V3 Sports Inc

Nonprofit profile at a glance

EIN
474208106
IRS 990 coverage
2017–2024
Forms available
Form 990 2024, Form 990-T 2022, Form 990-N 2016
Location
Minneapolis, MN, USA
Phone
6124943800
Rating
86
Verdict
STRONG
Rating confidence
Moderate
Sector
Sports Associations &Training Facilities

Reported finances

Revenue
$2,706,548
Expenses
$10,389,238
Assets
$22,537,987
Liabilities
$5,183,293

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

Leadership & pay

18 people listed

Executive titles in this filing

  • MALIK RUCKER (EXECUTIVE DIRECTOR)

Highest reported compensation

  • MALIK RUCKER (EXECUTIVE DIRECTOR): $156,392 total reported compensation
  • LUKE DAY (DIRECTOR OF FACILITIES): $125,678 total reported compensation
  • JACQUELINE D STREBE (DIRECTOR OF FINANCE AND OPERATIONS): $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

The mission of v3 sports is to elevate its community (north minneapolis) through wellness, fitness, and education. In serving its mission, v3 sports operates the v3 center in north minneapolis and runs culturally relevant programming through its state-of-the-art aquatics, fitness and community center, which hosts a childcare service, a boys and girls club branch and a locally-owned restaurant.

What it reported doing in 2024

V3 sports opened its doors to the full public for the first time on may 11th, 2024. This soft opening welcomed hundreds of new visitors from north minneapolis, offering them free access to the center for the month of may. An all new membership team of one full-time lead and ten part-time specialists, who had been working together for less than a month, registered over 300 members in those first six weeks! Following our grand opening on june 22, 2024, the v3 center went on to see another 800 members sign-up. The foundation of an amazing community was formed. Even more impressive is that 80% of members here at the v3 center reside in north minneapolis! The first year was a tremendous success for our young organization, as membership policies and agreements were drafted and implemented, new software was mastered, operational processes were developed and our team battled through the inevitable growing pains that come along with starting a business. It was an exciting and challenging year of building a strong membership operation that will serve the community for generations.

Operating model

Revenue model
Donor-supported. 78% of the money available for current operations came from contributions and gifts.
Distribution model
Grant intermediary. The nonprofit sent 77% of its reported program spending out as grants.
  • Includes noncash contributions: Reported contributions include donated property or goods.

The verdict

STRONG - A large share of available resources goes toward mission work and the filed numbers largely add up. Fundraising costs are high for each dollar raised and expenses are high relative to revenue.

Rating breakdown

  • Financial Efficiency: 85
  • Transparency & Controls: 87
  • Accountability: 96
  • Sustainability: 31
  • Growth: 100

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 100%; rating input score 100
  • Program expense ratio: 82.5%; rating input score 83
  • Fundraising efficiency: $4.82 raised per $1 spent on fundraising; rating input score 16; 16th percentile among comparable filings

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: 100%; rating input score 100; 72nd percentile among comparable filings
  • Major donor itemization: Yes; rating input score 100
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 93.3%; rating input score 93; 24th percentile among comparable filings
  • Governance controls: 9 of 9 controls in place; rating input score 100
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Pass
    • Document-retention policy: Pass
    • CEO compensation review process: Pass
    • 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: -283.9%; rating input score 0; 0th percentile among comparable filings
  • Total-asset coverage ratio: 2.17; rating input score 64; 64th percentile among comparable filings
  • Liabilities to assets ratio: 0.23; rating input score 41; 41st percentile among comparable filings
  • Officer compensation ratio: 3.9%; rating input score 62; 62nd percentile among comparable filings

Growth

  • Program expense growth: 49.4% per year; rating input score 100; 97th percentile among comparable filings
  • Revenue growth: 37.3% per year; rating input score 100; 96th percentile among comparable filings
  • Asset growth: 26% per year; rating input score 100; 90th percentile among comparable filings

Details

  • Where the money goes: 100% of revenue deployed · 82.5% of spending went to programs
  • Governance: 14 of 15 board members independent · 9 of 9 filing controls reported
  • Programs: 2 filed program accomplishments · $8.6M in reported program spending
  • Leadership: top reported pay $156K · 18 people listed · 4 of 6 pay-setting controls reported
  • Highest-paid contractors: 5 contractors listed · $6.3M reported
  • Consistency: 37 of 37 current checks pass
  • Schedules: 11 filed schedules · includes major donors, grants, and executive pay
  • Filing history: 7 filing years from 2017 to 2024
  • Contacts: How to reach this organization
  • Money network: 6 filed money-flow records
  • Related organizations: 2 filed related-organization links
  • 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: Fundraising efficiency scored 16/100.
  • High — Sustainability: Operating margin scored 0/100.
  • Moderate — Sustainability: Liabilities to assets ratio scored 41/100.