Motorsports Museum & Hall of Fame of America Foundation Inc

Analysis

Motorsports Museum & Hall of Fame of America Foundation Inc is a registered charity in United States, based in Daytona Beach, FL. It received its IRS tax-exemption ruling in August 1988, 38 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 (donations from the general public) under section 501(c)(3), and contributions to it are listed as tax-deductible.

In the financial year ending December 2023, Motorsports Museum & Hall of Fame of America Foundation Inc reported income of $1.8m and spending of $951k, leaving 46% of income unspent that year. Across the 5 years on record, from December 2019 to December 2023, income grew from $426k to $1.8m (+317%), an average of +43% a year. The sharpest change came in the year to December 2020, when income rose by 126%. Over the whole period it spent 74% of the income it received.

Among 45,478 United States charities whose main cause is arts, culture, heritage and science and that reported income, Motorsports Museum & Hall of Fame of America Foundation Inc sits at the 91st percentile: it is larger than about 91% of them. Against every charity in United States with reported income it ranks in the 85th percentile, and in the 87th percentile within FL. Charities of a similar size with the same main cause include Theatre for the New City Foundation Inc ($1.8m), American Airpower Heritage Museum Inc ($1.8m) and Texas Panhandle Heritage Foundation Inc ($1.8m).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 72% and program service revenue 28% of the total. Compensation of current officers, directors and key employees was $100k (11% of expenses). Other salaries and wages came to $217k. At year end it held assets of $4.1m against liabilities of $18k, net assets of $4.0m. It reported 13 employees.