Maryland Million Ltd
- Assets
- $1.3m
- Revenue
- $1.7m
- Investments
- $0.0
- Employees
- 0
- Location
- Reisterstown, MD
- Founding
- 02/1991
- Data as of
- 10/2023
- EIN
- 52-1405980
Organization Overview
Maryland Million Ltd is located in Reisterstown, MD. The organization was established in 1991. According to its NTEE Classification (S40) the organization is classified as: Business & Industry, under the broad grouping of Community Improvement & Capacity Building and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Maryland Million Ltd is a 501(c)(6) and as such, is described as a "Business League, Chambers of Commerce, or Real Estate Board" by the IRS.
For the year ending 10/2023, Maryland Million Ltd generated $1.7m in total revenue. The organization has seen a slow decline revenue. Over the past 8 years, revenues have fallen by an average of (0.2%) each year. All expenses for the organization totaled $1.6m during the year ending 10/2023. As we would expect to see with falling revenues, expenses have declined by (0.2%) per year over the past 8 years. 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
PROMOTION OF MARYLAND THOROUGHBRED HORSE BREEDING AND RACING INDUSTRY.
Describe the Organization's Program Activity:
Part 3 - Line 4a
MARYLAND MILLION DAY PROGRAM: A DAY OF RACING DESIGNED TO PROMOTE AND EDUCATE THE PUBLIC IN THOROUGHBRED RACING AND BREEDING. APPROXIMATELY 15,000 INDIVIDUALS PARTICIPATE.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
J William Boniface Director | Trustee | 3 | $0 |
William K Boniface Director | Trustee | 2 | $0 |
Michael J Harrison DVM Director | Trustee | 2 | $0 |
John Foster Director | Trustee | 2 | $0 |
Eh Worthington IV Director | Trustee | 2 | $0 |
Donald A Miller Jr Director | Trustee | 2 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $48,850 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $388,874 |
| All other contributions, gifts, grants, and similar amounts not included above | $0 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $437,724 |
| Total Program Service Revenue | $1,304,627 |
| Investment income | $4,665 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $1,747,016 |
| 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 | $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 | $26,505 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $9,875 |
| Office expenses | $5,113 |
| Information technology | $67 |
| 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 | $0 |
| Insurance | $7,404 |
| All other expenses | $27,284 |
| Total functional expenses | $1,604,543 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,000,943 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $294,541 |
| 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 | $2,970 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $39,450 |
| Total assets | $1,337,904 |
| Accounts payable and accrued expenses | $345,597 |
| 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 | $55,050 |
| Total liabilities | $400,647 |
| Net assets without donor restrictions | $937,257 |
| 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 | $1,337,904 |