Richard Petty Museum Inc
- Assets
- $11.9m
- Revenue
- $270.1k
- Investments
- $0.0
- Employees
- 0
- Location
- Randleman, NC
- Founding
- 04/1995
- Data as of
- 12/2022
- EIN
- 56-1859132
Organization Overview
Richard Petty Museum Inc is located in Randleman, NC. The organization was established in 1995. According to its NTEE Classification (A50) the organization is classified as: Museums, under the broad grouping of Arts, Culture & Humanities and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Richard Petty Museum 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 12/2022, Richard Petty Museum Inc generated $270.1k in total revenue. This represents a relatively dramatic decline in revenue. Over the past 8 years, the organization has seen revenues fall by an average of (6.3%) each year. All expenses for the organization totaled $271.8k during the year ending 12/2022. As we would expect to see with falling revenues, expenses have declined by (0.4%) per year over the past 8 years. You can explore the organizations financials more deeply in the financial statements section below.
Form
990T
Mission & Program ActivityExcerpts From the 990T Filing
TAX YEAR
2022
Describe the Organization's Program Activity:
THE ONLY ACTIVITY OF THE ORGANIZATION WAS TO MAINTAIN AND OPERATE A MUSEUM TO EDUCATE THE PUBLIC ON THE HISTORY AND RACING CAREER OF RICHARD PETTY.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Winston Kelly Director | 1 | $0 | |
Robert Wilhoit Director | 1 | $0 | |
Reynolds Lisk Director | 1 | $0 | |
Amber Scarlet Director | 1 | $0 | |
Rebecca Moffitt Secretary | 1 | $0 | |
Sharon Farlow Executive Dir. | 20 | $40,500 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Contributions, Gifts, Grants & Similar | $4,152 |
| Interest on Savings | $0 |
| Dividends & Interest | $0 |
| Net Rental Income | $0 |
| Net Gain on Sale of Assets | $0 |
| Capital Gain Net Income | $0 |
| Net ST Capital Gain | $0 |
| Income Modifications | $0 |
| Profit on Inventory Sales | $202,011 |
| Other Income | $63,977 |
| Total Revenue | $270,140 |
| Statement of Expenses | |
|---|---|
| Compensation of officers, directors, trustees, etc | $40,500 |
| Other employee salaries and wages | $28,096 |
| Pension plans, employee benefits | $0 |
| Interest | $73 |
| Taxes | $13,697 |
| Depreciation | $7,760 |
| Occupancy | $21,177 |
| Travel, conferences, and meetings | $225 |
| Printing and publications | $2,279 |
| Other expenses | $153,583 |
| Total operating and administrative expenses | $271,790 |
| Contributions, gifts, grants paid | $0 |
| Total expenses and disbursements | $271,790 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $29,457 |
| Savings and temporary cash investments | $0 |
| Net Accounts receivable | $0 |
| Net Pledges Receivable | $0 |
| Grants receivable | $0 |
| Receivables from Officers, Directors, or Controlling Persons | $0 |
| Net other notes and loans receivable | $0 |
| Inventories for sale or use | $29,671 |
| Prepaid expenses and deferred charges | $14,907 |
| Net Investments - land, buildings, equipment | $0 |
| Investments—mortgage loans | $0 |
| Investments—other | $0 |
| Net Land, buildings, and equipment | $140,451 |
| Other assets | $11,663,197 |
| Total assets | $11,877,683 |
| Accounts payable and accrued expenses | $16,571 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Mortgages and other notes payable | $0 |
| Other liabilities | $1,221 |
| Total liabilities | $17,792 |
Grants Awarded
Over the last fiscal year, Richard Petty Museum Inc has awarded $1,714 in support to 2 organizations.
| Grant Recipient | Amount |
|---|---|
VICTORY JUNCTION PURPOSE: OPERATIONAL EXPENSE | $100 |
VICTORY JUNCTION PURPOSE: INVENTORY FOR CAMPERS | $1,614 |