Reno Air Racings Association Inc
- Assets
- $901.0k
- Revenue
- $5.2m
- Investments
- $0.0
- Employees
- 22
- Location
- Reno, NV
- Founding
- 06/1970
- Data as of
- 12/2021
- EIN
- 88-0093380
Organization Overview
Reno Air Racings Association Inc is located in Reno, NV. The organization was established in 1970. According to its NTEE Classification (N70) the organization is classified as: Amateur Sports Competitions, under the broad grouping of Recreation & Sports and related organizations. As of 12/2022, Reno Air Racings Association Inc employed 22 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Reno Air Racings 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 12/2021, Reno Air Racings Association Inc generated $5.2m in total revenue. This represents relatively stable growth, over the past 6 years the organization has increased revenue by an average of 2.4% each year. All expenses for the organization totaled $4.7m during the year ending 12/2021. While expenses have increased by 0.5% per year over the past 6 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
2021
Describe the Organization's Mission:
Part 3 - Line 1
PRODUCE A UNIQUE AIR RACING EVENT, HONOR MILITARY, INSPIRE YOUTH AND STRENGTHEN OUR COMMUNITY.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE AIR RACE AND AIR SHOW HOST MORE THAN 100,000 ATTENDEES ANNUALLY FROM AROUND THE WORLD. THROUGH A PARTNERSHIP WITH THE NEVADA BUSINESS AVIATION ASSOCIATION (NVBAA) AND GLOBAL ROBOT AND DRONE DEPLOYMENT (GRADD), RENO AIR RACING ASSOCIATION HOSTED OVER 6,000 STUDENTS, FREE OF CHARGE, FROM MULTIPLE SCHOOL DISTRICTS AT THE 2022 NATIONAL CHAMPIONSHIP AIR RACES TO LEARN ABOUT AVIATION FIRST-HAND IN OUR STEM EDUCATION DISCOVERY ZONE. IN ADDITION, WE ALSO PROVIDED FREE ADMISSION TO OVER 1,000 CURRENT AND FORMER MILITARY MEMBERS ON MILITARY APPRECIATION DAY, FRIDAY SEP. 16TH, 2022.(CONTINUED ON SCH O)EACH YEAR THE RENO AIR RACING ASSOCIATION PROVIDES OVER $75,000 WORTH OF FREE ADMISSION TO LOCAL CHARITIES AND SCHOOLS THROUGH VARIOUS DONATIONS, IN ADDITION TO PROVIDING FUNDRAISING OPPORTUNITIES FOR NUMEROUS LOCAL PROFIT SERVICE ORGANIZATIONS. THE RENO AIR RACING ASSOCIATION ALSO CONTINUED ITS FLIGHT SCHOLARSHIP PROGRAM, REWARDING ANOTHER 10 YOUNG ADULTS WITH A SCHOLARSHIP IN 2023 TO ACHIEVE THEIR PRIVATE PILOT LICENSE.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Tony Logoteta Chief Operating Officer | OfficerTrustee | 50 | $70,630 |
Frederick Telling Chairman/ceo | OfficerTrustee | 25 | $50,000 |
Terry Matter Vice Chair | OfficerTrustee | 12 | $0 |
Joey Scolari Secretary | OfficerTrustee | 5 | $0 |
Mark Bailey Treasurer | OfficerTrustee | 5 | $0 |
Mary Beth Sewald Director | Trustee | 3 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Jm Associates Llc Broadcast Production Fees | 12/30/22 | $265,300 |
National Structures Event Services/ Eq Rental | 12/30/22 | $265,131 |
Red Square Agency Llc Marketing/public Relation | 12/30/22 | $222,969 |
Pinocchio's Inc Catering | 12/30/22 | $188,165 |
Sani-hut Company Portable Equipment Supplier | 12/30/22 | $183,692 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $228,770 |
| All other contributions, gifts, grants, and similar amounts not included above | $603,812 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $832,582 |
| Total Program Service Revenue | $4,395,838 |
| Investment income | $201 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | -$101,366 |
| Net Gain/Loss on Asset Sales | $12,500 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $11,606 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $5,151,361 |
| 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. | $152,388 |
| Compensation of current officers, directors, key employees. | $152,388 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $171,444 |
| Pension plan accruals and contributions | $2,400 |
| Other employee benefits | $5,357 |
| Payroll taxes | $29,635 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $1,627 |
| Fees for services: Accounting | $34,688 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $522,988 |
| Advertising and promotion | $175,781 |
| Office expenses | $32,629 |
| Information technology | $2,846 |
| Royalties | $0 |
| Occupancy | $80,346 |
| Travel | $113,782 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $31,231 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $33,217 |
| Insurance | $781,651 |
| All other expenses | $13,724 |
| Total functional expenses | $4,680,837 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,376 |
| Savings and temporary cash investments | $705,619 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $31,340 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $58,727 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $88,330 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $15,633 |
| Total assets | $901,025 |
| Accounts payable and accrued expenses | $201,127 |
| Grants payable | $0 |
| Deferred revenue | $110,707 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $200,000 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $499,900 |
| Other liabilities | $625 |
| Total liabilities | $1,012,359 |
| 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 | -$111,334 |
| Total liabilities and net assets/fund balances | $901,025 |