2024-11-14T17:42:25-06:00 2023-12-31 201766527 WAUGH & GOODWIN LLP 2925 PROFESSIONAL PLACE STE 201 COLORADO SPRINGS CO 80904 990 2023-01-01 680587171 USA TAEKWONDO INC USAT 7198663636 1 OLYMPIC PLAZA 110 COLORADO SPRINGS CO 80909 RICHARD J WARWICK SECRETARY GENERAL 7198663636 2024-11-14 1 0 JILL J GOODWIN CPA P00450838 7195909777 2024-11-14 2023 2024-10-15 13:58:12Z STEPHEN MCNALLY 1 OLYMPIC PLAZA 110 COLORADO SPRINGS CO 80909 5875408 0 X WWW.TEAMUSA.ORG/USA-TAEKWONDO X 2004 CO THE PURPOSE OF USA TAEKWONDO SHALL BE TO ENABLE UNITED STATES ATHLETES TO ACHIEVE SUSTAINED COMPETITIVE EXCELLENCE IN THE SPORT OF TAEKWONDO IN THE UNITED STATES AND TO SERVE AS THE NATIONAL GOVERNING BODY FOR THE SPORT OF TAEKWONDO UNDER THE AUTHORITY OF THE UNITED STATES OLYMPIC AND PARALYMPIC COMMITTEE (USOPC) AS SET OUT BELOW. FURTHERMORE, USAT IS COMMITTED TO PROVIDING THE NECESSARY PROGRAMS, SERVICES AND SUPPORT FOR ALL TAEKWONDO PARTICIPANTS BY PROVIDING A SAFE AND POSITIVE ENVIRONMENT AS WELL AS DEMONSTRATING THE HIGH ATHLETIC SKILL, SELF-DISCIPLINE, HUMILITY, INDOMITABLE SPIRIT AND EXPRESSION OF OLYMPIC IDEALS REQUIRED TO EXCEL IN THE SPORT. USAT ENVISIONS A WORLD WHERE TAEKWONDO PARTICIPANTS OF ALL LEVELS HAVE THE NECESSARY PROGRAMS, SERVICES, SUPPORT AND TRAINING TO ACHIEVE EXCELLENCE IN THE SPORT AND THAT USAT IS SEEN AS THE PREMIER BENCHMARK FOR THE DEVELOPMENT OF TAEKWONDO AS AN OLYMPIC SPORT, METHOD OF SELF-DEFENSE, FORM OF RECREATION AND WAY OF LIFE. 12 12 14 100 0 0 1581580 2207123 3146058 3657057 0 -19218 0 0 4727638 5844962 168666 192512 0 0 977654 1074277 0 0 0 3539492 4957464 4685812 6224253 41826 -379291 615620 440612 465262 669545 150358 -228933 X THE PURPOSE OF USA TAEKWONDO SHALL BE TO ENABLE UNITED STATES ATHLETES TO ACHIEVE SUSTAINED COMPETITIVE EXCELLENCE IN THE SPORT OF TAEKWONDO IN THE UNITED STATES AND TO SERVE AS THE NATIONAL GOVERNING BODY FOR THE SPORT OF TAEKWONDO UNDER THE AUTHORITY OF THE UNITED STATES OLYMPIC AND PARALYMPIC COMMITTEE (USOPC) AS SET OUT BELOW. FURTHERMORE, USAT IS COMMITTED TO PROVIDING THE NECESSARY PROGRAMS, SERVICES AND SUPPORT FOR ALL TAEKWONDO PARTICIPANTS BY PROVIDING A SAFE AND POSITIVE ENVIRONMENT AS WELL AS DEMONSTRATING THE HIGH ATHLETIC SKILL, SELF-DISCIPLINE, HUMILITY, INDOMITABLE SPIRIT AND EXPRESSION OF OLYMPIC IDEALS REQUIRED TO EXCEL IN THE SPORT. USAT ENVISIONS A WORLD WHERE TAEKWONDO PARTICIPANTS OF ALL LEVELS HAVE THE NECESSARY PROGRAMS, SERVICES, SUPPORT AND TRAINING TO ACHIEVE EXCELLENCE IN THE SPORT AND THAT