Formula Automotive Museum

Nonprofit profile at a glance

EIN
920738446
IRS 990 coverage
2022–2025
Forms available
Form 990 2025
Location
Houston, TX, USA
Rating
69
Verdict
SUPPORTED
Rating confidence
Moderate
Sector
History Museums

Reported finances

Revenue
$367,323
Expenses
$160,172
Assets
$551,460
Liabilities
$10,734

Source: IRS Form 990. Selected filing: tax year 2025. Amounts in USD.

Leadership & pay

3 people listed

Executive titles in this filing

  • Srivathsan Iyengar (President)
  • Reginald Draper (Vice President)

Highest reported compensation

  • Haris Rafique (Secretary): $12,775 total reported compensation

Source: IRS Form 990. Selected filing: tax year 2025. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

The organization is organized exclusively for charitable, religious, educational, and scientific purposes under section 501(c)(3) of the Internal Revenue Code, or corresponding section of any future federal tax code. The entity operates a public automobile museum.

What it reported doing in 2025

The entity was formed in October of 2022. The entity received its first vehicle as a donation towards the end of the year which marked the start of its journey in becoming a publicly funded classic car museum. In 2023, the museum purchased its second display vehicle and undertook some substantial work in collaboration with the building lessor to ready the museum for its grand opening. The building continued to be worked on through 2024 and was completed in 2025. The official opening of the museum to the public was in November of 2025 and it is now offering admittance to the public.

Operating model

Revenue model
Donor-supported. 100% of the money available for current operations came from contributions and gifts.
Distribution model
Direct operator. The filing allocates 100% of reported program-service expenses outside its grant, affiliate-payment, and member-benefit lines. This expense classification does not rule out separately announced grant awards.
  • Includes noncash contributions: Reported contributions include donated property or goods.

The verdict

SUPPORTED - The filed numbers largely add up and most voting board members are independent. A relatively small share of available resources goes toward mission work and some filing-based governance responses are negative or unanswered.

Rating breakdown

  • Financial Efficiency: 48
  • Transparency & Controls: 92
  • Accountability: 70
  • Sustainability: 72
  • Growth: 100

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 34.9%; rating input score 35
  • Program expense ratio: 87.4%; rating input score 87
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 64th percentile among comparable filings
  • Pay-setting controls: Limited
  • Foreign activity oversight: Limited
  • Grant itemization coverage: Limited
  • Major donor itemization: Yes; rating input score 100
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 66.7%; rating input score 67; 21st percentile among comparable filings
  • Governance controls: 6 of 8 controls in place; rating input score 75
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Pass
    • Document-retention policy: Pass
    • CEO compensation review process: NotApplicable
    • Other executive compensation review process: Pass
    • Form 990 shared with the board: Pass
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Missing
    • Independent financial-statement audit: Fail

Sustainability

  • Operating margin: 56.4%; rating input score 92; 92nd percentile among comparable filings
  • Total-asset coverage ratio: 3.44; rating input score 72; 72nd percentile among comparable filings
  • Liabilities to assets ratio: 0.02; rating input score 35; 35th percentile among comparable filings
  • Officer compensation ratio: 8%; rating input score 28; 28th percentile among comparable filings

Growth

  • Program expense growth: 96.6% per year; rating input score 100; 98th percentile among comparable filings
  • Revenue growth: 36.5% per year; rating input score 100; 94th percentile among comparable filings
  • Asset growth: 38.9% per year; rating input score 100; 93rd percentile among comparable filings

Details

  • Where the money goes: 34.9% of revenue deployed · 87.4% of spending went to programs
  • Governance: 2 of 3 board members independent · 6 of 8 filing controls reported
  • Programs: 1 filed program accomplishment · $140K in reported program spending
  • Leadership: top reported pay $13K · 3 people listed
  • Consistency: 26 of 27 current checks pass · 1 finding to review
  • Schedules: 6 filed schedules · includes major donors
  • Filing history: 4 filing years from 2022 to 2025
  • Contacts: How to reach this organization
  • Money network: 2 filed money-flow records
  • Grant readiness: Federal tax and exclusion status, award history, and grant-maker relationships.
  • People: Everyone the filings name, and which of them the filings identify by more than a name.

Key Signals

Signals prioritize questions for review. They are not findings of misconduct.

  • Moderate — Financial Efficiency: Mission deployment rate scored 35/100.
  • Review — Accountability: Governance controls: Independent financial-statement audit not reported.
  • Moderate — Transparency & Controls: Schedule A contributions reconciliation did not reconcile in the filed values.
  • High — Sustainability: Officer compensation ratio scored 28/100.
  • Moderate — Sustainability: Liabilities to assets ratio scored 35/100.