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← VIRGINIA GOLD CUP ASSOCIATION INC

Form 990 for tax year 2023

Filed by VIRGINIA GOLD CUP ASSOCIATION INC.

Totals

Total revenue
$2,101,715
Total expenses
$2,227,152
Contributions and grants received
$0
Grants paid
$6,250
Program service revenue
$2,185,292
Investment income
-$849
Other revenue
-$82,728
Total assets, end of year
$241,872
Total liabilities, end of year
$190,650
Net assets or fund balances, end of year
$51,222
Program services expenses (Part IX)
$1,988,598
Management and general expenses
$238,554
Fundraising expenses
$0
Program service expenses (Part III)
$1,988,598

Program services were 89.3% 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: VIRGINIA GOLD CUP - SP

    total $1,369,313 · related or exempt $1,369,313

  • 2b · Program service revenue: INTERNATIONAL GOLD CUP

    total $815,979 · related or exempt $815,979

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

    other assets $849

  • 7c · Gain or loss

    other assets -$849

  • 7d · Net gain or loss

    total -$849 · related or exempt -$849

  • 9a · Gaming: gross income

    $45,509

  • 9b · Gaming: direct expenses

    $144,980

  • 9c · Net income from gaming

    total -$99,471 · excluded -$99,471

  • 10a · Gross sales of inventory

    $15,986

  • 10b · Cost of goods sold

    $0

  • 10c · Net income from sales of inventory

    total $15,986 · related or exempt $15,986

  • 11a · Other revenue: MISC. REVENUE-RELATED-

    total $757 · related or exempt $757

  • 11e · Other revenue, total

    $757

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $6,250 · program services $6,250

  • 7 · Other salaries and wages

    total $114,808 · management and general $114,808

  • 10 · Payroll taxes

    total $8,816 · management and general $8,816

  • 11c · Fees: accounting

    total $10,049 · management and general $10,049

  • 13 · Office expenses

    total $8,498 · management and general $8,498

  • 14 · Information technology

    total $5,173 · management and general $5,173

  • 16 · Occupancy

    total $23,694 · management and general $23,694

  • 17 · Travel

    total $3,407 · management and general $3,407

  • 19 · Conferences, conventions and meetings

    total $2,827 · management and general $2,827

  • 20 · Interest

    total $4,147 · management and general $4,147

  • 22 · Depreciation, depletion and amortization

    total $2,105 · management and general $2,105

  • 23 · Insurance

    total $46,963 · management and general $46,963

  • 24a · Other expenses: DIRECT RACE EXPENSES

    total $1,217,900 · program services $1,217,900

  • 24b · Other expenses: WINNINGS PAID

    total $681,900 · program services $681,900

  • 24c · Other expenses: PROMOTIONS FOR RACES

    total $51,116 · program services $51,116

  • 24d · Other expenses: OTHER RACE EXPENSES

    total $31,432 · program services $31,432

  • 24e · All other expenses

    total $8,067 · management and general $8,067

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $183,396 · end of year $37,095

  • 2 · Savings and temporary cash investments

    beginning of year $52,931 · end of year $52,931

  • 4 · Accounts receivable

    beginning of year $12,750 · end of year $47,000

  • 8 · Inventories for sale or use

    beginning of year $2,845 · end of year $2,845

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

    $55,552

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

    $30,450

  • 10c · Land, buildings and equipment, net

    beginning of year $2,219 · end of year $25,102

  • 11 · Investments: publicly traded securities

    beginning of year $70,870 · end of year $76,899

  • 17 · Accounts payable and accrued expenses

    beginning of year $3,444 · end of year $13,195

  • 19 · Deferred revenue

    beginning of year $937 · end of year $6,000

  • 23 · Secured mortgages and notes payable

    beginning of year $150,000 · end of year $171,455

  • 27 · Net assets without donor restrictions

    beginning of year $170,630 · end of year $51,222

Mission and programs · 2023

Mission

THE VIRGINIA GOLD CUP ASSOCIATION WAS ORGANIZED IN 1923 TO STIMULATE INTEREST IN AND TO PROMOTE STEEPLECHASE RACING IN VIRGINIA. THE ASSOCIATION STRIVES TO PROVIDE AN ENVIRONMENT FOR SOCIAL RECREATION, WHERE OBSERVERS CAN ENJOY THE ENTERTAINMENT OF STEEPLECHASE RACING. VGCA ENCOURAGES SPORTSMANSHIP AND GOOD FELLOWSHIP AMONG THOSE PERSONS PARTICIPATING IN THE SPORT. FURTHERMORE, THE ASSOCIATION IS DEDICATED TO MAINTAINING A FACILITY FOR HOLDING STEEPLECHASE RACES.

Activities or mission (Part I)

TO ORGANIZE AND PROMOTE STEEPLECHASE RACES IN FAUQUIER COUNTY, VIRGINIA.

  • THE ASSOCIATION HISTORICALLY ORGANIZES AND PROMOTES TWO ANNUAL STEEPLECHASE RACES IN FAUQUIER COUNTY, VIRGINIA.

    Expenses $1,982,348 · Revenue $2,201,186

  • CONTRIBUTIONS TO LOCAL NON-PROFIT ORGANIZATIONS.

    Expenses $6,250 · Grants $6,250

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

Listed in Part VII

  • William Allison

    PRESIDENT

    Total calculated
    $0
    Hours/week
    15

  • Alfred C Griffin

    VICE PRESIDENT

    Total calculated
    $0
    Hours/week
    2

  • G Wayne Eastham

    TREASURER

    Total calculated
    $0
    Hours/week
    2

  • Marshall D Doeller

    SECRETARY

    Total calculated
    $0
    Hours/week
    1

  • Jeffrey L Lehew

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    0.2

  • Margaret Church Littleton

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    0.2

  • Mark Hyson

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    0.2

  • Ernest M Oare

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    0.2

  • Charles H Seilheimer

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    0.2

  • Richard Wallach

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    0.2

  • Don Yovanovich

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    0.2

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

Provenance

Return type
form_990
Tax year
2023
Filed
14 November 2024
IRS schema version
2023v5.1
Source object
202403209349307340

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