Tbc-racing Inc

Nonprofit profile at a glance

EIN
372028644
IRS 990 coverage
2022–2024
Forms available
Form 990 2024
Location
Bethesda, MD, USA
Phone
7035977690
Rating
75
Verdict
SUPPORTED
Rating confidence
Moderate
Sector
Amateur Sports

Official website

Reported finances

Revenue
$1,426,855
Expenses
$1,405,436
Assets
$341,965
Liabilities
$151,813

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

Leadership & pay

5 people listed

Highest reported compensation

  • CHARLES M RUSSELL (CHAIRMAN): $92,500 total reported compensation
  • CATHERINE RUSSELL (BOARD MEMBER): $37,500 total reported compensation

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

Overview

Mission

Tbc-racing is a volunteer directed, nonprofit, educational organization offering rowing instruction to people of all ages, income and levels of physical ability. It shall support and provide access to amateur rowing programs in the metropolitan Washington, dc area.

What it reported doing in 2024

Rowing programs to deliver educational instructional programs in the sport of rowing to youth and young adults in the Washington, dc metro area.

Operating model

Revenue model
Earned-program. 96% 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. A relatively small share of voting board members are independent and some filing-based governance responses are negative or unanswered.

Rating breakdown

  • Financial Efficiency: 88
  • Transparency & Controls: 90
  • Accountability: 32
  • Sustainability: 29
  • Growth: 100

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 98.5%; rating input score 98
  • Program expense ratio: 100%; rating input score 100
  • 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: 20%; rating input score 20; 9th percentile among comparable filings
  • Governance controls: 4 of 9 controls in place; rating input score 50
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Pass
    • Document-retention policy: Fail
    • CEO compensation review process: Limited
    • Other executive compensation review process: Fail
    • Form 990 shared with the board: Pass
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Missing
    • Independent financial-statement audit: Fail

Sustainability

  • Operating margin: 1.5%; rating input score 41; 41st percentile among comparable filings
  • Total-asset coverage ratio: 0.24; rating input score 11; 11th percentile among comparable filings
  • Liabilities to assets ratio: 0.44; rating input score 18; 18th percentile among comparable filings
  • Officer compensation ratio: 9.2%; rating input score 39; 39th percentile among comparable filings

Growth

  • Program expense growth: 19.4% per year; rating input score 100; 82nd percentile among comparable filings
  • Revenue growth: 13.4% per year; rating input score 100; 75th percentile among comparable filings
  • Asset growth: 21.3% per year; rating input score 100; 83rd percentile among comparable filings

Details

  • Where the money goes: 98.5% of revenue deployed · 100% of spending went to programs
  • Governance: 1 of 5 board members independent · 4 of 9 filing controls reported
  • Programs: 1 filed program accomplishment · $1.4M in reported program spending
  • Leadership: top reported pay $92K · 5 people listed
  • Consistency: 24 of 24 current checks pass
  • Schedules: 4 filed schedules
  • Filing history: 3 filing years from 2022 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: Independent voting board scored 20/100.
  • Review — Accountability: Governance controls: 3 of 7 not reported.
  • Moderate — Sustainability: Operating margin scored 41/100.
  • High — Sustainability: Total-asset coverage ratio scored 11/100.
  • High — Sustainability: Liabilities to assets ratio scored 18/100.
  • Moderate — Sustainability: Officer compensation ratio scored 39/100.