Iowa Quarter Horse Racing
- Assets
- $338.3k
- Revenue
- $0.0
- Investments
- $0.0
- Employees
- 0
- Location
- Adel, IA
- Founding
- 08/2003
- Data as of
- 12/2022
- EIN
- 42-1292717
Organization Overview
Iowa Quarter Horse Racing is located in Adel, IA. The organization was established in 2003. According to its NTEE Classification (S41) the organization is classified as: Chambers of Commerce & Business Leagues, 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. Iowa Quarter Horse Racing 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 12/2022, Iowa Quarter Horse Racing generated $106.5k in total revenue. This represents a relatively dramatic decline in revenue. Over the past 7 years, the organization has seen revenues fall by an average of (11.4%) each year. All expenses for the organization totaled $64.1k during the year ending 12/2022. As we would expect to see with falling revenues, expenses have declined by (14.4%) per year over the past 7 years. You can explore the organizations financials more deeply in the financial statements section below.
Form
990EZ
Mission & Program ActivityExcerpts From the 990EZ Filing
TAX YEAR
2022
Describe the Organization's Program Activity:
Part 3
TO PROMOTE THE BREEDING AND RACING OF QUARTER HORSES IN IOWA WITH THE RACING ASSOCIATION OF CENTRAL IOWA AND SPONSORING STAKES RACES, RECOGNIZING OUTSTANDING OWNERS AND BREEDERS, AND SPONSORING A YOUTH DAYS EVENT TO PROMOTE INTEREST IN QUARTER HORSES.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Butch Hammer Past President | 1 | $0 | |
Butch Bain Director | 1 | $0 | |
Chris Hovey Secretary | 20 | $5,000 | |
Jim Harvey Director | 1 | $0 | |
Tom Lepic President | 20 | $0 | |
Troi Mulford Treasurer | 20 | $6,998 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Total Revenue from Contributions, Gifts, Grants & Similar | $2,870 |
| Total Program Service Revenue | $101,688 |
| Membership dues | $0 |
| Investment income | $1,914 |
| Gain or Loss | $0 |
| Net Income from Gaming & Fundraising | $0 |
| Other Revenue | $0 |
| Total Revenue | $106,472 |
| Statement of Expenses | |
|---|---|
| Grants and similar amounts paid | $0 |
| Benefits paid to or for members | $0 |
| Salaries, other compensation, and employee benefits | $11,998 |
| Professional fees and other payments to independent contractors | $24,880 |
| Occupancy, rent, utilities, and maintenance | $0 |
| Printing, publications, postage, and shipping | $1,148 |
| Other expenses | $26,089 |
| Total expenses | $64,115 |
| Balance Sheet | |
|---|---|
| Cash, savings, and investments | $338,143 |
| Other assets | $0 |
| Total assets | $338,319 |
| Total liabilities | $0 |
| Net assets or fund balances | $338,319 |