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Nonprofiteer
← FAR HILLS RACE MEETING ASSOCIATION INC

Form 990 for tax year 2023

Filed by FAR HILLS RACE MEETING ASSOCIATION INC.

Totals

Total revenue
$3,408,211
Total expenses
$3,708,849
Contributions and grants received
$38,753
Grants paid
$465,600
Program service revenue
$3,319,496
Investment income
$31,962
Other revenue
$18,000
Total assets, end of year
$7,296,695
Total liabilities, end of year
$20,218
Net assets or fund balances, end of year
$7,276,477
Program services expenses (Part IX)
$3,109,873
Management and general expenses
$598,976
Fundraising expenses
$0
Program service expenses (Part III)
$3,109,873

Program services were 83.9% 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

    $38,753

  • 2a · Program service revenue: RESERVATIONS & ADMISSI

    total $2,148,740 · related or exempt $2,148,740

  • 2b · Program service revenue: OTHER

    total $438,816 · related or exempt $438,816

  • 2c · Program service revenue: TENT RENTALS

    total $378,480 · related or exempt $378,480

  • 2d · Program service revenue: CORPORATE SPONSORSHIP

    total $316,500 · related or exempt $316,500

  • 2e · Program service revenue: PARKING FEES

    total $36,960 · related or exempt $36,960

  • 3 · Investment income

    total $62,446 · related or exempt $62,446

  • 6a · Gross rents

    real property $18,000

  • 6b · Less rental expenses

    real property $0

  • 6c · Rental income or loss

    real property $18,000

  • 6d · Net rental income or loss

    total $18,000 · excluded $18,000

  • 7a · Gross sales of assets other than inventory

    securities $307,368

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

    securities $337,852

  • 7c · Gain or loss

    securities -$30,484

  • 7d · Net gain or loss

    total -$30,484 · related or exempt -$30,484

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $465,600 · program services $465,600

  • 11f · Fees: investment management

    total $14,268 · management and general $14,268

  • 22 · Depreciation, depletion and amortization

    total $179,379 · program services $179,379

  • 24a · Other expenses: PURSES

    total $635,500 · program services $635,500

  • 24b · Other expenses: COURSE & GROUNDS MAINTE

    total $621,504 · program services $621,504

  • 24c · Other expenses: OFFICE & ADMINISTRATIVE

    total $567,927 · management and general $567,927

  • 24d · Other expenses: PUBLICITY/PUBLIC RELATI

    total $252,646 · program services $252,646

  • 24e · All other expenses

    total $972,025 · program services $955,244 · management and general $16,781

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $699,122 · end of year $501,294

  • 2 · Savings and temporary cash investments

    beginning of year $362,436 · end of year $300,000

  • 9 · Prepaid expenses and deferred charges

    beginning of year $33,724 · end of year $34,766

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

    $7,457,269

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

    $2,620,004

  • 10c · Land, buildings and equipment, net

    beginning of year $4,915,958 · end of year $4,837,265

  • 12 · Investments: other securities

    beginning of year $1,406,796 · end of year $1,484,730

  • 15 · Other assets

    beginning of year $82,398 · end of year $138,640

  • 17 · Accounts payable and accrued expenses

    beginning of year $4,975 · end of year $4,641

  • 19 · Deferred revenue

    end of year $14,075

  • 25 · Other liabilities

    beginning of year $1,502 · end of year $1,502

  • 27 · Net assets without donor restrictions

    beginning of year $7,493,957 · end of year $7,276,477

Mission and programs · 2023

Mission

THE ORGANIZATION HOLDS A ONE DAY STEEPLECHASE EVENT ANNUALLY. THE LARGEST INDIVIDUAL BENEFICIARY OF THE EVENT IS THE SOMERSET HEALTH CARE FOUNDATION, INC., A SECTION 501(C)(3) NON PROFIT ENTITY. AT THE DISCRETION OF THE BOARD OF TRUSTEES, THE ORGANIZATION ALSO SUPPORTS OTHER NON-PROFIT SECTION 501(C)(3) HEALTH CARE ENTITIES: CROSSROADS4HOPE, THE ARC OF SOMERSET COUNTY, COMMUNITY IN CRISIS, LIFECAMP, BONNIE BRAE AND STEEPLECHASE CANCER CENTER.

  • THE ORGANIZATION HOLDS A ONE DAY STEEPLECHASE EVENT ANNUALLY. THE LARGEST INDIVIDUAL BENEFICIARY OF THE EVENT IS THE SOMERSET HEALTH CARE FOUNDATION, INC., A SECTION 501(C)(3) NON PROFIT ENTITY. AT THE DISCRETION OF THE BOARD OF TRUSTEES, THE ORGANIZATION ALSO SUPPORTS OTHER NON-PROFIT SECTION 501(C)(3) HEALTH CARE ENTITIES: CROSSROADS4HOPE, THE ARC OF SOMERSET COUNTY, COMMUNITY IN CRISIS, LIFECAMP, BONNIE BRAE AND STEEPLECHASE CANCER CENTER.

    Expenses $3,109,873 · Grants $465,600 · Revenue $3,351,458

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

Listed in Part VII

  • Ronald A Kennedy

    TRUSTEE/CO-CHAIRMAN

    Total calculated
    $0
    Hours/week
    10

  • Guy J Torsilieri

    TRUSTEE/CO-CHAIRMAN

    Total calculated
    $0
    Hours/week
    10

  • Anthony Knapp

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1

  • Douglas Scher

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1

  • Reese E Howard Jr

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1

  • John Morris

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1

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

Provenance

Return type
form_990
Tax year
2023
Filed
14 November 2024
IRS schema version
2023v5.1
Source object
202403209349321045

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