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Nonprofiteer
← HARNESS RACING MUSEUM AND HALL OF FAME

Form 990 for tax year 2023

Filed by HARNESS RACING MUSEUM AND HALL OF FAME.

Totals

Total revenue
$1,399,590
Total expenses
$1,172,288
Contributions and grants received
$771,505
Grants paid
$0
Program service revenue
$136,256
Investment income
$460,176
Other revenue
$31,653
Total assets, end of year
$9,028,157
Total liabilities, end of year
$391,325
Net assets or fund balances, end of year
$8,636,832
Program services expenses (Part IX)
$818,303
Management and general expenses
$258,528
Fundraising expenses
$95,457
Program service expenses (Part III)
$818,303

Program services were 69.8% 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.

  • 1b · Membership dues

    $98,235

  • 1f · All other contributions, gifts and grants

    $673,270

  • 1g · Noncash contributions included above

    $15,105

  • 2a · Program service revenue: HALL OF FAME AWARDS

    total $111,700 · related or exempt $111,700

  • 2b · Program service revenue: ROOM RENTALS

    total $16,672 · excluded $16,672

  • 2c · Program service revenue: EDUCATION INCOME

    total $7,884 · related or exempt $7,884

  • 3 · Investment income

    total $240,214 · excluded $240,214

  • 7a · Gross sales of assets other than inventory

    securities $518,497

  • 7b · Less cost or other basis and sales expenses

    securities $298,535

  • 7c · Gain or loss

    securities $219,962

  • 7d · Net gain or loss

    total $219,962 · excluded $219,962

  • 8a · Fundraising events: gross income

    $33,800

  • 8b · Fundraising events: direct expenses

    $15,597

  • 8c · Net income from fundraising events

    total $18,203 · excluded $18,203

  • 10a · Gross sales of inventory

    $29,946

  • 10b · Cost of goods sold

    $16,496

  • 10c · Net income from sales of inventory

    total $13,450 · related or exempt $13,450

Functional expenses

Part IX, the statement of functional expenses.

  • 5 · Compensation of officers, directors and key employees

    total $153,510 · program services $102,852 · management and general $33,772 · fundraising $16,886

  • 7 · Other salaries and wages

    total $524,960 · program services $351,888 · management and general $112,429 · fundraising $60,643

  • 9 · Other employee benefits

    total $49,760 · program services $33,351 · management and general $10,723 · fundraising $5,686

  • 10 · Payroll taxes

    total $38,195 · program services $25,600 · management and general $8,230 · fundraising $4,365

  • 11c · Fees: accounting

    total $10,309 · management and general $10,309

  • 11f · Fees: investment management

    total $50,623 · management and general $50,623

  • 17 · Travel

    total $1,980 · program services $1,326 · management and general $428 · fundraising $226

  • 22 · Depreciation, depletion and amortization

    total $25,534 · program services $23,490 · management and general $1,533 · fundraising $511

  • 23 · Insurance

    total $50,603 · program services $33,916 · management and general $10,905 · fundraising $5,782

  • 24a · Other expenses: EXHIBITS

    total $101,745 · program services $101,745

  • 24b · Other expenses: BUILDING MAINTENANCE &

    total $67,898 · program services $62,467 · management and general $4,073 · fundraising $1,358

  • 24c · Other expenses: HALL OF FAME INDUCTION

    total $61,141 · program services $61,141

  • 24d · Other expenses: SUPPLIES

    total $18,151 · program services $12,165 · management and general $5,986

  • 24e · All other expenses

    total $17,879 · program services $8,362 · management and general $9,517

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $12,604 · end of year $27,263

  • 4 · Accounts receivable

    beginning of year $2,250 · end of year $1,520

  • 8 · Inventories for sale or use

    beginning of year $42,383 · end of year $23,995

  • 9 · Prepaid expenses and deferred charges

    beginning of year $9,563 · end of year $9,733

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

    $5,335,362

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

    $5,123,034

  • 10c · Land, buildings and equipment, net

    beginning of year $214,934 · end of year $212,328

  • 11 · Investments: publicly traded securities

    beginning of year $7,773,067 · end of year $8,367,992

  • 15 · Other assets

    beginning of year $398,190 · end of year $385,326

  • 17 · Accounts payable and accrued expenses

    beginning of year $12,567 · end of year $10,808

  • 19 · Deferred revenue

    beginning of year $13,047 · end of year $14,735

  • 25 · Other liabilities

    beginning of year $373,792 · end of year $365,782

  • 27 · Net assets without donor restrictions

    beginning of year $2,678,935 · end of year $3,095,949

  • 28 · Net assets with donor restrictions

    beginning of year $5,374,650 · end of year $5,540,883

Mission and programs · 2023

Mission

THE HARNESS RACING MUSEUM & HALL OF FAME IS DEDICATED TO COMPREHENSIVE, ACTIVE AND AUTHORITATIVE SUPPORT AND PROMOTION OF THE STANDARDBRED RACING THROUGH DOCUMENTATION AND PRESERVATION OF THE HISTORY AND TRADITIONS OF THIS AMERICAN-BORN SPORT. IT WILL ALSO CONTINUE TO AUGMENT EXISTING COLLECTIONS AND PROVIDE EXTENSIVE RESEARCH, EDUCATIONAL PROGRAMMING AND EXCITING EXHIBITRY TO EXPAND HARNESS RACING'S INTEREST APPEAL, BOTH NATIONALLY AND INTERNATIONALLY, TO ASSURE AN INFORMED AUDIENCE AND A SUCCESSFUL FUTURE.

