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Nonprofiteer
← MICHAEL PHELPS FOUNDATION

Form 990 for tax year 2023

Filed by MICHAEL PHELPS FOUNDATION.

Totals

Total revenue
$1,127,489
Total expenses
$1,415,498
Contributions and grants received
$1,390,748
Grants paid
$644,614
Program service revenue
$0
Investment income
$22,687
Other revenue
-$285,946
Total assets, end of year
$1,509,140
Total liabilities, end of year
$159,461
Net assets or fund balances, end of year
$1,349,679
Program services expenses (Part IX)
$1,122,357
Management and general expenses
$221,044
Fundraising expenses
$72,097
Program service expenses (Part III)
$1,122,357

Program services were 79.3% of total expenses calculated — Part IX's program-services column over total expenses, both as filed.

Line items

Every line the filer filed in Parts VIII, IX and X, as filed and in filed order. Blank columns are left out, and the lines are not forced to add up to the totals above.

Revenue

Part VIII, the statement of revenue.

  • 1c · Fundraising events

    $686,688

  • 1f · All other contributions, gifts and grants

    $704,060

  • 3 · Investment income

    total $22,687 · excluded $22,687

  • 8a · Fundraising events: gross income

    $0

  • 8a · Fundraising events: contributions included on line 1c

    $686,688

  • 8b · Fundraising events: direct expenses

    $285,946

  • 8c · Net income from fundraising events

    total -$285,946 · excluded -$285,946

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $632,614 · program services $632,614

  • 3 · Grants to foreign organizations and individuals

    total $12,000 · program services $12,000

  • 5 · Compensation of officers, directors and key employees

    total $83,262 · program services $53,694 · management and general $7,412 · fundraising $22,156

  • 7 · Other salaries and wages

    total $142,797 · program services $142,797

  • 10 · Payroll taxes

    total $40,020 · program services $30,145 · management and general $6,567 · fundraising $3,308

  • 11b · Fees: legal

    total $23,393 · management and general $23,393

  • 11c · Fees: accounting

    total $31,577 · management and general $31,577

  • 11e · Fees: professional fundraising services

    total $7,000 · fundraising $7,000

  • 11g · Fees: other

    total $91,755 · program services $5,440 · management and general $85,286 · fundraising $1,029

  • 12 · Advertising and promotion

    total $269 · management and general $269

  • 13 · Office expenses

    total $27,374 · program services $6,110 · management and general $21,264

  • 14 · Information technology

    total $9,928 · program services $720 · management and general $6,432 · fundraising $2,776

  • 17 · Travel

    total $110,833 · program services $103,216 · management and general $4,407 · fundraising $3,210

  • 20 · Interest

    total $197 · management and general $197

  • 23 · Insurance

    total $9,055 · program services $2,600 · management and general $6,455

  • 24a · Other expenses: PROGRAM MATERIALS

    total $71,612 · program services $71,330 · management and general $282

  • 24b · Other expenses: TRAINING

    total $38,772 · program services $28,084 · management and general $10,688

  • 24c · Other expenses: PRINTING & DESIGN

    total $21,305 · program services $18,724 · management and general $2,581

  • 24d · Other expenses: GIFTS AND DONATIONS

    total $17,176 · management and general $4,869 · fundraising $12,307

  • 24e · All other expenses

    total $44,559 · program services $14,883 · management and general $9,365 · fundraising $20,311

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $1,613,797 · end of year $1,440,940

