Lost Creek Raceway Association Inc
- Assets
- $108.4k
- Revenue
- $146.0k
- Investments
- $0.0
- Employees
- 0
- Location
- Anaconda, MT
- Founding
- 03/2015
- Data as of
- 12/2023
- EIN
- 81-0440413
Organization Overview
Lost Creek Raceway Association Inc is located in Anaconda, MT. The organization was established in 2015. According to its NTEE Classification (N60) the organization is classified as: Amateur Sports, under the broad grouping of Recreation & Sports and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Lost Creek Raceway Association 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, Lost Creek Raceway Association Inc generated $146.0k in total revenue. This represents relatively stable growth, over the past 9 years the organization has increased revenue by an average of 3.7% each year. All expenses for the organization totaled $148.4k during the year ending 12/2023. While expenses have increased by 5.2% per year over the past 9 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.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2023
Describe the Organization's Mission:
Part 3 - Line 1
LOST CREEK RACEWAY ASSOCIATION FEATURED 20 RACE DAYS DURING 2021 AVERAGING 50-60 CARS PER RACE. PRIOR TO EACH RACE, THE ASSOCIATION HOSTS A SERIES OF TECHNICAL SAFETY SEMINARS IN PROMOTION OF AN AFFORDABLE SAFE-RACE ATMOSPHERE. THESE SAFETY EVENTS ARE OFFERED IN AN ATTEMPT TO KEEP ILLEGAL DRAG RACING OFF OF OUR STREETS AND HIGHWAYS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROMOTION OF AUTOMOBILE RACING AND SAFETY PROVIDING A SAFE AND CONTROLLED ENVIRONMENT TO ALL MEN, WOMAN, AND CHILDREN.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Michael N Hall President | Officer | 20 | $0 |
Tracy Potvin Vice-President | Officer | 20 | $0 |
Suzanne Hall Treasurer | Officer | 25 | $0 |
George Pamenter III Director | Trustee | 15 | $0 |
Jj Potvin Secretary | Officer | 10 | $0 |
Ryan Garner Director | Trustee | 10 | $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 | $21,396 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $21,396 |
| Total Program Service Revenue | $102,847 |
| Investment income | $37 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $10,408 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $5,424 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $146,042 |
| 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. | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $5,764 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $494 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $250 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $650 |
| Office expenses | $3,603 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $12,326 |
| Travel | $9,072 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $2,829 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $11,357 |
| Insurance | $0 |
| All other expenses | $87,042 |
| Total functional expenses | $148,372 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $33,688 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $2,275 |
| 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 | $0 |
| Net Land, buildings, and equipment | $69,950 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $2,500 |
| Total assets | $108,413 |
| Accounts payable and accrued expenses | $0 |
| 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 | $40,211 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $40,211 |
| 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 | $68,202 |
| Total liabilities and net assets/fund balances | $108,413 |