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Nonprofiteer
← HORSEMENS WORKERS COMPENSATION INSURANCE TRUST

Form 990 for tax year 2023

Filed by HORSEMENS WORKERS COMPENSATION INSURANCE TRUST.

Totals

Total revenue
$4,002,421
Total expenses
$4,360,760
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$3,847,184
Investment income
$55,237
Other revenue
$100,000
Total assets, end of year
$6,690,852
Total liabilities, end of year
$3,899,126
Net assets or fund balances, end of year
$2,791,726
Program services expenses (Part IX)
$3,363,071
Management and general expenses
$997,689
Fundraising expenses
$0
Program service expenses (Part III)
$3,363,071

Program services were 77.1% 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.

  • 2a · Program service revenue: START PREMIUM REVENUE

    total $2,840,285 · related or exempt $2,840,285

  • 2b · Program service revenue: STATUTORILY DEDICATED

    total $798,462 · related or exempt $798,462

  • 2c · Program service revenue: FARM PREMIUM REVENUE

    total $208,437 · related or exempt $208,437

  • 3 · Investment income

    total $33,554 · excluded $33,554

  • 7a · Gross sales of assets other than inventory

    securities $21,683

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

    securities $0

  • 7c · Gain or loss

    securities $21,683

  • 7d · Net gain or loss

    total $21,683 · related or exempt $21,683

  • 11a · Other revenue: FLORIDA EXPENSE REIMBU

    total $100,000 · excluded $100,000

  • 11e · Other revenue, total

    $100,000

Functional expenses

Part IX, the statement of functional expenses.

  • 4 · Benefits paid to or for members

    total $2,655,317 · program services $2,655,317

  • 11a · Fees: management

    total $790,400 · management and general $790,400

  • 11b · Fees: legal

    total $15,000 · management and general $15,000

  • 11c · Fees: accounting

    total $48,829 · management and general $48,829

  • 11g · Fees: other

    total $123,500 · management and general $123,500

  • 13 · Office expenses

    total $205 · management and general $205

  • 17 · Travel

    total $16,663 · management and general $16,663

  • 23 · Insurance

    total $640,968 · program services $640,968

  • 24a · Other expenses: CLAIMS HANDLING FEES

    total $66,786 · program services $66,786

  • 24b · Other expenses: BANK CHARGES

    total $3,092 · management and general $3,092

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $3,795,539 · end of year $2,664,442

  • 2 · Savings and temporary cash investments

    beginning of year $1,009,142 · end of year $1,008,315

  • 4 · Accounts receivable

    beginning of year $348,297 · end of year $1,107,305

  • 9 · Prepaid expenses and deferred charges

    beginning of year $330,169 · end of year $353,289

  • 15 · Other assets

    beginning of year $468,159 · end of year $1,557,501

  • 17 · Accounts payable and accrued expenses

    beginning of year $133,863 · end of year $125,420

  • 19 · Deferred revenue

    end of year $314,381

  • 25 · Other liabilities

    beginning of year $2,659,042 · end of year $3,459,325

  • 29 · Capital stock, trust principal or current funds

    beginning of year $0 · end of year $0

  • 30 · Paid-in or capital surplus, or land, building or equipment fund

    beginning of year $0 · end of year $0

  • 31 · Retained earnings, endowment or other funds

    beginning of year $3,158,401 · end of year $2,791,726

Mission and programs · 2023

Mission

SEE SCHEDULE O

  • TO PROVIDE WORKERS COMPENSATION INSURANCE COVERAGE AND RELATED BENEFITS FOR CERTAIN WORKERS PARTICIPATING IN THE HORSE RACING INDUSTRY.

    Expenses $3,363,071 · Revenue $3,868,867

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

Listed in Part VII

  • Keith Hernandez

    CHAIRMAN

    Total calculated
    $0
    Hours/week
    1

  • Carrol Castille

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1

  • Kevin Delahoussaye

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1

  • Kenneth Roberts

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1

  • Ronald Faucheux

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1

  • Edwin Fenasci

    EXECUTIVE DIRECTOR

    Total calculated
    $158,689
    From this org
    $0
    From related orgs
    $151,513
    Other
    $7,176
    Hours/week
    12.4 + 27.6 related

    Schedule J breakdown matched by us

    Base
    $0 + $151,513 related
    Bonus
    $0
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $0 + $7,176 related
    Filer's total
    $0 + $158,689 related

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.

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.

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 corporations and trusts

Part IV: related organizations taxable as a corporation or trust.

  • LOUISIANA HORSEMEN'S PENSION TRUST

    T · NON-QUALIFIED DEFERRED COMPENSATION PLAN · LA

  • HORSEMEN'S ALLIANCE HOLDING INC

    C · INVESTMENTS/REINSURANCE · LA

Provenance

Return type
form_990
Tax year
2023
Filed
23 October 2024
IRS schema version
2023v5.1
Source object
202402989349301840

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