Don Garlits Museum Of Drag Racing Inc
- Assets
- $21.8m
- Revenue
- $852.9k
- Investments
- $2.2m
- Employees
- 11
- Location
- Ocala, FL
- Founding
- 10/1978
- Data as of
- 09/2023
- EIN
- 59-1763307
Organization Overview
Don Garlits Museum Of Drag Racing Inc is located in Ocala, FL. The organization was established in 1978. According to its NTEE Classification (A50) the organization is classified as: Museums, under the broad grouping of Arts, Culture & Humanities and related organizations. As of 09/2023, Don Garlits Museum Of Drag Racing Inc employed 11 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Don Garlits Museum Of Drag Racing 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 09/2023, Don Garlits Museum Of Drag Racing Inc generated $852.9k in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 0.7% each year. All expenses for the organization totaled $682.6k during the year ending 09/2023. 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
2023
Describe the Organization's Mission:
Part 3 - Line 1
PRESERVING THE HISTORY OF DRAG RACING. THE GATHERING OF HISTORICAL RACING VEHICLES AND ARTIFACT. THE RESTORING THE SAME FOR EXHIBITIONAL PURPOSES.
Describe the Organization's Program Activity:
Part 3 - Line 4a
EXHIBIT RACE CARS AND ANTIQUE AUTOS IN A MUSEUM SERVING OVER 50,000 PERSON ANNUALLY
PERSONAL APPEARANCE BY DON GARLITS PROMOTING THE SPORTS OF DRAG RACING.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Don Garlits Chairman/ceo | OfficerTrustee | 40 | $0 |
Steve Ellis Director | Trustee | 0 | $0 |
Donna Garlits Vice Chairman/cfo | OfficerTrustee | 0 | $0 |
Gay Lyn Capitano Treasurer/sec | OfficerTrustee | 1 | $0 |
Carl Schiefer Director | Trustee | 1 | $0 |
Chris Karamesines Director | Trustee | 0 | $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 | $21,646 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $21,646 |
| Total Program Service Revenue | $493,501 |
| Investment income | $6,859 |
| 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 | $326,830 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $852,883 |
| 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. | $49,500 |
| Compensation of current officers, directors, key employees. | $31,150 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $187,063 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $18,294 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $1,395 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $7,319 |
| Office expenses | $26,429 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $186,293 |
| Travel | $34,004 |
| 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 | $63,303 |
| Insurance | $8,620 |
| All other expenses | $42,012 |
| Total functional expenses | $682,574 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $316,726 |
| Savings and temporary cash investments | $77,130 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $3,259 |
| Loans from Officers, Directors, or Controlling Persons | $150,810 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $15,000 |
| Inventories for sale or use | $279,331 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $18,721,995 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $2,230,762 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $21,795,013 |
| Accounts payable and accrued expenses | $73,882 |
| 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 | $73,882 |
| Net assets without donor restrictions | $0 |
| 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 | $21,721,131 |
| Total liabilities and net assets/fund balances | $21,795,013 |