Speedway Children's Charities

Nonprofit profile at a glance

EIN
561331429
IRS 990 coverage
2018–2024
Forms available
Form 990 2024, Form 990-T 2024
Location
Concord, NC, USA
Phone
7044554426
Rating
67
Verdict
SUPPORTED
Rating confidence
Moderate
Sector
Fund Raising and Fund Distribution

Reported finances

Revenue
$5,405,320
Expenses
$5,434,950
Assets
$1,200,728
Liabilities
$214,995

Source: IRS Form 990. Selected filing: tax year 2024. Amounts in USD.

Leadership & pay

14 people listed

Executive titles in this filing

  • LISA STARNES (EXECUTIVE DIRECTOR (THRU 2/28/24))

Highest reported compensation

  • CLAUDIA BYRD (DIRECTOR): $62,665 total reported compensation
  • LISA STARNES (EXECUTIVE DIRECTOR (THRU 2/28/24)): $14,392 total reported compensation

Source: IRS Form 990. Selected filing: tax year 2024. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

To raise funds and provide grants to non-profit organizations that meet the direct needs of children with medical, educational, or social challenges.

What it reported doing in 2024

Funds were raised throughout the year through various events, including auctions, dinners, golf outings, drawings, and more. The funds raised from these events enabled speedway children's charities to distribute grants to 501(c)(3) nonprofit organizations that aligned with our exempt purpose.during the fiscal year ending december 31, 2024, speedway children's charities distributed over $4 million to more than 443 children's programs, supporting an estimated 333,340 children. Since 1982, the organization has distributed over $72 million in grants, helping children in need acquire the tools to build a better, brighter, and healthier future.

Operating model

Revenue model
Donor-supported. 70% of the money available for current operations came from contributions and gifts.
Distribution model
Grant intermediary. The nonprofit sent 100% of its reported program spending out as grants.
  • Includes noncash contributions: Reported contributions include donated property or goods.

The verdict

SUPPORTED - A large share of available resources goes toward mission work and the filed numbers largely add up. A relatively small share of voting board members are independent and fundraising costs are high for each dollar raised.

Rating breakdown

  • Financial Efficiency: 69
  • Transparency & Controls: 87
  • Accountability: 37
  • Sustainability: 31
  • Growth: 80

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 76%; rating input score 76
  • Program expense ratio: 75.5%; rating input score 76
  • Fundraising efficiency: $4.11 raised per $1 spent on fundraising; rating input score 13; 13th percentile among comparable filings

Transparency & Controls

  • Consistency checks: 94.1%; rating input score 94; 23rd percentile among comparable filings
  • Pay-setting controls: Limited
  • Foreign activity oversight: Limited
  • Grant itemization coverage: 84.6%; rating input score 85; 23rd percentile among comparable filings
  • Major donor itemization: Yes; rating input score 100
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 0%; rating input score 0; 3rd percentile among comparable filings
  • Governance controls: 7 of 8 controls in place; rating input score 88
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Pass
    • Document-retention policy: Pass
    • CEO compensation review process: Fail
    • Other executive compensation review process: NotApplicable
    • Form 990 shared with the board: Pass
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Pass
    • Independent financial-statement audit: Pass

Sustainability

  • Operating margin: -0.5%; rating input score 31; 31st percentile among comparable filings
  • Total-asset coverage ratio: 0.22; rating input score 6; 6th percentile among comparable filings
  • Liabilities to assets ratio: 0.18; rating input score 47; 47th percentile among comparable filings
  • Officer compensation ratio: 1.4%; rating input score 79; 79th percentile among comparable filings

Growth

  • Program expense growth: 11.3% per year; rating input score 100; 68th percentile among comparable filings
  • Revenue growth: 9.2% per year; rating input score 100; 65th percentile among comparable filings
  • Asset growth: -17.9% per year; rating input score 0; 1st percentile among comparable filings

Details

  • Where the money goes: 76% of revenue deployed · 75.5% of spending went to programs
  • Governance: 0 of 11 board members independent · 7 of 8 filing controls reported
  • Programs: 1 filed program accomplishment · $4.1M in reported program spending
  • Leadership: top reported pay $63K · 14 people listed
  • Consistency: 30 of 31 current checks pass · 1 finding to review
  • Schedules: 8 filed schedules · includes major donors and grants
  • Filing history: 6 filing years from 2018 to 2024
  • Contacts: How to reach this organization
  • Money network: 223 filed money-flow records
  • Related organizations: 239 filed related-organization links
  • 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.

  • High — Accountability: Independent voting board scored 0/100.
  • High — Financial Efficiency: Fundraising efficiency scored 13/100.
  • Moderate — Sustainability: Operating margin scored 31/100.
  • High — Sustainability: Total-asset coverage ratio scored 6/100.
  • Review — Accountability: Governance controls: CEO compensation review process not reported.
  • High — Growth: Asset growth scored 0/100.
  • Review — Transparency & Controls: Domestic grant itemization did not reconcile in the filed values.
  • Moderate — Sustainability: Liabilities to assets ratio scored 47/100.