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Nonprofiteer
← DETROIT BELLE ISLE GRAND PRIX INC

Form 990 for tax year 2022

Filed by DETROIT BELLE ISLE GRAND PRIX INC.

Totals

Total revenue
$14,762,535
Total expenses
$14,762,535
Contributions and grants received
$7,599,409
Grants paid
$518,214
Program service revenue
$7,513,949
Investment income
$0
Other revenue
-$350,823
Total assets, end of year
$4,637,183
Total liabilities, end of year
$6,239,329
Net assets or fund balances, end of year
-$1,602,146
Program services expenses (Part IX)
$12,406,471
Management and general expenses
$2,356,064
Fundraising expenses
$0
Program service expenses (Part III)
$12,406,471

Program services were 84.0% 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

    $869,037

  • 1f · All other contributions, gifts and grants

    $6,730,372

  • 2a · Program service revenue: HOSPITALITY

    total $4,739,205 · related or exempt $4,739,205

  • 2b · Program service revenue: TICKET SALES

    total $1,227,051 · related or exempt $1,227,051

  • 2c · Program service revenue: MISCELLANEOUS

    total $815,849 · related or exempt $815,849

  • 2d · Program service revenue: CONCESSIONS

    total $567,144 · related or exempt $567,144

  • 2e · Program service revenue: TEAM MOTORCOACH SPACE

    total $164,700 · related or exempt $164,700

  • 8a · Fundraising events: gross income

    $326,463

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

    $869,037

  • 8b · Fundraising events: direct expenses

    $677,286

  • 8c · Net income from fundraising events

    total -$350,823 · excluded -$350,823

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $518,214 · program services $518,214

  • 11a · Fees: management

    total $1,912,496 · program services $300,000 · management and general $1,612,496

  • 11c · Fees: accounting

    total $33,448 · management and general $33,448

  • 12 · Advertising and promotion

    total $279,694 · program services $199,870 · management and general $79,824

  • 13 · Office expenses

    total $67,683 · management and general $67,683

  • 14 · Information technology

    total $67,619 · management and general $67,619

  • 16 · Occupancy

    total $796,142 · program services $719,460 · management and general $76,682

  • 17 · Travel

    total $114,366 · management and general $114,366

  • 20 · Interest

    total $46,807 · management and general $46,807

  • 22 · Depreciation, depletion and amortization

    total $19,769 · program services $19,769

  • 23 · Insurance

    total $177,828 · program services $177,828

  • 24a · Other expenses: GRAND PRIX EVENT

    total $3,509,894 · program services $3,509,894

  • 24b · Other expenses: RENTAL EQUIPMENT

    total $2,766,107 · program services $2,708,802 · management and general $57,305

  • 24c · Other expenses: CONSTRUCTION/ RACE SET

    total $2,349,060 · program services $2,349,060

  • 24d · Other expenses: SANCTION FEES

    total $1,895,947 · program services $1,895,947

  • 24e · All other expenses

    total $207,461 · program services $7,627 · management and general $199,834

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $374,985 · end of year $237,138

  • 4 · Accounts receivable

    beginning of year $204,520 · end of year $214,826

  • 9 · Prepaid expenses and deferred charges

    beginning of year $94,848 · end of year $551,372

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

    $7,242,025

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

    $3,910,019

  • 10c · Land, buildings and equipment, net

    beginning of year $70,914 · end of year $3,332,006

  • 15 · Other assets

    beginning of year $0 · end of year $301,841

  • 17 · Accounts payable and accrued expenses

    beginning of year $553,217 · end of year $2,940,939

  • 19 · Deferred revenue

    beginning of year $415,000 · end of year $691,504

  • 23 · Secured mortgages and notes payable

    beginning of year $1,000,000 · end of year $2,300,000

  • 25 · Other liabilities

    beginning of year $379,196 · end of year $306,886

  • 27 · Net assets without donor restrictions

    beginning of year -$1,602,146 · end of year -$1,602,146

Mission and programs · 2022

Mission

(1) PROMOTES THE REVITALIZATION OF ECONOMICALLY DEPRESSED AREAS OF THE CITY OF DETROIT BY CONDUCTING MOTOR VEHICLE RACING EVENTS; AND (2) TO RAISE FUNDS FOR THE PRESERVATION AND IMPROVEMENT OF BELLE ISLE PARK.

Activities or mission (Part I)

REVITALIZE THE CITY OF DETROIT AND RAISE FUNDS TO PRESERVE AND IMPROVE BELLE ISLE PARK.

  • PROMOTES THE REVITALIZATION OF ECONOMICALLY DEPRESSED AREAS OF THE CITY OF DETROIT BY CONDUCTING MOTOR VEHICLE RACING EVENTS.

    Expenses $11,888,257 · Revenue $7,513,949

  • RAISES FUNDS FOR THE PRESERVATION AND IMPROVEMENT OF BELLE ISLE PARK, WHICH SERVES AS A UNIQUE BACKDROP FOR A POPULAR RACING EVENT AND REMAINS FOR THE LONG-TERM ENJOYMENT OF PARK VISITORS.

    Expenses $518,214 · Grants $518,214

As filed on the 2022 return.

Listed in Part VII

  • Eric B Larson

    VICE PRESIDENT

    Total calculated
    $520,636
    From this org
    $0
    From related orgs
    $482,610
    Other
    $38,026
    Hours/week
    1 + 38 related

    Schedule J breakdown matched by us

    Base
    $0 + $349,630 related
    Bonus
    $0 + $125,000 related
    Other
    $0 + $7,980 related
    Deferred
    $0 + $16,490 related
    Nontaxable benefits
    $0 + $21,536 related
    Filer's total
    $0 + $520,636 related

  • Claude Bud Denker

    PRESIDENT

    Total calculated
    $0
    Hours/week
    1 + 3 related

  • Cameron Piggott

    TREASURER/SECRETARY

    Total calculated
    $0
    Hours/week
    1 + 3 related

  • Roger Penske

    CHAIR

    Total calculated
    $0
    Hours/week
    1 + 1 related

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. A Schedule J breakdown is as filed: base pay, bonus, other, deferred compensation and nontaxable benefits from this organization, with any from related organizations beside each, and the filer's own total. It is shown with the Part VII listing of the same name on the same return. The form gives no key between the two, so that pairing is ours, and is marked matched by us.

Schedule J

Answered yes

None.

Answered no

  • 4a · Severance or change-of-control payment
  • 4b · Supplemental nonqualified retirement plan
  • 4c · Equity-based compensation arrangement
  • 5a · Pay contingent on this organization's revenues
  • 5b · Pay contingent on a related organization's revenues
  • 6a · Pay contingent on this organization's net earnings
  • 6b · Pay contingent on a related organization's net earnings
  • 7 · Other non-fixed payments
  • 8 · Paid under the initial-contract exception

Part I's answers as filed. A line not listed was left unanswered; on lines 1a and 3 that means the box was not checked.

Grants on this return

Related organizations on this return

Schedule R Part II: tax-exempt organizations related to the filer by control. It does not record shared board members or money.

Provenance

Return type
form_990
Tax year
2022
Filed
15 November 2023
IRS schema version
2022v5.0
Source object
202313199349329291

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