USAT IS SEEN AS THE PREMIER BENCHMARK FOR THE DEVELOPMENT OF TAEKWONDO AS AN OLYMPIC SPORT, METHOD OF SELF-DEFENSE, FORM OF RECREATION AND WAY OF LIFE. 0 0 3422895 192512 698017 HIGH PERFORMANCE PROGRAMS - USA TAEKWONDO HAS ENTERED INTO A HIGH PERFORMANCE DEVELOPMENT AGREEMENT WITH THE UNITED STATES PERFORMANCE CENTER TO CREATE A NATIONAL PERFORMANCE, TRAINING, AND SPORT CENTER TO PROVIDE STATE-OF-THE-ART ATHLETIC TRAINING, TESTING, ASSESSMENT, EVALUATION, AND MORE. USA TAEKWONDO HOSTS FIRST-CLASS TRAINING CAMPS AND DEVELOPMENT PROGRAMS FOR ALL LEVELS OF ATHLETES, COACHES, AND OFFICIALS TO ADVANCE THEIR SKILLS AND TO PREPARE THEM FOR DOMESTIC AND INTERNATIONAL COMPETITIONS. USA TAEKWONDO ALSO HOSTS IN-HOUSE COMPETITION EVENTS: FOCUSED, INTENSE AND HIGH QUALITY, STREAMED LIVE TO DELIVER ACCESS AND EXPOSURE TO TOP-LEVEL TAEKWONDO. USA TAEKWONDO LAUNCHED USA TAEKWONDO UNIVERSITY (USATKDU) IN 2021 AND HAS SINCE CONTINUED TO ENHANCE THE SERVICES AVAILABLE. USATKDU TEACHES CUTTING-EDGE MODERN METHODS OF SPORT TAEKWONDO AND PREPARES ATHLETES FOR THE RIGORS OF INTERNATIONAL COMPETITION AND ACADEMY LIFE. USATKDU OFFERS FIVE DEGREE COURSES OF INCREASING DIFFICULTY WHICH HAVE VARYING PRICE RANGES FOR THE SERVICES PROVIDED. 1769187 2259049 NATIONAL & INTERNATIONAL EVENTS - APPROXIMATELY 4,000 ATHLETES PARTICIPATED IN DOMESTIC AND INTERNATIONAL COMPETITIONS THROUGHOUT THE YEAR. AN ADDITIONAL APPROXIMATELY 1,500 ATHLETES COMPETED AT THE STATE LEVEL IN COMPETITIONS SANCTIONED BY USA TAEKWONDO. 349057 624991 MEMBERSHIP - APPROXIMATELY 9,719 INDIVIDUALS AND 574 CLUBS ARE MEMBERS OF USA TAEKWONDO. INDIVIDUAL MEMBERS WERE PROVIDED ACCIDENT INSURANCE COVERAGE AND CLUBS RECEIVE GENERAL LIABILITY INSURANCE AS PART OF THEIR MEMBERSHIP PACKAGES. CLUBS QUALIFY TO HOST SANCTIONED USA TAEKWONDO COMPETITIONS. THE DAN OFFICE PROCESSED APPROXIMATELY 599 DOMESTIC AND INTERNATIONAL CERTIFICATIONS FOR MEMBERS AND NON-MEMBERS. 58255 75000 MEDIA - THIS PROGRAM EXISTS TO SHOWCASE THE USA TAEKWONDO PROGRAMS, INCREASE THE VISIBILITY OF THE BRAND, BRING PEOPLE TO THE SPORT AND TO PROMOTE THE SPORT AND USA TAEKWONDO ACADEMY TEAM THROUGH DIGITAL CONTENT. 