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Nonprofiteer
← JOCKEY CLUB

Form 990 for tax year 2023

Filed by JOCKEY CLUB.

Totals

Total revenue
$12,757,536
Total expenses
$14,379,838
Contributions and grants received
$0
Grants paid
$1,553,725
Program service revenue
$9,117,901
Investment income
$1,230,969
Other revenue
$2,408,666
Total assets, end of year
$75,496,616
Total liabilities, end of year
$3,006,644
Net assets or fund balances, end of year
$72,489,972
Program services expenses (Part IX)
not reported
Management and general expenses
not reported
Fundraising expenses
not reported
Program service expenses (Part III)
$0

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: Registry Fees

    total $8,747,165 · related or exempt $8,747,165

  • 2b · Program service revenue: DATA SALES

    total $300,236 · related or exempt $300,236

  • 2c · Program service revenue: MEMBERSHIP DUES

    total $70,500 · related or exempt $70,500

  • 2f · All other program service revenue

    total $0 · related or exempt $0 · unrelated business $0 · excluded $0

  • 3 · Investment income

    total $433,354 · excluded $433,354

  • 6a · Gross rents

    real property $751,631

  • 6b · Less rental expenses

    real property $717,090

  • 6c · Rental income or loss

    real property $34,541 · personal property $0

  • 6d · Net rental income or loss

    total $34,541 · excluded $34,541

  • 7a · Gross sales of assets other than inventory

    securities $15,856,942 · other assets $753,376

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

    securities $15,812,703 · other assets $0

  • 7c · Gain or loss

    securities $44,239 · other assets $753,376

  • 7d · Net gain or loss

    total $797,615 · excluded $797,615

  • 11a · Other revenue: Reimbursements and shared services

    total $2,373,530 · related or exempt $1,142,242 · unrelated business $1,231,288

  • 11b · Other revenue: Miscellenous Revenue

    total $595 · related or exempt $595

  • 11d · All other revenue

    total $0 · related or exempt $0 · unrelated business $0 · excluded $0

  • 11e · Other revenue, total

    $2,374,125

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $1,477,725

  • 2 · Grants to domestic individuals

    total $76,000

  • 5 · Compensation of officers, directors and key employees

    total $2,051,283

  • 7 · Other salaries and wages

    total $2,518,326

  • 8 · Pension plan contributions

    total $121,330

  • 9 · Other employee benefits

    total $120,867

  • 10 · Payroll taxes

    total $237,509

  • 11b · Fees: legal

    total $333,235

  • 11c · Fees: accounting

    total $111,165

  • 11g · Fees: other

    total $235,573

  • 12 · Advertising and promotion

    total $120,831

  • 13 · Office expenses

    total $440,752

  • 14 · Information technology

    total $2,747,774

  • 16 · Occupancy

    total $547,595

  • 17 · Travel

    total $373,289

  • 19 · Conferences, conventions and meetings

    total $245,178

  • 22 · Depreciation, depletion and amortization

    total $1,286,843

  • 23 · Insurance

    total $374,653

  • 24a · Other expenses: DNA Lab Costs

    total $322,751

  • 24b · Other expenses: Thoroughbred Incentive Program

    total $277,193

  • 24c · Other expenses: Purchased Data

    total $52,458

  • 24d · Other expenses: Microchip Expense

    total $117,267

  • 24e · All other expenses

    total $190,241

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $600 · end of year $600

  • 2 · Savings and temporary cash investments

    beginning of year $4,111,547 · end of year $4,413,530

  • 4 · Accounts receivable

    beginning of year $159,505 · end of year $171,575

  • 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 $519,160 · end of year $851,507

  • 9 · Prepaid expenses and deferred charges

    beginning of year $1,936,890 · end of year $2,402,841

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

    $19,637,180

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

    $14,524,183

  • 10c · Land, buildings and equipment, net

    beginning of year $4,740,025 · end of year $5,112,997

  • 11 · Investments: publicly traded securities

    beginning of year $26,825,903 · end of year $32,860,115

  • 12 · Investments: other securities

    beginning of year $2,749,463 · end of year $2,749,463

  • 13 · Investments: program-related

    beginning of year $0

  • 15 · Other assets

    beginning of year $24,728,099 · end of year $26,933,988

  • 17 · Accounts payable and accrued expenses

    beginning of year $2,122,617 · end of year $2,250,886

  • 19 · Deferred revenue

    beginning of year $185,472 · end of year $141,984

  • 22 · Loans and payables to officers and key people

    beginning of year $0 · end of year $0

  • 25 · Other liabilities

    beginning of year $165,007 · end of year $613,774

  • 27 · Net assets without donor restrictions

    beginning of year $63,298,096 · end of year $72,489,972

Mission and programs · 2023

Mission

The organization is dedicated to the improvement of thoroughbred breeding and racing. It fulfills that mandate by serving many segments of the industry through its subsidiary companies and by providing support to a wide range of industry initiatives.

