Southern Ocean Racing Conference Inc

Nonprofit profile at a glance

EIN
200926221
IRS 990-EZ coverage
2015–2024
Forms available
Form 990-EZ 2024
Location
Bunnell, FL, USA
Phone
3057854777
Rating
76
Verdict
SUPPORTED
Rating confidence
Moderate

Reported finances

Revenue
$30,125
Expenses
$33,038
Assets
$31,672

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

Leadership & pay

16 people listed

People named in this filing

  • CAROL EWING (CHAIRMAN)
  • BOB MEAGHER III (VICE CHAIRMAN)
  • CHRIS WOOLSEY (LEGAL OFFICER)

Selected names, not a complete roster or a statement of current roles. Open leadership details for the complete filed list.

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

Overview

Mission

Foster amateur sports competition

What it reported doing in 2024

Management of five offshore sailboat races (key west race, nassau race, wirth munroe race, eleuthera raceand sailors choice race)

Operating model

Revenue model
Earned-program. 100% 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

SUPPORTED - A large share of available resources goes toward mission work and the filed numbers largely add up. Program spending has declined or grown slowly and revenue has declined or grown slowly.

Rating breakdown

  • Financial Efficiency: 82
  • Transparency & Controls: 82
  • Sustainability: 34
  • Growth: 0

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 84.5%; rating input score 85
  • Program expense ratio: 77.1%; rating input score 77

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 52nd percentile among comparable filings
  • Major donor itemization: Limited

Sustainability

  • Operating margin: -9.7%; rating input score 31; 31st percentile among comparable filings
  • Total-asset coverage ratio: 0.96; rating input score 45; 45th percentile among comparable filings
  • Liabilities to assets ratio: Limited
  • Officer compensation ratio: 0%; rating input score 56; 56th percentile among comparable filings

Growth

  • Program expense growth: -7.9% per year; rating input score 0; 30th percentile among comparable filings
  • Revenue growth: -4.9% per year; rating input score 0; 35th percentile among comparable filings
  • Asset growth: -1.1% per year; rating input score 0; 34th percentile among comparable filings

Details

  • Where the money goes: 84.5% of revenue deployed · 77.1% of spending went to programs
  • Governance: Filed governance answers
  • Accomplishments: 1 filed program accomplishment · $25K in reported program spending
  • Leadership: top reported pay $0 · 16 people listed
  • Consistency: 6 of 6 current checks pass
  • Schedules: 1 filed schedules
  • Filing history: 9 filing years from 2015 to 2024
  • Contacts: How to reach this organization
  • 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 — Growth: Program expense growth scored 0/100.
  • High — Growth: Revenue growth scored 0/100.
  • Moderate — Sustainability: Operating margin scored 31/100.
  • High — Growth: Asset growth scored 0/100.
  • Moderate — Sustainability: Total-asset coverage ratio scored 45/100.
  • Review — Sustainability: Officer compensation ratio scored 56/100.