Watkins Glen Promotions Inc
- Assets
- $181.6k
- Revenue
- $246.0k
- Investments
- $0.0
- Employees
- 4
- Location
- Watkins Glen, NY
- Founding
- 01/1995
- Data as of
- 12/2023
- EIN
- 16-1456177
Organization Overview
Watkins Glen Promotions Inc is located in Watkins Glen, NY. The organization was established in 1995. According to its NTEE Classification (S21) the organization is classified as: Community Coalitions, under the broad grouping of Community Improvement & Capacity Building and related organizations. As of 12/2023, Watkins Glen Promotions Inc employed 4 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Watkins Glen Promotions 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, Watkins Glen Promotions Inc generated $246.0k in total revenue. This represents relatively stable growth, over the past 9 years the organization has increased revenue by an average of 6.4% each year. All expenses for the organization totaled $224.3k during the year ending 12/2023. While expenses have increased by 5.7% per year over the past 9 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 THE GENERAL ECONOMIC, SOCIAL AND COMMUNITY WELL-BEING AND TO ENHANCE THE QUALITY OF LIFE OF THE VILLAGES OF WATKINS GLEN, MONTOUR FALLS AND SCHUYLER COUNTY.
Describe the Organization's Program Activity:
Part 3 - Line 4a
ORGANIZED COUNTY WIDE FESTIVALS AND EVENTS, OPEN TO THE PUBLIC, CELEBRATING THE AREA'S ROAD RACING HISTORY AND BEAUTIFUL WATERFRONT. PROMOTES THE WATKINS GLEN/MONTOUR FALLS AREA TO VISITORS AND BUSINESSES.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Marianne Marts Director | Trustee | 1 | $0 |
Stacy Husted President | OfficerTrustee | 2 | $0 |
Bridgette Stewart Secretary | OfficerTrustee | 1 | $0 |
Chelsea Stamp Treasurer | OfficerTrustee | 1 | $0 |
Tom Seem Director | Trustee | 1 | $0 |
Kelly Miller Vice President | OfficerTrustee | 1 | $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 | $40,000 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $40,000 |
| Total Program Service Revenue | $160,335 |
| Investment income | $1,340 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $44,324 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $245,999 |
| 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. | $52,490 |
| Compensation of current officers, directors, key employees. | $10,498 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $24,124 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $6,673 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $1,950 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $5,504 |
| Advertising and promotion | $3,936 |
| Office expenses | $15,012 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $18,794 |
| 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 | $2,794 |
| All other expenses | $0 |
| Total functional expenses | $224,268 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $434 |
| Savings and temporary cash investments | $159,739 |
| 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 | $21,439 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $181,612 |
| Accounts payable and accrued expenses | $2,845 |
| Grants payable | $0 |
| Deferred revenue | $38,305 |
| 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 | $41,150 |
| Net assets without donor restrictions | $140,462 |
| 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 | $0 |
| Total liabilities and net assets/fund balances | $181,612 |