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Nonprofiteer
← SPEEDWAY CHILDRENS CHARITIES

Form 990 for tax year 2023

Filed by SPEEDWAY CHILDRENS CHARITIES.

Totals

Total revenue
$5,525,470
Total expenses
$5,792,267
Contributions and grants received
$4,736,711
Grants paid
$4,230,151
Program service revenue
$0
Investment income
$0
Other revenue
$788,759
Total assets, end of year
$1,214,200
Total liabilities, end of year
$198,837
Net assets or fund balances, end of year
$1,015,363
Program services expenses (Part IX)
$4,241,068
Management and general expenses
$350,233
Fundraising expenses
$1,200,966
Program service expenses (Part III)
$4,241,068

Program services were 73.2% of total expenses calculated — Part IX's program-services column over total expenses, both as filed.

Line items

Every line the filer filed in Parts VIII, IX and X, as filed and in filed order. Blank columns are left out, and the lines are not forced to add up to the totals above.

Revenue

Part VIII, the statement of revenue.

  • 1c · Fundraising events

    $2,022,382

  • 1d · Related organizations

    $816,558

  • 1f · All other contributions, gifts and grants

    $1,897,771

  • 1g · Noncash contributions included above

    $655,051

  • 8a · Fundraising events: gross income

    $927,990

  • 8a · Fundraising events: contributions included on line 1c

    $2,022,382

  • 8b · Fundraising events: direct expenses

    $514,407

  • 8c · Net income from fundraising events

    total $413,583 · excluded $413,583

  • 9a · Gaming: gross income

    $798,561

  • 9b · Gaming: direct expenses

    $423,385

  • 9c · Net income from gaming

    total $375,176 · unrelated business $43,675 · excluded $331,501

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $4,230,151 · program services $4,230,151

  • 5 · Compensation of officers, directors and key employees

    total $170,134 · program services $2,411 · management and general $67,013 · fundraising $100,710

  • 7 · Other salaries and wages

    total $519,209 · program services $7,360 · management and general $204,506 · fundraising $307,343

  • 9 · Other employee benefits

    total $29,073 · program services $412 · management and general $11,451 · fundraising $17,210

  • 10 · Payroll taxes

    total $51,779 · program services $734 · management and general $20,395 · fundraising $30,650

  • 11c · Fees: accounting

    total $31,648 · management and general $31,648

  • 12 · Advertising and promotion

    total $2,727 · fundraising $2,727

  • 13 · Office expenses

    total $11,466 · fundraising $11,466

  • 17 · Travel

    total $27,169 · fundraising $27,169

  • 19 · Conferences, conventions and meetings

    total $46,518 · fundraising $46,518

  • 22 · Depreciation, depletion and amortization

    total $2,122 · fundraising $2,122

  • 23 · Insurance

    total $10,059 · management and general $10,059

  • 24a · Other expenses: NONCASH EXPENDITURES

    total $655,051 · fundraising $655,051

  • 24b · Other expenses: TAXES & LICENSES

    total $5,161 · management and general $5,161

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $1,002,448 · end of year $740,961

  • 3 · Pledges and grants receivable

    beginning of year $183,346 · end of year $91,857

  • 4 · Accounts receivable

    beginning of year $230,420 · end of year $334,954

  • 9 · Prepaid expenses and deferred charges

    beginning of year $26,359 · end of year $21,674

  • 10a · Land, buildings and equipment: cost or other basis

    $30,036

  • 10b · Land, buildings and equipment: accumulated depreciation

    $29,205

  • 10c · Land, buildings and equipment, net

    beginning of year $2,953 · end of year $831

  • 15 · Other assets

    beginning of year $25,113 · end of year $23,923

  • 17 · Accounts payable and accrued expenses

    beginning of year $168,404 · end of year $147,937

  • 19 · Deferred revenue

    beginning of year $20,075 · end of year $50,900

  • 27 · Net assets without donor restrictions

    beginning of year $1,098,814 · end of year $923,506

  • 28 · Net assets with donor restrictions

    beginning of year $183,346 · end of year $91,857

Mission and programs · 2023

Mission

TO RAISE FUNDS AND PROVIDE GRANTS TO NON-PROFIT ORGANIZATIONS THAT MEET THE DIRECT NEEDS OF CHILDREN WITH MEDICAL, EDUCATIONAL, OR SOCIAL CHALLENGES.

Activities or mission (Part I)

SPEEDWAY CHILDREN'S CHARITIES' PRIMARY EXEMPT PURPOSE IS TO RAISE FUNDS AND PROVIDE GRANTS TO NON-PROFIT ORGANIZATIONS THAT MEET THE DIRECT NEEDS OF CHILDREN WITH MEDICAL, EDUCATIONAL, OR SOCIAL CHALLENGES.

  • FUNDS WERE RAISED THROUGHOUT THE YEAR BY HOLDING AUCTIONS, DINNERS, GOLF OUTINGS, DRAWINGS, AND NUMEROUS OTHER EVENTS. THE FUNDS RAISED FROM THESE EVENTS ALLOWED SPEEDWAY CHILDREN'S CHARITIES TO ISSUE FUNDS TO 501(C)(3) NONPROFIT ORGANIZATIONS THAT COMPLIED WITH OUR EXEMPT PURPOSE.DURING THE FISCAL YEAR ENDING 12/31/23 SPEEDWAY CHILDREN'S CHARITIES DISTRIBUTED OVER $4.2M TO OVER 415 CHILDREN'S PROGRAMS SUPPORTING AN ESTIMATED 478,365 CHILDREN. SINCE 1982 THE ORGANIZATION HAS DISTRIBUTED MORE THAN $68 MILLION IN GRANTS, ASSISTING CHILDREN IN NEED WITH THE TOOLS TO BUILD A BETTER, BRIGHTER, AND HEALTHIER FUTURE.

