World of Speed

Nonprofit profile at a glance

EIN
465267468
IRS 990 coverage
2016–2020
Forms available
Form 990 2020, Form 990-EZ 2020, Form 990-T 2020
Location
Wilsonville, OR, USA
Phone
5035636444
Rating
76
Verdict
SUPPORTED
Rating confidence
Moderate
Sector
Science and Technology Museums

Official website

Reported finances

Revenue
$1,894,781
Expenses
$1,484,963
Assets
$186,359
Liabilities
$14,617

Source: IRS Form 990. Selected filing: tax year 2020. Amounts in USD.

Leadership & pay

9 people listed

People named in this filing

  • SARAH BANY (CHAIR)
  • MARILYN LOY (TREASURER)
  • MARY JAEGER (SECRETARY)

Selected names, not a complete roster or a statement of current roles. Open leadership details for the complete filed list.

Source: IRS Form 990. Selected filing: tax year 2020. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

Dedicated to education and entertainment through celebration and preservation of motorsports.

What it reported doing in 2020

World of speed first opened its doors to the public on april 24, 2015 and showcased up to 100 vehicles. Current and future generations of students, automotive enthusiasts, and professionals have been inspired through education, community engagement, and the exploration of career opportunities in the automotive industry. Due to the impact and disruption of covid-19 in early 2020, world of speed made the decision to cease activities and close their doors. The year was dedicated to planning and executing the organizations dissolution including the distribution of the organizations many assets. The organization expects to be fully terminated in 2021.

Operating model

Revenue model
Donor-supported. 97% 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 a large share of available resources goes toward mission work. Fundraising costs are high for each dollar raised and program spending has declined or grown slowly.

Rating breakdown

  • Financial Efficiency: 65
  • Transparency & Controls: 92
  • Accountability: 88
  • Sustainability: 51
  • Growth: 40

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 62.4%; rating input score 62
  • Program expense ratio: 77.2%; rating input score 77
  • Fundraising efficiency: $13.26 raised per $1 spent on fundraising; rating input score 42; 42nd percentile among comparable filings

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 63rd 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: 100%; rating input score 100; 63rd percentile among comparable filings
  • Governance controls: 5 of 7 controls in place; rating input score 71
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Pass
    • Document-retention policy: Pass
    • CEO compensation review process: NotApplicable
    • Other executive compensation review process: NotApplicable
    • Form 990 shared with the board: Pass
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Missing
    • Independent financial-statement audit: Fail

Sustainability

  • Operating margin: 21.6%; rating input score 71; 71st percentile among comparable filings
  • Total-asset coverage ratio: 0.13; rating input score 4; 4th percentile among comparable filings
  • Liabilities to assets ratio: 0.08; rating input score 53; 53rd percentile among comparable filings
  • Officer compensation ratio: 0%; rating input score 83; 83rd percentile among comparable filings

Growth

  • Program expense growth: -11.8% per year; rating input score 0; 7th percentile among comparable filings
  • Revenue growth: 11.4% per year; rating input score 100; 75th percentile among comparable filings
  • Asset growth: -32.4% per year; rating input score 0; 1st percentile among comparable filings

Details

  • Where the money goes: 62.4% of revenue deployed · 77.2% of spending went to programs
  • Governance: 10 of 10 board members independent · 5 of 7 filing controls reported
  • Programs: 1 filed program accomplishment · $1.1M in reported program spending
  • Leadership: top reported pay $0 · 9 people listed
  • Consistency: 27 of 27 current checks pass
  • Schedules: 6 filed schedules · includes major donors
  • Filing history: 4 filing years from 2016 to 2020
  • Contacts: How to reach this organization
  • Money network: 1 filed money-flow record
  • 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: Fundraising efficiency scored 42/100.
  • High — Growth: Program expense growth scored 0/100.
  • High — Sustainability: Total-asset coverage ratio scored 4/100.
  • Review — Accountability: Governance controls: Independent financial-statement audit not reported.
  • High — Growth: Asset growth scored 0/100.
  • Review — Sustainability: Liabilities to assets ratio scored 53/100.