Activities or mission (Part I)

The Jockey Club is the breed Registry for Thoroughbred horses in the U.S., Canada and Puerto Rico. It is dedicated to the improvement of Thoroughbred breeding and racing and fulfills that mandate by serving many segments of the industry through its subsidiary companies and by supporting industry initiatives.

  • THE JOCKEY CLUB IS THE BREED REGISTRY FOR THOROUGHBRED HORSES IN THE UNITED STATES, CANADA, AND PUERTO RICO. THE JOCKEY CLUB WAS FORMED IN 1894 AND ASSUMED RESPONSIBILITY FOR MAINTAINING THE AMERICAN STUD BOOK TWO YEARS LATER. THE STUD BOOK ENSURES THE CORRECT PEDIGREE AND IDENTIFICATION OF EVERY THOROUGHBRED AND, AS SUCH, IS ESSENTIAL TO THE INTEGRITY OF THOROUGHBRED BREEDING AND RACING. NORTH AMERICAN OWNERS AND BREEDERS REGISTER APPROXIMATELY 18,500 THOROUGHBREDS ANNUALLY WITH THE JOCKEY CLUB. AN INCREASING NUMBER ARE DOING SO THROUGH THE CONVENIENCE OF THE INTERNET UTILIZING THE JOCKEY CLUB'S INTERACTIVE REGISTRATION (IR). THIS IS THE QUICKEST AND EASIEST WAY TO COMPLETE AND SUBMIT THE REQUIREMENTS FOR REGISTRATION AND NAMING OF FOALS, INCLUDING SUBMISSION OF DIGITAL PHOTOGRAPHS. THE ORGANIZATION IS EXPECTED TO REGISTER 18,000 THOROUGHBRED FOALS IN 2024.

  • CONFERENCES: SINCE 1953, THE JOCKEY CLUB HAS HELD AN ANNUAL ROUND TABLE CONFERENCE ON MATTERS PERTAINING TO RACING IN SARATOGA SPRINGS, NY. THE TWO-HOUR CONFERENCE HAS FEATURED A MYRIAD OF IMPORTANT TOPICS AND PROMINENT SPEAKERS FROM THE UNITED STATES AS WELL AS ABROAD AND MORE THAN 300 INDUSTRY PARTICIPANTS NOW ATTEND. THE CONFERENCE EXAMINES INITIATIVES AND ACTIONS DESIGNED TO HELP THE THOROUGHBRED INDUSTRY.

  • THE PUBLICATION OF THE FACT BOOK, WHICH IS A COMPREHENSIVE STATISTICAL AND INFORMATIONAL GUIDE TO THE THOROUGHBRED INDUSTRY.

As filed on the 2023 return.

Listed in Part VII

  • Ian Highet

    Secretary/Treasurer

    Total calculated
    $0
    Hours/week
    1

  • Stuart S Janney III

    Chairman

    Total calculated
    $0
    Hours/week
    2

  • William M Lear Jr

    Vice Chairman

    Total calculated
    $0
    Hours/week
    1

  • Alex R Rankin

    Steward

    Total calculated
    $0
    Hours/week
    1

  • Barbara Banke

    Steward

    Total calculated
    $0
    Hours/week
    1

  • Dr Larry R Bramlage

    Steward

    Total calculated
    $0
    Hours/week
    1

  • Louis A Cella

    Steward

    Total calculated
    $0
    Hours/week
    1

  • Terry Finley

    Steward (As of August 2023)

    Total calculated
    $0
    Hours/week
    1

  • Vincent Viola

    Steward (Through August 2023)

    Total calculated
    $0
    Hours/week
    1

  • William S Farish Jr

    Steward

    Total calculated
    $0
    Hours/week
    1

  • James L Gagliano

    President & Chief Operating Officer

    Total calculated
    $1,004,834
    From this org
    $932,557
    From related orgs
    $0
    Other
    $72,277
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $447,970
    Bonus
    $475,000
    Other
    $9,587
    Deferred
    $19,800
    Nontaxable benefits
    $52,477
    Filer's total
    $1,004,834

  • Laura Barillaro

    Executive Vice President & Chief Financial Officer

    Total calculated
    $504,004
    From this org
    $463,343
    From related orgs
    $0
    Other
    $40,661
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $303,005
    Bonus
    $157,500
    Other
    $2,838
    Deferred
    $19,800
    Nontaxable benefits
    $20,861
    Filer's total
    $504,004

  • Matt Luliano

    Executive Vice President & Executive Director

    Total calculated
    $544,729
    From this org
    $487,584
    From related orgs
    $0
    Other
    $57,145
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $319,701
    Bonus
    $159,500
    Other
    $8,383
    Deferred
    $19,800
    Nontaxable benefits
    $37,345
    Filer's total
    $544,729