58255 75000 5599394 1 1 0 0 0 0 0 0 0 0 1 0 0 0 1 1 1 0 0 0 1 0 0 0 0 0 0 0 1 1 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 1 67 0 1 14 1 0 0 0 0 0 0 0 0 0 0 0 0 X 12 12 0 0 0 0 1 1 1 1 1 0 0 1 1 1 1 1 1 1 0 0 X X THE ORGANIZATION 7193745745 1 OLYMPIC PLAZA 110 COLORADO SPRINGS CO 80909 X JAYSEN ISHIDA AAC ATHLETE REP 2.00 X 0 0 0 DAVID TURGEON AAC ATHLETE REP 2.00 X 0 0 0 BRIANNA SALINARO AAC ATHLETE REP 2.00 X 0 0 0 CHEYENNE LEWIS AAC ATHLETE REP 2.00 X 0 0 0 CAROLINE INAY-PARK AAC ATHLETE REP 2.00 X 0 0 0 RON SOUTHWICK COACH DIRECTOR 2.00 X 0 0 0 JOHN HOLLOWAY REFEREE DIRECTOR 2.00 X 0 0 0 BONGSEOK KIM AFFILIATED ORGANIZATION DIRECTOR 2.00 X 0 0 0 MITCH SPRENGELMEYER INDEPENDENT DIRECTOR 2.00 X 0 0 0 KIM VOSS INDEPENDENT DIRECTOR 2.00 X 0 0 0 DANIEL CHUN INDEPENDENT DIRECTOR 2.00 X 0 0 0 YUKI RICHARDSON INDEPENDENT DIRECTOR THROUGH 8/2023 2.00 X 0 0 0 RAHUL BAWA INDEPENDENT DIRECTOR THROUGH 4/2023 2.00 X 0 0 0 JOE HAMMOND INDEPENDENT DIRECTOR THROUGH 1/2023 2.00 X 0 0 0 CAROL LEWIS CHAIR OF BOARD 2.00 X X 0 0 0 STEPHEN MCNALLY CHIEF EXECUTIVE OFFICER 40.00 X 135033 0 17591 CHRISTINE STRONG SIMMONS MANAGING DIRECTOR OF EVENTS, MEMBER SERVICES 40.00 X 109135 0 26601 244168 0 44192 2 0 1 0 0 2207123 1506945 2207123 NATIONAL & INTERNATION 711300 2117222 2117222 MEMBERSHIP DUES 711300 549443 549443 HIGH PERFORMANCE SUPPO 711300 440000 440000 USA TAEKWONDO UNIVERSI 711300 258017 258017 SPONSORSHIP & MARKETIN 713990 216827 216827 75548 75548 3657057 11228 30446 -19218 -19218 -19218 5844962 3657057 0 -19218 X 192512 192512 152623 106836 45787 726843 690013 36830 10759 10057 702 111616 100849 10767 72436 66416 6020 60467 60467 56150 56150 2315280 2310654 4626 153622 124973 28649 174757 37370 137387 371805 296509 75296 1387464 1316549 70915 15956 15956 146988 127348 19640 OTHER NATIONAL TEAM EXP 97179 97179 EQUIPMENT AND APPAREL 51977 49582 2395 CREDIT LOSS EXPENSE 42800 42800 MEDALS, AWARDS AND GIFT 38392 37579 813 44627 34968 9659 6224253 5599394 624859 0 306206 182100 3747 57422 15581 89832 179770 106874 54931 98346 51943 60067 11218 615620 440612 166497 286990 241452 371837 57313 10718 465262 669545 X 55392 -228933 94966 0 150358 -228933 615620 440612 -379291 0 X X 0 1 X 1 0 X 840233 748593 743039 1581580 2207123 6120568 3167946 1341829 1885699 3146058 3657057 13198589 4008179 2090422 2628738 4727638 5864180 19319157 1360 1200 1500 1500 1500 7060 116292 75000 75000 420448 397716 1084456 117652 76200 76500 421948 399216 1091516 18227641 1809 1809 1809 1809 4008179 2090422 2630547 4727638 5864180 19320966 0.94340 0.95250 0.00010 0.00010 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 101007 49585 51422 5867 5346 521 51943 LEASE LIABILITY 10718 10718 X 6620337 775375 775375 5844962 0 5844962 6999628 775375 775375 6224253 0 6224253 PART X, LINE 2: THE CORPORATION QUALIFIES AS A TAX-EXEMPT