Overview
What is Riverbend Stadium Authority Inc?
Riverbend Stadium Authority Inc, situated in Beloit, Wisconsin, is a nonprofit organization with a mission to alleviate governmental burdens by owning and operating a multi-purpose facility. This facility, used by approximately 100,000 individuals in 2022, serves as a hub for various community organizations. The events hosted at the stadium span from minor league baseball games to local high school sports, college events, and community celebrations like the 4th of July and movie nights. The primary aim of this nonprofit is to promote economic development, avoid urban blight, and foster educational and cultural programs in the area, in accordance with Section 501(C)(3) of the Internal Revenue Code.
What are the reviews and ratings of this charity?
Charity Navigator Rating: Needs Improvement
Riverbend Stadium Authority Inc has received a two-star rating from Charity Navigator, indicating that there are significant areas needing improvement. With an overall score of 67%, the organization shows strengths in material asset management and high program expense efficiency, reflecting its commitment to directing funds towards its mission. However, there are notable weaknesses in governance, including a lack of independent board members and insufficient transparency in financial reporting.
The organization scored poorly in areas such as financial statements and governance policies, which raises concerns about accountability. Specifically, it did not meet expectations for having a majority independent board or providing adequate financial documentation, which could impact trust among stakeholders. While it has established a conflict of interest policy, other critical governance elements like whistleblower and document retention policies were absent, suggesting a need for better compliance measures.
Despite these challenges, the Riverbend Stadium Authority Inc maintains a strong program expense ratio and boasts a commendable liabilities-to-assets ratio, indicating a solid financial foundation. Moving forward, enhancing governance practices and improving transparency will be crucial for building stakeholder trust and achieving long-term success.
This AI summary has been generated from information found on Charity Navigator.
Is Riverbend Stadium Authority Inc legitimate?
Riverbend Stadium Authority Inc is a legitimate nonprofit organization registered as a 501(c)(3) entity. Riverbend Stadium Authority 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:
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Professional Fundraising Fees: $0
Other Salaries and Wages: $0
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What is the mission statement of Riverbend Stadium Authority Inc?
Riverbend Stadium Authority Inc's mission is centered around undertaking charitable and educational activities. Their primary objective is to alleviate governmental burdens, stimulate economic development in disadvantaged areas, prevent urban decay, and promote educational and cultural programs within these areas. The organization operates under Section 501(C)(3) of the Internal Revenue Code of 1986, and its activities extend to owning and operating a multi-purpose facility. This facility is intended for various events, including minor league baseball games, community and youth athletic events, and educational and cultural programs.
Who is the CEO of Riverbend Stadium Authority Inc?
Brent Fox is the Chairman, President of Riverbend Stadium Authority Inc.
What is the revenue of Riverbend Stadium Authority Inc?
Riverbend Stadium Authority Inc's revenue in 2022 was $5,094,441.
Who are the executives of Riverbend Stadium Authority Inc and what are their salaries?
There 6 volunteers at Riverbend Stadium Authority Inc.
Here are 6 key members and their salaries:
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Where can I find the form 990 for Riverbend Stadium Authority Inc?
Riverbend Stadium Authority Inc's most recent form 990 was submitted in 2022 and can be accessed here.
Mission Statement of Riverbend Stadium Authority Inc
Riverbend Stadium Authority Inc, a nonprofit organization, is dedicated to undertaking charitable and educational activities. Its primary mission is to lessen government burdens, promote economic development in depressed or declining areas, and avoid urban blight. The organization achieves this by promoting educational and cultural programs within these areas, in accordance with Section 501(C)(3) of the Internal Revenue Code of 1986.
In line with its mission, Riverbend Stadium Authority Inc owns and operates a multi-purpose facility. This facility is designed to be utilized for various activities, including minor league baseball and community and youth athletic, educational, and cultural events. By providing a venue for such events, the organization aims to contribute to the overall development and enrichment of the community. The facility serves as a hub for activities that can potentially bring people together, foster a sense of community, and encourage participation in sports and cultural events.
In essence, Riverbend Stadium Authority Inc is committed to utilizing its resources to better the community it serves. By focusing on charitable and educational activities, promoting economic development, and offering a multi-purpose facility for community events, the organization seeks to make a positive impact in the areas it operates. Its mission is to contribute to the betterment of society, one community at a time, through its various initiatives and programs.
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Impact
July, 2024
Riverbend Stadium Authority Inc, operating as a multi-purpose facility in Beloit, Wisconsin, has a significant impact on the community. The organization's activities aim to lessen the burdens of government, promote economic development in struggling areas, prevent urban blight, and support educational and cultural programs. By owning and operating a facility that hosts various events such as minor league baseball games, local high school and college sporting events, community celebrations like the 4th of July, movie nights, and other cultural gatherings, Riverbend Stadium Authority Inc actively engages with approximately 100,000 individuals annually. Through these initiatives, the organization contributes to the vibrancy and well-being of the Beloit community by providing recreational, educational, and cultural opportunities for residents and visitors alike.
This information is meant to be a general summary of Riverbend Stadium Authority 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.
- Program Service Revenue: $384,908
- Gross Receipts: $5,094,441
Assets and Liabilities:
- Total Assets: $44,460,712
- Total Liabilities: $6,514,153
- Net Assets: $37,946,559
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
STADIUM RENTAL FEES
Revenue
$200,000
STADIUM SURCHARGE
Revenue
$184,908
Organization Details
Founding Year
2019
Phone
(608) 368-2309Principal Officer
Brent Fox
Main Address
CO DAVE HEILIGER ONE ABC PARKWAY, BELOIT, WI, 53511
NTEE Category
Code: N31 - Recreation
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