New Wave Swim Team

Analysis

New Wave Swim Team is a registered charity in United States, based in Raleigh, NC. It received its IRS tax-exemption ruling in April 1986, 40 years ago. 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 August 2023, New Wave Swim Team reported income of $1.2m and spending of $1.1m, spending 91% of its income. Across the 5 years on record, from August 2019 to August 2023, income grew from $796k to $1.2m (+56%), an average of +12% a year. The sharpest change came in the year to August 2022, when income rose by 28%. Over the whole period it spent 93% of the income it received.

Among 72,936 United States charities whose main cause is other charitable purposes and that reported income, New Wave Swim Team sits at the 80th percentile: it is larger than about 80% of them. Against every charity in United States with reported income it ranks in the 82nd percentile, and in the 82nd percentile within NC. Charities of a similar size with the same main cause include Center for Non Profit Legal Services ($1.2m), San Diego Historical Society ($1.2m) and San Francisco Boys Chorus ($1.2m).

On its Form 990 for the period ending August 2023, revenue came from program service revenue 91% of the total. Compensation of current officers, directors and key employees was $216k (19% of expenses). Other salaries and wages came to $260k. At year end it held assets of $563k against liabilities of $130k, net assets of $433k. It reported 25 employees.