Minnesota Quarter Midget Racing Association

Analysis

Minnesota Quarter Midget Racing Association is a registered charity in United States, based in Elko New Market, MN. It received its IRS tax-exemption ruling in April 1993, 33 years ago. 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, Minnesota Quarter Midget Racing Association reported income of $71k and spending of $33k, leaving 53% of income unspent that year. Across the 2 years on record, from December 2022 to December 2023, income grew from $62k to $71k (+13%), an average of +13% a year. Over the whole period it spent 49% of the income it received.

Among 72,936 United States charities whose main cause is other charitable purposes and that reported income, Minnesota Quarter Midget Racing Association sits at the 27th percentile: it is larger than about 27% of them. Against every charity in United States with reported income it ranks in the 28th percentile, and in the 25th percentile within MN. Charities of a similar size with the same main cause include PTA Florida Congress ($71k), Louise Sloan Rowland Charitable Trust ($71k) and South Dakota Right to Life Committee Educational Fund ($71k).

On its Form 990-EZ for the period ending December 2023, revenue came from contributions and grants 49% and program service revenue 39% of the total. At year end it held assets of $91k against liabilities of $0, net assets of $91k.