Form 990 for tax year 2022
Filed by NEW JERSY THOROUBRED HORESMANS BENEVOLENT ASSOCIATION INC.
Totals
- Total revenue
- $6,386,544
- Total expenses
- $5,795,794
- Contributions and grants received
- $0
- Grants paid
- $0
- Program service revenue
- $0
- Investment income
- $0
- Other revenue
- $6,386,544
- Total assets, end of year
- $11,717,110
- Total liabilities, end of year
- $64,480,917
- Net assets or fund balances, end of year
- -$52,763,807
- Program services expenses (Part IX)
- $3,853,532
- Management and general expenses
- $1,942,262
- Fundraising expenses
- $0
- Program service expenses (Part III)
- not reported
Program services were 66.5% of total expenses calculated — Part IX's program-services column over total expenses, both as filed.
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.
-
11a · Other revenue: STATUTORY FUNDING
total $611,614 · related or exempt $611,614 · unrelated business $0 · excluded $0
-
11b · Other revenue: NON-STATUTORY FUNDING
total $558,498 · related or exempt $558,498 · unrelated business $0 · excluded $0
-
11c · Other revenue: RACETRACK OPERATING
total $5,216,432 · related or exempt $5,216,432 · unrelated business $0 · excluded $0
-
11e · Other revenue, total
$6,386,544
Functional expenses
Part IX, the statement of functional expenses.
-
5 · Compensation of officers, directors and key employees
total $195,000 · program services $136,500 · management and general $58,500 · fundraising $0
-
8 · Pension plan contributions
total $25,100 · program services $17,570 · management and general $7,530 · fundraising $0
-
10 · Payroll taxes
total $12,222 · program services $8,555 · management and general $3,667 · fundraising $0
-
11a · Fees: management
total $250,000 · program services $175,000 · management and general $75,000 · fundraising $0
-
11c · Fees: accounting
total $14,600 · program services $10,220 · management and general $4,380 · fundraising $0
-
16 · Occupancy
total -$358,588 · program services -$251,012 · management and general -$107,576 · fundraising $0
-
20 · Interest
total $1,865 · program services $1,305 · management and general $560 · fundraising $0
-
22 · Depreciation, depletion and amortization
total $1,474,310 · program services $1,032,017 · management and general $442,293 · fundraising $0
-
24a · Other expenses: PROFIT INCENTIVE FEE
total $3,322,403 · program services $2,325,682 · management and general $996,721 · fundraising $0
-
24b · Other expenses: PAYROLL SERVICE FEES
total $1,675 · program services $1,172 · management and general $503 · fundraising $0
-
24c · Other expenses: OTHER EXPENSES
total $175 · program services $123 · management and general $52 · fundraising $0
-
24e · All other expenses
total $857,032 · program services $396,400 · management and general $460,632 · fundraising $0
Balance sheet
Part X, book values.
-
1 · Cash, non-interest-bearing
beginning of year $5,829 · end of year $96,693
-
7 · Other notes and loans receivable
beginning of year $53,674 · end of year $27,074
-
9 · Prepaid expenses and deferred charges
beginning of year $120,377 · end of year $120,377
-
10a · Land, buildings and equipment: cost or other basis
$21,422,602
-
10b · Land, buildings and equipment: accumulated depreciation
$9,949,636
-
10c · Land, buildings and equipment, net
beginning of year $11,842,457 · end of year $11,472,966
-
17 · Accounts payable and accrued expenses
beginning of year $3,554,511 · end of year $3,800,145
-
19 · Deferred revenue
beginning of year $358,588 · end of year $0
-
23 · Secured mortgages and notes payable
beginning of year $1,202,740 · end of year $268,436
-
25 · Other liabilities
beginning of year $60,267,252 · end of year $60,412,336
-
27 · Net assets without donor restrictions
beginning of year -$53,360,754 · end of year -$52,763,807
Mission and programs · 2022
Mission
NJTHA, INC. REPRESENTS THOROUGHBRED OWNERSX AND TRAINERS' INTERESTS IN THE STATE OF NJ SPECIFICALLY TO IMPROVE RACING AND PROMOTE THE COMMON BUSINESS INTERESTS OF THE SPORT.
-
NJTHA, INC. REPRESENTS THOROUGHBRED OWNERSX AND TRAINERS' INTERESTS IN THE STATE OF NJ SPECIFICALLY TO IMPROVE RACING CONDITIONS IN THE THOROUGHBRED INDUSTRY FOR ALL HORSEMEN AND THEIR EMPLOYEES AND PROMOTE THE COMMON BUSINESS INTEREST OF THE MEMBERS IN MATTERS BEFORE GOVERNMENT AGENCIES, THE MANAGEMNT OF NJ THOROUGHBRED RACETRACKS AND OTHER INDUSTRY RELATED ORGANIZATIONS. THE NJTHA RECEIVES SUBSTANTIALLY ALL OF ITS REVENUE FROM NJ HORSE RACING TRACKS.
As filed on the 2022 return.
Listed in Part VII
-
Pat McBurneyPAT MCBURNEY
PRESIDENT
- Total calculated
- $0
- Hours/week
- 0
-
Michael A MustoMICHAEL A MUSTO
EXEC. DIRECTOR
- Total calculated
- $195,000
- From this org
- $195,000
- From related orgs
- $0
- Other
- $0
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $195,000
- Bonus
- $0
- Other
- $0
- Deferred
- $25,100
- Nontaxable benefits
- $0
- Filer's total
- $220,100
-
Timothy HillsTIMOTHY HILLS
VICE PRESIDENT
- Total calculated
- $0
- Hours/week
- 0
-
Dominic J BossoneDOMINIC J BOSSONE
DIRECTOR
- Total calculated
- $0
- Hours/week
- 0
-
James CahillJAMES CAHILL
DIRECTOR
- Total calculated
- $0
- Hours/week
- 0
-
Bob MatthiesBOB MATTHIES
DIRECTOR
- Total calculated
- $0
- Hours/week
- 0
-
Thomas SwalesTHOMAS SWALES
DIRECTOR
- Total calculated
- $0
- Hours/week
- 0
-
Benjamin Perkins JrBENJAMIN PERKINS JR
DIRECTOR
- Total calculated
- $0
- Hours/week
- 0
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
None.
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.
Related organizations on this return
Schedule R Part II: tax-exempt organizations related to the filer by control. It does not record shared board members or money.
-
NJTHA SSF
527 · SEE ATTACHED · NJ
Directly controlled by NJTHA INC
Taxable family on this return
Schedule R Parts I, III and IV, as filed. These record ownership and control, not shared board members or money moved.
Related partnerships
Part III: related organizations taxable as a partnership, with the filer's share.
-
BLUE GRASS SPIRITS LLC
0 · RESTAURANT · NJ · 99% owned · share of income $99 · share of assets $99 · general or managing partner
Related corporations and trusts
Part IV: related organizations taxable as a corporation or trust.
-
NJ THOROUGHBRED HORSEMAN'S BENEVOLENT ASSOC
T · SEE ATTACHED · NJ · 0% owned
Directly controlled by NJTHA INC
Provenance
- Return type
- form_990
- Tax year
- 2022
- Filed
- 15 November 2023
- IRS schema version
- 2022v5.0
- Source object
- 202333199349306068
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