Speedway Childrens Charities
- Assets
- $1.2m
- Revenue
- $5.5m
- Investments
- $0.0
- Employees
- 10
- Location
- Concord, NC
- Founding
- 07/1982
- Data as of
- 12/2023
- EIN
- 56-1331429
Organization Overview
Speedway Childrens Charities is located in Concord, NC. The organization was established in 1982. According to its NTEE Classification (T12) the organization is classified as: Fund Raising & Fund Distribution, under the broad grouping of Philanthropy, Voluntarism & Grantmaking Foundations and related organizations. As of 12/2023, Speedway Childrens Charities employed 10 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Speedway Childrens Charities 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, Speedway Childrens Charities generated $5.5m in total revenue. This represents relatively stable growth, over the past 6 years the organization has increased revenue by an average of 4.1% each year. All expenses for the organization totaled $5.8m during the year ending 12/2023. While expenses have increased by 5.9% 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.
Since 2019, Speedway Childrens Charities has awarded 860 individual grants totaling $10,836,111. 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
990T
Mission & Program ActivityExcerpts From the 990T Filing
TAX YEAR
2023
Describe the Organization's Mission:
Part 3 - Line 1
SPEEDWAY CHILDREN'S CHARITIES' PRIMARY EXEMPT PURPOSE IS TO RAISE FUNDS AND PROVIDE GRANTS TO NON-PROFIT ORGANIZATIONS THAT MEET THE DIRECT NEEDS OF CHILDREN WITH MEDICAL, EDUCATIONAL, OR SOCIAL CHALLENGES.
Describe the Organization's Program Activity:
FUNDS WERE RAISED THROUGHOUT THE YEAR BY HOLDING AUCTIONS, DINNERS, GOLF OUTINGS, DRAWINGS, AND NUMEROUS OTHER EVENTS. THE FUNDS RAISED FROM THESE EVENTS ALLOWED SPEEDWAY CHILDREN'S CHARITIES TO ISSUE FUNDS TO 501(C)(3) NONPROFIT ORGANIZATIONS THAT COMPLIED WITH OUR EXEMPT PURPOSE.DURING THE FISCAL YEAR ENDING 12/31/23 SPEEDWAY CHILDREN'S CHARITIES DISTRIBUTED OVER $4.2M TO OVER 415 CHILDREN'S PROGRAMS SUPPORTING AN ESTIMATED 478,365 CHILDREN. SINCE 1982 THE ORGANIZATION HAS DISTRIBUTED MORE THAN $68 MILLION IN GRANTS, ASSISTING CHILDREN IN NEED WITH THE TOOLS TO BUILD A BETTER, BRIGHTER, AND HEALTHIER FUTURE.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Marcus Smith Chairman | OfficerTrustee | 0.2 | $0 |
Claudia Byrd Director | Trustee | 40 | $55,090 |
Jerry Caldwell Director | Trustee | 0.2 | $0 |
Mark Faber Director | Trustee | 0.2 | $0 |
Matt Greci Director | Trustee | 0.2 | $0 |
Brian Flynn Director (eff. 8/1/2023) | Trustee | 0.2 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $2,022,382 |
| Related organizations | $816,558 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $1,897,771 |
| Noncash contributions included in lines 1a–1f | $655,051 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $4,736,711 |
| 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 | $413,583 |
| Net Income from Gaming Activities | $375,176 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $5,525,470 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $4,230,151 |
| 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. | $170,134 |
| Compensation of current officers, directors, key employees. | $67,013 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $519,209 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $29,073 |
| Payroll taxes | $51,779 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $31,648 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $2,727 |
| Office expenses | $11,466 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $27,169 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $46,518 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $2,122 |
| Insurance | $10,059 |
| All other expenses | $0 |
| Total functional expenses | $5,792,267 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $740,961 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $91,857 |
| Accounts receivable, net | $334,954 |
| 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 | $21,674 |
| Net Land, buildings, and equipment | $831 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $23,923 |
| Total assets | $1,214,200 |
| Accounts payable and accrued expenses | $147,937 |
| Grants payable | $0 |
| Deferred revenue | $50,900 |
| 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 | $198,837 |
| Net assets without donor restrictions | $923,506 |
| Net assets with donor restrictions | $91,857 |
| 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 | $1,214,200 |
Grants Awarded
Over the last fiscal year, Speedway Childrens Charities has awarded $3,544,318 in support to 230 organizations.
| Grant Recipient | Amount |
|---|---|
A BETTER CHANCE FOR OUR CHILDREN INC PURPOSE: CRITICAL NEEDS | $10,000 |
ABUSE ALTERNATIVES PURPOSE: CRITICAL NEEDS | $15,000 |
ADOPTION SUPPORT ALLIANCE PURPOSE: MEDICAL | $30,000 |
ANCORA TN (FORMERLY END SLAVERY TN) PURPOSE: CRITICAL NEEDS | $12,000 |
ACADEMIC LEARNING CENTER INC PURPOSE: EDUCATIONAL | $7,500 |
APPALACHIA SERVICE PROJECT PURPOSE: CRITICAL NEEDS | $10,000 |