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← HORSEPOWER FOUNDATION

Form 990 for tax year 2023

Filed by HORSEPOWER FOUNDATION.

Totals

Total revenue
$200,156
Total expenses
$64,019
Contributions and grants received
$173,644
Grants paid
$0
Program service revenue
$0
Investment income
$1,089
Other revenue
$25,423
Total assets, end of year
$1,933,688
Total liabilities, end of year
$0
Net assets or fund balances, end of year
$1,933,688
Program services expenses (Part IX)
$55,144
Management and general expenses
$8,875
Fundraising expenses
$0
Program service expenses (Part III)
$55,144

Program services were 86.1% 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

    $173,644

  • 1g · Noncash contributions included above

    $52,916

  • 3 · Investment income

    total $1,089 · related or exempt $1,089

  • 11a · Other revenue: RENTAL INCOME

    total $25,423 · related or exempt $25,423

  • 11e · Other revenue, total

    $25,423

Functional expenses

Part IX, the statement of functional expenses.

  • 5 · Compensation of officers, directors and key employees

    total $3,250 · management and general $3,250

  • 10 · Payroll taxes

    total $249 · management and general $249

  • 11b · Fees: legal

    total $1,200 · program services $1,200

  • 11c · Fees: accounting

    total $1,500 · management and general $1,500

  • 11g · Fees: other

    total $100 · program services $100

  • 16 · Occupancy

    total $2,681 · program services $594 · management and general $2,087

  • 22 · Depreciation, depletion and amortization

    total $50,807 · program services $50,807

  • 23 · Insurance

    total $2,592 · program services $803 · management and general $1,789

  • 24a · Other expenses: REPAIRS AND MAINTENANCE

    total $1,218 · program services $1,218

  • 24b · Other expenses: SUPPLIES

    total $422 · program services $422

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $75,999 · end of year $3,426

  • 2 · Savings and temporary cash investments

    end of year $208,255

  • 3 · Pledges and grants receivable

    beginning of year $42,818 · end of year $82,818

  • 4 · Accounts receivable

    beginning of year $3,629 · end of year $796

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

    $1,860,446

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

    $222,053

  • 10c · Land, buildings and equipment, net

    beginning of year $1,675,605 · end of year $1,638,393

  • 25 · Other liabilities

    beginning of year $500

  • 27 · Net assets without donor restrictions

    beginning of year $1,797,551 · end of year $1,779,021

  • 28 · Net assets with donor restrictions

    end of year $154,667

Mission and programs · 2023

Mission

TO RAISE FUNDS AND ASSETS FOR THE BENEFIT OF HORSEPOWER, INC. DBA HORSEPOWER THERAPEUTIC LEARNING CENTER, A NORTH CAROLINE NONPROFIT CORPORATION WHOSE MISSION IS TO PROMOTE AND ENHANCE THE WELFARE OF INDIVIDUALS WITH DISABILITIES BY PROVIDING A PROGRAM OF THERAPEUTIC, EDUCATIONAL AND RECREATIONAL VALUE.

  • TO MAINTAIN PROPERTY THAT IS USED BY HORSEPOWER, INC. FOR EQUESTRIAN PROGRAMS AND ADMINISTRATIVE OFFICES.

    Expenses $55,144 · Revenue $26,512

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

Listed in Part VII

  • Jan Clifford

    EXECUTIVE DI

    Total calculated
    $3,250
    From this org
    $0
    From related orgs
    $3,250
    Other
    $0
    Hours/week
    2

  • Emily Britt

    DIRECTOR

    Total calculated
    $0
    Hours/week
    2

  • Jim Burgio

    DIRECTOR

    Total calculated
    $0
    Hours/week
    2

  • Bernard Carrey

    DIRECTOR

    Total calculated
    $0
    Hours/week
    2

  • Carolyn Gorga

    DIRECTOR

    Total calculated
    $0
    Hours/week
    2

  • Caroline North

    SECRETARY/TR

    Total calculated
    $0
    Hours/week
    2

  • Dan Rice

    BOARD CHAIR

    Total calculated
    $0
    Hours/week
    2

  • Pat Rosser

    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.

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.

Provenance

Return type
form_990
Tax year
2023
Filed
15 March 2024
IRS schema version
2023v5.0
Source object
202410959349300536

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