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Tax Year |
Revenue |
Expenses |
Net Assets |
| 2006 | 290,375 | 229,229 | - 2,774 |
| 2005 | 455,950 | 448074 | -24,313 |
| 2004 | 324,611 | 364,706 | -32,189 |
| 2003 | 296,175 | 328,537 | 9,581 |
| 2002 | 204,379 | 167,234 | 41,097 |
| 2001 | 113,894 | 108376 | 3,952 |
| 2000 | 41,187 | 44,092 | -2,905 |
| 1999 | 0 | 0 | 0 |
Download the FLYworks IRS 990's for 2006, 2005, and 2004. The first 2 pages for each year are included in one PDF document (six pages all together.)
File Size: 348KB
FLYworks Financials
A Period of Transition
When FLYworks' mission was supporting the activities of FLY Dance Company, its revenue rose from $41,187 in 2000 (the first full year) to $455,950 in 2005 primarily because of increased performance fees due to touring. (See the FLYworks IRS 990 Filing History in the sidebar.)
When the professional FLY Dance Company was shut down at the end of July 2006, those revenues ceased along with a two-year grant totaling $75,000. Other grant applications based on the former mission had to be cancelled or withdrawn.
The result has been a disruption in funding for FLYworks since August 2006 as the mission was changed to "Promoting dance as an artistic, fitness and character-building activity for youth." During this period, FLYworks has been supported primarily by loans from the founders, Kathy and Mike Wood, and FLY KiDS tuition fees.
Expenses have been restricted to those for FLY KiDS (costumes, studio space, promotion, and competition entry fees), producing the first teaching video, developing and presenting the first teacher workshop, organizing and promoting the first summer dance camp, and the essential expenses to operate as a non-profit organization (including insurance, telephone lines, graphic art, printing, internet services, web site development, and payments for accounting services.)
Though the executive officers have salaries bugeted, none have been paid. Once revenues are sufficient, payment of these salaries will commence.
FLYworks IRS 990 Filings
The "Return of Organizations Exempt From Income Tax" (IRS Form 990) is required to be filed each year. It is a rather lengthy document prepared and filed for FLYworks by our accounting firm, Hubbard Financial. Listed in the table in the sidebar to the left are the IRS 990 figures for Revenue, Expenses, and Net Assets filed for FLYworks since it was registered December 1999, a month in which there was no financial activity.
The main two pages of the 990's for 2006, 2005, and 2004 have been scanned as PDF files (not great images, but readable). They can be downloaded (file size 348KB) to your computer for a more thorough examination and printing.