Form 990 for tax year 2023

Revenue

Part VIII, the statement of revenue.

• 1c · Fundraising events

  $53,977

• 1d · Related organizations

  $6,449,186

• 1f · All other contributions, gifts and grants

  $56,256

• 1g · Noncash contributions included above

  $6,449,186

• 2a · Program service revenue: EVENT REVENUE

  total $956,759 · related or exempt $951,166 · unrelated business $5,593

• 2b · Program service revenue: SUMMIT CATERING

  total $184,757 · related or exempt $184,757

• 3 · Investment income

  total $6,925 · excluded $6,925

• 6a · Gross rents

  real property $121,511

• 6b · Less rental expenses

  real property $8,571

• 6c · Rental income or loss

  real property $112,940

• 6d · Net rental income or loss

  total $112,940 · unrelated business $11,294 · excluded $101,646

• 8a · Fundraising events: gross income

  $23,977

• 8a · Fundraising events: contributions included on line 1c

  $53,977

• 8b · Fundraising events: direct expenses

  $28,042

• 8c · Net income from fundraising events

  total -$4,065 · excluded -$4,065

• 11a · Other revenue: MISCELLANEOUS INCOME

  total $98,898 · excluded $98,898

• 11e · Other revenue, total

  $98,898

Functional expenses

Part IX, the statement of functional expenses.

• 1 · Grants to domestic organizations and governments

  total $3,759,846 · program services $3,759,846

• 5 · Compensation of officers, directors and key employees

  total $172,719 · program services $34,544 · management and general $138,175

• 7 · Other salaries and wages

  total $279,049 · program services $55,810 · management and general $223,239

• 8 · Pension plan contributions

  total $3,072 · program services $614 · management and general $2,458

• 9 · Other employee benefits

  total $2,925 · program services $585 · management and general $2,340

• 10 · Payroll taxes

  total $48,409 · program services $9,682 · management and general $38,727

• 11b · Fees: legal

  total $2,625 · management and general $2,625

• 11c · Fees: accounting

  total $8,400 · management and general $8,400

• 11g · Fees: other

  total $92,434 · program services $9,243 · management and general $83,191

• 12 · Advertising and promotion

  total $7,276 · program services $3,638 · management and general $3,638

• 13 · Office expenses

  total $33,147 · program services $23,203 · management and general $9,944

• 14 · Information technology

  total $7,452 · program services $5,216 · management and general $2,236

• 16 · Occupancy

  total $315,176 · program services $63,035 · management and general $252,141

• 17 · Travel

  total $6 · program services $5 · management and general $1

• 19 · Conferences, conventions and meetings

  total $269 · program services $215 · management and general $54

• 20 · Interest

  total $100,279 · management and general $100,279

• 22 · Depreciation, depletion and amortization

  total $222,925 · program services $44,585 · management and general $178,340

• 23 · Insurance

  total $77,462 · program services $38,731 · management and general $38,731

• 24a · Other expenses: OTHER EVENT EXPENSES

  total $111,565 · program services $50,204 · management and general $61,361

• 24b · Other expenses: BAD DEBT

  total $22,713 · program services $10,221 · management and general $12,492

• 24c · Other expenses: DUES AND SUBSCRIPTION

  total $9,966 · program services $4,485 · management and general $5,481

• 24d · Other expenses: EQUIPMENT

  total $9,301 · program services $4,185 · management and general $5,116

• 24e · All other expenses

  total $12,006 · program services $5,402 · management and general $6,604

Balance sheet

Part X, book values.

• 1 · Cash, non-interest-bearing

  beginning of year $91,983 · end of year $391,910

• 2 · Savings and temporary cash investments

  end of year $710,287

• 4 · Accounts receivable

  end of year $36,725

• 8 · Inventories for sale or use

  beginning of year $2,450 · end of year $3,897

• 9 · Prepaid expenses and deferred charges

  end of year $15,026

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

  $9,110,262

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

  $3,283,110

• 10c · Land, buildings and equipment, net

  beginning of year $0 · end of year $5,827,152

• 15 · Other assets

  beginning of year $0 · end of year $396,124

• 17 · Accounts payable and accrued expenses

  end of year $87,989

• 19 · Deferred revenue

  end of year $803,350

• 22 · Loans and payables to officers and key people

  end of year $1,000,000

• 24 · Unsecured notes and loans payable

  end of year $2,650,119

• 25 · Other liabilities

  beginning of year $72,274 · end of year $191,103

• 27 · Net assets without donor restrictions

  beginning of year $22,159 · end of year $2,648,560

The filer's explanations (Part III)

PART I, LINE 6

KYLE PARK WAS GIVEN A BONUS BASED ON THE PROFITABILITY OF THE EVENT RENTALS. HE RECEIVED A 4% BONUS ON THE NET EARNINGS OF THE EVENT RENTALS.

Disregarded entities

Part I: entities that legally are the filer and file no return of their own.

• NORRIS PENROSE EQUESTRIAN CENTER LLC

  EVENT CENTER · CO · income $1,409,443 · assets $1,487,916

  Directly controlled by NORRIS PENROSE LEGACY FOUNDATION