Motorsports Charities Inc
- Assets
- $7.1m
- Revenue
- $5.0m
- Investments
- $0.0
- Employees
- 9
- Location
- Daytona Beach, FL
- Founding
- 10/2005
- Data as of
- 12/2023
- EIN
- 30-0337745
Organization Overview
Motorsports Charities Inc, operating under the name The Nascar Foundation, is located in Daytona Beach, FL. The organization was established in 2005. According to its NTEE Classification (T30) the organization is classified as: Public Foundations, under the broad grouping of Philanthropy, Voluntarism & Grantmaking Foundations and related organizations. As of 12/2023, Nascar Foundation employed 9 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Nascar Foundation 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, Nascar Foundation generated $5.0m in total revenue. This represents relatively stable growth, over the past 9 years the organization has increased revenue by an average of 1.3% each year. All expenses for the organization totaled $4.2m during the year ending 12/2023. You can explore the organizations financials more deeply in the financial statements section below.
Since 2014, Nascar Foundation has awarded 576 individual grants totaling $17,938,615. If you would like to learn more about the grant giving history of this organization, scroll down to the grant profile section of this page.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2023
Describe the Organization's Mission:
Part 3 - Line 1
TO IMPROVE THE LIVES OF CHILDREN WHO NEED IT MOST IN OUR NASCAR COMMUNITIES
Describe the Organization's Program Activity:
Part 3 - Line 4a
SEE SCHEDULE O
SEE SCHEDULE O
COMMUNITY SUPPORT: THE NASCAR FOUNDATION EMBODIES THE SPIRIT OF THE NASCAR INDUSTRY AND ENSURES IMPACT WITHIN THE NASCAR RACING COMMUNITIES. THROUGH AT-TRACK PROGRAMS FOR LOCAL CHARITIES, TRACK PARTNERS WITH DONOR ADVISED FUNDS, AND CHARITABLE CONTRIBUTIONS TO INITIATIVES OF IMPORTANCE AND SIGNIFICANCE TO OUR RACING FAMILY, WE ARE ABLE TO IMPROVE THE LIVES OF CHILDREN WHO NEED IT MOST IN COMMUNITIES WHERE NASCAR LIVES, WORKS, AND RACES.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Mike Helton Chairman/president | OfficerTrustee | 2 | $0 |
Lesa Kennedy Vice Chairperson/director | Trustee | 2 | $0 |
Jennifer France Bates Vice Chairperson/secretary | OfficerTrustee | 2 | $0 |
Susan Schandel Treasurer/director | OfficerTrustee | 4 | $0 |
Hurley Haywood Director | Trustee | 2 | $0 |
Jennifer Siegel Director | Trustee | 2 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $490,303 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $4,071,943 |
| Noncash contributions included in lines 1a–1f | $471,533 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $4,562,246 |
| Total Program Service Revenue | $0 |
| Investment income | $0 |
| Tax Exempt Bond Proceeds | $340,509 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | -$82,957 |
| Net Income from Gaming Activities | $141,989 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $4,961,787 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $2,478,901 |
| Grants and other assistance to domestic individuals. | $4,850 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $226,333 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $454,710 |
| Pension plan accruals and contributions | $23,435 |
| Other employee benefits | $65,849 |
| Payroll taxes | $47,621 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $56,109 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $727 |
| Advertising and promotion | $492,581 |
| Office expenses | $174,171 |
| Information technology | $77,451 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $85,982 |
| 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 | $5,555 |
| All other expenses | $1,446 |
| Total functional expenses | $4,195,721 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $3,692,923 |
| Savings and temporary cash investments | $3,256,388 |
| Pledges and grants receivable | $83,360 |
| 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 | $4,846 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $16,262 |
| Total assets | $7,053,779 |
| Accounts payable and accrued expenses | $162,418 |
| Grants payable | $0 |
| Deferred revenue | $205,587 |
| 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 | $368,005 |
| Net assets without donor restrictions | $5,770,951 |
| Net assets with donor restrictions | $914,823 |
| 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 | $7,053,779 |
Grants Awarded
Over the last fiscal year, Motorsports Charities Inc has awarded $2,269,740 in support to 90 organizations.
| Grant Recipient | Amount |
|---|---|
VICTORY JUNCTION GANG CAMP PURPOSE: PROGRAM SUPPORT | $100,186 |
EASTERSEALS NORTHEAST CENTRAL FLORIDA INC PURPOSE: PROGRAM SUPPORT | $502,543 |
COMFORT ZONE CAMP PURPOSE: PROGRAM SUPPORT | $100,000 |
UNITED WAY OF VOLUSIA-FLAGLER COUNTIES INC PURPOSE: PROGRAM SUPPORT | $62,040 |
HALIFAX MEDICAL CENTER FOUNDATION INC PURPOSE: PROGRAM SUPPORT | $110,000 |
SHRINERS HOSPITAL FOR CHILDREN PURPOSE: PROGRAM SUPPORT | $86,799 |