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← NEBRASKA HORSEMENS BENEVOLENT & PROTECTIVE ASSOCIATION INC

Form 990 for tax year 2024

Filed by NEBRASKA HORSEMENS BENEVOLENT & PROTECTIVE ASSOCIATION INC.

Totals

Total revenue
$3,359,939
Total expenses
$2,077,124
Contributions and grants received
$0
Grants paid
$20,649
Program service revenue
$0
Investment income
$16,591
Other revenue
$3,343,348
Total assets, end of year
$23,023,896
Total liabilities, end of year
$13,246,497
Net assets or fund balances, end of year
$9,777,399
Program services expenses (Part IX)
not reported
Management and general expenses
not reported
Fundraising expenses
not reported
Program service expenses (Part III)
$0

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.

  • 2f · All other program service revenue

    total $0 · related or exempt $0 · unrelated business $0 · excluded $0

  • 3 · Investment income

    total $16,591 · excluded $16,591

  • 6a · Gross rents

    real property $5,518,664

  • 6c · Rental income or loss

    real property $5,518,664 · personal property $0

  • 6d · Net rental income or loss

    total $5,518,664 · unrelated business $5,508,817 · excluded $9,847

  • 7c · Gain or loss

    securities $0 · other assets $0

  • 9a · Gaming: gross income

    $5,525,508

  • 9b · Gaming: direct expenses

    $7,862,899

  • 9c · Net income from gaming

    total -$2,337,391 · unrelated business -$2,337,391

  • 10a · Gross sales of inventory

    $2,806

  • 10c · Net income from sales of inventory

    total $2,806 · unrelated business $2,806

  • 11a · Other revenue: MISCELLANEOUS REVENUE

    total $139,728 · related or exempt $139,728

  • 11b · Other revenue: STALLION AUCTION INCOME

    total $19,541 · related or exempt $19,541

  • 11d · All other revenue

    total $0 · related or exempt $0 · unrelated business $0 · excluded $0

  • 11e · Other revenue, total

    $159,269

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $20,649

  • 4 · Benefits paid to or for members

    total $65,000

  • 5 · Compensation of officers, directors and key employees

    total $144,415

  • 7 · Other salaries and wages

    total $387,867

  • 8 · Pension plan contributions

    total $15,301

  • 9 · Other employee benefits

    total $15,201

  • 10 · Payroll taxes

    total $39,040

  • 11b · Fees: legal

    total $21,551

  • 11c · Fees: accounting

    total $19,597

  • 11d · Fees: lobbying

    total $111,250

  • 11g · Fees: other

    total $0

  • 12 · Advertising and promotion

    total $75,532

  • 13 · Office expenses

    total $11,501

  • 16 · Occupancy

    total $6,200

  • 17 · Travel

    total $14,241

  • 19 · Conferences, conventions and meetings

    total $11,678

  • 23 · Insurance

    total $136,487

  • 24a · Other expenses: INCOME TAX EXPENSE

    total $730,502

  • 24b · Other expenses: PURSE AND TRACK SUBSIDIES

    total $169,987

  • 24c · Other expenses: DUES AND SUBSCRIPTIONS

    total $31,624

  • 24d · Other expenses: RENTAL EXPENSES

    total $18,210

  • 24e · All other expenses

    total $31,291

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $1,007,481 · end of year $1,501,551

