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Nonprofiteer
← WATKINS GLEN PROMOTIONS INC

Form 990 for tax year 2023

Filed by WATKINS GLEN PROMOTIONS INC.

Totals

Total revenue
$245,999
Total expenses
$224,268
Contributions and grants received
$40,000
Grants paid
$0
Program service revenue
$160,335
Investment income
$1,340
Other revenue
$44,324
Total assets, end of year
$181,612
Total liabilities, end of year
$41,150
Net assets or fund balances, end of year
$140,462
Program services expenses (Part IX)
$149,917
Management and general expenses
$74,351
Fundraising expenses
$0
Program service expenses (Part III)
$149,917

Program services were 66.8% 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.

  • 1f · All other contributions, gifts and grants

    $40,000

  • 2a · Program service revenue: FESTIVALS & EVENTS

    total $160,335 · related or exempt $160,335

  • 3 · Investment income

    total $1,340 · excluded $1,340

  • 10a · Gross sales of inventory

    $119,958

  • 10b · Cost of goods sold

    $75,634

  • 10c · Net income from sales of inventory

    total $44,324 · related or exempt $44,324

Functional expenses

Part IX, the statement of functional expenses.

  • 5 · Compensation of officers, directors and key employees

    total $52,490 · program services $41,992 · management and general $10,498

  • 7 · Other salaries and wages

    total $24,124 · program services $19,299 · management and general $4,825

  • 10 · Payroll taxes

    total $6,673 · program services $5,338 · management and general $1,335

  • 11c · Fees: accounting

    total $1,950 · management and general $1,950

  • 11g · Fees: other

    total $5,504 · management and general $5,504

  • 12 · Advertising and promotion

    total $3,936 · management and general $3,936

  • 13 · Office expenses

    total $15,012 · management and general $15,012

  • 16 · Occupancy

    total $18,794 · management and general $18,794

  • 23 · Insurance

    total $2,794 · management and general $2,794

  • 24a · Other expenses: FESTIVALS & EVENTS

    total $83,288 · program services $83,288

  • 24b · Other expenses: STOREFRONT EXPENSES

    total $8,933 · management and general $8,933

  • 24c · Other expenses: SMALL EQUIPMENT

    total $770 · management and general $770

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $138,134 · end of year $434

  • 2 · Savings and temporary cash investments

    beginning of year $13,182 · end of year $159,739

  • 8 · Inventories for sale or use

    beginning of year $16,725 · end of year $21,439

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

    $1,651

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

    $1,651

  • 10c · Land, buildings and equipment, net

    beginning of year $0 · end of year $0

  • 15 · Other assets

    beginning of year $1,133 · end of year $0

  • 17 · Accounts payable and accrued expenses

    beginning of year $11,820 · end of year $2,845

  • 19 · Deferred revenue

    beginning of year $38,623 · end of year $38,305

  • 27 · Net assets without donor restrictions

    beginning of year $118,731 · end of year $140,462

Mission and programs · 2023

Mission

TO FOSTER THE GENERAL ECONOMIC, SOCIAL AND COMMUNITY WELL-BEING AND TO ENHANCE THE QUALITY OF LIFE OF THE VILLAGES OF WATKINS GLEN, MONTOUR FALLS AND SCHUYLER COUNTY.

  • ORGANIZED COUNTY WIDE FESTIVALS AND EVENTS, OPEN TO THE PUBLIC, CELEBRATING THE AREA'S ROAD RACING HISTORY AND BEAUTIFUL WATERFRONT. PROMOTES THE WATKINS GLEN/MONTOUR FALLS AREA TO VISITORS AND BUSINESSES.

    Expenses $149,917 · Revenue $204,659

As filed on the 2023 return.

Listed in Part VII

  • MARIANNE MARTS

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • STACY HUSTED

    PRESIDENT

    Total calculated
    $0
    Hours/week
    2

  • BRIDGETTE STEWART

    SECRETARY

    Total calculated
    $0
    Hours/week
    1

  • CHELSEA STAMP

    TREASURER

    Total calculated
    $0
    Hours/week
    1

  • TOM SEEM

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • KELLY MILLER

    VICE PRESIDENT

    Total calculated
    $0
    Hours/week
    1

  • LAURIE DENARDO

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • CAROLE PIERCE

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • MICHAELA L CHRISTENSEN

    EXECUTIVE DIRECTOR

    Total calculated
    $52,490
    From this org
    $52,490
    From related orgs
    $0
    Other
    $0
    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

No itemized grants to organizations on this return.

Provenance

Return type
form_990
Tax year
2023
Filed
20 June 2024
IRS schema version
2023v5.1
Source object
202411729349301411

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