Overview
What is Velodrome Development Foundation?
The Velodrome Development Foundation is a nonprofit organization based in West Chester, Pennsylvania, with an address at 451 Brandywine Drive. Its main objective is to foster and maintain the growth of cycling in the United States. They have been instrumental in conceptualizing the National Sports and Events Center, a groundbreaking project in Pennsylvania. This facility, featuring a first-of-its-kind indoor velodrome, aims to host major athletic and entertainment events. The foundation's community outreach programs will introduce young people to cycling, teaching them life lessons through sports and team building, and encouraging healthy habits. The Velodrome Development Foundation collaborates with regional state organizations to improve and expand the experience for all, serving as a model for similar facilities across the country.
What are the reviews and ratings of this charity?
Charity Navigator Rating: 36%
The Velodrome Development Foundation has received a Zero-Star out of Four Star rating from Charity Navigator, indicating significant concerns about its accountability and financial practices. The score is based entirely on a single beacon score focused on Accountability & Finance, where it achieved only 36% overall. While the organization boasts a wholly independent board and has no reported material diversion of assets, it has notable deficiencies in several key areas.
Specifically, the foundation lacks essential policies such as a Conflict of Interest Policy, Whistleblower Policy, and Document Retention and Destruction policy, each of which negatively impacts its accountability score. Furthermore, despite having a strong independent board structure, the organization's financial practices are concerning—especially its low program expense ratio of 19.98%, indicating that a minimal portion of its funds are being allocated toward its stated programs.
Overall, while the Velodrome Development Foundation has strengths in board independence and asset management, the absence of crucial operational policies and low program spending raises red flags for potential donors and stakeholders. This rating suggests that potential supporters should perform thorough due diligence before engaging with or contributing to the organization.
This AI summary has been generated from information found on Charity Navigator.
Is Velodrome Development Foundation legitimate?
Velodrome Development Foundation is a legitimate nonprofit organization registered as a 501(c)(3) entity. Velodrome Development Foundation 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: $0
Professional Fundraising Fees: $60,000
Other Salaries and Wages: $0
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What is the mission statement of Velodrome Development Foundation?
The Velodrome Development Foundation was established with the goal of fostering and sustaining the sport of cycling in the United States. The foundation played a significant role in conceptualizing the National Sports and Events Center, a groundbreaking project in Pennsylvania. This world-class facility, the first of its kind in the U.S., will feature a state-of-the-art indoor velodrome and custom-designed spaces for hosting major athletic and entertainment events. The foundation's core mission in supporting this center is to impart life lessons through sports and team building, inspiring today's youth to incorporate positive habits of fitness and health into their lives. Furthermore, the foundation will forge partnerships with regional state organizations to expand and enhance the experience for all, serving as a blueprint for similar facilities across the country. The community outreach programs will offer dynamic and creative platforms for young people to engage with cycling.
Who is the CEO of Velodrome Development Foundation?
Frederick Mayer is the President/Ch of Velodrome Development Foundation.
What is the revenue of Velodrome Development Foundation?
Velodrome Development Foundation's revenue in 2022 was $62,500.
Who are the executives of Velodrome Development Foundation and what are their salaries?
Here are 15 key members and their salaries:
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Where can I find the form 990 for Velodrome Development Foundation?
Velodrome Development Foundation's most recent form 990 was submitted in 2022 and can be accessed here.
Mission Statement of Velodrome Development Foundation
The Velodrome Development Foundation, a nonprofit organization, was established with the goal of promoting and sustaining cycling in the United States. One of their significant contributions is the conception of the National Sports and Events Center, a groundbreaking project in Pennsylvania. This state-of-the-art facility, the first of its kind in the U.S., will feature the National Velodrome, an indoor cycling arena, alongside custom-designed spaces for hosting various major athletic and entertainment events. The foundation's mission, in support of this center, is to educate young people about life lessons through sports and team building. They aim to inspire today's youth to adopt positive health and fitness habits, fostering a sense of camaraderie and collective growth. The Velodrome Development Foundation plans to forge partnerships with regional state organizations to enhance the overall experience and serve as a model for similar facilities nationwide.
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Impact
August, 2024
The Velodrome Development Foundation's impact is centered around growing and sustaining the sport of cycling in the United States through the creation of the National Sports and Events Center in Pennsylvania. This world-class facility, which includes the National Velodrome, serves as a hub for major athletic and entertainment events while also providing dynamic outreach programs for young people to engage with cycling. The foundation's core mission is to teach life lessons through sports and team building, inspiring today's youth to adopt positive habits of fitness and health in their lives. Additionally, the foundation aims to establish active partnerships with regional state organizations to enhance the overall experience and serve as a model for similar facilities across the country.
This information is meant to be a general summary of Velodrome Development Foundation. 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.
- Gross Receipts: $62,500
Assets and Liabilities:
- Total Assets: $15,644
- Total Liabilities: $0
- Net Assets: $15,644
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Organization Details
Founding Year
2017
Phone
(203) 415-5298Principal Officer
Frederick Mayer
Main Address
451 BRANDYWINE DRIVE, WEST CHESTER, PA, 19382
NTEE Category
Code: O50 - Youth development
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