Three straight years of losses turned a once-healthy balance sheet upside down. Net assets went from +$670,844 to −$617,934 between 2022 and 2024 — the steepest reversal of any club in this project.
LA Breakers reported positive net assets in 12 of its first 13 filed years. Then, starting with a fiscal-year change in 2022, three consecutive losing years pushed net assets from $670,844 to −$617,934 — a $1.29M swing in two years.
The turn coincides with a huge jump in both assets and liabilities in FY2022 — total assets went from $722,518 to $4.23M in a single year, with liabilities rising just as fast. That's consistent with a large facility or lease commitment, though the specific driver isn't itemized in the public filing.
The fiscal year changed from a May year-end to a December year-end in 2022, creating a short 7-month transition filing.
Net assets crossed into negative territory in FY2023 (−$405,787) and worsened further in FY2024 (−$617,934) — meaning the club's liabilities now exceed everything it owns.
Combined coach and executive compensation reached $918,843 in FY2024 — 30% of total expenses — up from a small, largely-volunteer structure a decade earlier.
No related for-profit entity turned up in this research pass. The story here is the balance sheet, not an ownership structure.
The FY2022 jump in both assets and liabilities (from roughly $722K/$150K to $4.2M/$3.6M) is large enough to be the central fact about this club's finances, but the public 990 summary doesn't itemize what specifically drove it — a facility purchase, a long-term lease obligation, or something else. Schedule D of the full filing would likely clarify this; it hasn't been reviewed here.
A consistent pattern across every year on record: paid coaching directors, an entirely unpaid governing board.
| Fiscal Year | Revenue | Expenses | Net Income | Exec Comp | Other Salaries | Total Assets | Total Liab. | Net Assets |
|---|