World Of Speed
- Assets
- $3.6m
- Revenue
- $2.7m
- Investments
- $0.0
- Employees
- 25
- Location
- Wilsonville, OR
- Founding
- 11/2014
- Data as of
- 12/2018
- EIN
- 46-5267468
Organization Overview
World Of Speed is located in Wilsonville, OR. The organization was established in 2014. According to its NTEE Classification (A57) the organization is classified as: Science & Technology Museums, under the broad grouping of Arts, Culture & Humanities and related organizations. As of 12/2020, World Of Speed employed 25 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. World Of Speed 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 12/2018, World Of Speed generated $2.7m in total revenue. This organization has experienced exceptional growth, as over the past 3 years, it has increased revenue by an average of 39.7% each year . All expenses for the organization totaled $2.3m during the year ending 12/2018. 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
2018
Describe the Organization's Mission:
Part 3 - Line 1
EDUCATIONAL MUSEUM DEDICATED TO THE CELEBRATION AND PRESERVATION OF MOTORSPORTS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
WORLD OF SPEED FIRST OPENED ITS DOORS TO THE PUBLIC ON APRIL 24, 2015 AND SHOWCASED UP TO 100 VEHICLES. CURRENT AND FUTURE GENERATIONS OF STUDENTS, AUTOMOTIVE ENTHUSIASTS, AND PROFESSIONALS HAVE BEEN INSPIRED THROUGH EDUCATION, COMMUNITY ENGAGEMENT, AND THE EXPLORATION OF CAREER OPPORTUNITIES IN THE AUTOMOTIVE INDUSTRY. DUE TO THE IMPACT AND DISRUPTION OF COVID-19 IN EARLY 2020, WORLD OF SPEED MADE THE DECISION TO CEASE ACTIVITIES AND CLOSE THEIR DOORS. THE YEAR WAS DEDICATED TO PLANNING AND EXECUTING THE ORGANIZATIONS DISSOLUTION INCLUDING THE DISTRIBUTION OF THE ORGANIZATIONS MANY ASSETS. THE ORGANIZATION EXPECTS TO BE FULLY TERMINATED IN 2021.
WORLD OF SPEED FIRST OPENED ITS DOORS TO THE PUBLIC ON APRIL 24, 2015 AND SHOWCASED UP TO 100 VEHICLES. CURRENT AND FUTURE GENERATIONS OF STUDENTS, AUTOMOTIVE ENTHUSIASTS, AND PROFESSIONALS HAVE BEEN INSPIRED THROUGH EDUCATION, COMMUNITY ENGAGEMENT, AND THE EXPLORATION OF CAREER OPPORTUNITIES IN THE AUTOMOTIVE INDUSTRY. DUE TO THE IMPACT AND DISRUPTION OF COVID-19 IN EARLY 2020, WORLD OF SPEED MADE THE DECISION TO CEASE ACTIVITIES AND CLOSE THEIR DOORS. THE 2021 YEAR WAS DEDICATED TO PLANNING AND EXECUTING THE ORGANIZATION'S DISSOLUTION INCLUDING THE DISTRIBUTION OF THE ORGANIZATIONS MANY ASSETS. FINAL DISTRIBUTION OCCURRED IN NOVEMBER OF 2021.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Sarah Bany Chair | OfficerTrustee | 3 | $0 |
Marilyn Loy Treasurer | OfficerTrustee | 2 | $0 |
Mary Jaeger Secretary | OfficerTrustee | 2 | $0 |
Phillip Fogg Sr Director | Trustee | 1 | $0 |
Jeff Miller Director | Trustee | 1 | $0 |
Dale Penn II Director | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $79,582 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $2,014,622 |
| Noncash contributions included in lines 1a–1f | $1,794,709 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $2,094,204 |
| Total Program Service Revenue | $342,896 |
| Investment income | $96 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $163,902 |
| Net Gain/Loss on Asset Sales | -$5,019 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $59,173 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $2,665,712 |
| 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. | $127,007 |
| Compensation of current officers, directors, key employees. | $25,401 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $862,878 |
| Pension plan accruals and contributions | $14,273 |
| Other employee benefits | $79,706 |
| Payroll taxes | $86,427 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $6,591 |
| Fees for services: Accounting | $10,632 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $16,193 |
| Advertising and promotion | $150,103 |
| Office expenses | $19,082 |
| Information technology | $118,879 |
| Royalties | $0 |
| Occupancy | $132,304 |
| Travel | $14,359 |
| 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 | $256,531 |
| Insurance | $68,776 |
| All other expenses | $0 |
| Total functional expenses | $2,252,852 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $116,160 |
| Savings and temporary cash investments | $558,598 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $15,274 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $56,367 |
| Prepaid expenses and deferred charges | $66,739 |
| Net Land, buildings, and equipment | $2,780,167 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $3,593,305 |
| Accounts payable and accrued expenses | $117,608 |
| Grants payable | $0 |
| Deferred revenue | $15,722 |
| 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 | $133,330 |
| Unrestricted restricted net Assets | $3,376,804 |
| Temporarily restricted net Assets | $83,171 |
| Permanently restricted net Assets or current funds | $0 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Total net assets or fund balances | $3,459,975 |