Utah Motorsports Foundation
- Assets
- $573.0k
- Revenue
- $5.2k
- Investments
- $0.0
- Employees
- 0
- Location
- Salt Lake City, UT
- Founding
- 05/1999
- Data as of
- 04/2022
- EIN
- 87-0628481
Organization Overview
Utah Motorsports Foundation is located in Salt Lake City, UT. The organization was established in 1999. According to its NTEE Classification (T21) the organization is classified as: Corporate Foundations, under the broad grouping of Philanthropy, Voluntarism & Grantmaking Foundations and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Utah Motorsports Foundation 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 04/2022, Utah Motorsports Foundation generated $5.2k 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 (27.5%) each year. All expenses for the organization totaled $28.1k during the year ending 04/2022. 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
2022
Describe the Organization's Mission:
Part 3 - Line 1
RAISING FUNDS TO ASSIST INDIVIDUALS IN NEED IN THE MOTORSPORTS INDUSTRY
Describe the Organization's Program Activity:
Part 3 - Line 4a
GAVE ASSISTANCE TO 2 INDIVIDUALS TO ASSIST THEM WITH THEIR MEDICAL NEEDS
GAVE ASSISTANCE TO 3 INDIVIDUALS AND A GRANT TO AN ORGANIZATION TO ASSIST INDIVIDUALS WITH THEIR FINANCIAL NEEDS
GAVE ASSISTANCE TO 1 INDIVIDUALS TO ASSIST THEM WITH FUNERAL EXPENSES FOR A LOVED ONE
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Larry Lawson Trustee | Trustee | 1 | $0 |
Jeff Nish Trustee | Trustee | 1 | $0 |
Kent Knowley Trustee | Trustee | 1 | $0 |
Nick Naccarato Trustee | Trustee | 5 | $0 |
Cecil Mccray Trustee | Trustee | 5 | $0 |
Mike Nish Trustee | Trustee | 10 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Total Revenue from Contributions, Gifts, Grants & Similar | $5,143 |
| Investment income | $8 |
| 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 | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $5,151 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic individuals. | $21,909 |
| 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 to disqualified persons | $0 |
| Other salaries and wages | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $1,100 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $0 |
| Office expenses | $0 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $0 |
| 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 | $0 |
| Insurance | $0 |
| All other expenses | $0 |
| Total functional expenses | $28,064 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $22,962 |
| Savings and temporary cash investments | $550,000 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| 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 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $572,962 |
| 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 | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $0 |
| 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 |
| Total liabilities and net assets/fund balances | $572,962 |