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Nonprofiteer
← 5050 FOUNDATION

Form 990 for tax year 2024

Filed by 5050 FOUNDATION.

Totals

Total revenue
$397,842
Total expenses
$272,980
Contributions and grants received
$524,483
Grants paid
$77,500
Program service revenue
$0
Investment income
$0
Other revenue
-$126,641
Total assets, end of year
$163,415
Total liabilities, end of year
$0
Net assets or fund balances, end of year
$163,415
Program services expenses (Part IX)
$258,740
Management and general expenses
$11,365
Fundraising expenses
$2,875
Program service expenses (Part III)
$258,740

Program services were 94.8% 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

    $180,100

  • 1f · All other contributions, gifts and grants

    $344,383

  • 1g · Noncash contributions included above

    $20,000

  • 8a · Fundraising events: gross income

    $18,987

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

    $180,100

  • 8b · Fundraising events: direct expenses

    $145,628

  • 8c · Net income from fundraising events

    total -$126,641 · excluded -$126,641

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $77,500 · program services $77,500

  • 11c · Fees: accounting

    total $11,365 · management and general $11,365

  • 11e · Fees: professional fundraising services

    total $2,875 · fundraising $2,875

  • 11g · Fees: other

    total $64,335 · program services $64,335

  • 12 · Advertising and promotion

    total $1,128 · program services $1,128

  • 13 · Office expenses

    total $6,907 · program services $6,907

  • 17 · Travel

    total $86,161 · program services $86,161

  • 24a · Other expenses: AAU TEAM - MEALS

    total $12,417 · program services $12,417

  • 24b · Other expenses: AAU TEAM - TOURNAMENTS

    total $10,134 · program services $10,134

  • 24c · Other expenses: BANK FEES

    total $158 · program services $158

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $38,553 · end of year $163,415

  • 29 · Capital stock, trust principal or current funds

    beginning of year $0 · end of year $0

  • 30 · Paid-in or capital surplus, or land, building or equipment fund

    beginning of year $0 · end of year $0

  • 31 · Retained earnings, endowment or other funds

    beginning of year $38,553 · end of year $163,415

Mission and programs · 2024

Mission

TO ORGANIZE, OPERATE, AND MAINTAIN INTEGRATED PROGRAMS OF BASKETBALL INSTRUCTION AND ACTIVITIES AVAILABLE TO BOYS AND GIRLS IN GRADES NINE THROUGH TWELVE IN A MANNER THAT FIRMLY IMPLANTS THE SPIRIT OF COMPETITION AND THE VIRTUES OF GOOD SPORTSMANSHIP, DISCIPLINE, TEAMWORK, HONESTY, LOYALTY, COURAGE, AND RESPECT IN THE PROGRAMS' PARTICIPANTS, AND THAT DEVELOPS ENTHUSIASTIC SUPPORT FOR BASKETBALL AMONG STUDENTS, PARENTS, AND PLAYERS BY, AMONG OTHER ACTIVITIES, TEACHING THE ADVANCE FUNDAMENTALS OF BASKETBALL TO THE PROGRAMS' PARTICIPANTS, PROMOTING EXCELLENCE IN BASKETBALL BY DEVELOPING A COORDINATED EFFORT AMOUNTS ITS VARIOUS PROGRAMS, PROVIDING A PATHWAY FOR SECONDARY EDUCATIONAL SCHOLARSHIPS THROUGH ATHLETICS AND ACADEMICS, AND COMPETING AND EXCELLING IN AMATEUR ATHLETIC UNION BASKETBALL TOURNAMENTS.

Activities or mission (Part I)

THE FOUNDATION ORGANIZES, OPERATES, AND MAINTAINS INTEGRATED PROGRAMS OF BASKETBALL INSTRUCTION AND ACTIVITIES AVAILABLE TO BOYS AND GIRLS IN GRADES NINE THROUGH TWELVE IN A MANNER THAT FIRMLY IMPLANTS THE SPIRIT OF COMPETITION AND THE VIRTUES OF GOOD SPORTSMANSHIP, DISCIPLINE, TEAMWORK, HONESTY, LOYALTY, COURAGE, AND RESPECT IN THE PROGRAMS' PARTICIPANTS, AND THAT DEVELOPS ENTHUSIASTIC SUPPORT FOR BASKETBALL AMONG STUDENTS, PARENTS, AND PLAYERS BY, AMONG OTHER ACTIVITIES, TEACHING THE ADVANCE FUNDAMENTALS OF BASKETBALL TO THE PROGRAMS' PARTICIPANTS, PROMOTING EXCELLENCE IN BASKETBALL BY DEVELOPING A COORDINATED EFFORT AMOUNTS ITS VARIOUS PROGRAMS, PROVIDING A PATHWAY FOR SECONDARY EDUCATIONAL SCHOLARSHIPS THROUGH ATHLETICS AND ACADEMICS, AND COMPETING AND EXCELLING IN AMATEUR ATHLETIC UNION BASKETBALL TOURNAMENTS.

  • THE ORGANIZATION SUPPORTED TOURNAMENT RELATED COSTS FOR 4 BASKETBALL TEAMS, TOTALING 39 HIGH SCHOOL AGE PLAYERS.

    Expenses $258,740 · Grants $77,500

As filed on the 2024 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

  • Mookie Betts

    FOUNDER

    Total calculated
    $0
    Hours/week
    1

  • Brianna Betts

    CO-FOUNDER AND PRESIDENT

    Total calculated
    $0
    Hours/week
    1

  • Brandon McPhail

    VICE PRESIDENT

    Total calculated
    $0
    Hours/week
    1

  • Andrew Montgomery

    SECRETARY

    Total calculated
    $0
    Hours/week
    1

  • Cam Lewis

    CHAIR PERSON

    Total calculated
    $0
    Hours/week
    1

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

Provenance

Return type
form_990
Tax year
2024
Filed
14 November 2025
IRS schema version
2024v5.2
Source object
202523219349304752

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