Overview
What is Bearings Bike Shop Inc?
Bearings Bike Shop Inc, operating as Bearings Bike Works, is a nonprofit organization situated in Atlanta, Georgia. Its primary mission is to empower youth by equipping them with essential skills, such as bike repair and mechanical expertise. The shop saw significant growth and rebuilding in the post-pandemic period, resuming in-person programming and rekindling relationships within the community. Their Skills for Life after-school drop-in program facilitated learning for over 3,000 hours, fostering character strengths like perseverance and confidence. Additionally, their Gearing Up program with Purpose Built Schools Atlanta regained momentum, enabling 30 students to master mechanical skills and pass the program's first level. The youth mountain biking team achieved success in state competitions, developing teamwork and technical skills. Furthermore, the Frameworks advanced job training program offered a paid summer internship, providing employment skills, work experience, and career exploration for teens. Bearings Bike Shop Inc is dedicated to equipping youth with the tools they need to build productive lives.
Official website here: www.bearingsbikeshop.org
What are the reviews and ratings of this charity?
Charity Navigator Rating: 100%, Four-Star out of Four Star rating.
Bearings Bike Shop Inc has achieved an impressive 100% score, earning a Four-Star rating from Charity Navigator. This high rating reflects the nonprofit's commitment to accountability and finance, with every aspect of its financial practices rated favorably. Notably, the organization boasts a majority independent board and has demonstrated effective financial oversight through its audit and oversight committee.
The organization's financial health is also commendable, as indicated by a low liabilities-to-assets ratio of 2.36% and a program expense ratio of 80.84%, which suggests that a significant portion of its funds directly supports its programs. Additionally, Bearings Bike Shop has robust policies in place, including conflict of interest and whistleblower policies, which enhance its operational integrity.
Despite the strong performance in financial accountability, user feedback regarding its community impact or program-specific effectiveness is not detailed in the provided data. However, the overall financial transparency and governance structure appear to position Bearings Bike Shop Inc as a trustworthy nonprofit.
This AI summary has been generated from information found on Charity Navigator.
Is Bearings Bike Shop Inc legitimate?
Bearings Bike Shop Inc is a legitimate nonprofit organization registered as a 501(c)(3) entity. Bearings Bike Shop 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: $97,000
Professional Fundraising Fees: $0
Other Salaries and Wages: $308,414
For more financial information, click here
Official website here: www.bearingsbikeshop.org
What is the mission statement of Bearings Bike Shop Inc?
Bearings Bike Shop Inc's mission is centered around equipping youth with necessary tools to enhance their skills and build productive lives. Their activities primarily focus on youth development programs. Following the pandemic, there was a significant growth and revival in these programs, with participants engaging in various activities such as bike building and repair, character development, and academic skills enhancement. The 'Skills for Life' after-school drop-in program saw over 3,000 hours of participation, with students advancing program levels several times, indicating the mastery of mechanical skills. The 'Gearing Up' program, in collaboration with Purpose Built Schools Atlanta, also saw success, with students mastering the initial level of the mechanical skills curriculum. The bike shop's youth mountain biking team also had a successful debut season, developing technical skills and teamwork. The 'Frameworks' advanced job training program, a 8-week paid summer internship, allowed teens to learn employment skills, gain work experience, and explore career pathways. After the internship, some participants were hired as mechanics, marking their first exposure to the workforce.
Official website here: www.bearingsbikeshop.org
Who is the CEO of Bearings Bike Shop Inc?
Timothy O'Mara is the Executive Director of Bearings Bike Shop Inc.
Official website here: www.bearingsbikeshop.org
What is the revenue of Bearings Bike Shop Inc?
Bearings Bike Shop Inc's revenue in 2022 was $975,140.
Official website here: www.bearingsbikeshop.org
Who are the executives of Bearings Bike Shop Inc and what are their salaries?
The average compensation at Bearings Bike Shop Inc during 2022 was $16,217. There are 25 employees and 50 volunteers at Bearings Bike Shop Inc.