    Expenses $4,241,068 · Grants $4,230,151

As filed on the 2023 return.

Listed in Part VII

  • Marcus Smith

    CHAIRMAN

    Total calculated
    $0
    Hours/week
    0.2 + 40 related

  • Claudia Byrd

    DIRECTOR

    Total calculated
    $61,098
    From this org
    $55,090
    From related orgs
    $0
    Other
    $6,008
    Hours/week
    40

  • Jerry Caldwell

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.2 + 40 related

  • Mark Faber

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.2 + 40 related

  • Matt Greci

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.2 + 40 related

  • Brian Flynn

    DIRECTOR (EFF. 8/1/2023)

    Total calculated
    $0
    Hours/week
    0.2 + 40 related

  • Jill Gregory

    DIRECTOR (THRU 7/30/2023)

    Total calculated
    $0
    Hours/week
    0.2 + 40 related

  • Brandon Hutchison

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.2 + 40 related

  • David McGrath

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.2 + 40 related

  • Chris Powell

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.2 + 40 related

  • Mike Tatoian

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.2 + 40 related

  • Greg Walter

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.2 + 40 related

  • Jessica Fickenscher

    MANAGING DIRECTOR

    Total calculated
    $0
    Hours/week
    10 + 40 related

  • Corey Glass

    TREASURER & ASSISTANT SECRETARY

    Total calculated
    $0
    Hours/week
    0.3 + 40 related

  • Lisa Starnes

    EXECUTIVE DIRECTOR

    Total calculated
    $109,036
    From this org
    $100,569
    From related orgs
    $0
    Other
    $8,467
    Hours/week
    40

Compensation is as filed in Part VII: reportable pay from this organization and from related organizations, other compensation, and hours per week. The total, marked calculated, is our sum of the three dollar columns, with a blank column counted as $0; the form itself has no total. On a Form 990-EZ the columns are Part IV's instead, and on a Form 990-PF Part VIII's — compensation, contributions to benefit plans, and expense account — and the total sums those.

Grants on this return

The 10 largest by cash amount. The API serves every itemized grant.

Taxable family on this return

Schedule R Parts I, III and IV, as filed. These record ownership and control, not shared board members or money moved.

Related corporations and trusts

Part IV: related organizations taxable as a corporation or trust.

  • AMERICAN GENERAL ADVERTISING INC

    C · INACTIVE · NC

    Directly controlled by SONIC FINANCIAL CORPORATION

  • CHARTOWN

    C · REAL ESTATE · NC

    Directly controlled by SONIC FINANCIAL CORPORATION

  • DALLAS MOTOR SPEEDWAY INC

    C · INACTIVE · NC

    Directly controlled by SONIC FINANCIAL CORPORATION

  • DOVER MOTORSPORTS LLC

    C · MOTORSPORTS PROMOTER · TN

    Directly controlled by SONIC FINANCIAL CORPORATION

  • INEX CORPORATION

    C · AUTO RACING SANCTIONING BODY · NC

    Directly controlled by SONIC FINANCIAL CORPORATION

  • NASHVILLE SPEEDWAY USA INC

    C · MOTORSPORTS PROMOTER · TN

    Directly controlled by DOVER MOTORSPORTS LLC

  • NEW HAMPSHIRE MOTOR SPEEDWAY INC

    C · MOTORSPORTS PROMOTER · NH

    Directly controlled by SONIC FINANCIAL CORPORATION

  • NORTH WILKESBORO SPEEDWAY INC

    C · INACTIVE · NC

    Directly controlled by SONIC FINANCIAL CORPORATION

  • OIL-CHEM RESEARCH CORPORATION

    C · MANUFACTURER OF LUBRICANTS · IL

    Directly controlled by SONIC FINANCIAL CORPORATION

  • SMI SYSTEMS LLC

    C · PAYROLL PROVIDER · NV

    Directly controlled by SONIC FINANCIAL CORPORATION

  • SMI TRACKSIDE LLC

    C · SOUVENIR VENDOR · NC

    Directly controlled by SONIC FINANCIAL CORPORATION

  • SONIC AUTOMOTIVE INC

    C · VEHICLE SALES · NC

    Directly controlled by SONIC FINANCIAL CORPORATION

  • SONIC FINANCIAL CORPORATION

    C · MOTORSPORTS PROMOTER · NC

  • SONICIAN MARINE LLC

    YACHT OPERATIONS · FL

    Directly controlled by SONIC FINANCIAL CORPORATION

  • SPEEDWAY CONSULTING AND DESIGN INC

    C · INACTIVE · NC

    Directly controlled by SONIC FINANCIAL CORPORATION

  • SPEEDWAY FUNDING II INC

    C · BOND GUARANTOR · NC

    Directly controlled by SONIC FINANCIAL CORPORATION

  • TRANSTAR MARKETING GROUP INC

    C · INACTIVE · NC

    Directly controlled by SONIC FINANCIAL CORPORATION

  • US LEGEND CARS INTERNATIONAL INC

    C · MANUFACTURER OF RACE CARS · NC

    Directly controlled by SONIC FINANCIAL CORPORATION

Provenance

Return type
form_990
Tax year
2023
Filed
14 August 2024
IRS schema version
2023v5.1
Source object
202432369349301108

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