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Nonprofiteer
← JOCKEY CLUB

Form 990 for tax year 2022

Filed by JOCKEY CLUB.

Totals

Total revenue
$15,096,430
Total expenses
$17,798,587
Contributions and grants received
$0
Grants paid
$3,623,554
Program service revenue
$9,015,652
Investment income
$3,780,980
Other revenue
$2,299,798
Total assets, end of year
$65,771,192
Total liabilities, end of year
$2,473,096
Net assets or fund balances, end of year
$63,298,096
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 $8,658,843 · related or exempt $8,658,843

  • 2b · Program service revenue: DATA SALES

    total $283,309 · related or exempt $283,309

  • 2c · Program service revenue: MEMBERSHIP DUES

    total $73,500 · related or exempt $73,500

  • 2f · All other program service revenue

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

  • 3 · Investment income

    total $259,772 · excluded $259,772

  • 6a · Gross rents

    real property $731,574

  • 6b · Less rental expenses

    real property $700,705

  • 6c · Rental income or loss

    real property $30,869 · personal property $0

  • 6d · Net rental income or loss

    total $30,869 · excluded $30,869

  • 7a · Gross sales of assets other than inventory

    securities $8,420,980

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

    securities $4,899,772

  • 7c · Gain or loss

    securities $3,521,208 · other assets $0

  • 7d · Net gain or loss

    total $3,521,208 · excluded $3,521,208

  • 11a · Other revenue: Administrative Services

    total $1,394,988 · unrelated business $1,394,988

  • 11b · Other revenue: Reimbursements

    total $873,675 · related or exempt $873,675

  • 11c · Other revenue: Non-operating Income

    total $266 · related or exempt $266

  • 11d · All other revenue

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

  • 11e · Other revenue, total

    $2,268,929

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $3,547,554

  • 2 · Grants to domestic individuals

    total $76,000

  • 5 · Compensation of officers, directors and key employees

    total $1,972,691

  • 7 · Other salaries and wages

    total $2,532,545

  • 8 · Pension plan contributions

    total $123,193

  • 9 · Other employee benefits

    total $152,359

  • 10 · Payroll taxes

    total $230,370

  • 11b · Fees: legal

    total $727,550

  • 11c · Fees: accounting

    total $100,080

  • 11f · Fees: investment management

    total $13,372

  • 11g · Fees: other

    total $1,555,272

  • 12 · Advertising and promotion

    total $41,132

  • 13 · Office expenses

    total $446,589

  • 14 · Information technology

    total $2,747,525

  • 16 · Occupancy

    total $467,553

  • 17 · Travel

    total $233,067

  • 19 · Conferences, conventions and meetings

    total $211,941

  • 22 · Depreciation, depletion and amortization

    total $1,223,247

  • 23 · Insurance

    total $343,893

  • 24a · Other expenses: DNA Lab Costs

    total $325,729

  • 24b · Other expenses: Thoroughbred Incentive Program

    total $310,401

  • 24c · Other expenses: Microchip Expense

    total $95,840

  • 24d · Other expenses: Purchased Data

    total $55,226

  • 24e · All other expenses

    total $265,458

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 $8,349,047 · end of year $4,111,547

  • 4 · Accounts receivable

    beginning of year $258,564 · end of year $159,505

  • 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 $1,368,907 · end of year $519,160

  • 9 · Prepaid expenses and deferred charges

    beginning of year $1,202,332 · end of year $1,936,890

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

    $17,652,144

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

    $12,912,119

  • 10c · Land, buildings and equipment, net

    beginning of year $4,931,912 · end of year $4,740,025

  • 11 · Investments: publicly traded securities

    beginning of year $28,282,875 · end of year $26,825,903

  • 12 · Investments: other securities

    beginning of year $10,831,390 · end of year $2,749,463

  • 13 · Investments: program-related

    beginning of year $0

  • 15 · Other assets

    beginning of year $22,158,012 · end of year $24,728,099

  • 17 · Accounts payable and accrued expenses

    beginning of year $2,316,306 · end of year $2,122,617

  • 19 · Deferred revenue

    beginning of year $91,078 · end of year $185,472

  • 22 · Loans and payables to officers and key people

    beginning of year $0 · end of year $0

  • 25 · Other liabilities

    beginning of year $476,553 · end of year $165,007

  • 27 · Net assets without donor restrictions

    beginning of year $74,499,702 · end of year $63,298,096

Mission and programs · 2022

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 18,800 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 18,500 THOROUGHBRED FOALS IN 2023.