ORGANIZATION UNDER SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE AND, ACCORDINGLY, IS NOT SUBJECT TO FEDERAL INCOME TAX. ACCORDINGLY, NO INCOME TAX PROVISION HAS BEEN RECORDED. THE CORPORATION'S FORM 990, RETURN OF ORGANIZATION EXEMPT FROM INCOME TAX, IS SUBJECT TO EXAMINATION BY VARIOUS TAXING AUTHORITIES, GENERALLY FOR THREE YEARS AFTER THE DATE IT WAS FILED. MANAGEMENT OF THE CORPORATION BELIEVES THAT IT DOES NOT HAVE ANY UNCERTAIN TAX POSITIONS THAT ARE MATERIAL TO THE FINANCIAL STATEMENTS. CENTRAL AMERICA AND THE CARIBBEAN - ANTIGUA & BARBUDA, ARUBA, BAHAMAS, 0 0 PROGRAM SERVICES PROVIDING SUPPORT FOR ATHLETES TO COMPETE AND TRAIN IN THE REGION. 153237 EUROPE (INCLUDING ICELAND & GREENLAND) - ALBANIA, ANDORRA, AUSTRIA, BELGIUM 0 0 PROGRAM SERVICES PROVIDING SUPPORT FOR ATHLETES TO COMPETE AND TRAIN IN THE REGION. 301435 EAST ASIA AND THE PACIFIC - AUSTRALIA, BRUNEI, BURMA, CAMBODIA, 0 0 PROGRAM SERVICES PROVIDING SUPPORT FOR ATHLETES TO COMPETE AND TRAIN IN THE REGION 209939 MIDDLE EAST AND NORTH AFRICA - ALGERIA, BAHRAIN, DJIBOUTI, EGYPT, 0 0 PROGRAM SERVICES PROVIDING SUPPORT FOR ATHLETES TO COMPETE AND TRAIN IN THE REGION. 20952 0 0 0 0 0 0 685563 0 685563 0 0 0 0 0 0 PART I, LINE 2: USA TAEKWONDO KEEPS ALL RECEIPTS AND INVOICES FOR EXPENSES INCURRED WHILE TRAVELING OUTSIDE OF THE UNITED STATES. VARIOUS HIGH PERFORMANCE EVENTS ARE HELD IN REGIONS OUTSIDE OF THE UNITED STATES. 1 ATHLETE STIPENDS 9 142820 FAIR MARKET VALUE PRIZE MONEY & PERFORMANCE INCENTIVES/BONUSES 12 30436 FAIR MARKET VALUE EDUCATION GRANTS 2 19256 FAIR MARKET VALUE PART I, LINE 2: USA TAEKWONDO PROVIDES ASSISTANCE TO ATHLETES IN THE FORM OF STIPENDS AND ALSO PROVIDES PRIZE MONEY & PERFORMANCE INCENTIVES TO TOP RANKED ATHLETES. APPLICANTS MUST QUALIFY, WHERE APPLICABLE, FOR CERTAIN GRANTS AND ASSISTANCE, AND A FINAL REPORT IS REQUIRED TO BE SUBMITTED TO THE ORGANIZATION. X X X 0 0 0 0 0 0 0 1 0 STEPHEN MCNALLY CHIEF EXECUTIVE OFFICER 135033 0 0 0 0 0 2756 0 14835 0 152624 0 0 0 PART I, LINE 7 ALL EMPLOYEES ARE ELIGIBLE FOR DISCRETIONARY BONUSES BASED UPON A VARIETY OF SUBJECTIVE CRITERIA. ANY BONUSES RECEIVED ARE REPORTED IN COLUMN B(II) OF SCHEDULE J PART II. X SPORT SCIENCE ATHLETE SUPPORT 1 837750 FAIR MARKET VALUE X SPORTS MEDICINE ATHLETE SUPPORT 1 360000 FAIR MARKET VALUE X GENERAL PROGRAM SUPPORT 1 301000 FAIR MARKET VALUE X ATHLETE TRAVEL & LODGING 1 8195 FAIR MARKET VALUE 0 0 0 PART I, COLUMN (B): THE NUMBER REPORTED IN COLUMN B RELATES TO THE ACTUAL NUMBER OF