Racing Thoughts Inc

Analysis

Racing Thoughts Inc is a registered charity in United States, based in Brooklyn, NY. It received its IRS tax-exemption ruling in August 1996, 30 years ago. Its declared purposes cover arts, culture and humanities, which this site groups under arts, culture, heritage and science. The IRS classifies it as a publicly supported organisation (gross receipts test) under section 501(c)(3), and contributions to it are listed as tax-deductible.

In the financial year ending June 2024, Racing Thoughts Inc reported income of $98k and spending of $81k, spending 82% of its income. Across the 3 years on record, from June 2022 to June 2024, income grew from $48k to $98k (+106%), an average of +44% a year. The sharpest change came in the year to June 2023, when income rose by 104%. Over the whole period it spent 100% of the income it received.

Among 45,478 United States charities whose main cause is arts, culture, heritage and science and that reported income, Racing Thoughts Inc sits at the 40th percentile: it is larger than about 40% of them. Against every charity in United States with reported income it ranks in the 36th percentile, and in the 36th percentile within NY. Charities of a similar size with the same main cause include Farm at Oatland North ($98k), Clewiston Sugar Festival Inc ($98k) and Lincoln East Apollonaire Booster Club ($98k).

On its Form 990-EZ for the period ending June 2024, revenue came from contributions and grants 92% and program service revenue 4.1% of the total. At year end it held assets of $133k against liabilities of $4,384, net assets of $128k.