Don Garlits Museum of Drag Racing Inc

Analysis

Don Garlits Museum of Drag Racing Inc is a registered charity in United States, based in Ocala, FL. It received its IRS tax-exemption ruling in October 1978, 48 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 September 2023, Don Garlits Museum of Drag Racing Inc reported income of $853k and spending of $683k, spending 80% of its income. Across the 5 years on record, from September 2019 to September 2023, income grew from $717k to $853k (+19%), an average of +4.4% a year. The sharpest change came in the year to September 2021, when income rose by 21%. Over the whole period it spent 76% of the income it received.

Among 45,478 United States charities whose main cause is arts, culture, heritage and science and that reported income, Don Garlits Museum of Drag Racing Inc sits at the 84th percentile: it is larger than about 84% of them. Against every charity in United States with reported income it ranks in the 77th percentile, and in the 79th percentile within FL. Charities of a similar size with the same main cause include Art Creates US Inc ($853k), Kumano I Ke Ala O Makaweli ($853k) and American Patrons of the Pinakothek Trust ($852k).

On its Form 990 for the period ending September 2023, revenue came from contributions and grants 2.5% and program service revenue 58% of the total. Compensation of current officers, directors and key employees was $50k (7.3% of expenses). Other salaries and wages came to $187k. At year end it held assets of $21.8m against liabilities of $74k, net assets of $21.7m. It reported 11 employees.