Quarter Horse Racing Association Of Indiana Inc
- Assets
- $766.8k
- Revenue
- $1.1m
- Investments
- $0.0
- Employees
- 1
- Location
- Shelbyville, IN
- Founding
- 01/2011
- Data as of
- 12/2021
- EIN
- 35-1494271
Organization Overview
Quarter Horse Racing Association Of Indiana Inc is located in Shelbyville, IN. The organization was established in 2011. According to its NTEE Classification (S46) the organization is classified as: Boards of Trade, 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. Quarter Horse Racing Association Of Indiana Inc 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 12/2021, Quarter Horse Racing Association Of Indiana Inc generated $1.1m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 2.4% each year. All expenses for the organization totaled $1.1m during the year ending 12/2021. While expenses have increased by 2.2% 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
2021
Describe the Organization's Mission:
Part 3 - Line 1
THE ASSOCIATIONS MISSION IS TO PROMOTE THE GROWTH, AND ADVANCEMENT OF QUARTER HORSE RACING, BREEDING, AND OWNERSHIP IN INDIANA.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE ASSOCIATION HAS APPROXIMATELY 272 MEMBERS. THE ASSOCIATION NEGOTIATED AND EXECUTED CONTRACTS FOR THE 2021 RACING SEASON WITH THE INDIANA TRACKS; SUCCESSFULLY CONDUCTED THE ANNUAL STALLION SERVICE AUCTION (SSA) AND THE RELATED ANNUAL SSA FUTURITY RACES AND SSA DERBY RACES; AND PROMOTED THE COMMON BUSINESS INTERESTS OF THE INDIANA QUARTER HORSE INDUSTRY.
THE ASSOCIATION RECEIVED APPROVAL FROM THE INDIANA HORSE RACING COMMISSION TO BE A REGISTERED HORSEMENS ASSOCIATION TO RECEIVE FUNDS ON BEHALF OF INDIANA QUARTER HORSE HORSEMEN UNDER INDIANA CODE SECTION 4-35-7-12 FOR 2021. THE ACTIVITIES CONDUCTED IN 2021 WITH FUNDS RECEIVED PURSUANT TO IC 4-35-7-12 INCLUDE:EQUINE PROMOTION,EQUINE RESCUE,BENEVOLENCE,DENTAL AND OPTICAL PROGRAM,EMERGENCY ASSISTANCE,ACCIDENT INSURANCE,HORSEMENS ASSISTANCE,SCHOLARSHIPS,AND ADMINISTRATIVE EXPENSES.ALL FUNDS SPENT PURSUANT TO INDIANA CODE SECTION 4-35-7-12 MUST BE APPROVED BY, OR BE INCLUDED IN THE BUDGET APPROVED BY, THE INDIANA HORSE RACING COMMISSION.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Dianne Bennett Executive Director | OfficerTrustee | 40 | $39,800 |
Teresa Myers Secretary | OfficerTrustee | 2 | $6,000 |
Paul Martin President | OfficerTrustee | 2 | $0 |
James Hurley Treasurer | OfficerTrustee | 2 | $0 |
Chris Duke Vice President | OfficerTrustee | 2 | $0 |
Vick Conway 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 | $0 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $0 |
| Total Program Service Revenue | $1,133,971 |
| Investment income | $2,915 |
| 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 | $1,136,886 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $6,000 |
| Grants and other assistance to domestic individuals. | $33,365 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $39,800 |
| 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 | $3,134 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $20,015 |
| Fees for services: Lobbying | $16,400 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $40,600 |
| Advertising and promotion | $39,314 |
| Office expenses | $16,848 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $12,440 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $16,220 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $1,293 |
| Insurance | $2,313 |
| All other expenses | $23,283 |
| Total functional expenses | $1,086,669 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $184,655 |
| Savings and temporary cash investments | $320,846 |
| 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 | $0 |
| Net Land, buildings, and equipment | $215 |
| Investments—publicly traded securities | $258,987 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $2,139 |
| Other assets | $0 |
| Total assets | $766,842 |
| 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 | $0 |
| Other liabilities | $567,074 |
| Total liabilities | $567,074 |
| Net assets without donor restrictions | $0 |
| 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 | $199,768 |
| Total liabilities and net assets/fund balances | $766,842 |
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