Harness Racing Museum And Hall Of Fame
- Assets
- $8.3m
- Revenue
- $1.9m
- Investments
- $0.0
- Employees
- 24
- Location
- Goshen, NY
- Founding
- 02/1951
- Data as of
- 04/2022
- EIN
- 14-1368198
Organization Overview
Harness Racing Museum And Hall Of Fame is located in Goshen, NY. The organization was established in 1951. According to its NTEE Classification (A50) the organization is classified as: Museums, under the broad grouping of Arts, Culture & Humanities and related organizations. As of 04/2022, Harness Racing Museum And Hall Of Fame employed 24 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Harness Racing Museum And Hall Of Fame 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 04/2022, Harness Racing Museum And Hall Of Fame generated $1.9m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 8.4% each year. All expenses for the organization totaled $995.9k during the year ending 04/2022. 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
2022
Describe the Organization's Mission:
Part 3 - Line 1
THE HARNESS RACING MUSEUM & HALL OF FAME IS DEDICATED TO COMPREHENSIVE, ACTIVE AND AUTHORITATIVESUPPORT AND PROMOTION OF THE STANDARDBRED RACING THROUGH DOCUMENTATION AND PRESERVATION OF THE HISTORY AND TRADITIONS OF THIS AMERICAN-BORN SPORT. IT WILL ALSO CONTINUE TO AUGMENT EXISTING COLLECTIONS AND PROVIDE EXTENSIVE RESEARCH, EDUCATIONAL PROGRAMMING AND EXCITING EXHIBITRY TO EXPAND HARNESS RACING'S INTEREST APPEAL, BOTH NATIONALLY AND INTERNATIONALLY, TO ASSURE AN INFORMED AUDIENCE AND A SUCCESSFUL FUTURE.
Describe the Organization's Program Activity:
Part 3 - Line 4a
EXHIBITS:DISPLAY THE HISTORY AND CULTURE OF THE TROTTING HORSE AND ITS IMPACT ON U.S. ECONOMIC, SOCIAL AND CULTURAL HISTORY. THE HISTORIC COLLECTIONS CONTAIN OVER 30,000 OBJECTS.ADMISSIONS TO THE MUSEUM WERE 4109. THE MUSEUM'S THREE TRAVELLING EXHIBITS WERE SHOWN AT NUMEROUS VENUES IN THE UNITED STATES AND ABROAD.
PUBLIC INFORMATION AND EDUCATION: EDUCATIONAL PROGRAMS OFFERED TO SCHOOL CHILDREN RELATING TO THE TROTTING HORSE; DISTRIBUTION OF POSTERS, BROCHURES AND NEWSLETTERS.THE MUSEUM HOSTED 257 STUDENTS. 151 ATTENDED EDUCATIONAL WORKSHOPS.THE MUSEUM ALSO CONDUCTS THE ANNUAL HARNESS RACING HALL OF FAME AWARDS CEREMONY, WHICH IS OPEN TO PUBLIC.THE MUSEUM GIFT SHOP SOLD EDUCATIONAL ITEMS RELATED TO HARNESS RACING AND ITS HISTORY.
LIBRARY AND RESEARCH: THE MUSEUM OFFERS A DIVERSITY OF RESEARCH ACTIVITIES, AND IT FURNISHES ARTICLES AND PHOTOGRAPHS TO INTERESTED PARTIES.THE MUSEUM'S DEPARTMENT OF INFORMATION SERVICES RESPONDED TO 45 RESEARCH REQUESTS VIA MUSEUM WEBSITE, EMAIL AND TELEPHONE.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Janet T Terhune Director | Officer | 40 | $144,716 |
Max J Hempt President | OfficerTrustee | 5 | $0 |
Seth Rosenfeld Treasurer | OfficerTrustee | 5 | $0 |
Stephen E Oldford Vice President | OfficerTrustee | 1 | $0 |
Kathy Parker Secretary | OfficerTrustee | 1 | $0 |
Frank Antonacci Trustee | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $117,058 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $684,058 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $801,116 |
| Total Program Service Revenue | $116,819 |
| Investment income | $267,910 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $387,147 |
| Net Income from Fundraising Events | $20,942 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $25,724 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $1,869,206 |
| 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. | $144,715 |
| Compensation of current officers, directors, key employees. | $31,837 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $345,465 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $29,767 |
| Payroll taxes | $53,957 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $228 |
| Fees for services: Accounting | $14,428 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $55,555 |
| Fees for services: Other | $0 |
| Advertising and promotion | $0 |
| Office expenses | $0 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $1,888 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $116,115 |
| Insurance | $52,711 |
| All other expenses | $21,666 |
| Total functional expenses | $995,910 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $21,877 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $1,200 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $52,967 |
| Prepaid expenses and deferred charges | $84,020 |
| Net Land, buildings, and equipment | $246,451 |
| Investments—publicly traded securities | $7,909,202 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $33,070 |
| Total assets | $8,348,787 |
| Accounts payable and accrued expenses | $10,680 |
| Grants payable | $0 |
| Deferred revenue | $17,692 |
| 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 | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $28,372 |
| Net assets without donor restrictions | $2,950,464 |
| Net assets with donor restrictions | $5,369,951 |
| 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 | $8,348,787 |
Grants Recieved
Over the last fiscal year, we have identified 3 grants that Harness Racing Museum And Hall Of Fame has recieved totaling $64,749.
| Awarding Organization | Amount |
|---|---|
United States Trotting Association Westerville, OH PURPOSE: PROMOTION OF THE SPORT | $52,910 |
Mary W Harriman Foundation Broadwayth Fl New Yor, NY PURPOSE: GENERAL SUPPORT | $7,000 |
Greater Hudson Heritage Network Elmsford, NY PURPOSE: CONSERVATION | $4,839 |
Endowment Analysis
| Beg. Balance | $4,390,548 |
| Net Contributions | $200,000 |
| Ending Balance | $4,590,548 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Carnegie Institute Pittsburgh, PA | $541,460,866 | $82,217,609 |
Peabody Essex Museum Inc Salem, MA | $834,878,169 | $57,993,478 |
The Corning Museum Of Glass Corning, NY | $73,662,076 | $31,481,253 |
Intrepid Museum Foundation Inc New York, NY | $107,274,514 | $23,304,017 |
Jewish Museum New York, NY | $170,221,432 | $22,874,963 |
Mystic Seaport Museum Inc Mystic, CT | $122,267,932 | $26,794,983 |
The Paley Center For Media New York, NY | $149,800,581 | $16,736,827 |
Stone Barns Restoration Corp Pocantico Hills, NY | $107,933,883 | $7,964,721 |
Margaret Woodbury Strong Museum Rochester, NY | $223,670,725 | $24,556,351 |
Newark Museum Association Newark, NJ | $64,370,892 | $11,736,749 |
Brandywine Conservancy & Museum Of Art Chadds Ford, PA | $159,611,083 | $25,949,606 |
The Studio Museum In Harlem New York, NY | $153,708,532 | $40,471,884 |