V3 Sports Inc
Public records show a registered, tax-exempt organization in good standing.
What it says it does
THE MISSION OF V3 SPORTS IS TO ELEVATE ITS COMMUNITY (NORTH MINNEAPOLIS) THROUGH WELLNESS, FITNESS, AND EDUCATION. IN SERVING ITS MISSION, V3 SPORTS OPERATES THE V3 CENTER IN NORTH MINNEAPOLIS AND RUNS CULTURALLY RELEVANT PROGRAMMING THROUGH ITS STATE-OF-THE-ART AQUATICS, FITNESS AND COMMUNITY CENTER, WHICH HOSTS A CHILDCARE SERVICE, A BOYS AND GIRLS CLUB BRANCH AND A LOCALLY-OWNED RESTAURANT.
- Income
- $2.7 million
- Spending
- $10.4 million
- Spent on programs
- 83%
- Reserves
- 11.2 months of spending
- Largest source of income
- donations and private grants, 85%
- Employees
- 87
- Volunteers
- 30
- Highest pay
- $156,392, executive director
Source: Form 990 for the year ending December 31, 2024, filed with the Internal Revenue Service. Rating method 2026.2. How we rate
Financial health
Fair: 59 out of 100. Higher than 26% of charities in its peer group (recreation and sports, $1m to $10m).
Reserves
28 of 35Spendable reserves would cover 11.2 months of spending.
Debt
16 of 20It owes 23% of what it owns.
Living within its means
0 of 15Spending exceeded income by 284% of income.
Income trend
0 of 15Income fell 88% on the year before.
Spending floor
15 of 1583% of spending went to programs and raising each dollar of donations cost 21 cents.
Source: Form 990 for the year ending December 31, 2024, filed with the Internal Revenue Service. Rating method 2026.2. How we rate
Governance
Strong: 100 out of 100. Higher than 82% of charities in its peer group (recreation and sports, $1m to $10m).
Independent board
25 of 2514 of 15 voting board members are independent.
Conflict of interest policy
15 of 15Has a written conflict of interest policy.
Whistleblower policy
8 of 8Has a written whistleblower policy.
Record keeping policy
7 of 7Has a written policy on keeping and destroying records.
Board minutes
5 of 5Keeps minutes of board meetings.
Board sees the tax return
10 of 10Gave the board a copy of this return before filing it.
Pay set independently
5 of 5Sets its chief executive's pay through independent review and comparison.
Independent check of accounts
15 of 15Its accounts were audited by an independent accountant.
No reported misuse
10 of 10Reports no diversion of assets, excess benefits or loans to insiders.
Source: Form 990 for the year ending December 31, 2024, filed with the Internal Revenue Service. Rating method 2026.2. How we rate
Impact evidence
Describes programs. Its tax return describes what it does but we have found no measurable results in it.
Programs described in its return (2)
- $7.7 million spent. V3 SPORTS OPENED ITS DOORS TO THE FULL PUBLIC FOR THE FIRST TIME ON MAY 11TH, 2024. THIS SOFT OPENING WELCOMED HUNDREDS OF NEW VISITORS FROM NORTH MINNEAPOLIS, OFFERING THEM FREE ACCESS TO THE CENTER FOR THE MONTH OF MAY. AN ALL NEW MEMBERSHIP TEAM OF ONE FULL-TIME LEAD AND TEN PART-TIME SPECIALISTS, WHO HAD BEEN WORKING TOGETHER FOR LESS THAN A MONTH, REGISTERED OVER 300 MEMBERS IN THOSE FIRST SIX WEEKS!FOLLOWING OUR GRAND OPENING ON JUNE 22, 2024, THE V3 CENTER WENT ON TO SEE ANOTHER 800 MEMBERS SIGN-UP. THE FOUNDATION OF AN AMAZING COMMUNITY WAS FORMED. EVEN MORE IMPRESSIVE IS THAT 80% OF MEMBERS HERE AT THE V3 CENTER RESIDE IN NORTH MINNEAPOLIS!THE FIRST YEAR WAS A TREMENDOUS SUCCESS FOR OUR YOUNG ORGANIZATION, AS MEMBERSHIP POLICIES AND AGREEMENTS WERE DRAFTED AND IMPLEMENTED, NEW SOFTWARE WAS MASTERED, OPERATIONAL PROCESSES WERE DEVELOPED AND OUR TEAM BATTLED THROUGH THE INEVITABLE GROWING PAINS THAT COME ALONG WITH STARTING A BUSINESS. IT WAS AN EXCITING AND CHALLENGING YEAR OF BUILDING A STRONG MEMBERSHIP OPERATION THAT WILL SERVE THE COMMUNITY FOR GENERATIONS.
- $827,264 spent. IN 2024, V3 SPORTS PROVIDED 505 SWIM LESSONS TOTALING MORE THAN 3,000 HOURS OF INSTRUCTION, HOSTED 10 FAMILY WATER SAFETY WORKSHOPS THAT REACHED OVER 230 PEOPLE, AND ORGANIZED 2 COMMUNITY WATER SAFETY EVENTS WITH MORE THAN 100 PARTICIPANTS. WE ALSO ENGAGED OVER 500 WOMEN THROUGH OUR WEDNESDAY NIGHT WOMEN'S SWIM PROGRAM. FROM JUNE THROUGH THE END OF THE YEAR, THESE EFFORTS EXPANDED ACCESS TO SWIM EDUCATION AND CREATED SAFE, INCLUSIVE SPACES FOR FAMILIES AND INDIVIDUALS TO GAIN LIFE-SAVING SKILLS.
Source: Form 990 for the year ending December 31, 2024, filed with the Internal Revenue Service. Rating method 2026.2. How we rate
Legitimacy checks
Is it registered with the IRS? Passed.
Listed in the IRS master file of tax-exempt organizations as a 501(c)(3) charitable organization.
Source: Exempt Organizations Business Master File, Internal Revenue Service, file dated September 7, 2026.
Has the IRS revoked its tax-exempt status? Passed.
Not on the IRS automatic revocation list.
Source: Automatic revocation of exemption list, Internal Revenue Service, file dated September 30, 2026.
Are donations tax-deductible? Passed.
On the IRS list of organizations eligible to receive tax-deductible contributions.
Source: Publication 78 data: organizations eligible for tax-deductible contributions, Internal Revenue Service, file dated September 10, 2026.
Is it keeping up with its IRS filings? Passed.
Most recent return on file covers the year ending December 2024.
Source: Exempt Organizations Business Master File, Internal Revenue Service, file dated September 7, 2026.
How long has it been tax-exempt? Passed.
Recognized by the IRS since August 2015.
Source: Exempt Organizations Business Master File, Internal Revenue Service, file dated September 7, 2026.
Is it in good standing with state regulators? Passed.
Not on California's list of charities barred from soliciting. Other states are not yet checked.
Source: May Not Operate or Solicit for Charitable Purposes list, California Attorney General, Registry of Charities and Fundraisers, file dated October 7, 2026.
Ratings and checks are our reading of public records, using the published method. They are not a statement about anyone's honesty. If you work for this organization, you can send corrections or results, confirm you want gifts through Veridonate, or ask to be removed from giving.