Lake of the Woods International Arena Board Inc

Analysis

Lake of the Woods International Arena Board Inc is a registered charity in United States, based in Baudette, MN. It received its IRS tax-exemption ruling in September 2016, 10 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 (gross receipts test) under section 501(c)(3), and contributions to it are listed as tax-deductible.

In the financial year ending December 2023, Lake of the Woods International Arena Board Inc reported income of $70k and spending of $7,036, leaving 90% of income unspent that year. Across the 5 years on record, from December 2019 to December 2023, income fell from $2.6m to $70k (-97%), an average of -59% a year. The sharpest change came in the year to December 2020, when income dropped by 95%. Over the whole period it spent 4.8% of the income it received.

Among 30,892 United States charities whose main cause is amateur sport and recreation and that reported income, Lake of the Woods International Arena Board Inc sits at the 32nd percentile: it is larger than about 32% of them. Against every charity in United States with reported income it ranks in the 28th percentile, and in the 25th percentile within MN. Charities of a similar size with the same main cause include Mayfield Graves County United Soccer Assoc Inc ($70k), Hartford Basketball Club ($70k) and Philadelphia Area Team Tennis Association ($70k).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 99% of the total. At year end it held assets of $7.4m against liabilities of $287k, net assets of $7.1m.