Philly Races Inc
- Assets
- $1.4m
- Revenue
- $2.5m
- Investments
- $0.0
- Employees
- 0
- Location
- Philadelphia, PA
- Founding
- 03/2017
- Data as of
- 12/2022
- EIN
- 47-2298932
Organization Overview
Philly Races Inc is located in Philadelphia, PA. The organization was established in 2017. According to its NTEE Classification (N11) the organization is classified as: Single Organization Support, under the broad grouping of Recreation & Sports and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Philly Races Inc 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 12/2022, Philly Races Inc generated $2.5m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 2.0% each year. All expenses for the organization totaled $2.5m during the year ending 12/2022. While expenses have increased by 1.4% 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
2022
Describe the Organization's Mission:
Part 3 - Line 1
TO BE A COLLABORATIVE ADVOCATE FOR THE CITY OF PHILADELPHIA PARKS AND RECREATION DEPARTMENT.
Describe the Organization's Program Activity:
Part 3 - Line 4a
PHILLY RACES, INC. OPERATED THE BROAD STREET RUN FOR PHILADELPHIA PARKS AND RECREATION ("PPR"). THE BLUE CROSS BROAD STREET RUN IS MANAGED BY THE PPR WITH THE COOPERATION OF CITY AGENCIES AND MORE THAN 90 VOLUNTEER GROUPS, AND IT IS THE NATION'S LARGEST 10 MILE RACE.
PHILADELPHIA MARATHON BELMONT PLATEAU FDR PARK
PHIL UNITY CUP IS A CITY-WIDE SOCCER TOURNAMENT THAT USES THE UNIVERSAL LANGUAGE OF SPORT TO BRING PEOPLE TOGETHER AND SHOWCASE PHILADELPHIA RICH CULTURAL DIVERSITY. THIS PROGRAM WAS CREATED BY MAYOR JIM KENNEDY WITH THE SUPPORT OF PPR.
THE MUMMERS PARADE IS A CITY OF PHILADELPHIA SPONSORED PARADE HELD ACH NEW YEAR'S DAY. IT IS ONE OF THE OLDEST FOLK FESTIVALS IN THE UNITED STATES. PHILLY RACES, INC. CONTRIBUTED RESOURCES FOR THE EVENT.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Peter Mooney President | OfficerTrustee | 1 | $0 |
Carol B Rice Vice President | OfficerTrustee | 1 | $0 |
Andrew Kim Treasurer | OfficerTrustee | 1 | $0 |
Lauren Kobylarz Secretary | OfficerTrustee | 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 | $705,026 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $705,026 |
| Total Program Service Revenue | $1,799,966 |
| 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 | $2,504,992 |
| 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 | $20,852 |
| Fees for services: Accounting | $106,447 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $400 |
| Office expenses | $895 |
| 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 | $91,727 |
| Insurance | $7,142 |
| All other expenses | $1,891,626 |
| Total functional expenses | $2,481,417 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $974,485 |
| 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 | $134,256 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $300,000 |
| Total assets | $1,408,741 |
| 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 | $1,408,741 |
| 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 | $1,408,741 |