← SAN ANTONIO LIVESTOCK EXPOSITION EDUCATIONAL FUND INC

Form 990 for tax year 2022

Filed by SAN ANTONIO LIVESTOCK EXPOSITION EDUCATIONAL FUND INC.

Totals

Total revenue: $3,724,362
Total expenses: $3,707,535
Contributions and grants received: $3,650,701
Grants paid: $3,462,714
Program service revenue: $0
Investment income: $73,661
Other revenue: $0
Total assets, end of year: $22,697,233
Total liabilities, end of year: $12,737,136
Net assets or fund balances, end of year: $9,960,097
Program services expenses (Part IX): $3,695,520
Management and general expenses: $12,015
Fundraising expenses: $0
Program service expenses (Part III): $3,695,520

Program services were 99.7% 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.

1f · All other contributions, gifts and grants

$3,650,701
3 · Investment income

total $512,487 · excluded $512,487
4 · Income from investment of tax-exempt bond proceeds

total $0
5 · Royalties

total $0
6c · Rental income or loss

real property $0 · personal property $0
6d · Net rental income or loss

total $0
7a · Gross sales of assets other than inventory

securities $6,563,564
7b · Less cost or other basis and sales expenses

securities $7,002,390
7c · Gain or loss

securities -$438,826
7d · Net gain or loss

total -$438,826 · excluded -$438,826
8a · Fundraising events: gross income

$0
8b · Fundraising events: direct expenses

$0
8c · Net income from fundraising events

total $0
9a · Gaming: gross income

$0
9b · Gaming: direct expenses

$0
9c · Net income from gaming

total $0
10a · Gross sales of inventory

$0
10b · Cost of goods sold

$0
10c · Net income from sales of inventory

total $0
11e · Other revenue, total

$0

Functional expenses

Part IX, the statement of functional expenses.

1 · Grants to domestic organizations and governments

total $3,462,714 · program services $3,462,714
2 · Grants to domestic individuals

total $0
3 · Grants to foreign organizations and individuals

total $0
4 · Benefits paid to or for members

total $0
5 · Compensation of officers, directors and key employees

total $0
6 · Compensation of disqualified persons

total $0
7 · Other salaries and wages

total $0
8 · Pension plan contributions

total $0
9 · Other employee benefits

total $0
10 · Payroll taxes

total $0
11a · Fees: management

total $0
11b · Fees: legal

total $0
11c · Fees: accounting

total $0
11d · Fees: lobbying

total $0
11e · Fees: professional fundraising services

total $0
11f · Fees: investment management

total $0
11g · Fees: other

total $0
12 · Advertising and promotion

total $0
13 · Office expenses

total $0
14 · Information technology

total $0
15 · Royalties

total $0
16 · Occupancy

total $0
17 · Travel

total $0
18 · Travel or entertainment for public officials

total $0
19 · Conferences, conventions and meetings

total $0
20 · Interest

total $0
21 · Payments to affiliates

total $0
22 · Depreciation, depletion and amortization

total $0
23 · Insurance

total $0
24a · Other expenses: MANAGEMENT FEE

total $125,000 · program services $125,000
24b · Other expenses: INVESTMENT FEES & CHARGES

total $107,806 · program services $107,806
24c · Other expenses: INSURANCE

total $12,015 · management and general $12,015

Balance sheet

Part X, book values.

1 · Cash, non-interest-bearing

beginning of year $2,680,320 · end of year $2,887,550
2 · Savings and temporary cash investments

beginning of year $0 · end of year $0
3 · Pledges and grants receivable

beginning of year $0 · end of year $0
4 · Accounts receivable

beginning of year $0 · end of year $0
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
7 · Other notes and loans receivable

beginning of year $12,779 · end of year $28,069
8 · Inventories for sale or use

beginning of year $0 · end of year $0
9 · Prepaid expenses and deferred charges

beginning of year $6,008 · end of year $6,008
10c · Land, buildings and equipment, net