CONTRIBUTORS. FORM 990, PART VI, SECTION A, LINE 6 THE ORGANIZATION IS A MEMBERSHIP ORGANIZATION. INDIVIDUAL MEMBERSHIP CATEGORIES ARE ATHLETE, COACH, REFEREE, SUPPORTING AND LIFE. ORGANIZATIONAL MEMBERSHIP CATEGORIES ARE CLUB, AFFILIATED ORGANIZATION, CONTRIBUTING ORGANIZATION AND STATE ASSOCIATION. FORM 990, PART VI, SECTION A, LINE 7A MEMBERS MAY SELECT INDIVIDUALS TO FILL CERTAIN SEATS ON THE BOARD OF DIRECTORS. AN INDIVIDUAL MAY BELONG TO MORE THAN ONE OF THE ABOVE-MENTIONED MEMBERSHIP CATEGORIES. HOWEVER, AN INDIVIDUAL IS ONLY ELIGIBLE TO VOTE IN ONE MEMBERSHIP CATEGORY. ANY INDIVIDUAL WHO IS A MEMBER OF MORE THAN ONE MEMBERSHIP CATEGORY SHALL DESIGNATE THE MEMBERSHIP CATEGORY IN WHICH HE OR SHE SHALL VOTE IN SUCH MANNER AS REQUIRED BY THE BOARD OF DIRECTORS. AN INDIVIDUAL SHALL BE A CITIZEN OF THE UNITED STATES AND AT LEAST 18 YEARS OF AGE IN ORDER TO BE ELIGIBLE TO VOTE IN AN ELECTION. NOTWITHSTANDING THESE RESTRICTIONS ON VOTING, MEMBERSHIP IN USAT IS OPEN TO INDIVIDUALS WHO ARE YOUNGER THAN 18 YEARS OF AGE AND TO INDIVIDUALS WHO ARE NOT CITIZENS OF THE UNITED STATES. AN INDIVIDUAL SHALL BE A REGISTERED MEMBER OF USAT AT LEAST 60 DAYS PRIOR TO THE DATE OF THE RECORD DATE OF ANY ELECTION IN ORDER TO BE ELIGIBLE TO VOTE IN SUCH ELECTION. INDIVIDUALS AND ORGANIZATIONS BELONGING TO THE FOLLOWING MEMBERSHIP CATEGORIES HAVE NO VOTING PRIVILEGES: SUPPORTING MEMBERS, LIFE MEMBERS WHO HAVE NOT DECLARED A SPECIFIC INDIVIDUAL MEMBERSHIP CATEGORY FOR THE CURRENT CALENDAR YEAR, AND CONTRIBUTING ORGANIZATION MEMBERS. QUALIFIED ATHLETE MEMBERS, COACH MEMBERS AND REFEREE MEMBERS ARE ENTITLED TO VOTE FOR ELECTIONS FOR THEIR RESPECTIVE DIRECTORS. "QUALIFIED ATHLETE MEMBERS" ARE INDIVIDUALS WHO MEET THE DEFINITION OF "ATHLETE REPRESENTATIVE" IN THE USOPC BYLAWS. LIFE MEMBERS ARE ENTITLED TO VOTE IN ONE OF THE FOLLOWING CATEGORIES BY DESIGNATING (WHICH DESIGNATION SHALL TAKE THE FORM AND BE MADE AT THE TIME REQUIRED BY THE BOARD OF DIRECTORS) THEIR INTENT TO VOTE IN THAT CATEGORY OF MEMBERSHIP ANNUALLY (BUT ONLY IF THE MEMBER IS OTHERWISE ENTITLED TO VOTE IN THE CATEGORY): ATHLETE DIRECTOR, COACH DIRECTOR, REFEREE DIRECTOR, OR CLUB MEMBER DIRECTOR. ORGANIZATIONS BELONGING TO THE FOLLOWING MEMBERSHIP CATEGORIES SHALL BE ENTITLED TO VOTE IN AN ELECTION FOR DIRECTORS OF THE BOARD FOR THEIR RESPECTIVE DIRECTORS: CLUB MEMBERS WITH AT LEAST 35 INDIVIDUAL USAT MEMBERS, AND AFFILIATED ORGANIZATION MEMBERS. NO OTHER VOTING PRIVILEGES ARE CONFERRED UPON THESE MEMBERS. CLUB