Air Race Classic Inc
- Assets
- $263.0k
- Revenue
- $118.6k
- Investments
- $0.0
- Employees
- 0
- Location
- North Wales, PA
- Founding
- 07/2002
- Data as of
- 09/2022
- EIN
- 03-0443003
Organization Overview
Air Race Classic Inc is located in North Wales, PA. The organization was established in 2002. According to its NTEE Classification (N70) the organization is classified as: Amateur Sports Competitions, 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. Air Race Classic 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 09/2022, Air Race Classic Inc generated $118.6k in total revenue. This represents a relatively dramatic decline in revenue. Over the past 7 years, the organization has seen revenues fall by an average of (4.7%) each year. All expenses for the organization totaled $99.6k during the year ending 09/2022. As we would expect to see with falling revenues, expenses have declined by (5.1%) per year over the past 7 years. 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
2022
Describe the Organization's Mission:
Part 3 - Line 1
TO DEVELOP AND ADVANCE AVIATION EDUCATION
Describe the Organization's Program Activity:
Part 3 - Line 4a
ANNUAL CROSS COUNTRY AIR RACE FOR WOMEN INVOLVING NUMEROUS NORTH AMERICAN AIRPORTS. PROCEEDS GOING TO CHARITIES.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Lara Gaerte President | Officer | 0 | $0 |
Donna Harris Vice President | Officer | 0 | $0 |
Sherry Kandle Secretary | Officer | 0 | $0 |
Linda Evans Treasurer | Officer | 0 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $41,652 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $41,652 |
| Total Program Service Revenue | $76,543 |
| Investment income | $1,973 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$5,272 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $6,939 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $118,600 |
| 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. | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $1,597 |
| Fees for services: Accounting | $500 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $2,722 |
| Office expenses | $0 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $0 |
| All other expenses | $13,777 |
| Total functional expenses | $99,557 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $244,509 |
| Savings and temporary cash investments | $0 |
| 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 | $6,253 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $5,387 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $6,815 |
| Total assets | $262,964 |
| Accounts payable and accrued expenses | $0 |
| Grants payable | $0 |
| Deferred revenue | $9,007 |
| 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 | $9,007 |
| Net assets without donor restrictions | $182,830 |
| Net assets with donor restrictions | $71,127 |
| 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 | $0 |
| Total liabilities and net assets/fund balances | $262,964 |
Grants Recieved
Over the last fiscal year, we have identified 2 grants that Air Race Classic Inc has recieved totaling $25,035.
| Awarding Organization | Amount |
|---|---|
Ray Foundation Inc Naples, FL PURPOSE: OPERATING BUDGET SUPPORT | $25,000 |
Amazonsmile Foundation Seattle, WA PURPOSE: GENERAL SUPPORT | $35 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
United States Equestrian Team Foundation Inc Gladstone, NJ | $30,191,062 | $5,247,335 |
Laureus Sport For Good Foundation Of America New York, NY | $6,727,173 | $4,372,530 |
Far Hills Race Meeting Association Inc Far Hills, NJ | $7,235,904 | $3,433,382 |
Open Squash Inc New York, NY | $5,357,253 | $1,806,431 |
American Platform Tennis Association Inc Pittsburgh, PA | $1,547,528 | $1,984,678 |
Rrft Enterprise Eden, MD | $205,621 | $1,786,001 |
New York Yacht Club Regatta Association Inc New York, NY | $782,002 | $1,482,419 |
National Collegiate Rugby Organization Inc Wilmington, DE | $82,012 | $1,426,053 |
West Virginia Golf Association Charleston, WV | $499,772 | $1,388,651 |
Columbus Marathon Columbus, OH | $235,659 | $1,100,044 |
Maryland State Golf Association Lutherville, MD | $1,206,835 | $1,229,130 |
Kasparov Chess Foundation Inc Montville, NJ | $7,558,285 | $1,748,219 |