Philly Races Inc

Analysis

Philly Races Inc is a registered charity in United States, based in Philadelphia, PA. It received its IRS tax-exemption ruling in March 2017, 9 years ago. Its declared purposes cover recreation and sports, which this site groups under amateur sport and recreation. 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 December 2023, Philly Races Inc reported income of $3.3m and spending of $2.5m, leaving 24% of income unspent that year. Across the 5 years on record, from December 2019 to December 2023, income fell from $3.3m to $3.3m (-1.8%), an average of -0.5% a year. The sharpest change came in the year to December 2021, when income dropped by 42%. Over the whole period it spent 89% of the income it received.

Among 30,892 United States charities whose main cause is amateur sport and recreation and that reported income, Philly Races Inc sits at the 98th percentile: it is larger than about 98% of them. Against every charity in United States with reported income it ranks in the 90th percentile, and in the 88th percentile within PA. Charities of a similar size with the same main cause include Monroe Community Sports Centre Corporation ($3.3m), Stonewall Sports Inc ($3.3m) and Pentagon Federal Credit Union FDN Penfed Foundation ($3.3m).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 20% and program service revenue 80% of the total. At year end it held assets of $2.2m against liabilities of $0, net assets of $2.2m.