  • 3 · Pledges and grants receivable

    beginning of year $25,000 · end of year $58,006

  • 4 · Accounts receivable

    beginning of year $42,113

  • 9 · Prepaid expenses and deferred charges

    beginning of year $9,131 · end of year $10,000

  • 10a · Land, buildings and equipment: cost or other basis

    $2,882

  • 10b · Land, buildings and equipment: accumulated depreciation

    $2,688

  • 10c · Land, buildings and equipment, net

    beginning of year $494 · end of year $194

  • 17 · Accounts payable and accrued expenses

    beginning of year $52,847 · end of year $159,461

  • 27 · Net assets without donor restrictions

    beginning of year $1,572,688 · end of year $1,292,679

  • 28 · Net assets with donor restrictions

    beginning of year $65,000 · end of year $57,000

Mission and programs · 2023

Mission

THE ORGANIZATION'S MISSION IS TO PROMOTE HEALTHY, ACTIVE LIVES, ESPECIALLY FOR CHILDREN, PRIMARILY BY EXPANDING OPPORTUNITIES FOR PARTICIPATION IN THE SPORT OF SWIMMING.

  • MPF'S VISION IS FOR EVERYONE TO HAVE ACCESS TO WATER SAFETY EDUCATION, SUPPORT FOR HEALTHY LIVING (EMOTIONAL AND PHYSICAL), AND TOOLS TO SET GOALS AND PURSUE DREAMS. WE DEVELOP PROGRAM-DRIVEN SOLUTIONS THROUGH OUR IM AND LEVEL FIELD FUND SWIMMING PROGRAMS AND HAVE SUSTAINABLE DELIVERY THROUGH STRATEGIC PARTNERSHIPS SUCH AS THE BOYS & GIRLS CLUBS OF AMERICA, LEVEL FIELD FUND AND SPECIAL OLYMPICS INTERNATIONAL.

    Expenses $1,122,357 · Grants $644,614

As filed on the 2023 return.

Listed in Part VII

  • Michael Phelps

    PRESIDENT

    Total calculated
    $0
    Hours/week
    5

  • Deborah Phelps

    SECRETARY

    Total calculated
    $0
    Hours/week
    3

  • Robert Bowman

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    3

  • Lenny Krayzelburg

    TREASURER

    Total calculated
    $0
    Hours/week
    3

  • Michael Lynch

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    3

Compensation is as filed in Part VII: reportable pay from this organization and from related organizations, other compensation, and hours per week. The total, marked calculated, is our sum of the three dollar columns, with a blank column counted as $0; the form itself has no total. On a Form 990-EZ the columns are Part IV's instead, and on a Form 990-PF Part VIII's — compensation, contributions to benefit plans, and expense account — and the total sums those.

Grants on this return

  • BOYS AND GIRLS CLUBS OF AMERICA

    $400,000

    THE FOUNDATION DELIVERS A GRANT TO THE NATIONAL OFFICE FOR THE IMPLEMENTATION OF THE IM PROGRAM IN BOYS & GIRLS CLUBS ACROSS THE COUNTRY. THE NATIONAL OFFICE DISBURSES THE GRANT TO EACH CLUB TO HELP CLUB MEMBERS LEARN HOW TO SWIM, SET GOALS AND LIVE A HEALTHIER LIFE.

  • SPECIAL OLYMPICS

    $130,323

    DONATION TO SUPPORT THE IM PROGRAM WITH LOCAL SPECIAL OLYMPICS TEAMS

  • LEVEL FIELD FUND

    $20,000

    DONATION SO ORGANIZATION CAN PROVIDE GRANTS TO COMPETITIVE SWIMMERS WITH FINANICAL NEED

  • GIRL SCOUTS OF MAINE

    $10,500

    DONATION TO SUPPORT THE IM PROGRAM AT TWO SUMMER CAMPS

  • NATIONAL DROWING PREVENTION ALLIANCE

    $5,000

    DONATION TO PROVIDE SUPPORT TOWARDS THEIR WATER SAFETY PROGRAMMING AND DROWNING PREVENTION ADVOCACY

  • SPECIAL OLYMPICS ARIZONA

    $5,000

    DONATION TO SUPPORT THE IM PROGRAM WITH LOCAL SPECIAL OLYMPICS TEAMS

Provenance

Return type
form_990
Tax year
2023
Filed
25 April 2024
IRS schema version
2023v5.0
Source object
202401209349301015

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