Adams County Fair And Racing Assoc
- Assets
- $131.1k
- Revenue
- $152.6k
- Investments
- $0.0
- Employees
- 0
- Location
- Corning, IA
- Founding
- 02/1998
- Data as of
- 12/2020
- EIN
- 39-1889341
Organization Overview
Adams County Fair And Racing Assoc, operating under the name Adams County Speedway, is located in Corning, IA. The organization was established in 1998. According to its NTEE Classification (A23) the organization is classified as: Cultural & Ethnic Awareness, under the broad grouping of Arts, Culture & Humanities and related organizations. This organization is the central organization for a national or regional group of organizations. Adams County Speedway 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 12/2020, Adams County Speedway generated $152.6k in total revenue. This organization has experienced exceptional growth, as over the past 6 years, it has increased revenue by an average of 13.4% each year . All expenses for the organization totaled $116.8k during the year ending 12/2020. While expenses have increased by 13.0% 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
2020
Describe the Organization's Mission:
Part 3 - Line 1
ASSOCIATION IS CHARGED WITH MAINTENANCE IMPROVEMENT OF THE ADAMS COUNTY FAIRGROUNDS ADAMS COUNTY SPEEDWAY. ALL NET REVENUES ARE USED WITHIN THE FACILITY OR AS DONATIONS SCHOLARSHIPS OFFERED WITHIN THE COMMUNITY.
Describe the Organization's Program Activity:
Part 3 - Line 4a
EQUIPMENT REPAIRS/TRACK REPAIRS
EDUCATION/COMMUNITY DONATIONS
EQUIPMENT REPAIRS/TRACK REPAIRS
EDUCATION/COMMUNITY DONATIONS
Get More from Intellispect for FreeCreate a free account to get more data, nonprofit salaries, advanced search and more.
Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Jeff Skelton President | OfficerTrustee | 6 | $0 |
Ron Helvie 1st Vice President | OfficerTrustee | 1 | $0 |
Tom Williams 2nd Vice President | OfficerTrustee | 1 | $0 |
Linda Heuett Treasurer | OfficerTrustee | 6 | $0 |
Lisa Brown Secretary | OfficerTrustee | 6 | $0 |
Cody Grace Director | Trustee | 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 | $0 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $0 |
| Total Program Service Revenue | $0 |
| Investment income | $0 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $13,332 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $128,277 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $11,022 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $152,631 |
| 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 | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $4,530 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $2,655 |
| Office expenses | $3,640 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $1,052 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $220 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $26,616 |
| All other expenses | $0 |
| Total functional expenses | $116,836 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $101,069 |
| Savings and temporary cash investments | $0 |
| 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 | $0 |
| Net Land, buildings, and equipment | $30,000 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $131,069 |
| Accounts payable and accrued expenses | $0 |
| 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 | $0 |
| Total liabilities | $0 |
| 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 | $0 |
| Total liabilities and net assets/fund balances | $131,069 |
Grants Recieved
Over the last fiscal year, we have identified 3 grants that Adams County Fair And Racing Assoc has recieved totaling $30,000.
| Awarding Organization | Amount |
|---|---|
South Central Iowa Community Foundation Chariton, IA PURPOSE: Improvements | $10,000 |
South Central Iowa Community Foundation Chariton, IA PURPOSE: Improvements | $10,000 |
South Central Iowa Community Foundation Chariton, IA PURPOSE: Improvements | $10,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Xilin Association Naperville, IL | $12,598,831 | $16,219,708 |
Great Lakes Inter-Tribal Council Inc Lac Du Flambeau, WI | $2,692,230 | $12,711,243 |
American Swedish Institute Minneapolis, MN | $53,674,080 | $22,744,075 |
National Museum Of Mexican Art Chicago, IL | $19,674,194 | $15,502,542 |
First Peoples Fund Rapid City, SD | $11,478,942 | $11,058,456 |
Cityserve International Springfield, MO | $3,073,627 | $2,894,245 |
Instituto Cervantes Of Chicago Inc Chicago, IL | $741,739 | $2,489,461 |
Coalition Of Asian American Leaders St Paul, MN | $4,205,998 | $3,284,074 |
National Native American Boarding School Healing Coalition Minneapolis, MN | $8,382,833 | $1,366,565 |
Black Hills Badlands & Lakes Association Rapid City, SD | $1,241,083 | $1,774,171 |
The Alliance Francaise French House Of Chicago Chicago, IL | $5,091,056 | $2,088,000 |
The Germanic-American Institute St Paul, MN | $1,003,743 | $1,467,088 |