Detroit Belle Isle Grand Prix Inc
- Assets
- $3.4m
- Revenue
- $22.8m
- Investments
- $0.0
- Employees
- 0
- Location
- Bloomfield Hills, MI
- Founding
- 08/2007
- Data as of
- 12/2023
- EIN
- 20-5885762
Organization Overview
Detroit Belle Isle Grand Prix Inc is located in Bloomfield Hills, MI. The organization was established in 2007. According to its NTEE Classification (S99) the organization is classified as: Community Improvement & Capacity Building N.E.C., under the broad grouping of Community Improvement & Capacity Building and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Detroit Belle Isle Grand Prix 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, Detroit Belle Isle Grand Prix Inc generated $22.8m in total revenue. This represents relatively stable growth, over the past 9 years the organization has increased revenue by an average of 5.2% each year. All expenses for the organization totaled $22.9m during the year ending 12/2023. While expenses have increased by 4.8% 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
REVITALIZE THE CITY OF DETROIT AND RAISE FUNDS TO PRESERVE AND IMPROVE BELLE ISLE PARK.
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROMOTES THE REVITALIZATION OF ECONOMICALLY DEPRESSED AREAS OF THE CITY OF DETROIT BY CONDUCTING MOTOR VEHICLE RACING EVENTS.
RAISES FUNDS FOR THE PRESERVATION AND IMPROVEMENT OF BELLE ISLE PARK, WHICH SERVES AS A UNIQUE BACKDROP FOR A POPULAR RACING EVENT AND REMAINS FOR THE LONG-TERM ENJOYMENT OF PARK VISITORS. ADDITIONAL FUNDS RAISED BENEFITING VARIOUS LOCAL CHARITIES PROVIDING SERVICES TO RESIDENTS OF THE CITY OF DETROIT.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Eric B Larson Vice President | OfficerTrustee | 1 | $0 |
Claude Bud Denker President | OfficerTrustee | 1 | $0 |
Cameron Piggott Treasurer/secretary | OfficerTrustee | 1 | $0 |
Roger Penske Chair | OfficerTrustee | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
B&k Rentals And Sales Co Inc Grandstand Rental And Construction | 12/30/23 | $896,469 |
Hntb Michigan Inc Construction | 12/30/23 | $780,446 |
Geobrugg Construction | 12/30/23 | $871,477 |
Kehrig Steel Inc Construction | 12/30/23 | $963,300 |
Inproduction Inc Hospitality Structure Rental | 12/30/23 | $1,123,860 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $941,434 |
| Related organizations | $0 |
| Government grants | $4,000,000 |
| All other contributions, gifts, grants, and similar amounts not included above | $8,543,512 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $13,484,946 |
| Total Program Service Revenue | $8,985,610 |
| Investment income | $0 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $484,749 |
| Net Income from Fundraising Events | -$195,082 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $22,760,223 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $847,622 |
| 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 | $1,886,495 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $30,000 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $707,752 |
| Office expenses | $75,136 |
| Information technology | $53,533 |
| Royalties | $0 |
| Occupancy | $251,725 |
| Travel | $267,526 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $278,839 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $838,548 |
| Insurance | $276,597 |
| All other expenses | $258,140 |
| Total functional expenses | $22,853,950 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $271,596 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $356,688 |
| 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 | $160,167 |
| Net Land, buildings, and equipment | $2,499,245 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $130,326 |
| Total assets | $3,418,022 |
| Accounts payable and accrued expenses | $1,005,015 |
| Grants payable | $0 |
| Deferred revenue | $602,407 |
| 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 | $3,350,000 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $156,473 |
| Total liabilities | $5,113,895 |
| Net assets without donor restrictions | -$1,695,873 |
| 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 | $3,418,022 |
Grants Awarded
Over the last fiscal year, Detroit Belle Isle Grand Prix Inc has awarded $847,622 in support to 5 organizations.
| Grant Recipient | Amount |
|---|---|
BELLE ISLE CONSERVANCY PURPOSE: GENERAL PROGRAM SUPPORT | $100,000 |
BOYS AND GIRLS CLUBS OF SOUTHEASTERN MI PURPOSE: GENERAL PROGRAM SUPPORT | $100,000 |
POPE FRANCIS CENTER PURPOSE: GENERAL PROGRAM SUPPORT | $100,000 |
DETROIT PUBLIC SAFETY FOUNDATION PURPOSE: GENERAL PROGRAM SUPPORT | $100,000 |
DETROIT 300 CONSERVANCY PURPOSE: GENERAL PROGRAM SUPPORT | $447,622 |