NEWJETS INC

EIN: 205956938 501(c)(3) Recreation & Sports

EDEN PRAIRIE, MN

Total Revenue
$1,187,024
Total Expenses
$1,323,921
Total Assets
$6,921,906
Net Assets
$518,157
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Financial Vulnerability Assessment (Tuckman-Chang)

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Financial Trends

Organization Details

Formation Year
2006
Legal Domicile
MN
Principal Officer
MEGAN CARR
Phone
9523519928
Tax Period
2023-01-01 to 2023-12-31

NEWJETS INC, founded in 2006, is a community nonprofit in the Recreation & Sports sector that reported $1.2M in total revenue in fiscal year 2023. Expenses of $1.3M exceeded revenue, resulting in a 12% operating deficit.

Mission

AQUAJETS SWIM TEAM IS ORGANIZED EXCLUSIVELY FOR CHARITABLE AND EDUCATIONAL PURPOSES IN THE PROMOTION OF NATIONAL AMATEUR SPORTS, MORE SPECIFICALLY TO PROVIDE A NATIONALLY-COMPETITIVE, AMATEUR YOUTH SWIM TEAM FOR THE ATHLETIC ADVANCEMENT AND ENJOYMENT OF ITS MEMBERS.

Program Service Accomplishments

Program 1
Expenses: $851,118 Revenue: $730,332

THE ORGANIZATION PROVIDES PROFESSIONAL COACHING TO COMPETITIVE YOUTH, AMATEUR SWIMMERS.

Program 2
Expenses: $216,568 Revenue: $363,224

THE TEAM HOSTS SWIM MEETS SANCTIONED BY MINNESOTA SWIMMING.

Program 3
Expenses: $2,335 Revenue: $58,466

THE TEAM OFFERS DRYLAND TRAINING TO THE SWIMMERS.

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Trantor Score

Financial Health Score (300–850) · Liquidity · Solvency · Sustainability · Efficiency

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Liquidity (40%) • Solvency (30%) • Sustainability (20%) • Efficiency (10%)

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Financial Overview (2023)

Revenue Breakdown

Contributions & Grants $20,944
Program Service Revenue $1,153,460
Investment Income $12,620
Other Revenue $0
TOTAL REVENUE $1,187,024

Expense Breakdown

Grants Paid $0
Salaries & Benefits $528,755
Fundraising Expenses $5,497
Program Expenses $1,191,800
Other Expenses $795,166
TOTAL EXPENSES $1,323,921

Year-over-Year Comparison

2023 2022 Change
Revenue $1,187,024 $1,129,241 +0.1%
Expenses $1,323,921 $1,242,687 +0.1%
Net Income $-136,897 $-113,446 +0.2%
Key Indicators
✗ Grants to Organizations ✗ Grants to Individuals ✗ Lobbying ✗ Political Activity ✗ Foreign Activities ✗ Donor Advised Fund ✓ Schedule B Required
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Financial Health Indicators

Comprehensive financial analysis: Altman Z-Score, liquidity, solvency, sustainability, efficiency, and growth metrics

Financial Distress Indicator

Liquidity & Cash Position

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Altman Z-Score • Liquidity Ratios • Solvency Analysis • Growth Indicators • Efficiency Metrics

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Governance

Voting Members
5
Independent Members
4
Employees
43
Volunteers
150

Governance Policies

✗ Conflict of Interest Policy
✗ Whistleblower Policy
✗ Document Retention Policy

Special Practices & Reported Activities

✗ Operated a School
✗ Operated a Hospital
✗ Provided First Class Travel
✗ Reported Conflict of Interest
✗ Reported Asset Diversion
✗ Excess Benefit Transaction
✗ Made Political Expenditures
✗ Engaged in Lobbying
✗ Operated Donor Advised Fund
✗ Maintained Art Collections
✗ Filed Form 720

Compensation of Officers, Directors & Key Employees

Total Officers
5
$145,022
Total Directors
5
$145,022
Key Employees
0
$0
Highest Compensated
0
reported
Name Title Hours/Week Role Reportable Comp Other Comp Total
KATE LUNDSTEN EXECUTIVE DIRECTOR/CHAIRPE 40.00
Officer Director
$117,516 $27,506 $145,022
BRIAN WIMBERGER CO-PRESIDENT 1.00
Officer Director
$0 $0 $0
JOHN MARCH DIRECTOR 1.00
Officer Director
$0 $0 $0
MEGAN CARR CO-PRESIDENT 1.00
Officer Director
$0 $0 $0
DAN EGELAND TREASURER 1.00
Officer Director
$0 $0 $0
Note: Compensation data is self-reported by the organization on their Form 990. "Reportable Comp" includes salary, bonuses, and other reportable compensation from the organization and related organizations. "Other Comp" includes benefits, deferred compensation, and non-taxable benefits.

Historical Data

Year Revenue Expenses Assets Net Income
2024 No data No data No data No data
2023 $1,187,024 $1,323,921 $6,921,906 $-136,897
2022 $1,129,241 $1,242,687 $7,220,819 $-113,446
2021 $1,209,489 $1,139,517 $1,209,250 $69,972
2020 $914,636 $902,202 $1,108,533 $12,434
2019 $1,065,914 $1,059,023 $1,073,044 $6,891
2018 $1,060,580 $1,018,123 $1,008,872 $42,457
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