Mag 7 Race Team
- Assets
- $64.7k
- Revenue
- $0.0
- Investments
- $0.0
- Employees
- 0
- Location
- Oceanside, CA
- Founding
- Data as of
- 02/2024
- EIN
- 20-2577827
Organization Overview
Mag 7 Race Team is located in Oceanside, CA. According to its NTEE Classification (N50) the organization is classified as: Recreational Clubs, under the broad grouping of Recreation & Sports and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Mag 7 Race Team is a 501(c)(7) and as such, is described as a "Social and Recreational Club" by the IRS.
For the year ending 02/2024, Mag 7 Race Team generated $42.7k in total revenue. This represents a relatively dramatic decline in revenue. Over the past 3 years, the organization has seen revenues fall by an average of (5.1%) each year. All expenses for the organization totaled $14.8k during the year ending 02/2024. As we would expect to see with falling revenues, expenses have declined by (35.9%) per year over the past 3 years. You can explore the organizations financials more deeply in the financial statements section below.
Form
990EZ
Mission & Program ActivityExcerpts From the 990EZ Filing
TAX YEAR
2024
Describe the Organization's Program Activity:
Part 3
MAG 7 RACE TEAM PROVIDES PIT SUPPORT FOR DESERT RACING AND OFFROAD ACTIVITIES FOR MEMBERS
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PDF Copies of 990 Filings
Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
William F Thompson President | 5 | $0 | |
Michael Mark Shatynski Secretary | 5 | $0 | |
Valorie B Shatynski Treasurer | 5 | $0 | |
Tom Mangione Director | 5 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Total Revenue from Contributions, Gifts, Grants & Similar | $1,000 |
| Total Program Service Revenue | $37,250 |
| Membership dues | $4,450 |
| Investment income | $0 |
| Gain or Loss | $0 |
| Net Income from Gaming & Fundraising | $0 |
| Other Revenue | $3 |
| Total Revenue | $42,703 |
| Statement of Expenses | |
|---|---|
| Grants and similar amounts paid | $0 |
| Benefits paid to or for members | $0 |
| Salaries, other compensation, and employee benefits | $0 |
| Professional fees and other payments to independent contractors | $1,800 |
| Occupancy, rent, utilities, and maintenance | $0 |
| Printing, publications, postage, and shipping | $0 |
| Other expenses | $13,006 |
| Total expenses | $14,806 |
| Balance Sheet | |
|---|---|
| Cash, savings, and investments | $60,935 |
| Other assets | $0 |
| Total assets | $64,655 |
| Total liabilities | $0 |
| Net assets or fund balances | $64,655 |