Virginia Horse Center Foundation
- Assets
- $21.9m
- Revenue
- $6.1m
- Investments
- $951.3k
- Employees
- 67
- Location
- Lexington, VA
- Founding
- 06/1985
- Data as of
- 06/2022
- EIN
- 52-1388640
Organization Overview
Virginia Horse Center Foundation is located in Lexington, VA. The organization was established in 1985. According to its NTEE Classification (N69) the organization is classified as: Equestrian, under the broad grouping of Recreation & Sports and related organizations. As of 06/2022, Virginia Horse Center Foundation employed 67 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Virginia Horse Center 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 06/2022, Virginia Horse Center Foundation generated $6.1m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 3.6% each year. All expenses for the organization totaled $5.7m during the year ending 06/2022. While expenses have increased by 2.7% per year over the past 7 years. They've been increasing with an increasing level of total revenue. 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
SHOW HORSE FACILITY
Describe the Organization's Program Activity:
Part 3 - Line 4a
HORSE SHOWS, CLINICS AND OTHER EVENTS FOR HUNTER/JUMPERS, ARABIANS, THOROUGHBREDS AND OTHER BREEDS AND DISCIPLINES. THE SHOWS ARE RECOGNIZED BY MANY NATIONAL EQUINE GROUPS, INCLUDING THE UNITED STATES EQUESTRIAN FEDERATION, AND SERVE COMPETITORS FROM A LARGE GEOGRAPHICAL AREA. FACILITY AND SHOW OPERATIONS--THE VIRGINIA HORSE CENTER IS A 573 ACRE STATE OF THE ART ENVIRONMENT FOR HORSE SHOWS AND OTHER EVENTS. THERE ARE CURRENTLY EIGHT BARNS TO ACCOMODATE 750 HORSES IN PERMANENT STABLING. APPROXIMATELY 1200 HORSES CAN BE ACCOMODATED IN PERMANENT AND TEMPORARY STABLING. THEIR PROXIMITY TO A 4,000 SEAT INDOOR COLISEUM ALLOWS THE EVENT CALENDAR TO EXTEND THROUGHOUT THE YEAR. THE CENTER HAS TWO LARGE ARENAS, ONE OF WHICH IS OLYMPIC LEVEL AND TWO CROSS-COUNTRY COURSES, INCLUDING FEI (INTERNATIONAL) LEVEL COURSES.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Glenn T Petty Chief Executive Officer | Officer | 40 | $175,000 |
Jeffry Sterba Treasurer | OfficerTrustee | 2 | $0 |
Roxanne Booth President | OfficerTrustee | 2 | $0 |
Elizabeth Mason Horsley Secretary | OfficerTrustee | 1 | $0 |
Kenneth Wheeler Jr Vice President | OfficerTrustee | 1 | $0 |
H E Derrick Jr Director | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $1,206,170 |
| All other contributions, gifts, grants, and similar amounts not included above | $695,163 |
| Noncash contributions included in lines 1a–1f | $50,252 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $1,901,333 |
| Total Program Service Revenue | $3,742,113 |
| Investment income | $4,356 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$3,761 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $433,080 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $6,089,538 |
| 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. | $175,000 |
| Compensation of current officers, directors, key employees. | $175,000 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $1,290,273 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $54,293 |
| Payroll taxes | $140,953 |
| Fees for services: Management | $86,706 |
| Fees for services: Legal | $5,750 |
| Fees for services: Accounting | $21,750 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $956,972 |
| Advertising and promotion | $10,514 |
| Office expenses | $5,374 |
| Information technology | $0 |
| Royalties | $107,335 |
| Occupancy | $251,877 |
| Travel | $201,326 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $404,690 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $804,548 |
| Insurance | $85,649 |
| All other expenses | $220,325 |
| Total functional expenses | $5,718,532 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,225,777 |
| Savings and temporary cash investments | $100,551 |
| Pledges and grants receivable | $218,525 |
| Accounts receivable, net | $84,912 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $110,434 |
| Prepaid expenses and deferred charges | $12,973 |
| Net Land, buildings, and equipment | $19,240,680 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $951,315 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $4,582 |
| Total assets | $21,949,749 |
| Accounts payable and accrued expenses | $449,951 |
| Grants payable | $0 |
| Deferred revenue | $100,995 |
| 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 | $10,438,430 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $322,360 |
| Total liabilities | $11,311,736 |
| Net assets without donor restrictions | $10,457,193 |
| Net assets with donor restrictions | $180,820 |
| 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 | $21,949,749 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that Virginia Horse Center Foundation has recieved totaling $15,000.
| Awarding Organization | Amount |
|---|---|
The Mcgue Millhiser Family Trust Richmond, VA PURPOSE: GENERAL USE | $15,000 |
Endowment Analysis
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Virginia Horse Center Foundation Lexington, VA | $21,949,749 | $6,089,538 |
United States Dressage Federation Inc Lexington, KY | $12,280,287 | $5,729,896 |
Upperville Colt & Horse Show Inc Upperville, VA | $4,423,395 | $3,060,055 |
National Horse Show Association Of America Ltd Lexington, KY | $1,577,659 | $2,858,029 |
Washington International Horseshow Association Ltd Annapolis, MD | $661,387 | $2,450,328 |
Meadowbrook Foundation Inc Chevy Chase, MD | $4,161,973 | $2,176,434 |
Kentucky Horse Park Foundation Inc Lexington, KY | $11,891,530 | $2,119,028 |
Maryland Thoroughbred Horsemans Association Owings Mills, MD | $1,933,805 | $1,645,385 |
Equestrian Events Inc Lexington, KY | $1,466,435 | $412,033 |
Virginia Gold Cup Association Inc Warrenton, VA | $148,262 | $1,262,964 |
Kentucky Horsemans Benevolent And Protective Association Inc Louisville, KY | $2,025,353 | $1,522,291 |
National Steeplechase Association Inc Elkton, MD | $2,246,962 | $1,167,801 |