  • Andrew Chesser

    Registration Services Manager

    Total calculated
    $139,424
    From this org
    $115,537
    From related orgs
    $0
    Other
    $23,887
    Hours/week
    40

  • Erica Lapp

    Controller

    Total calculated
    $169,516
    From this org
    $158,782
    From related orgs
    $0
    Other
    $10,734
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $155,500
    Bonus
    $3,000
    Other
    $282
    Deferred
    $9,510
    Nontaxable benefits
    $1,224
    Filer's total
    $169,516

  • Marc Summers

    Vice President & General Counsel

    Total calculated
    $495,269
    From this org
    $428,155
    From related orgs
    $0
    Other
    $67,114
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $277,267
    Bonus
    $149,400
    Other
    $1,488
    Deferred
    $19,800
    Nontaxable benefits
    $47,314
    Filer's total
    $495,269

  • Rick Bailey

    REGISTRAR

    Total calculated
    $195,589
    From this org
    $171,159
    From related orgs
    $0
    Other
    $24,430
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $149,050
    Bonus
    $20,700
    Other
    $1,409
    Deferred
    $10,944
    Nontaxable benefits
    $13,486
    Filer's total
    $195,589

  • Samantha Randazzo

    The Jockey Club Steward

    Total calculated
    $168,444
    From this org
    $145,460
    From related orgs
    $0
    Other
    $22,984
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $143,519
    Bonus
    $0
    Other
    $1,941
    Deferred
    $8,850
    Nontaxable benefits
    $14,134
    Filer's total
    $168,444

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

  • 1a · Travel for companions
  • 1a · Tax indemnification and gross-up payments
  • 1a · Health or social club dues or initiation fees
  • 1b · Written policy on the line-1a expenses
  • 2 · Substantiation required before reimbursing expenses
  • 3 · Compensation committee
  • 3 · Approval by the board or compensation committee

Answered no

  • 4a · Severance or change-of-control payment
  • 4b · Supplemental nonqualified retirement plan
  • 4c · Equity-based compensation arrangement

The filer's explanations (Part III)

Schedule J, Part I, Line 1a Travel for companions
Travel for companions is generally limited to attendance by an employee's spouse at major racing events; however, there may be other events where it is appropriate for a spouse to be present. Reimbursement is limited to the cost of a coach airline ticket for the employee's spouse. The organization has determined that this reimbursement is not taxable since it is considered to be a necessary and ordinary business expense of the organization.
Schedule J, Part I, Line 1a HEALTH OR SOCIAL CLUB DUES AND TAX INDEMNIFICATION AND GROSS-UP PAYMENTS
THE PRESIDENT AND THE EXECUTIVE DIRECTOR OF THE ORGANIZATION ARE MEMBERS OF A PRIVATE CLUB TO WHICH MEMBERSHIP DUES WERE PAID BY THE JOCKEY CLUB. Reimbursement for membership in the private club was grossed up to cover income tax obligations for the President. The total amount reimbursed was treated as taxable compensation to both the President and the Executive Director.

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

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 partnerships

Part III: related organizations taxable as a partnership, with the filer's share.

  • BLOOD-HORSE LLC

    N/A · PUBLISHING · KY · share of income -$142,636 · share of assets $2,757,144 · general or managing partner

    Directly controlled by NA

Related corporations and trusts

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

  • THE JOCKEY CLUB RACING SERVICES

    C Corporation · DATA COLLECTION · KY · share of income $1,351,730 · share of assets $1,178,869 · controlled entity

    Directly controlled by TJC HOLDINGS INC

  • THE JOCKEY CLUB TECHNOLOGY SERVICES

    C Corporation · TECHNOLOGY · KY · share of income $10,008,670 · share of assets $2,316,961 · controlled entity

    Directly controlled by TJC HOLDINGS INC

  • TJC HOLDINGS INC

    C Corporation · HOLDING COMPANY · KY · share of income $648,987 · share of assets $4,581,728 · controlled entity

    Directly controlled by THE JOCKEY CLUB

  • INCOMPASS SOLUTIONS INC

    C Corporation · SOFTWARE SALES · KY · share of income $5,520,893 · share of assets $2,628,452 · controlled entity

    Directly controlled by TJC HOLDINGS INC

  • THE JOCKEY CLUB INFORMATION SYSTEMS INC

    C Corporation · INFORMATION · KY · share of income $6,532,631 · share of assets $2,690,362 · controlled entity

    Directly controlled by TJC HOLDINGS INC

  • TJC MEDIA VENTURES INC

    C Corporation · FAN DEVELOPMENT · KY · share of income $553,820 · share of assets $427,602 · controlled entity

    Directly controlled by TJC HOLDINGS INC

Provenance

Return type
form_990
Tax year
2023
Filed
12 November 2024
IRS schema version
2023v5.1
Source object
202443179349303829

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