GIG HARBOR CANOE KAYAK RACING TEAM (EIN 562302048) - Form 990 Financial Analysis & Trantor Score

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Financial Vulnerability Assessment (Tuckman-Chang)

4 risk indicators measuring financial stability and operational resilience

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Financial Trends

Organization Details

Formation Year

2003

Legal Domicile

Principal Officer

DAVID LARSEN

Phone

2532252261

Tax Period

2025-01-01 to 2025-12-31

GIG HARBOR CANOE KAYAK RACING TEAM, founded in 2003, is a small nonprofit in the Youth Development sector that reported $439K in total revenue in fiscal year 2025. Expenses of $412K left a modest 6% surplus.

Mission

TO ESTABLISH A YOUTH SPORTS ORGANIZATION DEDICATED TO TEACHING AND DEVELOPING THE SPORT OF CANOE/KAYAK. THE MAIN EMPHASIS OF THE PROGRAM WILL BE TO PROVIDE LEARNING THAT PROMOTES SAFETY, TEAMWORK, AND SPORTSMANSHIP. THE PROGRAM WILL OFFER THE OPPORTUNITY TO COMPETE AT ALL LEVELS.

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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%)

Financial Overview (2025)

Revenue Breakdown

Contributions & Grants $384,228

Program Service Revenue $25,711

Investment Income $422

Other Revenue $28,429

TOTAL REVENUE $438,790

Expense Breakdown

Grants Paid $25,735

Salaries & Benefits $173,617

Fundraising Expenses $0

Program Expenses $412,454

Other Expenses $213,102

TOTAL EXPENSES $412,454

Year-over-Year Comparison

	2025	2024	Change
Revenue	$438,790	$453,243	0.0%
Expenses	$412,454	$359,854	+0.1%
Net Income	$26,336	$93,389	-0.7%

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

Governance

Voting Members

Independent Members

Employees

Volunteers

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

Total Directors

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
ROBERT PLATT	President & CEO	2.00	Officer Director	$0	$0	$0
MIKE KITCHING	Secretary	2.00	Officer Director	$0	$0	$0
DAVID LARSEN	Treasurer	2.00	Officer Director	$0	$0	$0
ERIK HEITZMANN	Director	2.00	Officer Director	$0	$0	$0
ALLISON WRIGHT	Director	0.00	Director	$0	$0	$0
ROBERT MCGUIRE	Director	0.00	Director	$0	$0	$0
ALAN ANDERSON	Director	2.00	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
2025	$438,790	$412,454	$241,613	$26,336
2024	$453,243	$359,854	$255,341	$93,389
2023	$362,792	$377,163	$156,322	$-14,371
2022	$445,301	$460,838	$167,596	$-15,537
2021	$395,810	$348,043	$208,443	$47,767
2020	$184,419	$196,369	$160,290	$-11,950
2019	$256,954	$240,036	$172,058	$16,918
2018	$180,681	$213,236	$125,705	$-32,555

GIG HARBOR CANOE KAYAK RACING TEAM