Overview
What is Arenaco?
Arenaco is a nonprofit organization situated in Coralville, Iowa, with its headquarters at 901 1st Avenue. The primary focus of Arenaco is to manage and operate entertainment facilities, including the XtreaMarena powered by Mediacom, GreenState Family Fieldhouse, and The Rink at Coral Ridge. The XtreaMarena arena, capable of accommodating 5,100 fixed seats (6,600 for concerts), serves as the home venue for the University of Iowa volleyball team and the Iowa Heartlanders ECHL hockey team. The 30,000 square-foot Fieldhouse hosts a variety of amateur and professional sporting events, making it an attractive destination for the community. Since 1998, The Rink at Coral Ridge has provided skating opportunities for people of all ages. During the year, over 100 events were held at these facilities, accumulating a combined usage of over 180 days. Arenaco's mission is to benefit the city of Coralville, Iowa, by reducing government burdens, promoting economic development, and enhancing the social welfare of its residents.
Official website here: www.xtreamarena.com
What are the reviews and ratings of this charity?
Charity Navigator Rating: 72% (Two-Star out of Four Stars)
Arenaco has received a Two-Star rating from Charity Navigator, indicating a satisfactory level of performance in accountability and finance. The organization scores well in areas such as having a fully independent board and a solid audit and oversight committee. These factors contribute positively to their transparency and governance structure, showing a commitment to ethical practices.
However, there are notable weaknesses within Arenaco's policies that need addressing. The absence of a conflict of interest policy, whistleblower policy, and document retention procedures raises concerns about the organization's risk management. Additionally, the failure to post tax forms on their website, as required, detracts from their overall accountability.
Financially, the organization demonstrates a reasonable use of resources, with a program expense ratio of 74.48%, indicating that a substantial portion of their budget is directed toward their mission. Nevertheless, a liabilities to assets ratio of 66.59% suggests some financial vulnerabilities that could impact long-term stability. Overall, while Arenaco shows strengths in governance, improvements in policy transparency and financial health are essential for better performance ratings.
This AI summary has been generated from information found on Charity Navigator.
Is Arenaco legitimate?
Arenaco is a legitimate nonprofit organization registered as a 501(c)(3) entity. Arenaco 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.
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For more financial information, click here
Official website here: www.xtreamarena.com
What is the mission statement of Arenaco?
Arenaco's mission is primarily focused on supporting and operating for the benefit of a specific city, promoting economic development and growth, lessening government burdens, and improving the social welfare of its residents. This is achieved through the ownership and operation of entertainment facilities, specifically the XtreamArena powered by Mediacom, GreenState Family Fieldhouse, and The Rink at Coral Ridge. These facilities host a variety of events, including amateur and professional sports, and provide opportunities for public skating, contributing to the community's status as an attractive event hub. The operation of these facilities also serves as a home for local sports teams, such as the University of Iowa volleyball and the Iowa Heartlanders ECHL hockey team.
Official website here: www.xtreamarena.com
Who is the CEO of Arenaco?
Josh Schamberger is the President of Arenaco.
Official website here: www.xtreamarena.com
What is the revenue of Arenaco?
Arenaco's revenue in 2023 was $3,989,916.
Official website here: www.xtreamarena.com
Who are the executives of Arenaco and what are their salaries?
There 7 volunteers at Arenaco.
Here are 7 key members and their salaries:
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Official website here: www.xtreamarena.com
Where can I find the form 990 for Arenaco?
Arenaco's most recent form 990 was submitted in 2023 and can be accessed here.
Official website here: www.xtreamarena.com
Learn more at the official website: www.xtreamarena.com
Mission Statement of Arenaco
Arenaco, a nonprofit organization, is dedicated to supporting and operating entertainment facilities for the benefit of its community. Its mission is multifaceted, aiming to alleviate the burdens on local governments, promote economic growth, and enhance the social welfare of its residents.
At the heart of Arenaco's operations is the XtreaMarena powered by Mediacom, a 5,100-seat arena that serves as a home for University of Iowa volleyball and the Iowa Heartlanders ECHL hockey team. This arena, which can accommodate up to 6,600 spectators for concerts, has become a significant draw for both amateur and professional sporting events in the community.
In addition to the arena, Arenaco also operates the GreenState Family Fieldhouse, a 30,000 square foot facility with five courts, which has contributed to making the community a magnet for various sports events. Lastly, The Rink at Coral Ridge, an ice rink that has been operational since 1998, provides a wide range of on-ice activities for guests of all ages. During a typical year, over 100 events are held at these facilities, resulting in a combined usage of over 180 days. The ice rink is open daily for public skating admissions.
In essence, Arenaco's mission is to provide a platform for entertainment, sporting events, and recreational activities, thereby contributing to the economic growth and social well-being of its community.
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Impact
July, 2024
Arenaco's impact is significant as it owns and operates entertainment facilities in Coralville, Iowa. These facilities, including the Xtream Arena, the GreenState Family Fieldhouse, and The Rink at Coral Ridge, serve as venues for a variety of events and activities. The Xtream Arena, with its 5,100 fixed seats and 6,600 concert capacity, hosts University of Iowa volleyball games and the Iowa Heartlanders ECHL hockey team. The Fieldhouse, with its 5 courts, attracts both amateur and professional sporting events, making it a signature attraction in the community. The Rink at Coral Ridge has provided on-ice activities for guests of all ages since 1998. Throughout the year, over 100 events are held at these facilities, with combined usage exceeding 180 days. Arenaco's mission to support and operate for the benefit of Coralville, Iowa, aims to lessen the burdens on the city's government, promote economic development, growth, and social welfare for its residents.
This information is meant to be a general summary of Arenaco. 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 2023.
- Investment Income: $11,867
- Program Service Revenue: $2,990,142
- Gross Receipts: $3,989,916
Assets and Liabilities:
- Total Assets: $67,033,766
- Total Liabilities: $44,643,543
- Net Assets: $22,390,223
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
ARENA AND ICE RINK
Revenue
$2,357,520
IRL RENTAL
Revenue
$632,622
Organization Details
Founding Year
2017
Phone
(319) 248-1700Principal Officer
Josh Schamberger
Main Address
900 1ST AVENUE, CORALVILLE, IA, 52241
Website
www.xtreamarena.comNTEE Category
Code: N30 - Recreation
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