beginning of year $0 · end of year $0
11 · Investments: publicly traded securities

beginning of year $15,264,773 · end of year $14,473,907
12 · Investments: other securities

beginning of year $5,539,595 · end of year $5,301,699
13 · Investments: program-related

beginning of year $0 · end of year $0
14 · Intangible assets

beginning of year $0 · end of year $0
15 · Other assets

beginning of year $0 · end of year $0
17 · Accounts payable and accrued expenses

beginning of year $0 · end of year $0
18 · Grants payable

beginning of year $12,517,934 · end of year $12,737,136
19 · Deferred revenue

beginning of year $0 · end of year $0
20 · Tax-exempt bond liabilities

beginning of year $0 · end of year $0
21 · Escrow or custodial account liability

beginning of year $0 · end of year $0
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 $0 · end of year $0
24 · Unsecured notes and loans payable

beginning of year $0 · end of year $0
25 · Other liabilities

beginning of year $0 · end of year $0
27 · Net assets without donor restrictions

beginning of year $10,660,027 · end of year $9,648,884
28 · Net assets with donor restrictions

beginning of year $325,514 · end of year $311,213

Mission and programs · 2022

Mission

See Schedule O.

Activities or mission (Part I)

SEE SCHEDULE O

DURING THE FISCAL_YEAR ENDED MARCH 31, 2015 S.A.L.E. (SAN ANTONIO LIVESTOCK EXPOSITION, INC.) TRANSFERRED CASH, INVESTMENTS AND THE CORRESPONDING SCHOLARSHIP AND GRANT LIABILITY TO THE EDUCATION FUND (SAN ANTONIO LIVESTOCK EXPOSITION EDUCATIONAL FUND, INC.) SUCH THAT IT COULD ADMINISTER AND PAY THE SCHOLARSHIPS AND GRANTS. S.A.L.E. AND THE EDUCATION FUND HAD AN AUDIT PERFORMED OF THE CONSOLIDATED FINANCIAL STATEMENTS FOR THEIR FISCAL YEAR ENDED MARCH 31, 2023. IN THE FISCAL YEAR ENDED MARCH 31, 2023 SCHOLARSHIPS AND GRANTS OF $3,462,714 (434 Recipients) WERE AWARDED.

Expenses $3,695,520 · Grants $3,462,714

As filed on the 2022 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

Cody Davenport

EXECUTIVE DIRECTOR/CEO

Total calculated

$558,306

From this org

$0

From related orgs

$513,487

Other

$44,819

Hours/week

30 + 50 related

Schedule J breakdown matched by us

Base

not reported + $413,487 related

Bonus

not reported + $100,000 related

Other

not reported

Deferred

not reported + $19,800 related

Nontaxable benefits

not reported + $25,019 related

Filer's total

not reported + $558,306 related
Joe Soules

Director

Total calculated

$0

Hours/week

2
Joe Hutchison

Secretary

Total calculated

$0

Hours/week

2
Mark Colaw

Director

Total calculated

$0

Hours/week

2
John Henderson

Director

Total calculated

$0

Hours/week

2
BJ Hendler

Director

Total calculated

$0

Hours/week

2
Dick Evans

Vice President

Total calculated

$0

Hours/week

2
Bert Pfiester

President

Total calculated

$0

Hours/week

2
Rusty Collier

Director

Total calculated

$0

Hours/week

2
Amy Wise

Director

Total calculated

$0

Hours/week

2

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 · Compensation committee
3 · Form 990 of other organizations
3 · Compensation survey or study
3 · Approval by the board or compensation committee
4b · Supplemental nonqualified retirement plan

Answered no

4a · Severance or change-of-control payment
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

The filer's explanations (Part III)

