Motorsports Museum & Hall Of Fame Of America Foundation Inc
- Assets
- $4.1m
- Revenue
- $1.8m
- Investments
- $0.0
- Employees
- 13
- Location
- Daytona Beach, FL
- Founding
- 08/1988
- Data as of
- 12/2023
- EIN
- 38-2779981
Organization Overview
Motorsports Museum & Hall Of Fame Of America Foundation Inc is located in Daytona Beach, FL. The organization was established in 1988. According to its NTEE Classification (A50) the organization is classified as: Museums, under the broad grouping of Arts, Culture & Humanities and related organizations. As of 12/2023, Motorsports Museum & Hall Of Fame Of America Foundation Inc employed 13 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Motorsports Museum & Hall Of Fame Of America Foundation Inc is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
For the year ending 12/2023, Motorsports Museum & Hall Of Fame Of America Foundation Inc generated $1.8m in total revenue. This organization has experienced exceptional growth, as over the past 8 years, it has increased revenue by an average of 21.4% each year . All expenses for the organization totaled $951.1k during the year ending 12/2023. While expenses have increased by 13.1% per year over the past 8 years. They've been increasing with an increasing level of total revenue. You can explore the organizations financials more deeply in the financial statements section below.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2023
Describe the Organization's Mission:
Part 3 - Line 1
TO FOSTER KNOWLEDGE ABOUT MOTORSPORTS
Describe the Organization's Program Activity:
Part 3 - Line 4a
INDUCTION--PROGRAM TO ELECT AND INDUCT PEOPLE INTO THE MOTORSPORTS HALL OF FAME.
MUSEUM-THIS IS THE COST TO OPEN AND MAINTAIN THE SPACE WHERE ITEMS ARE ON DISPLAY.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
George Levy President | OfficerTrustee | 40 | $100,000 |
Scott Atherton Director | Trustee | 1 | $0 |
Ken Clapp Director | Trustee | 1 | $0 |
David Colletti Director | Trustee | 1 | $0 |
Paul Doleshal Chairman | Trustee | 1 | $0 |
Christi Edelbrock Director | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $118,124 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $1,154,190 |
| Noncash contributions included in lines 1a–1f | $230,700 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $1,272,314 |
| Total Program Service Revenue | $492,890 |
| Investment income | $16,763 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$5,682 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $1,776,285 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $100,000 |
| Compensation of current officers, directors, key employees. | $20,000 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $217,284 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $25,501 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $9,605 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $7,260 |
| Office expenses | $8,040 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $197,920 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $781 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $43,674 |
| Insurance | $18,130 |
| All other expenses | $73,771 |
| Total functional expenses | $951,072 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $357,864 |
| Savings and temporary cash investments | $4,902 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $1,357,365 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $1,529,011 |
| Investments—publicly traded securities | $806,606 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $7,500 |
| Total assets | $4,063,248 |
| Accounts payable and accrued expenses | $18,045 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $18,045 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $4,045,203 |
| Total liabilities and net assets/fund balances | $4,063,248 |