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 12/2022, Richard Petty Museum Inc generated $270.1k in total revenue. This represents a relatively dramatic decline in revenue. Over the past 8 years, the organization has seen revenues fall by an average of (6.3%) each year. All expenses for the organization totaled $271.8k during the year ending 12/2022. As we would expect to see with falling revenues, expenses have declined by (0.4%) per year over the past 8 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
2022
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.
Name (title) | Role | Hours | Compensation |
---|---|---|---|
Winston Kelly Director | 1 | $0 | |
Robert Wilhoit Director | 1 | $0 | |
Reynolds Lisk Director | 1 | $0 | |
Amber Scarlet Director | 1 | $0 | |
Rebecca Moffitt Secretary | 1 | $0 | |
Sharon Farlow Executive Dir. | 20 | $40,500 |
Statement of Revenue | |
---|---|
Contributions, Gifts, Grants & Similar | $4,152 |
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 | $202,011 |
Other Income | $63,977 |
Total Revenue | $270,140 |
Statement of Expenses | |
---|---|
Compensation of officers, directors, trustees, etc | $40,500 |
Other employee salaries and wages | $28,096 |
Pension plans, employee benefits | $0 |
Interest | $73 |
Taxes | $13,697 |
Depreciation | $7,760 |
Occupancy | $21,177 |
Travel, conferences, and meetings | $225 |
Printing and publications | $2,279 |
Other expenses | $153,583 |
Total operating and administrative expenses | $271,790 |
Contributions, gifts, grants paid | $0 |
Total expenses and disbursements | $271,790 |
Balance Sheet | |
---|---|
Cash—non-interest-bearing | $29,457 |
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 | $29,671 |
Prepaid expenses and deferred charges | $14,907 |
Net Investments - land, buildings, equipment | $0 |
Investments—mortgage loans | $0 |
Investments—other | $0 |
Net Land, buildings, and equipment | $140,451 |
Other assets | $11,663,197 |
Total assets | $11,877,683 |
Accounts payable and accrued expenses | $16,571 |
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 | $1,221 |
Total liabilities | $17,792 |
Over the last fiscal year, Richard Petty Museum Inc has awarded $1,714 in support to 2 organizations.
Grant Recipient | Amount |
---|---|
VICTORY JUNCTION PURPOSE: OPERATIONAL EXPENSE | $100 |
VICTORY JUNCTION PURPOSE: INVENTORY FOR CAMPERS | $1,614 |