Thoroughbred Retirement Foundation
- Assets
- $11.6m
- Revenue
- $3.0m
- Investments
- $10.8m
- Employees
- 16
- Location
- Saratoga Springs, NY
- Founding
- 06/1983
- Data as of
- 12/2023
- EIN
- 13-3132741
Organization Overview
Thoroughbred Retirement Foundation is located in Saratoga Springs, NY. The organization was established in 1983. According to its NTEE Classification (D20) the organization is classified as: Animal Protection & Welfare, under the broad grouping of Animal-Related and related organizations. As of 12/2023, Thoroughbred Retirement Foundation employed 16 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Thoroughbred Retirement Foundation is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
For the year ending 12/2023, Thoroughbred Retirement Foundation generated $3.0m in total revenue. This represents relatively stable growth, over the past 9 years the organization has increased revenue by an average of 0.7% each year. All expenses for the organization totaled $2.4m during the year ending 12/2023. You can explore the organizations financials more deeply in the financial statements section below.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2023
Describe the Organization's Mission:
Part 3 - Line 1
RESCUE OF UNWANTED THOROUGHBRED HORSES AND RE-ENTRY ORIENTED PROGRAM FOR INMATES.
Describe the Organization's Program Activity:
Part 3 - Line 4a
VOCATIONAL TRAINING PROGRAM IN HORSE CARE FOR INMATES. EARLY IN THE THOROUGHBRED RETIREMENT FOUNDATION'S HISTORY MONIQUE S. KOEHLER, FOUNDER AND CHAIRMAN OF THE BOARD, NEGOTIATED A MILESTONE AGREEMENT WITH THE STATE OF NEW YORK DEPARTMENT OF CORRECTIONAL SERVICES. IN EXCHANGE FOR LAND USE AND LABOR AT THE STATE'S WALKILL CORRECTIONAL FACILITY, THE THOROUGHBRED RETIREMENT FOUNDATION WOULD DESIGN, STAFF AND MAINTAIN A VOCATIONAL TRAINING PROGRAM IN EQUINE CARE AND MANAGEMENT FOR INMATES. THIS UNIQUE PROGRAM HAS BEEN REPLICATED IN CALIFORNIA, KENTUCKY, FLORIDA, SOUTH CAROLINA, ILLINOIS, VIRGINIA, AND MARYLAND. THIS IS A VOCATIONAL TRAINING PROGRAM IN EQUINE CARE AND MANAGEMENT FOR INMATE-STUDENTS MARKETABLE SKILLS FOR EMPLOYMENT UPON RELEASE FROM PRISON. THIS PROGRAM IS UNIQUE IN THAT IT SAVES THOROUGHBRED HORSES NO LONGER ABLE TO COMPETE ON THE RACETRACK FROM POSSIBLE NEGLECT, ABUSE AND SLAUGHTER AND MATCHES THEM WITH INMATE-STUDENTS ALSO SEEKING A SECOND CHANCE. EQUINE RESCUE AND REHABILITATION. THE VAST MAJORITY OF THE GENERAL PUBLIC AND MANY RACING FANS ARE UNAWARE OF THE SAD FATE THAT AWAITS THOUSANDS OF THOROUGHBREDS EACH YEAR. THEY ASSUME EACH ANIMAL IS ASSURED A SAFE HUMANE RETIREMENT. UNFORTUNATELY, IT IS A PERCEPTION THAT DOES NOT REFLECT REALITY. REALITY IS THE THOROUGHBRED INDUSTRY, OUTSIDE THE CIRCUIT OF HIGH PROFILE, HIGH DOLLAR RACES, IS MADE UP LARGELY OF OWNERS WITH ONLY MODEST RESOURCES. CURRENT ECONOMICS DICTATE THAT AMONT ALL OWNERS, NO MATTER HOW RESPONSIBLE AND WELL INTENDED, ONLY A FEW MAINTAIN EVEN A SINGLE THOROUGHBRED ONCE IT IS UNABLE TO EARN ITS KEEP ON THE TRACK. REALITY IS A WORLD WHERE HORSEMEAT IS IN DEMAND IN MANY FOREIGN COUNTRIES AND THERE ARE SEVERAL SLAUGHTERHOUSES IN CANADA AND MEXICO HAPPY TO CREATE SUPPLY. THOROUGHBRED RETIREMENT FOUNDATION OFTEN HAS TO TRANSPORT HORSES IN DESPERATE NEED AND THEN PROVIDE EXTRA CARE TO GET THEM BACK TO HEALTH. THOROUGHBRED RETRAINING AND ADOPTION PROGRAM. MANY OF THE HORSES RESCUED BY THE THOROUGHBRED RETIREMENT FOUNDATION OR RETIRED TO THE THOROUGHBRED RETIREMENT FOUNDATION ARE HEALTHY AND ABLE TO HAVE "SECOND CAREERS" AS PLEASURE OR SHOW-HORSES. THESE HORSES ARE EVALUATED AND RETRAINED BY THOROUGHBRED RETIREMENT FOUNDATION EMPLOYEES SO THAT WE KNOW THE HORSE'S CAPABILITIES AND CAN PLACE THE HORSE IN A LONG TERM SUCCESSFUL ADOPTION.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Stephanie Brennan Director | Trustee | 0 | $0 |
Nicholas Meittinis Director | Trustee | 0 | $0 |
John B Cannie ESQ President | OfficerTrustee | 0 | $0 |
Larry Holmes Treasurer | OfficerTrustee | 0 | $0 |
Kelsey Marshall Hughes Director | Trustee | 0 | $0 |
Patrick Mackay Chairman | OfficerTrustee | 0 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Flying Y Land & Cattle Co Boarding | 12/30/18 | $190,927 |
Steve Lowder Farms Boarding | 12/30/18 | $110,302 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $2,342,647 |
| Noncash contributions included in lines 1a–1f | $87,950 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $2,342,647 |
| Total Program Service Revenue | $0 |
| Investment income | $206,058 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $343,689 |
| Net Income from Fundraising Events | $69,998 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $2,962,392 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $787,956 |
| Pension plan accruals and contributions | $83,934 |
| Other employee benefits | $0 |
| Payroll taxes | $56,986 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $1,330 |
| Fees for services: Accounting | $62,775 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $37,908 |
| Office expenses | $16,822 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $59,627 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $2,833 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $54,903 |
| Insurance | $44,954 |
| All other expenses | $368,441 |
| Total functional expenses | $2,401,434 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $474,966 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $81,443 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $12,197 |
| Net Land, buildings, and equipment | $208,512 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $10,761,106 |
| Investments—program-related | $0 |
| Intangible assets | $25,455 |
| Other assets | $0 |
| Total assets | $11,563,679 |
| Accounts payable and accrued expenses | $193,465 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $21,051 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $26,277 |
| Total liabilities | $240,793 |
| Net assets without donor restrictions | $1,707,699 |
| Net assets with donor restrictions | $9,615,187 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $0 |
| Total liabilities and net assets/fund balances | $11,563,679 |