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Nonprofiteer
← MICHAEL PHELPS FOUNDATION

Form 990 for tax year 2022

Filed by MICHAEL PHELPS FOUNDATION.

Totals

Total revenue
$832,791
Total expenses
$869,679
Contributions and grants received
$912,878
Grants paid
$363,505
Program service revenue
$0
Investment income
$8,254
Other revenue
-$88,341
Total assets, end of year
$1,690,535
Total liabilities, end of year
$52,847
Net assets or fund balances, end of year
$1,637,688
Program services expenses (Part IX)
$732,224
Management and general expenses
$103,367
Fundraising expenses
$34,088
Program service expenses (Part III)
$732,224

Program services were 84.2% 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

    $400,472

  • 1e · Government grants (contributions)

    $30,175

  • 1f · All other contributions, gifts and grants

    $482,231

  • 3 · Investment income

    total $8,254 · excluded $8,254

  • 8a · Fundraising events: gross income

    $281,999

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

    $400,472

  • 8b · Fundraising events: direct expenses

    $370,340

  • 8c · Net income from fundraising events

    total -$88,341 · excluded -$88,341

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $363,505 · program services $363,505

  • 5 · Compensation of officers, directors and key employees

    total $78,894 · program services $58,333 · management and general $7,820 · fundraising $12,741

  • 7 · Other salaries and wages

    total $82,113 · program services $82,113

  • 10 · Payroll taxes

    total $19,630 · program services $14,542 · management and general $3,535 · fundraising $1,553

  • 11b · Fees: legal

    total $6,742 · program services $5,742 · fundraising $1,000

  • 11c · Fees: accounting

    total $26,695 · management and general $26,695

  • 11e · Fees: professional fundraising services

    total $158 · fundraising $158

  • 12 · Advertising and promotion

    total $10,852 · management and general $10,852

  • 13 · Office expenses

    total $21,158 · program services $9,395 · management and general $11,763

  • 14 · Information technology

    total $3,020 · management and general $2,680 · fundraising $340

  • 17 · Travel

    total $102,082 · program services $96,308 · management and general $3,599 · fundraising $2,175

  • 23 · Insurance

    total $6,289 · management and general $6,289

  • 24a · Other expenses: TRAINING

    total $46,592 · program services $34,494 · management and general $12,098

  • 24b · Other expenses: PROGRAM MATERIALS

    total $32,843 · program services $32,843

  • 24c · Other expenses: PRINTING & DESIGN

    total $20,630 · program services $20,423 · management and general $207

  • 24d · Other expenses: MISCELLANEOUS

    total $16,798 · program services $7,256 · management and general $9,522 · fundraising $20

  • 24e · All other expenses

    total $31,678 · program services $7,270 · management and general $8,307 · fundraising $16,101

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $1,373,231 · end of year $1,613,797

  • 3 · Pledges and grants receivable

    beginning of year $304,500 · end of year $25,000

  • 4 · Accounts receivable

    beginning of year $46,147 · end of year $42,113

  • 9 · Prepaid expenses and deferred charges

    beginning of year $8,462 · end of year $9,131

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

    $3,182

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

    $2,688

  • 10c · Land, buildings and equipment, net

    beginning of year $194 · end of year $494

  • 17 · Accounts payable and accrued expenses

    beginning of year $27,783 · end of year $52,847

  • 25 · Other liabilities

    beginning of year $30,175 · end of year $0

  • 27 · Net assets without donor restrictions

    beginning of year $1,096,576 · end of year $1,572,688

  • 28 · Net assets with donor restrictions

    beginning of year $578,000 · end of year $65,000

Mission and programs · 2022

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 $732,224 · Grants $363,505

As filed on the 2022 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

The 10 largest by cash amount. The API serves every itemized grant.

Provenance

Return type
form_990
Tax year
2022
Filed
11 October 2023
IRS schema version
2022v5.0
Source object
202322849349300417

Check it against the return as filed: the GivingTuesday Data Lake hosts a public copy of the original XML.

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