Overview
What is Speedway Children's Charities?
Speedway Children's Charities is a charitable organization, headquartered in Concord, North Carolina, with a specific focus on supporting children facing medical, educational, or social challenges. Throughout the year, they raise funds through various events such as auctions, dinners, golf outings, drawings, and numerous other activities. These collected funds are then distributed as grants to eligible 501(c)(3) nonprofit organizations that align with their mission. During the 2022 fiscal year, they distributed over $2.5 million to over 298 children's programs, benefiting an estimated 544,978 children. Since its inception in 1982, Speedway Children's Charities has disbursed over $64 million in grants, helping countless children in need to build a brighter future.
Official website here: www.speedwaycharities.org
What are the reviews and ratings of this charity?
Charity Navigator Rating 94% - Four-Star out of Four Star rating
Speedway Children's Charities has received a Four-Star rating from Charity Navigator, reflecting a high level of accountability and financial transparency. The charity's overall score of 94% indicates a strong commitment to ethical governance, with 100% of its board members being independent and a thorough audit and oversight committee in place.
The charity excels in financial management, evidenced by its low ratio of liabilities to assets at 12.81% and a program expense ratio of 71.05%. These figures demonstrate that the majority of its expenditures are directed towards its programs rather than administrative costs. Fundraising efficiency is also commendable, although there is a slight room for improvement with a ratio of $0.2323.
Despite its strengths, the organization does have a working capital ratio of 0.35 years, which could suggest some challenges in meeting short-term obligations. However, overall, the charity's robust financial practices and governance structure position it well within the nonprofit sector.
This AI summary has been generated from information found on Charity Navigator.
Is Speedway Children's Charities legitimate?
Speedway Children's Charities is a legitimate nonprofit organization registered as a 501(c)(3) entity. Speedway Children's Charities submitted a form 990, which is a tax form used by tax-exempt organizations in the U.S., indicating its operational transparency and adherence to regulatory requirements. Donations to this organization are tax deductible.
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For more financial information, click here
Official website here: www.speedwaycharities.org
What is the mission statement of Speedway Children's Charities?
Speedway Children's Charities is dedicated to raising funds and providing grants to non-profit organizations that address the direct needs of children facing medical, educational, or social challenges. Their primary goal is to provide essential support to these children, utilizing funds raised through various events such as auctions, dinners, golf outings, and drawings. During the fiscal year ending December 31, 2022, Speedway Children's Charities distributed over $2.5 million to over 298 children's programs, benefiting an estimated 544,978 children. Since its inception in 1982, the organization has distributed over $64 million in grants, contributing significantly to the well-being and future of numerous children in need.
Official website here: www.speedwaycharities.org
Who is the CEO of Speedway Children's Charities?
Marcus Smith is the Chairman Until 6/22 of Speedway Children's Charities.
Official website here: www.speedwaycharities.org
What is the revenue of Speedway Children's Charities?
Speedway Children's Charities's revenue in 2022 was $4,860,135.
Official website here: www.speedwaycharities.org
Who are the executives of Speedway Children's Charities and what are their salaries?
There 726 volunteers at Speedway Children's Charities.
Here are 14 key members and their salaries:
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Official website here: www.speedwaycharities.org
Where can I find the form 990 for Speedway Children's Charities?
Speedway Children's Charities's most recent form 990 was submitted in 2022 and can be accessed here.
Official website here: www.speedwaycharities.org
Learn more at the official website: www.speedwaycharities.org
Mission Statement of Speedway Children's Charities
Speedway Children's Charities, a non-profit organization, is committed to raising funds and providing grants to organizations that directly address the needs of children facing medical, educational, or social challenges. Their primary objective is to support 501(c)(3) nonprofits that align with their exempt purpose. The organization accomplishes this by organizing various events such as auctions, dinners, golf outings, drawings, and numerous others. The proceeds from these events are then used to issue grants to these qualified organizations.
During the fiscal year ending on December 31, 2022, Speedway Children's Charities distributed over $2.5 million to over 298 children's programs. These programs, in turn, supported an estimated 544,978 children. This substantial contribution has been a consistent practice for the organization since its inception in 1982. Over this period, Speedway Children's Charities has distributed more than $64 million in grants, helping children in need to build a better, brighter, and healthier future. The organization's mission is to provide these children with the necessary tools to overcome their challenges, ultimately leading to improved lives.
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Impact
July, 2024
Speedway Children's Charities has had a significant impact on children facing medical, educational, or social challenges. Through the distribution of over $64 million in grants since 1982, this organization has supported numerous children's programs benefiting an estimated 544,978 children. In the fiscal year ending 12/31/22 alone, Speedway Children's Charities distributed over $2.5 million to more than 298 programs, further emphasizing their commitment to providing children in need with the necessary resources for a better, brighter, and healthier future.
This information is meant to be a general summary of Speedway Children's Charities. Please take the time to review official sources before making any decisions based upon the content provided here.
Financials
This financial information is from Propublica.
Other financial information:
This information is from the most recently submitted tax form from this organization, which was in 2022.
- Gross Receipts: $5,588,123
Assets and Liabilities:
- Total Assets: $1,470,639
- Total Liabilities: $188,479
- Net Assets: $1,282,160
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Organization Details
Founding Year
1982
Phone
(704) 455-4426Principal Officer
Marcus Smith
Main Address
5555 CONCORD PARKWAY SOUTH 302, CONCORD, NC, 28027
Website
www.speedwaycharities.orgNTEE Category
Code: T120 - Philanthropy
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