Activities or mission (Part I)

THE HARNESS RACING MUSEUM & HALL OF FAME IS DEDICATED TO COMPREHENSIVE, ACTIVE AND AUTHORITATIVESUPPORT AND PROMOTION OF THE STANDARDBRED RACING THROUGH DOCUMENTATION AND PRESERVATION OF THE HISTORY AND TRADITIONS OF THIS AMERICAN-BORN SPORT. IT WILL ALSO CONTINUE TO AUGMENT EXISTING COLLECTIONS AND PROVIDE EXTENSIVE RESEARCH, EDUCATIONAL PROGRAMMING AND EXCITING EXHIBITRY TO EXPAND HARNESS RACING'S INTEREST APPEAL, BOTH NATIONALLY AND INTERNATIONALLY, TO ASSURE AN INFORMED AUDIENCE AND A SUCCESSFUL FUTURE.

  • EXHIBITS: DISPLAY THE HISTORY AND CULTURE OF THE TROTTING HORSE AND ITS IMPACT ON U.S. ECONOMIC, SOCIAL AND CULTURAL HISTORY. THE HISTORIC COLLECTIONS CONTAIN OVER 30,000 OBJECTS.ADMISSIONS TO THE MUSEUM WERE 1911. THE MUSEUM'S THREE TRAVELLING EXHIBITS WERE SHOWN AT NUMEROUS VENUES IN THE UNITED STATES AND ABROAD.

    Expenses $251,735

  • PUBLIC INFORMATION AND EDUCATION: EDUCATIONAL PROGRAMS OFFERED TO SCHOOL CHILDREN RELATING TO THE TROTTING HORSE; DISTRIBUTION OF POSTERS, BROCHURES AND NEWSLETTERS.THE MUSEUM HOSTED 1361 STUDENTS. 405 ATTENDED EDUCATIONAL WORKSHOPS.THE MUSEUM ALSO CONDUCTS THE ANNUAL HARNESS RACING HALL OF FAME AWARDS CEREMONY, WHICH IS OPEN TO PUBLIC.THE MUSEUM GIFT SHOP SOLD EDUCATIONAL ITEMS RELATED TO HARNESS RACING AND ITS HISTORY.

    Expenses $297,720 · Revenue $133,034

  • LIBRARY AND RESEARCH: THE MUSEUM OFFERS A DIVERSITY OF RESEARCH ACTIVITIES, AND IT FURNISHES ARTICLES AND PHOTOGRAPHS TO INTERESTED PARTIES.THE MUSEUM'S DEPARTMENT OF INFORMATION SERVICES RESPONDED TO 133 RESEARCH REQUESTS VIA MUSEUM WEBSITE, EMAIL AND TELEPHONE.

    Expenses $268,848

As filed on the 2023 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

  • MAX J HEMPT

    PRESIDENT

    Total calculated
    $0
    Hours/week
    5

  • SETH ROSENFELD

    TREASURER

    Total calculated
    $0
    Hours/week
    5

  • STEPHEN E OLDFORD

    VICE PRESIDENT

    Total calculated
    $0
    Hours/week
    1

  • KATHY PARKER

    SECRETARY

    Total calculated
    $0
    Hours/week
    1

  • FRANK ANTONACCI

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1

  • ROBERT M BONI

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1

  • ELIZABETH CALDWELL

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1

  • JOHN D CAMPBELL

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1

  • THOMAS A CHARTERS

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1

  • LAWRENCE S DEVAN

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1

  • JOHN M EGLOFF DVM

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1

  • JAY E FARRAR

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1

  • ELBRIDGE T GERRY JR

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1

  • THEODORE GEWERTZ

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1

  • ROGER E HUSTON

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1

  • STEVE JONES

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1

  • MARVIN KATZ

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1

  • KARYN MALINOWSKI

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1

  • DAVID H MCDUFFEE

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1

  • DAVID P REID

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1

  • JAMES W SIMPSON

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1

  • MITCHEL SKOLNICK

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1

  • JIMMY W TAKTER

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1

  • RUSSELL C WILLIAMS

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1

  • JANET T TERHUNE

    DIRECTOR

    Total calculated
    $153,510
    From this org
    $153,510
    From related orgs
    $0
    Other
    $0
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $153,510
    Bonus
    $0
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $0
    Filer's total
    $153,510

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
  • 5a · Pay contingent on this organization's revenues
  • 5b · Pay contingent on a related organization's revenues
  • 6a · Pay contingent on this organization's net earnings
  • 6b · Pay contingent on a related organization's net earnings
  • 7 · Other non-fixed payments
  • 8 · Paid under the initial-contract exception

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
2023
Filed
5 September 2024
IRS schema version
2023v5.1
Source object
202402569349300520

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