FORM 990, SCHEDULE J, PART I, LINE 4: IN 2008, THE AUDIT, FINANCE AND COMPENSATION SUBCOMMITTEE OF S.A.L.E. ESTABLISHED A SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN (SERP) FOR THE EXECUTIVE LEADERSHIP OF S.A.L.E. WITH THE INTENT TO PROMOTE STABILITY, RETENTION, CAPABILITY AND ATTRACTIVENESS TO THE EXECUTIVE LEADERSHIP. SINCE THE PREVIOUS EXECUTIVE DIRECTOR HAD BEEN WORKING AT S.A.L.E. SINCE 1989 AND THE OTHERS FOR SHORTER PERIODS, S.A.L.E. WAS HAVING TO ACCELERATE PAYMENTS TO FUND THE PLAN. THE FOLLOWING INDIVIDUALS WERE PARTICIPANTS IN THE SECTION 457(F) NONQUALIFIED DEFERRED COMPENSATION PLAN, FOR WHICH AN INCREASE OF $238,329 WAS RECORDED DURING THE FISCAL YEAR ENDED MARCH 31, 2023. THE FOLLOWING INDIVIDUALS WERE PARTICIPANTS DURING THE BEGINNING OF THE YEAR: JAMIE BROWN KAREN CARAWAN, CHRISTOPHER DERBY, DARCI OWENS, JOHN PHELPS, AND SETH C. DAVENPORT, AND THE FOLLOWING WERE PARTICIPANTS AT THE END OF THE YEAR: JAMIE BROWN KAREN CARAWAN, CHRISTOPHER DERBY, CODY O. THARP, JOHN PHELPS, AND SETH C. DAVENPORT. IN ADDITION, AN ACCRUAL OF THESE BENEFITS WAS $210,297 FOR THE FISCAL YEAR ENDED MARCH 31, 2023. INCLUDED IN PART II, COLUMN C (BUT ALSO INCLUDES THE EMPLOYER'S CONTRIBUTION TO THEIR RETIREMENT PLAN) ARE THE CURRENT YEAR DEFERRALS FOR THE SERP. THE TOTALS ARE AS FOLLOWS: JAMIE BROWN - $23,325, SETH C. DAVENPORT - $122,422, CHRISTOPHER DERBY - $20,798, KAREN CARAWAN - $11,278, THOMAS D. ADAMS - $15,629, CODY O. THARP - $11,094, AND JOHN PHELPS - $19,969. A FEW OTHER THINGS CONSIDERED WHEN DRAFTING THE ARRANGEMENT TOOK INTO EFFECT 1) THE FUNDS ARE PAYABLE AT RETIREMENT AND SUBJECT TO SUBSTANTIAL RISK OF FORFEITURE, 2) THE AUDIT, FINANCE AND COMPENSATION SUBCOMMITTEE HAS REVIEWED THE FORM 990, AND 3) S.A.L.E. RELIED UPON REBUTTABLE PRESUMPTION GUIDELINES.

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

Texas A & M University

$910,210

SCHOLARSHIPS FOR STUDENTS
Texas Tech University System

$575,482

SCHOLARSHIPS FOR STUDENTS
Tarleton State University

$192,825

SCHOLARSHIPS FOR STUDENTS
Sam Houston State University

$184,333

SCHOLARSHIPS FOR STUDENTS
West Texas A & M University

$171,075

SCHOLARSHIPS FOR STUDENTS
Angelo State University

$119,084

SCHOLARSHIPS FOR STUDENTS
Texas State University

$109,926

SCHOLARSHIPS FOR STUDENTS
Texas A & M Foundation

$100,000

General Support
St Mary's University

$63,710

SCHOLARSHIPS FOR STUDENTS
Texas Agrilife Extension Service

$60,600

General support

The 10 largest by cash amount. The API serves every itemized grant.

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.

San Antonio Livestock Exposition

501(c)(3) · Support Org · TX

Directly controlled by SALE Inc

Provenance

Return type: form_990
Tax year: 2022
Filed: 15 February 2024
IRS schema version: 2022v5.0
Source object: 202420469349302592

Check it against the return as filed: the GivingTuesday Data Lake hosts a public copy of the original XML.

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