Faribault Ice Arena Association

Analysis

Faribault Ice Arena Association is a registered charity in United States, based in Faribault, MN. It received its IRS tax-exemption ruling in March 1996, 30 years ago. Its declared purposes cover recreation and sports, which this site groups under amateur sport and recreation. The IRS classifies it as a publicly supported organisation (donations from the general public) under section 501(c)(3), and contributions to it are listed as tax-deductible.

In the financial year ending June 2023, Faribault Ice Arena Association reported income of $234k and spending of $300k, spending 128% of what it took in. Across the 4 years on record, from June 2020 to June 2023, income grew from $222k to $234k (+5.2%), an average of +1.7% a year. The sharpest change came in the year to June 2022, when income rose by 54%. Over the whole period it spent 110% of the income it received.

Among 30,892 United States charities whose main cause is amateur sport and recreation and that reported income, Faribault Ice Arena Association sits at the 72nd percentile: it is larger than about 72% of them. Against every charity in United States with reported income it ranks in the 57th percentile, and in the 56th percentile within MN. Charities of a similar size with the same main cause include Nazareth Soccer Club ($234k), Rugby Colorado Inc ($234k) and Baltimore Urban Baseball Association ($234k).

On its Form 990 for the period ending June 2023, revenue came from contributions and grants 4.6% and program service revenue 92% of the total. Compensation of current officers, directors and key employees was $38k (13% of expenses). Other salaries and wages came to $24k. At year end it held assets of $1.1m against liabilities of $2,820, net assets of $1.1m. It reported 9 employees.