V3 Foundation

Nonprofit profile at a glance

EIN
932899435
IRS 990 coverage
2023–2024
Forms available
Form 990 2024
Location
Minneapolis, MN, USA
Phone
6124943800
Rating
54
Verdict
MIXED
Rating confidence
Moderate
Sector
Single Organization Support

Reported finances

Revenue
$6,674,990
Expenses
$221,837
Assets
$25,267,458
Liabilities
$5,855,629

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

Leadership & pay

5 people listed

Executive titles in this filing

  • KYLE WALTON (PRESIDENT/ EXECUTIVE DIRECTOR)

Highest reported compensation

  • MALIK RUCKER (SECRETARY): $156,392 total reported compensation
  • JACQUIE STREBE (TREASURER): $119,284 total reported compensation

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

Overview

Mission

V3 foundation serves as a supporting organization for the benefit of v3 sports, inc.

What it reported doing in 2024

The v3 foundation helped v3 sports generate construction funding through the new market tax credit program.

Operating model

Revenue model
Affiliate-supported. 99% of the money available for current operations came from contributions from related organizations.
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.
  • Includes noncash contributions: Reported contributions include donated property or goods.

The verdict

MIXED - The filed numbers largely add up and revenue comfortably covers expenses. A relatively small share of available resources goes toward mission work and some filing-based governance responses are negative or unanswered.

Rating breakdown

  • Financial Efficiency: 29
  • Transparency & Controls: 84
  • Accountability: 51
  • Sustainability: 83
  • Growth: 60

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 2.7%; rating input score 3
  • Program expense ratio: 81.8%; rating input score 82
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 63rd percentile among comparable filings
  • Pay-setting controls: 4 of 6 controls in place; rating input score 67
    • Compensation committee: Missing
    • Independent consultant: Missing
    • Other Form 990s reviewed: Pass
    • Written employment contract: Pass
    • Compensation survey or study: Pass
    • Board or committee approval: Pass
  • Foreign activity oversight: Limited
  • Grant itemization coverage: Limited
  • Major donor itemization: Yes; rating input score 100
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 60%; rating input score 60; 9th percentile among comparable filings
  • Governance controls: 3 of 8 controls in place; rating input score 38
    • Conflict-of-interest policy: Fail
    • Whistleblower policy: Fail
    • Document-retention policy: Fail
    • CEO compensation review process: NotApplicable
    • Other executive compensation review process: Fail
    • Form 990 shared with the board: Pass
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Fail
    • Independent financial-statement audit: Pass

Sustainability

  • Operating margin: 96.7%; rating input score 99; 99th percentile among comparable filings
  • Total-asset coverage ratio: 113.9; rating input score 99; 99th percentile among comparable filings
  • Liabilities to assets ratio: 0.23; rating input score 40; 40th percentile among comparable filings
  • Officer compensation ratio: 13.8%; rating input score 21; 21st percentile among comparable filings

Growth

  • Program expense growth: 200% per year; rating input score 100; 100th percentile among comparable filings
  • Revenue growth: -64% per year; rating input score 0; 0th percentile among comparable filings
  • Asset growth: 29.5% per year; rating input score 100; 93rd percentile among comparable filings

Details

  • Where the money goes: 2.7% of revenue deployed · 81.8% of spending went to programs
  • Governance: 3 of 5 board members independent · 3 of 8 filing controls reported
  • Programs: 1 filed program accomplishment · $181K in reported program spending
  • Leadership: top reported pay $156K · 5 people listed · 4 of 6 pay-setting controls reported
  • Consistency: 20 of 20 current checks pass
  • Schedules: 7 filed schedules · includes major donors and executive pay
  • Filing history: 2 filing years from 2023 to 2024
  • Contacts: How to reach this organization
  • Money network: Resolved incoming and outgoing counterparties from filed money flows.
  • Related organizations: 1 filed related-organization link
  • 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 — Financial Efficiency: Mission deployment rate scored 3/100.
  • Moderate — Accountability: Governance controls: 5 of 8 not reported.
  • High — Growth: Revenue growth scored 0/100.
  • High — Sustainability: Officer compensation ratio scored 21/100.
  • Moderate — Sustainability: Liabilities to assets ratio scored 40/100.