Far Hills Race Meeting Association Inc
- Assets
- $7.5m
- Revenue
- $3.7m
- Investments
- $1.4m
- Employees
- 4
- Location
- Far Hills, NJ
- Founding
- 06/1987
- Data as of
- 12/2022
- EIN
- 22-2529715
Organization Overview
Far Hills Race Meeting Association Inc is located in Far Hills, NJ. The organization was established in 1987. According to its NTEE Classification (N70) the organization is classified as: Amateur Sports Competitions, under the broad grouping of Recreation & Sports and related organizations. As of 12/2022, Far Hills Race Meeting Association Inc employed 4 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Far Hills Race Meeting Association Inc 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 12/2022, Far Hills Race Meeting Association Inc generated $3.7m in total revenue. The organization has seen a slow decline revenue. Over the past 7 years, revenues have fallen by an average of (1.7%) each year. All expenses for the organization totaled $3.2m during the year ending 12/2022. As we would expect to see with falling revenues, expenses have declined by (1.6%) per year over the past 7 years. You can explore the organizations financials more deeply in the financial statements section below.
Since 2014, Far Hills Race Meeting Association Inc has awarded 27 individual grants totaling $3,652,767. If you would like to learn more about the grant giving history of this organization, scroll down to the grant profile section of this page.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2022
Describe the Organization's Mission:
Part 3 - Line 1
THE ORGANIZATION HOLDS A ONE DAY STEEPLECHASE EVENT ANNUALLY. THE LARGEST INDIVIDUAL BENEFICIARY OF THE EVENT IS THE SOMERSET HEALTH CARE FOUNDATION, INC., A SECTION 501(C)(3) NON PROFIT ENTITY. AT THE DISCRETION OF THE BOARD OF TRUSTEES, THE ORGANIZATION ALSO SUPPORTS OTHER NON-PROFIT SECTION 501(C)(3) HEALTH CARE ENTITIES: CROSSROADS4HOPE, THE ARC OF SOMERSET COUNTY, COMMUNITY IN CRISIS, LIFECAMP, BONNIE BRAE AND STEEPLECHASE CANCER CENTER.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE ORGANIZATION HOLDS A ONE DAY STEEPLECHASE EVENT ANNUALLY. THE LARGEST INDIVIDUAL BENEFICIARY OF THE EVENT IS THE SOMERSET HEALTH CARE FOUNDATION, INC., A SECTION 501(C)(3) NON PROFIT ENTITY. AT THE DISCRETION OF THE BOARD OF TRUSTEES, THE ORGANIZATION ALSO SUPPORTS OTHER NON-PROFIT SECTION 501(C)(3) HEALTH CARE ENTITIES: CROSSROADS4HOPE, THE ARC OF SOMERSET COUNTY, COMMUNITY IN CRISIS, LIFECAMP, BONNIE BRAE AND STEEPLECHASE CANCER CENTER.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Ronald A Kennedy Trustee/co-Chairman | OfficerTrustee | 10 | $0 |
Guy J Torsilieri Trustee/co-Chairman | OfficerTrustee | 10 | $0 |
Anthony Knapp Trustee | Trustee | 1 | $0 |
Douglas Scher Trustee | Trustee | 1 | $0 |
Reese E Howard Jr Trustee | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $90,630 |
| All other contributions, gifts, grants, and similar amounts not included above | $17,563 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $108,193 |
| Total Program Service Revenue | $3,515,452 |
| Investment income | $33,192 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $18,000 |
| Net Gain/Loss on Asset Sales | $26,689 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $3,701,526 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $487,800 |
| 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 | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $0 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $14,105 |
| Fees for services: Other | $0 |
| Advertising and promotion | $0 |
| Office expenses | $0 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $0 |
| 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 | $168,680 |
| Insurance | $0 |
| All other expenses | $853,991 |
| Total functional expenses | $3,223,451 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $699,122 |
| Savings and temporary cash investments | $362,436 |
| Pledges and grants receivable | $0 |
| 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 | $33,724 |
| Net Land, buildings, and equipment | $4,915,958 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $1,406,796 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $82,398 |
| Total assets | $7,500,434 |
| Accounts payable and accrued expenses | $4,975 |
| 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 | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $1,502 |
| Total liabilities | $6,477 |
| Net assets without donor restrictions | $7,493,957 |
| Net assets with donor restrictions | $0 |
| 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 | $7,500,434 |
Grants Awarded
Over the last fiscal year, Far Hills Race Meeting Association Inc has awarded $470,000 in support to 3 organizations.
| Grant Recipient | Amount |
|---|---|
SOMERSET HEALTH CARE FOUNDATION INC PURPOSE: SUPPORT PROGRAMS & SERVICES OF SOMERSET HEALTH FOUNDATION, A 501(C)(3) ORGANIZATION. | $425,000 |
FAR HILLS-BEDMINSTER FIRE DEPARTMENT PURPOSE: SUPPORT PROGRAMS & SERVICES OF FAR HILLS BEDMINSTER FIRE DEPART., A 501(C)(3) ORGANIZATION. | $25,000 |
FOUNDATION FOR MORRISTOWN MEDICAL CENTER PURPOSE: SUPPORT PROGRAMS & SERVICES OF FOUNDATION FOR MORRISTOWN MEDICAL CENTER, A 501(C)(3) ORGANIZATION. | $20,000 |