Watkins Glen Motor Racing Research Council Inc
- Assets
- $5.0m
- Revenue
- $904.2k
- Investments
- $0.0
- Employees
- 10
- Location
- Watkins Glen, NY
- Founding
- 12/1999
- Data as of
- 12/2022
- EIN
- 16-1572964
Organization Overview
Watkins Glen Motor Racing Research Council Inc is located in Watkins Glen, NY. The organization was established in 1999. According to its NTEE Classification (A54) the organization is classified as: History Museums, under the broad grouping of Arts, Culture & Humanities and related organizations. As of 12/2022, Watkins Glen Motor Racing Research Council Inc employed 10 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Watkins Glen Motor Racing Research Council 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, Watkins Glen Motor Racing Research Council Inc generated $904.2k in total revenue. This represents relatively stable growth, over the past 6 years the organization has increased revenue by an average of 8.3% each year. All expenses for the organization totaled $876.1k during the year ending 12/2022. While expenses have increased by 5.7% per year over the past 6 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
2022
Describe the Organization's Mission:
Part 3 - Line 1
THE INTERNATIONAL MOTOR RACING RESEARCH CENTER COLLECTS, SHARES AND PRESERVES THE HISTORY OF MOTORSPORTS. SPANNING CONTINENTS, ERAS AND RACE SERIES, THE CENTER'S COLLECTION EMBODIES THE SPEED, DRAMA AND CAMARADERIE OF AMATEUR AND PROFESSIONAL MOTOR RACING THROUGHOUT THE WORLD. THE CENTER WELCOMES SERIOUS RESEARCHERS AND THE CASUAL FANS ALIKE TO SHARE STORIES OF RACE DRIVERS, RACE SERIES, AND RACE CARS CAPTURED ON OUR SHELVES AND WALLS, AND BROUGHT TO LIFE THROUGH A REGULAR CALENDAR OF PUBLIC LECTURES AND SPECIAL EVENTS. THE CENTER'S COLLECTION DOCUMENTS THE HISTORY OF RACING IN THE MORE THAN 4000 BOOKS OR 250 DIFFERENT MOTORSPORTS MAGAZINES AND NEWSPAPERS TITLES; CLUB AND SANCTIONING BODY RECORDS; RACE RESULTS, PROGRAMS AND POSTERS; PAPERS OF MOTORSPORTS JOURNALISTS AND SCHOLARS; CORRESPONDENCE OF RACE ORGANIZERS; AND STILL AND MOVING IMAGES HOUSED ONSITE AND IN OUR EXPANDING OFFSITE COLLECTIONS STORAGE FACILITIES. ITS KNOWLEDGEABLE RESEARCH AND ARCHIVES STAFF ASSISTS HUNDRE
Describe the Organization's Program Activity:
Part 3 - Line 4a
A VALUABLE COLLECTION OF RESEARCH AND ARCHIVAL MATERIALS DOCUMENTING THE HISTORY OF MOTORSPORTS ARE ACQUIRED THROUGH DONATION AND MAINTAINED AS A RESOURCE FOR THE RACING COMMUNITY AND THE GENERAL PUBLIC. THE CENTER SERVES AS THE CUSTODIAN OF THE ARCHIVES OF THE SPORTS CAR CLUB OF AMERICA, THE LARGEST CLUB FOR AUTOMOBILE RACING IN THE UNITED STATES. IT SHARES ITS HISTORICAL COLLECTIONS THROUGH AN ACTIVE RESEARCH AND REFERENCE SERVICES PROGRAM, PUBLIC EVENTS, AND EXHIBITIONS AS WELL AS ONLINE UTILIZING ITS WEBSITE, SOCIAL MEDIA PLATFORMS, AND ELECTRONIC PUBLICATIONS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Mark Steigerwald Executive Director | Officer | 40 | $90,000 |
John R Saunders Chairman | OfficerTrustee | 0.5 | $0 |
Larry Kessler Vice Chairman | OfficerTrustee | 0.5 | $0 |
Bill Branson Vice Chairman | OfficerTrustee | 0.5 | $0 |
Scott Welliver Treasurer | OfficerTrustee | 0.5 | $0 |
Beren Argetsinger Secretary | OfficerTrustee | 0.5 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $103,045 |
| Fundraising events | $49,625 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $433,483 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $586,153 |
| Total Program Service Revenue | $49,248 |
| Investment income | $135,063 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $58,988 |
| Net Income from Fundraising Events | -$17,634 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $904,156 |
| 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. | $90,000 |
| Compensation of current officers, directors, key employees. | $36,000 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $266,072 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $23,155 |
| Payroll taxes | $30,775 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $20,793 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $40,038 |
| Fees for services: Other | $10,815 |
| Advertising and promotion | $41,678 |
| Office expenses | $25,197 |
| Information technology | $19,332 |
| Royalties | $0 |
| Occupancy | $36,106 |
| Travel | $1,016 |
| 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 | $897 |
| Insurance | $0 |
| All other expenses | $3,624 |
| Total functional expenses | $876,096 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $98,806 |
| Savings and temporary cash investments | $949 |
| 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 | $0 |
| Prepaid expenses and deferred charges | $12,397 |
| Net Land, buildings, and equipment | $50,000 |
| Investments—publicly traded securities | $4,684,883 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $154,575 |
| Total assets | $5,001,610 |
| Accounts payable and accrued expenses | $143,447 |
| 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 | $62,237 |
| Total liabilities | $205,684 |
| Net assets without donor restrictions | $2,813,083 |
| Net assets with donor restrictions | $1,982,843 |
| 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 | $5,001,610 |