Circuit Events Local Organizing Committee
- Assets
- $5.8m
- Revenue
- $14.5m
- Investments
- $0.0
- Employees
- 0
- Location
- Austin, TX
- Founding
- 04/2013
- Data as of
- 12/2021
- EIN
- 45-2727397
Organization Overview
Circuit Events Local Organizing Committee is located in Austin, TX. The organization was established in 2013. According to its NTEE Classification (S40) the organization is classified as: Business & Industry, 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. Circuit Events Local Organizing Committee is a 501(c)(6) and as such, is described as a "Business League, Chambers of Commerce, or Real Estate Board" by the IRS.
For the year ending 12/2021, Circuit Events Local Organizing Committee generated $14.5m in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 20.8% each year . All expenses for the organization totaled $14.5m during the year ending 12/2021. While expenses have increased by 20.8% 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
2021
Describe the Organization's Mission:
Part 3 - Line 1
THE PURPOSE OF CIRCUIT EVENTS LOCAL ORGANIZING COMMITTEE IS TO HOST: (1) THE FORMULA 1 UNITED STATES GRAND PRIX, (2) THE MOTOGP GRAND PRIX OF THE AMERICAS, (3) THE TEXAS GRAND PRIX, AND (4) OTHER EVENTS QUALIFYING UNDER THE TEXAS MAJOR EVENTS REIMBURSEMENT PROGRAM, AND TO FOSTER AND PROMOTE THE PUBLIC INTEREST FOR THE CITY OF AUSTIN, TRAVIS COUNTY, AND THE STATE OF TEXAS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE ORGANIZATION'S PROGRAM SERVICE ACCOMPLISHMENTS INCLUDE: ASSISTING WITH THE APPLICATION, ORGANIZATION, ADMINISTRATION, MANAGEMENT, QUALIFICATION, PROMOTION, FACILITATION AND OPERATION RELATED TO HOSTING THE FORMULA 1 UNITED STATES GRAND PRIX, THE MOTOGP GRAND PRIX OF THE AMERICAS, THE TEXAS GRAND PRIX, AND PROCESSING REIMBURSEMENT AND OBTAINING REIMBURSEMENTS FROM THE STATE OF TEXAS UNDER THE STATE'S MAJOR EVENTS REIMBURSEMENT PROGRAM (ARTICLE 5190.14, SEC. 5A OF THE TEXAS CIVIL STATUTES) AND EVENTS TRUST FUND (ARTICLE 5190.14, SEC. 5C OF THE TEXAS CIVIL STATUTES).
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PDF Copies of 990 Filings
Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Anna Panossian Secretary | OfficerTrustee | 10 | $0 |
Julia Taylor President | OfficerTrustee | 1 | $0 |
Sylnovia Holt-Rabb Ex-Officio | Trustee | 1 | $0 |
Anthony Mills Member | Trustee | 1 | $0 |
Drew Scheberle Member | Trustee | 1 | $0 |
Mark Borskey Member | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $14,470,512 |
| All other contributions, gifts, grants, and similar amounts not included above | $11,919 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $14,482,431 |
| Total Program Service Revenue | $0 |
| Investment income | $0 |
| 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 | $14,482,431 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $14,470,512 |
| 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 | $2,725 |
| Fees for services: Accounting | $3,059 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $0 |
| Office expenses | $0 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $0 |
| 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 | $6,135 |
| All other expenses | $0 |
| Total functional expenses | $14,482,431 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $8,212 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $5,750,038 |
| 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 | $0 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $5,758,250 |
| Accounts payable and accrued expenses | $5,757,180 |
| 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 | $5,757,180 |
| 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 | $1,070 |
| Total liabilities and net assets/fund balances | $5,758,250 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Circuit Events Local Organizing Committee Austin, TX | $5,758,250 | $14,482,431 |
American Productivity & Quality Center Inc Houston, TX | $30,940,165 | $18,224,607 |
Dallas Tourism Public Improvement District Corporation Dallas, TX | $29,263,170 | $10,147,188 |
Better Business Bureau Of North Central Texas Inc Dallas, TX | $3,812,795 | $6,541,958 |
Arkansas Capital Corporation Little Rock, AR | $35,717,433 | $8,371,701 |
Open Compute Project Foundation Austin, TX | $5,357,330 | $7,132,647 |
San Antonio Tourism Public Improvement District Corporation San Antonio, TX | $8,579,205 | $6,386,484 |
William A Lawson Institute For Peace & Prosperity Houston, TX | $12,461,470 | $3,692,985 |
Dottie System Inc Baton Rouge, LA | $4,069,603 | $4,084,315 |
Oklahoma Alliance For Manufacturing Excellence Inc Tulsa, OK | $2,792,871 | $3,651,596 |
La Fe Preparatory School Inc El Paso, TX | $1,712,513 | $2,611,735 |
Conference Of Consulting Actuaries Bee Cave, TX | $11,632,171 | $2,821,046 |