Overview
What is Newjets Inc?
Newjets Inc, based in Eden Prairie, Minnesota, serves as a nonprofit organization that focuses on coaching competitive youth and amateur swimmers. This charitable and educational endeavor, known as Aquajets Swim Team, is dedicated to promoting national amateur sports. The team offers a platform for young athletes to enhance their swimming skills and enjoy the sport at a nationally competitive level. With a workforce of 40 individuals, this organization strives to provide a supportive environment that fosters both athletic advancement and overall enjoyment for its members.
Official website here: www.aquajets.com
What are the reviews and ratings of this charity?
Charity Navigator Rating: Needs Improvement
Newjets Inc has received a two-star rating from Charity Navigator, indicating that the organization has significant room for improvement in its accountability and financial management practices. The overall score of 69% reflects a solid program expense ratio of 87.82%, which suggests that a large portion of its funds is directed towards its charitable programs.
However, the organization faces notable challenges, particularly in governance and transparency. It scored poorly in several key areas, including the absence of a conflict of interest policy, whistleblower policy, and document retention policy, which raises concerns about its operational integrity. Additionally, the high liabilities to assets ratio of 90.92% may indicate financial instability.
While Newjets Inc has independent board members and maintains audited financial statements, the lack of essential governance policies highlights the need for strengthened oversight. Addressing these limitations could enhance the organization’s effectiveness and public trust.
This AI summary has been generated from information found on Charity Navigator.
Is Newjets Inc legitimate?
Newjets Inc is a legitimate nonprofit organization registered as a 501(c)(3) entity. Newjets Inc submitted a form 990, which is a tax form used by tax-exempt organizations in the U.S., indicating its operational transparency and adherence to regulatory requirements. Donations to this organization are tax deductible.
Heare are some key statistics you may want to consider:
Executive Compensation: $105,000
Professional Fundraising Fees: $0
Other Salaries and Wages: $366,720
For more financial information, click here
Official website here: www.aquajets.com
What is the mission statement of Newjets Inc?
Newjets Inc, through its Aquajets Swim Team, is organized primarily for charitable and educational purposes, focusing on the promotion of national amateur sports. More specifically, its mission is to provide a nationally competitive, amateur youth swim team, fostering the athletic advancement and enjoyment of its members. The organization offers professional coaching to its competitive youth swimmers, contributing to their swimming skills and overall development.
Official website here: www.aquajets.com
Who is the CEO of Newjets Inc?
Megan Carr is the Executive Director/Chairpe of Newjets Inc.
Official website here: www.aquajets.com
What is the revenue of Newjets Inc?
Newjets Inc's revenue in 2022 was $1,129,241.
Official website here: www.aquajets.com
Who are the executives of Newjets Inc and what are their salaries?
The average compensation at Newjets Inc during 2022 was $11,793. There are 40 employees and 100 volunteers at Newjets Inc.
Here are 5 key members and their salaries:
- Compensation: $111,544
- Related: $0
- Other: $26,361
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
Official website here: www.aquajets.com
Where can I find the form 990 for Newjets Inc?
Newjets Inc's most recent form 990 was submitted in 2022 and can be accessed here.
Official website here: www.aquajets.com
Learn more at the official website: www.aquajets.com
Mission Statement of Newjets Inc
Newjets Inc, or Aquajets Swim Team as it is formally known, is an organization with a mission centered around charitable and educational purposes, primarily focusing on promoting national amateur sports. More specifically, its objective is to establish a nationally competitive, amateur youth swim team for the athletic advancement and enjoyment of its members. By providing professional coaching, this organization aims to foster the swimming skills and overall development of its competitive youth swimmers.
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Impact
October, 2024
Newjets Inc significantly impacts the local community by providing a structured environment for youth to engage in competitive swimming. Through the Aquajets Swim Team, the organization offers professional coaching tailored for competitive youth swimmers, fostering both athletic development and personal growth. By focusing on national amateur sports, Newjets Inc promotes a healthy lifestyle, teamwork, and discipline among its members.
The swim team serves as a platform for young athletes to enhance their skills, compete at higher levels, and build confidence in their abilities. Additionally, the emphasis on recreation not only promotes physical fitness but also helps in establishing friendships and a sense of community among participants. Overall, Newjets Inc plays a vital role in shaping the lives of young swimmers in Eden Prairie, MN, and contributes to the broader promotion of youth sports at a national level.
This information is meant to be a general summary of Newjets Inc. Please take the time to review official sources before making any decisions based upon the content provided here.
Financials
This financial information is from Propublica.
Other financial information:
This information is from the most recently submitted tax form from this organization, which was in 2022.
- Investment Income: -$233
- Program Service Revenue: $1,053,250
- Gross Receipts: $1,170,093
Assets and Liabilities:
- Total Assets: $7,220,819
- Total Liabilities: $6,565,765
- Net Assets: $655,054
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
SWIM TUITION
Revenue
$591,555
MEET FEES
Revenue
$178,181
HOSTING MEET REVENUES
Revenue
$127,518
FAIR SHARE PARTICIPATI
Revenue
$84,106
DRYLAND TUITION
Revenue
$51,177
Organization Details
Founding Year
2006
Phone
(952) 351-9928Principal Officer
Megan Carr
Main Address
6545 FLYING CLOUD DRIVE 202, EDEN PRAIRIE, MN, 55345
Website
www.aquajets.comNTEE Category
Code: N70 - Recreation
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