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Nonprofiteer
← SPEEDWAY TRAILS ASSOCIATION

Form 990 for tax year 2023

Filed by SPEEDWAY TRAILS ASSOCIATION.

Totals

Total revenue
$120,729
Total expenses
$100,320
Contributions and grants received
$52,473
Grants paid
$0
Program service revenue
$0
Investment income
$11,507
Other revenue
$56,749
Total assets, end of year
$5,935,299
Total liabilities, end of year
$0
Net assets or fund balances, end of year
$5,935,299
Program services expenses (Part IX)
$97,932
Management and general expenses
$293
Fundraising expenses
$2,095
Program service expenses (Part III)
$1,420,246

Program services were 97.6% 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.

  • 1b · Membership dues

    $1,200

  • 1c · Fundraising events

    $0

  • 1f · All other contributions, gifts and grants

    $51,273

  • 2f · All other program service revenue

    total $0 · related or exempt $0 · unrelated business $0 · excluded $0

  • 3 · Investment income

    total $11,507 · related or exempt $11,507

  • 8a · Fundraising events: gross income

    $58,844

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

    $0

  • 8b · Fundraising events: direct expenses

    $2,095

  • 8c · Net income from fundraising events

    total $56,749 · unrelated business $53,522

Functional expenses

Part IX, the statement of functional expenses.

  • 12 · Advertising and promotion

    total $5,306 · program services $3,237 · fundraising $2,069

  • 13 · Office expenses

    total $220 · program services $194 · fundraising $26

  • 23 · Insurance

    total $3,059 · program services $3,059

  • 24a · Other expenses: Property taxes on trail land

    total $81 · program services $81

  • 24b · Other expenses: Trail Design & Engineering

    total $73,444 · program services $73,444

  • 24c · Other expenses: Bank Fees, Regulatory Filings

    total $410 · program services $117 · management and general $293

  • 24d · Other expenses: Trail maintenance, mowing, upkeep

    total $17,800 · program services $17,800

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $750,036 · end of year $166,108

  • 2 · Savings and temporary cash investments

    beginning of year $1,000,106 · end of year $286,613

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

    $5,482,578

  • 10c · Land, buildings and equipment, net

    beginning of year $4,162,643 · end of year $5,482,578

  • 27 · Net assets without donor restrictions

    beginning of year $93,738 · end of year $135,208

  • 28 · Net assets with donor restrictions

    beginning of year $5,819,047 · end of year $5,800,091

Mission and programs · 2023

Mission

To promote & construct walking trails in Indiana

  • Speedway Trails Association undertook the initiative to expand B&O Rail-Trail within Marion County, IN. Building west from Michigan St in the City of Indianapolis towards the Hendricks County line, 2.6-miles of asphalt have been added to the trail, along with a bridge of approximately 100 meters across Eagle Creek. Key partners in the project include Central Indiana Community Foundation, Town of Speedway, Indianapolis Parks Foundation, Allison Transmission, Wilcox Environmental Engineering, & Eskanazi Health. Refer to Part-III of Form 990 for additional information. Through 2023, $527,359 has been spent on land acquisition for the project. Additional costs of $5,274,475 has been spent on the design & engineering, management, & construction of the trail extension. Speedway Trails Association has been awarded a grant of $4,893,470 from State of Indiana's Next Level Trails program as primary funding for the project.

    Expenses $1,395,385

  • Speedway Trails Association maintains trails in the general vicinity of Town of Speedway, IN. Association owns land of former Peoria & Eastern Railroad right-of-way which has been rebuilt as approximately 1-mile of asphalt trail. Expenses were incurred to maintain the trail.

    Expenses $24,861

As filed on the 2023 return.

Listed in Part VII

  • Frank Merrit

    President

    Total calculated
    $0
    Hours/week
    2

  • Beverly Katterhenry

    Vice President

    Total calculated
    $0
    Hours/week
    20

  • David Santelik

    Treasruer

    Total calculated
    $0
    Hours/week
    1

  • Michelle Lowry

    Secretary

    Total calculated
    $0
    Hours/week
    1

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

No itemized grants to organizations on this return.

Provenance

Return type
form_990
Tax year
2023
Filed
23 March 2024
IRS schema version
2023v5.0
Source object
202430839349300418

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