  • 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 2022 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

  • C Steven Duncker

    Steward (Through August 2022)

    Total calculated
    $0
    Hours/week
    1

  • Dr Larry R Bramlage

    Steward

    Total calculated
    $0
    Hours/week
    1

  • Louis A Cella

    Steward (Beginning August 2022)

    Total calculated
    $0
    Hours/week
    1

  • Vincent Viola

    Steward

    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
    $957,989
    From this org
    $893,105
    From related orgs
    $0
    Other
    $64,884
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $434,075
    Bonus
    $450,000
    Other
    $9,030
    Deferred
    $18,300
    Nontaxable benefits
    $46,584
    Filer's total
    $957,989

  • Laura Barillaro

    Executive Vice President & Chief Financial Officer

    Total calculated
    $489,507
    From this org
    $452,512
    From related orgs
    $0
    Other
    $36,995
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $294,574
    Bonus
    $155,100
    Other
    $2,838
    Deferred
    $18,300
    Nontaxable benefits
    $18,695
    Filer's total
    $489,507

  • Matt Iuliano

    Executive Vice President & Executive Director

    Total calculated
    $512,298
    From this org
    $460,586
    From related orgs
    $0
    Other
    $51,712
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $296,529
    Bonus
    $159,700
    Other
    $4,357
    Deferred
    $18,300
    Nontaxable benefits
    $33,412
    Filer's total
    $512,298

  • Andrew Chesser

    Registration Services Manager

    Total calculated
    $133,977
    From this org
    $112,499
    From related orgs
    $0
    Other
    $21,478
    Hours/week
    40

  • DR Jennifer Durenberger

    THE JOCKEY CLUB STEWARD

    Total calculated
    $217,892
    From this org
    $192,179
    From related orgs
    $0
    Other
    $25,713
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $191,226
    Bonus
    $0
    Other
    $953
    Deferred
    $11,789
    Nontaxable benefits
    $13,924
    Filer's total
    $217,892

  • Erica Lapp

    Controller

    Total calculated
    $167,730
    From this org
    $153,270
    From related orgs
    $0
    Other
    $14,460
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $150,000
    Bonus
    $3,000
    Other
    $270
    Deferred
    $9,180
    Nontaxable benefits
    $5,280
    Filer's total
    $167,730

  • Marc Summers

    Vice President & General Counsel

    Total calculated
    $478,031
    From this org
    $418,937
    From related orgs
    $0
    Other
    $59,094
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $270,399
    Bonus
    $147,100
    Other
    $1,438
    Deferred
    $18,300
    Nontaxable benefits
    $40,794
    Filer's total
    $478,031

  • Rick Bailey

    REGISTRAR

    Total calculated
    $205,235
    From this org
    $168,252
    From related orgs
    $0
    Other
    $36,983
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $147,390
    Bonus
    $19,500
    Other
    $1,362
    Deferred
    $10,590
    Nontaxable benefits
    $26,393
    Filer's total
    $205,235

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 survey or study
  • 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 OF THE ORGANIZATION WAS A MEMBER 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. The total amount reimbursed was treated as taxable compensation to the President.

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

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

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 $9,551 · share of assets $3,331,920 · 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 $1,529,805 · share of assets $1,334,681 · controlled entity

    Directly controlled by TJC HOLDINGS INC

  • THE JOCKEY CLUB TECHNOLOGY SERVICES

    C Corporation · TECHNOLOGY · KY · share of income $9,959,399 · share of assets $2,182,375 · controlled entity

    Directly controlled by TJC HOLDINGS INC

  • TJC HOLDINGS INC

    C Corporation · HOLDING COMPANY · KY · share of income $648,985 · share of assets $5,676,295 · controlled entity

    Directly controlled by THE JOCKEY CLUB

  • INCOMPASS SOLUTIONS INC

    C Corporation · SOFTWARE SALES · KY · share of income $5,940,394 · share of assets $2,828,749 · controlled entity

    Directly controlled by TJC HOLDINGS INC

  • THE JOCKEY CLUB INFORMATION SYSTEMS INC

    C Corporation · INFORMATION · KY · share of income $6,612,708 · share of assets $2,567,408 · controlled entity

    Directly controlled by TJC HOLDINGS INC

  • TJC MEDIA VENTURES INC

    C Corporation · FAN DEVELOPMENT · KY · share of income $459,985 · share of assets $225,777 · controlled entity

    Directly controlled by TJC HOLDINGS INC

Provenance

Return type
form_990
Tax year
2022
Filed
10 November 2023
IRS schema version
2022v5.0
Source object
202323149349304062

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