MEMBERS WITH AT LEAST 35 INDIVIDUAL MEMBERS SHALL DESIGNATE THE INDIVIDUAL RESPONSIBLE FOR CASTING VOTES ON BEHALF OF SUCH MEMBERS IN SUCH MANNER AS REQUIRED BY THE BOARD OF DIRECTORS. FORM 990, PART VI, SECTION A, LINE 7B THE DECISION TO REMOVE A MEMBER OF THE BOARD OF DIRECTORS IS SUBJECT TO APPROVAL BY THE CONSTITUENT GROUP THAT ELECTED THE MEMBER, IF APPLICABLE. FORM 990, PART VI, SECTION B, LINE 11B THE RETURN IS PROVIDED TO THE AUDIT COMMITTEE FOR REVIEW. THE BOARD RECEIVES A COPY OF THE RETURN AFTER THIS REVIEW PROCESS AND BEFORE THE RETURN IS FILED. FORM 990, PART VI, SECTION B, LINE 12C THE ETHICS COMMITTEE REVIEWS ALL CONFLICT OF INTEREST STATEMENTS AND AN ANNUAL UPDATE IS PROVIDED TO THE BOARD OF DIRECTORS. IF A CONFLICT IS UNAVOIDABLE THE INTEREST IS DISCLOSED TO THE USAT CEO AND THE PERSON MUST RECUSE HIMSELF OR HERSELF FROM DISCUSSIONS AND ABSTAIN FROM VOTING. FORM 990, PART VI, SECTION B, LINE 15A THE EXECUTIVE DIRECTOR'S COMPENSATION IS SET BY THE BOARD OF DIRECTORS. A COMPENSATION COMMITTEE OF THE BOARD OF DIRECTORS REVIEWS COMPARABLE MARKET DATA FOR SPORTS EXECUTIVES OF SIMILAR BUDGET AND MEMBERSHIP SIZE AND RECOMMENDS THE SALARY AMOUNT FOR BOARD APPROVAL. THE BOARD OF DIRECTORS APPROVES OTHER STAFF COMPENSATION IN TOTAL AS PART OF ITS YEARLY BUDGET APPROVAL PROCESS. FORM 990, PART VI, SECTION C, LINE 19 THE AUDITED FINANCIAL STATEMENTS, FORM 990, BYLAWS AND CODE OF ETHICS ARE AVAILABLE ON THE ORGANIZATION'S WEBSITE. THE CONFLICT OF INTEREST POLICY IS INCLUDED IN THE CODE OF ETHICS. FORM 990, PART VII, PAGE 7 BOARD MEMBERS MAY BE COMPENSATED FOR SERVICES PROVIDED TO THE ORGANIZATION SUCH AS REFERREE FEES OR INSTRUCTOR FEES. THIS COMPENSATION IS DETERMINED BASED ON THE NORMAL PRACTICES OF THE ORGANIZATION. NO BOARD MEMBER IS COMPENSATED FOR THEIR SERVICE ON THE BOARD OF DIRECTORS. FORM 990, PART IX, LINE 11G CONTRACT SERVICES: PROGRAM SERVICE EXPENSES 576,124. MANAGEMENT AND GENERAL EXPENSES 1,760. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 577,884. OTHER FEES: PROGRAM SERVICE EXPENSES 144,033. MANAGEMENT AND GENERAL EXPENSES 2,866. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 146,899. SPORTS SCIENCE AND MEDICINE: PROGRAM SERVICE EXPENSES 1,306,282. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 1,306,282. EVENT, COACH AND REFEREE SERVICES: PROGRAM SERVICE EXPENSES 284,215. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 284,215. FORM 990, PART XII, PAGE 12, LINE 2C THIS PROCESS HAS NOT CHANGED FROM THE PRIOR YEAR.