  • 2 · Savings and temporary cash investments

    beginning of year $1,313,907 · end of year $1,130,160

  • 4 · Accounts receivable

    beginning of year $468,648 · end of year $840,520

  • 5 · Loans and receivables from officers and key people

    beginning of year $0 · end of year $0

  • 6 · Loans and receivables from disqualified persons

    beginning of year $0 · end of year $0

  • 8 · Inventories for sale or use

    beginning of year $0

  • 9 · Prepaid expenses and deferred charges

    beginning of year $253,924 · end of year $47,247

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

    $28,753,053

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

    $9,253,650

  • 10c · Land, buildings and equipment, net

    beginning of year $18,146,961 · end of year $19,499,403

  • 12 · Investments: other securities

    beginning of year $0

  • 13 · Investments: program-related

    beginning of year $0

  • 14 · Intangible assets

    beginning of year $6,130 · end of year $5,015

  • 15 · Other assets

    beginning of year $503 · end of year $0

  • 17 · Accounts payable and accrued expenses

    beginning of year $650,999 · end of year $1,225,813

  • 22 · Loans and payables to officers and key people

    beginning of year $0 · end of year $0

  • 23 · Secured mortgages and notes payable

    beginning of year $9,921,620 · end of year $9,501,179

  • 24 · Unsecured notes and loans payable

    beginning of year $1,109,189 · end of year $1,109,189

  • 25 · Other liabilities

    beginning of year $1,021,162 · end of year $1,410,316

  • 27 · Net assets without donor restrictions

    beginning of year $8,494,584 · end of year $9,777,399

Mission and programs · 2024

Mission

THE PURPOSES OF THE ASSOCIATION ARE AS FOLLOWS: TO FOSTER, PROMOTE, AND OTHERWISE ENCOURAGE A HEALTHIER ECONOMIC CLIMATE AND A HIGHER LEVEL OF PUBLIC ACCEPTANCE OF THE THOROUGHBRED HORSE INDUSTRY IN THE STATE OF NEBRASKA AND BETTER RELATIONS AMONG PARTICIPANTS. TO PROTECT THE SAFETY (CONTINUED ON SCHEDULE O)

Activities or mission (Part I)

TO FOSTER, PROMOTE, AND ENCOURAGE A HEALTHIER ECONOMIC CLIMATE, A HIGHER LEVEL OF PUBLIC ACCEPTANCE, AND BETTER RELATIONS AMONG PARTICIPANTS OF THE THOROUGHBRED HORSE INDUSTRY.

  • FURTHERING THOROUGHBRED RACING ACTIVITIES IN NEBRASKA THROUGH CASH SUPPLEMENTS AT ALL THE NEBRASKA RACETRACKS.

  • PROVIDING MEMBER BENEFITS SUCH AS MEDICAL, FUNERAL, AND BACKSIDE BENEFITS.

As filed on the 2024 return.

Listed in Part VII

  • David Anderson

    VICE PRESIDENT

    Total calculated
    $0
    Hours/week
    0

  • Gerald Wollesen

    PRESIDENT

    Total calculated
    $0
    Hours/week
    0

  • Lori Thomas

    SECRETARY/TREASURER/COO

    Total calculated
    $197,376
    From this org
    $185,662
    From related orgs
    $0
    Other
    $11,714
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $146,462
    Bonus
    $39,200
    Other
    $0
    Deferred
    $5,858
    Nontaxable benefits
    $5,856
    Filer's total
    $197,376

  • Blaine Adams

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0

  • Chad McKay

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0

  • Dalton Dieter

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0

  • Gene McCloud

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0

  • Marissa Black

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0

  • Mark Lemberg

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0

  • Monte Hehnke

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0

  • Nick Fudge

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0

  • Steve Hall

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0

  • Lynne McNally

    CHIEF EXECUTIVE OFFICER

    Total calculated
    $259,892
    From this org
    $246,444
    From related orgs
    $0
    Other
    $13,448
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $183,694
    Bonus
    $62,750
    Other
    $0
    Deferred
    $7,592
    Nontaxable benefits
    $5,856
    Filer's total
    $259,892

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. A Schedule J breakdown is as filed: base pay, bonus, other, deferred compensation and nontaxable benefits from this organization, with any from related organizations beside each, and the filer's own total. It is shown with the Part VII listing of the same name on the same return. The form gives no key between the two, so that pairing is ours, and is marked matched by us.

Schedule J

Answered yes

  • 3 · Written employment contract
  • 3 · Approval by the board or compensation committee

Answered no

  • 4a · Severance or change-of-control payment
  • 4b · Supplemental nonqualified retirement plan
  • 4c · Equity-based compensation arrangement

Part I's answers as filed. A line not listed was left unanswered; on lines 1a and 3 that means the box was not checked.

Grants on this return

No itemized grants to organizations on this return.

Provenance

Return type
form_990
Tax year
2024
Filed
13 November 2025
IRS schema version
2024v5.1
Source object
202543179349309344

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