–2024
Forms available
Form 990 2024
Location
Mechanicsville, VA, USA
Phone
8047304076
Rating
82
Verdict
STRONG
Rating confidence
Moderate
Sector
Swimming & Other Water Recreation

Reported finances

Revenue
$591,304
Expenses
$628,497
Assets
$71,244
Liabilities
$34,000

Source: IRS Form 990. Selected filing: tax year 2024. Amounts in USD.

Leadership & pay

10 people listed

Executive titles in this filing

  • CHRIS MINTON (PRESIDENT)

Highest reported compensation

  • JOE STEPHENS (COACH): $47,667 total reported compensation
  • NICHOLE DEAL (DIRECTOR - O): $22,813 total reported compensation

Source: IRS Form 990. Selected filing: tax year 2024. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

Mission: - to provide excellence in training through professional coaching where all swimmers have the opportunity to achieve their potential and compete at their highest level. - to develop dynamic team spirit where all swimmers, coaches and families encourage and support each other's goals. - to provide a program that believes in the power of teaching valuable life lessons through swimming that translates in to high character that promotes successes in and out of the water. - to provide safety, support and strength through the sport of swimming. Vision: through the sport of competitive swimming instill dedication, determination and desire for a lifelong love of swimming and to build a program of excellence in training, dynamic team spirit, and high character development with family support with a safe environment.

What it reported doing in 2024

To provide an environment for the sport of competitive swimming instill dedication, determination and desire for a lifelong love of swimming and to build a program of excellence in training, dynamic team spirit, and high character development with family support with a safe environment.

Operating model

Revenue model
Earned-program. 89% of the money available for current operations came from fees and other program revenue.
Distribution model
Direct operator. The filing allocates 100% of reported program-service expenses outside its grant, affiliate-payment, and member-benefit lines. This expense classification does not rule out separately announced grant awards.

The verdict

STRONG - A large share of available resources goes toward mission work and the filed numbers largely add up. Some filing-based governance responses are negative or unanswered and expenses are high relative to revenue.

Rating breakdown

  • Financial Efficiency: 88
  • Transparency & Controls: 90
  • Accountability: 70
  • Sustainability: 18
  • Growth: 100

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 100%; rating input score 100
  • Program expense ratio: 97.4%; rating input score 97
  • Fundraising efficiency: Limited

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: Limited
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 100%; rating input score 100; 63rd percentile among comparable filings
  • Governance controls: 2 of 7 controls in place; rating input score 29
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Fail
    • Document-retention policy: Fail
    • CEO compensation review process: NotApplicable
    • Other executive compensation review process: NotApplicable
    • Form 990 shared with the board: Fail
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Missing
    • Independent financial-statement audit: Fail

Sustainability

  • Operating margin: -6.3%; rating input score 22; 22nd percentile among comparable filings
  • Total-asset coverage ratio: 0.11; rating input score 5; 5th percentile among comparable filings
  • Liabilities to assets ratio: 0.48; rating input score 16; 16th percentile among comparable filings
  • Officer compensation ratio: 11.2%; rating input score 33; 33rd percentile among comparable filings

Growth

  • Program expense growth: 4.4% per year; rating input score 100; 39th percentile among comparable filings
  • Revenue growth: 2.7% per year; rating input score 100; 29th percentile among comparable filings
  • Asset growth: 5.2% per year; rating input score 100; 40th percentile among comparable filings

Details

  • Where the money goes: 100% of revenue deployed · 97.4% of spending went to programs
  • Governance: 9 of 9 board members independent · 2 of 7 filing controls reported
  • Programs: 1 filed program accomplishment · $612K in reported program spending
  • Leadership: top reported pay $48K · 10 people listed
  • Consistency: 23 of 23 current checks pass
  • Schedules: 4 filed schedules
  • Filing history: 11 filing years from 2011 to 2024
  • Contacts: How to reach this organization
  • Money network: 2 filed money-flow records
  • Grant readiness: Federal tax and exclusion status, award history, and grant-maker relationships.
  • People: Everyone the filings name, and which of them the filings identify by more than a name.

Key Signals

Signals prioritize questions for review. They are not findings of misconduct.

  • High — Accountability: Governance controls: 4 of 6 not reported.
  • High — Sustainability: Operating margin scored 22/100.
  • High — Sustainability: Total-asset coverage ratio scored 5/100.
  • High — Sustainability: Liabilities to assets ratio scored 16/100.
  • Moderate — Sustainability: Officer compensation ratio scored 33/100.