Wka Association
- Assets
- $550.1k
- Revenue
- $1.6m
- Investments
- $186.3k
- Employees
- 3
- Location
- Concord, NC
- Founding
- 01/1972
- Data as of
- 11/2023
- EIN
- 31-0810666
Organization Overview
Wka Association is located in Concord, NC. The organization was established in 1972. According to its NTEE Classification (N60) the organization is classified as: Amateur Sports, under the broad grouping of Recreation & Sports and related organizations. As of 11/2023, Wka Association employed 3 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Wka Association is a 501(c)(7) and as such, is described as a "Social and Recreational Club" by the IRS.
For the year ending 11/2023, Wka Association generated $1.6m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 4.1% each year. All expenses for the organization totaled $1.6m during the year ending 11/2023. While expenses have increased by 3.5% per year over the past 7 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 PROVIDE A SAFE, FAIR, CONSISTENT, FUN, AND AFFORDABLE ENVIRONMENT FOR THE BEGINNER, HOBBYIST, AND FUTURE STARS OF MOTORSPORTS TO FULFILL THEIR RACING DREAMS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
CONDUCTS AND SANCTIONS RACE EVENTS FOR THE BENEFIT OF THE MEMBERS
SUPPLY INSURANCE FOR MEMBERS DURING ASSOCIATION SANCTIONED EVENTS.
WKA MAINTAINS A DIRECT MAIL PROGRAM TO KEEP MEMBERS INFORMED OF ACTIVITIES, EVENTS, AND ELECTIONS ETC.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Scott Sanders District 5 Trustee | Trustee | 2 | $0 |
Todd Brown District 4 Trustee | Trustee | 2 | $0 |
Chuck Gafrarar District 3 Trustee | Trustee | 2 | $0 |
Jerry White District 8 Trustee | Trustee | 2 | $0 |
Dale Swartz Jr District 7 Trustee | Trustee | 2 | $0 |
Pat Slattery District 6 Trustee | Trustee | 2 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $49,101 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $0 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $49,101 |
| Total Program Service Revenue | $1,573,955 |
| Investment income | $1,667 |
| 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 | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $1,629,619 |
| 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 | $86,154 |
| Pension plan accruals and contributions | $1,951 |
| Other employee benefits | $811 |
| Payroll taxes | $23,341 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $4,009 |
| Fees for services: Accounting | $0 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $9,600 |
| Advertising and promotion | $12,244 |
| Office expenses | $12,227 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $48,590 |
| Travel | $31,356 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $19,914 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $18,472 |
| Insurance | $41,362 |
| All other expenses | $20,472 |
| Total functional expenses | $1,641,900 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $100,410 |
| Savings and temporary cash investments | $123,823 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $75,880 |
| 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 | $0 |
| Net Land, buildings, and equipment | $54,296 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $186,347 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $9,357 |
| Total assets | $550,113 |
| Accounts payable and accrued expenses | -$6,978 |
| 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 | $260,187 |
| Total liabilities | $253,209 |
| Net assets without donor restrictions | $0 |
| 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 | $296,904 |
| Total liabilities and net assets/fund balances | $550,113 |