Here are 11 key members and their salaries:
- Compensation: $97,000
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- Other: $26,560
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Official website here: www.bearingsbikeshop.org
Where can I find the form 990 for Bearings Bike Shop Inc?
Bearings Bike Shop Inc's most recent form 990 was submitted in 2022 and can be accessed here.
Official website here: www.bearingsbikeshop.org
Learn more at the official website: www.bearingsbikeshop.org
Mission Statement of Bearings Bike Shop Inc
Bearings Bike Shop Inc, a nonprofit organization, aims to equip young individuals with the necessary tools for skill development and life advancement. By placing resources within their reach, the organization fosters a conducive environment for youth to enhance their mechanical abilities and build character traits such as perseverance and confidence.
The mission of Bearings Bike Shop Inc is multifaceted, encompassing various youth development programs. One of their significant initiatives is the Skills for Life After-School Drop-In Program, where participants spend considerable hours learning bike repair and construction while honing crucial life skills. The program's success is evident in the number of participants advancing program levels, indicating their mastery of mechanical skills.
Furthermore, Bearings Bike Shop Inc collaborates with schools through the Gearing Up program, offering non-traditional learning opportunities for students. This partnership allows students to explore mechanical skills in an engaging setting, ultimately boosting their confidence and achieving remarkable results.
In addition to these programs, Bearings Bike Shop Inc also provides a Mountain Biking Team, which competes in regional events and fosters team spirit. The team's success in competitions not only showcases their technical skills but also contributes to the growing enthusiasm for youth mountain biking in the city.
Lastly, Bearings Bike Shop Inc's Frameworks Advanced Job Training Program offers young individuals an opportunity to gain employment skills, work experience in a unique bike shop setting, and explore potential career pathways. The program culminates in paid summer internships, with several participants securing permanent positions within the organization.
In essence, Bearings Bike Shop Inc's mission revolves around empowering youth by providing them with the tools and experiences necessary for skill development and career advancement, ultimately contributing to their overall personal growth.
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Impact
July, 2024
Bearings Bike Shop Inc's impact can be seen in the significant growth and rebuilding of their youth programs from April 2021 through March 2022. Their in-person programming across all youth development programs resumed, reconnecting with kids and families in the community. Participants in their Skills for Life after-school drop-in program spent over 3,000 hours learning to build and repair bikes, while developing character strengths like perseverance and confidence. The program saw participants advancing a total of 75 times, indicating mastery of mechanical skills.
Furthermore, their school partnership program, Gearing Up, with Purpose Built Schools Atlanta, regained momentum with 30 students from Atlanta schools participating. All students passed the "Starting Point", the first level of the mechanical skills curriculum.
In addition, Bearings Bike Shop Inc's Youth Mountain Biking Team had a successful first season of competition, finishing 13 out of 36 teams in their division. The team competed in five races in the fall of 2021, spending over 100 hours riding during the season. This new program helped build partnerships within the cycling community, increasing enthusiasm for youth mountain biking in Atlanta.
Seven teens graduated from their Frameworks Advanced Job Training program, gaining employment skills and work experience in a unique bike shop setting during an 8-week paid summer internship. Four teens were hired as mechanics following the internship. Notably, for 100% of the participants, Frameworks was their first exposure to the workforce, accumulating a total of 1,660 hours of work, with 286 hours spent coaching in the youth program.
Through these initiatives, Bearings Bike Shop Inc is making a significant impact in empowering youth to advance their skills and build productive lives in Atlanta, Georgia.
This information is meant to be a general summary of Bearings Bike Shop 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: $29
- Program Service Revenue: $66,270
- Gross Receipts: $1,021,330
Assets and Liabilities:
- Total Assets: $2,498,004
- Total Liabilities: $73,026
- Net Assets: $2,424,978
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
PROGRAM FEES
Revenue
$66,270
Organization Details
Founding Year
2013
Phone
(404) 484-4180Principal Officer
Timothy O'Mara
Main Address
982 MURPHY AVE SW, ATLANTA, GA, 30310
Website
www.bearingsbikeshop.orgNTEE Category
Code: P99 - Human services
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