Kentucky Colt Racing Association Inc
- Assets
- $0.0
- Revenue
- $653.3k
- Investments
- $0.0
- Employees
- 0
- Location
- Versailles, KY
- Founding
- Data as of
- 09/2019
- EIN
- 61-1233565
Organization Overview
Kentucky Colt Racing Association Inc is located in Versailles, KY. Kentucky Colt Racing Association 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 09/2019, Kentucky Colt Racing Association Inc generated $653.3k in total revenue. This organization has experienced exceptional growth, as over the past 4 years, it has increased revenue by an average of 54.9% each year . All expenses for the organization totaled $589.6k during the year ending 09/2019. While expenses have increased by 22.8% per year over the past 4 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
2019
Describe the Organization's Mission:
Part 3 - Line 1
THE KENTUCKY COLT ASSOCIATION WAS ESTABLISHED TO PROMOTE THE RACING OF TWO AND THREE YEAR OLD PACERS AND TROTTERS AT LOCAL COUNTY FAIRS AND TO PROMOTE PUBLIC INTEREST IN THE SPORT OF STANDARDBRED RACING.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE PURPOSE OF PROVIDING PURSESE IS TO PROMOTE HARNESS RACING IN THE COMMONWEALTH OF KENTUCKY BY PROVIDING A SOURCE OF MONEY TO LOCAL FAIRS SO THEY WILL BE ABLE TO CONDUCT HARNESS RACING DURING THEIR RESPECTIVE FAIR WEEK. THE PROMOTION OF RACING AT THE COUNTY FAIR LEVEL AND ESTABLING A RACING SERIES WILL SERVE TO STRENGTHEN THE HARNESS RACING INDUSTRY N THE COMMONWEALTH OF KENTUCKY.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Randy Jerrell President | Trustee | 5 | $0 |
Janet Napier Treasurer | Trustee | 10 | $0 |
Jack Gray Director | Trustee | 5 | $0 |
Jack Moris Director | Trustee | 5 | $0 |
Florence Lanier Director | Trustee | 5 | $0 |
Gabe Prewitt Director | Trustee | 5 | $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 | $653,325 |
| Investment income | $0 |
| 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 | $653,325 |
| 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 | $250 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $0 |
| Office expenses | $543 |
| Information technology | $0 |
| 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 | $0 |
| All other expenses | $1,897 |
| Total functional expenses | $589,590 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $0 |
| 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 | $0 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $0 |
| 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 | $0 |
| Total liabilities | $0 |
| Unrestricted restricted net Assets | $0 |
| Temporarily restricted net Assets | $0 |
| Permanently restricted net Assets or current funds | $0 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Total net assets or fund balances | $0 |