Middleburg Spring Race Assoc Inc
- Assets
- $2.0m
- Revenue
- $686.2k
- Investments
- $0.0
- Employees
- 1
- Location
- Middleburg, VA
- Founding
- 03/1980
- Data as of
- 06/2022
- EIN
- 54-0801738
Organization Overview
Middleburg Spring Race Assoc Inc is located in Middleburg, VA. The organization was established in 1980. According to its NTEE Classification (N69) the organization is classified as: Equestrian, under the broad grouping of Recreation & Sports and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Middleburg Spring Race Assoc 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 06/2022, Middleburg Spring Race Assoc Inc generated $686.2k in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 8.3% each year. All expenses for the organization totaled $433.4k during the year ending 06/2022. While expenses have increased by 2.8% 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
HORSE RACES FOR THE BENEFIT OF LOCAL CHARITABLE ORGANIZATIONS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
HORSE RACES FOR THE BENEFIT OF LOCAL CHARITABLE ORGANIZATIONS.
HORSE RACES FOR THE BENEFIT OF LOCAL CHARITABLE ORGANIZATIONS
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Doug Fout President | OfficerTrustee | 1 | $0 |
Sharon Sheppard Chairman | OfficerTrustee | 1 | $0 |
Turner Reuter Vice President | OfficerTrustee | 1 | $0 |
Beverly Steinman Director | Trustee | 1 | $0 |
Guy Dove Director | Trustee | 1 | $0 |
Ned Grassi Director | Trustee | 1 | $0 |
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 | $358,552 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $358,552 |
| Total Program Service Revenue | $298,254 |
| Investment income | $26,932 |
| 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 | $686,163 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $30,505 |
| 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 | $41,270 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $2,375 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $5,573 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $81 |
| Fees for services: Other | $0 |
| Advertising and promotion | $0 |
| Office expenses | $3,185 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $17,500 |
| 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 | $6,500 |
| All other expenses | $0 |
| Total functional expenses | $433,370 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $280,116 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $38,884 |
| 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 | $0 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $1,673,145 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $1,992,145 |
| Accounts payable and accrued expenses | $0 |
| 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 | $2,250 |
| Other liabilities | $497 |
| Total liabilities | $2,747 |
| Net assets without donor restrictions | $1,989,398 |
| 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 | $1,992,145 |
Grants Awarded
Over the last fiscal year, Middleburg Spring Race Assoc Inc has awarded $38,850 in support to 3 organizations.
| Grant Recipient | Amount |
|---|---|
Fairfax, VA PURPOSE: COVID RELIEF | $17,000 |
Middleburg, VA PURPOSE: DONATION | $15,000 |
Middleburg, VA PURPOSE: COVID RELIEF | $6,850 |
Grants Recieved
Over the last fiscal year, we have identified 7 grants that Middleburg Spring Race Assoc Inc has recieved totaling $70,501.
| Awarding Organization | Amount |
|---|---|
Schwab Charitable Fund San Francisco, CA PURPOSE: HUMAN SERVICES | $50,001 |
Dun Foundation Middleburg, VA PURPOSE: PUBLIC CHARITY | $7,500 |
Dun Foundation Middleburg, VA PURPOSE: PUBLIC CHARITY | $5,000 |
Bank Of America Charitable Foundation Inc Charlotte, NC PURPOSE: OPERATIONAL SUPPORT | $2,500 |
Dun Foundation Middleburg, VA PURPOSE: PUBLIC CHARITY | $2,250 |
Dun Foundation Middleburg, VA PURPOSE: PUBLIC CHARITY | $2,250 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
United States Equestrian Federation Inc Lexington, KY | $38,278,605 | $34,125,705 |
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 |