J&a Racing Foundation Inc
- Assets
- $11.0k
- Revenue
- $202.5k
- Investments
- $0.0
- Employees
- 0
- Location
- Virginia Beach, VA
- Founding
- 02/2015
- Data as of
- 12/2023
- EIN
- 47-2437738
Organization Overview
J&a Racing Foundation Inc is located in Virginia Beach, VA. The organization was established in 2015. According to its NTEE Classification (W12) the organization is classified as: Fund Raising & Fund Distribution, under the broad grouping of Public & Societal Benefit and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. J&a Racing Foundation 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 12/2023, J&a Racing Foundation Inc generated $202.5k in total revenue. This represents relatively stable growth, over the past 9 years the organization has increased revenue by an average of 5.0% each year. All expenses for the organization totaled $191.8k during the year ending 12/2023. You can explore the organizations financials more deeply in the financial statements section below.
Since 2015, J&a Racing Foundation Inc has awarded 80 individual grants totaling $289,832. If you would like to learn more about the grant giving history of this organization, scroll down to the grant profile section of this page.
Form
990PF
Mission & Program ActivityExcerpts From the 990PF Filing
TAX YEAR
2023
Describe the Organization's Program Activity:
Part 3 - Line 4a
CORPORATION PROVIDES CHARITABLE ASSISTANCE TO MEET THE NEEDS OF UNDERPRIVILEGED CHILDREN IN THE HAMPTON ROADS AREA; SUPPORTS ORGANIZATIONS FUNDING RESEARCH AND PREVENTION FOR DISEASES SUCH AS CANCER.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Name Not Listed President | 0.5 | $0 | |
Name Not Listed Secretary | 0.5 | $0 | |
Name Not Listed Director | 0.5 | $0 | |
Name Not Listed Director | 0.5 | $0 | |
Name Not Listed Director | 0.5 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Contributions, Gifts, Grants & Similar | $202,547 |
| Interest on Savings | $0 |
| Dividends & Interest | $0 |
| Net Rental Income | $0 |
| Net Gain on Sale of Assets | $0 |
| Capital Gain Net Income | $0 |
| Net ST Capital Gain | $0 |
| Income Modifications | $0 |
| Profit on Inventory Sales | $0 |
| Other Income | $0 |
| Total Revenue | $202,547 |
| Statement of Expenses | |
|---|---|
| Compensation of officers, directors, trustees, etc | $0 |
| Other employee salaries and wages | $0 |
| Pension plans, employee benefits | $0 |
| Interest | $0 |
| Taxes | $0 |
| Depreciation | $0 |
| Occupancy | $0 |
| Travel, conferences, and meetings | $0 |
| Printing and publications | $0 |
| Other expenses | $132,768 |
| Total operating and administrative expenses | $132,968 |
| Contributions, gifts, grants paid | $58,855 |
| Total expenses and disbursements | $191,823 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $10,960 |
| Savings and temporary cash investments | $0 |
| Net Accounts receivable | $0 |
| Net Pledges Receivable | $0 |
| Grants receivable | $0 |
| Receivables from Officers, Directors, or Controlling Persons | $0 |
| Net other notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Investments - land, buildings, equipment | $0 |
| Investments—mortgage loans | $0 |
| Investments—other | $0 |
| Net Land, buildings, and equipment | $0 |
| Other assets | $0 |
| Total assets | $10,960 |
| Accounts payable and accrued expenses | $0 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Mortgages and other notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $0 |
Grants Awarded
Over the last fiscal year, J&a Racing Foundation Inc has awarded $58,855 in support to 19 organizations.
| Grant Recipient | Amount |
|---|---|
BAYPORT FOUNDATION PURPOSE: STUDENT SCHOLARSHIPS | $3,498 |
CHARTWAY PROMISE FOUDATION PURPOSE: TO PROVIDE LIFE-CHANGING EXPERIENCES TO CHILDREN FACING MEDICAL HARDSHIP | $15,000 |
CREEDS ELEMENTARY PURPOSE: TO SUPPORT CREEDS ELEMENTARY | $1,000 |
INDIAN LAKES ELEMENTARY SCHOOL PURPOSE: TO SUPPORT INDIAN LAKES ELEMENTARY SCHOOL | $300 |
KINGSTON ELEMENTARY SCHOOL PURPOSE: TO SUPPORT KINGSTON ELEMENTARY SCHOOL | $400 |
KATHERINE JOHNSON ELEMENTARY SCHOOL PURPOSE: CRIMSON THUNDER | $3,000 |