Richard Petty Museum Inc
- Assets
- $11.9m
- Revenue
- $284.3k
- Investments
- $0.0
- Employees
- 0
- Location
- Randleman, NC
- Founding
- 04/1995
- Data as of
- 12/2021
- EIN
- 56-1859132
Organization Overview
Richard Petty Museum Inc is located in Randleman, NC. The organization was established in 1995. According to its NTEE Classification (A50) the organization is classified as: Museums, under the broad grouping of Arts, Culture & Humanities and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Richard Petty Museum 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 12/2021, Richard Petty Museum Inc generated $284.3k in total revenue. This represents a relatively dramatic decline in revenue. Over the past 7 years, the organization has seen revenues fall by an average of (6.5%) each year. All expenses for the organization totaled $209.2k during the year ending 12/2021. As we would expect to see with falling revenues, expenses have declined by (4.1%) per year over the past 7 years. You can explore the organizations financials more deeply in the financial statements section below.
Form
990T
Mission & Program ActivityExcerpts From the 990T Filing
TAX YEAR
2021
Describe the Organization's Program Activity:
THE ONLY ACTIVITY OF THE ORGANIZATION WAS TO MAINTAIN AND OPERATE A MUSEUM TO EDUCATE THE PUBLIC ON THE HISTORY AND RACING CAREER OF RICHARD PETTY.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Sharon Farlow Executive Dir. | 20 | $38,566 | |
Rebecca Moffitt Secretary | 2 | $0 | |
Richard L Petty President | 2 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Contributions, Gifts, Grants & Similar | $90,907 |
| 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 | $140,707 |
| Other Income | $52,664 |
| Total Revenue | $284,278 |
| Statement of Expenses | |
|---|---|
| Compensation of officers, directors, trustees, etc | $38,566 |
| Other employee salaries and wages | $5,911 |
| Pension plans, employee benefits | $0 |
| Interest | $0 |
| Taxes | $7,357 |
| Depreciation | $7,760 |
| Occupancy | $16,321 |
| Travel, conferences, and meetings | $0 |
| Printing and publications | $0 |
| Other expenses | $127,328 |
| Total operating and administrative expenses | $207,493 |
| Contributions, gifts, grants paid | $1,714 |
| Total expenses and disbursements | $209,207 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $29,273 |
| Savings and temporary cash investments | $0 |
| Net Accounts receivable | $11,685 |
| 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 | $20,574 |
| Prepaid expenses and deferred charges | $18,649 |
| Net Investments - land, buildings, equipment | $0 |
| Investments—mortgage loans | $0 |
| Investments—other | $0 |
| Net Land, buildings, and equipment | $148,211 |
| Other assets | $11,655,973 |
| Total assets | $11,884,365 |
| Accounts payable and accrued expenses | $21,680 |
| 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 | $1,144 |
| Total liabilities | $22,824 |
Grants Awarded
Over the last fiscal year, Richard Petty Museum Inc has awarded $1,714 in support to 2 organizations.
| Grant Recipient | Amount |
|---|---|
VICTORY JUNCTION PURPOSE: INVENTORY FOR CAMPERS | $1,614 |
VICTORY JUNCTION PURPOSE: OPERATIONAL EXPENSE | $100 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Country Music Foundation Inc Nashville, TN | $103,507,163 | $14,152,198 |
Mariners Museum Newport News, VA | $159,780,245 | $10,021,200 |
National Center For Civil And Humanrights Inc Atlanta, GA | $28,909,465 | $12,210,926 |
Tennessee Golf Foundation Franklin, TN | $24,594,928 | $7,116,069 |
Atlanta Hall Management Inc Atlanta, GA | $34,614,233 | $3,372,998 |
International African American Museum Charleston, SC | $69,899,271 | $29,654,302 |
Discovery Park Of America Inc Union City, TN | $88,157,973 | $11,219,580 |
Tennessee State Museum Foundation Nashville, TN | $6,574,867 | $116,981 |
Adventure Science Center Nashville Nashville, TN | $22,045,170 | $10,457,321 |
Tennessee Valley Railroad Museum Inc Chattanooga, TN | $14,724,108 | $5,452,372 |
Cultural And Heritage Commission Of York County Rock Hill, SC | $4,729,121 | $4,880,963 |
Science Museum Of Virginia Foundation Incorporated Richmond, VA | $31,752,161 | $5,835,880 |