2024-09-19T14:14:49-05:00 2023-12-31 910189318 MOSS ADAMS LLP 6565 AMERICAS PARKWAY NE STE 600 ALBUQUERQUE NM 87110 990 2023-01-01 850204494 NEW MEXICO HORSE BREEDERS ASSOCIATION NEWM 5052620224 4836 HARDWARE DRIVE NE STE B ALBUQUERQUE NM 87109 MARY BARBER EXECUTIVE DIRECTOR 5052620224 2024-09-19 1 1 STEVEN TALBOT P01695427 5058787200 2024-09-19 2023 2024-08-08 14:25:15Z TOM GONCHAROFF 4836 HARDWARE DRIVE NE STE B ALBUQUERQUE NM 87109 552534 0 X WWW.NMHORSEBREEDERS.COM X 1961 NM PROMOTE HORSE BREEDING AND HORSE RACING IN NEW MEXICO. 12 12 4 12 0 0 0 0 451492 428740 10075 10417 2300 20 463867 439177 0 0 0 0 186017 189124 0 0 0 256540 304985 442557 494109 21310 -54932 7489880 6748965 6535605 5820706 954275 928259 X PROMOTE THE BREEDING OF RACING QUARTER HORSES AND THOROUGHBREDS IN THE STATE OF NEW MEXICO. THE MISSION INCLUDES: ACTING AS OFFICIAL REGISTRAR FOR NEW MEXICO-BRED HORSES; ADMINISTERING THE INCENTIVE FUNDS; PROVIDING A VOICE FOR THE BREEDERS IN NEW MEXICO; AND PROMOTING THE WELFARE OF THE RACING HORSE IN THE STATE. 0 0 COMPILED DATA NEEDED TO CALCULATE INCENTIVE AWARDS AND DISTRIBUTED 1,238 AWARD CHECKS TO OWNERS AND BREEDERS OF NEW MEXICO-BRED HORSES, AS MANDATED BY STATE LAW. RECEIVED AND HELD IN CUSTODY FUNDS RECEIVED FROM TRACKS AND DISTRIBUTED FUNDS TO TRACKS FOR PURSE ENHANCEMENTS, AS MANDATED BY STATE LAW. REGISTERED 1,091 HORSES IN VARIOUS NEW MEXICO-BRED CATEGORIES, AS MANDATED BY STATE LAW. PROVIDED EDUCATIONAL AND INFORMATION SERVICES TO 1,215 MEMBERS, AS WELL AS TO THE GENERAL PUBLIC, REGARDING NEW MEXICO HORSE BREEDING AND HORSE RACING. MONITORED COMPLIANCE WITH THE EVA VACCINATION PROGRAM IN ACCORDANCE WITH STATE LAW AND IN CONJUNCTION WITH THE STATE LIVESTOCK BOARD. 0 0 0 1 0 0 0 0 0 1 0 0 1 1 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 807 0 1 4 1 0 0 0 0 1 1 0 0 0 X 12 12 0 0 0 0 1 1 1 1 0 0 0 1 1 1 1 1 1 1 0 0 X MARY BARBER 5052620224 4836 HARDWARE DRIVE NE STE B ALBUQUERQUE NM 87109 TOM GONCHAROFF PRESIDENT 3.00 X X 0 0 0 NORMA ALVAREZ 1ST VICE PRESIDENT 1.00 X X 0 0 0 NANCY SUMMERS 2ND VICE PRESIDENT 1.00 X X 0 0 0 BRIAN ANDERSON DIRECTOR 0.00 X 0 0 0 MARK BROWN DIRECTOR 0.00 X 0 0 0 DENISE CHAMBLISS DIRECTOR 0.00 X 0 0 0 C WARREN FRANKLIN DIRECTOR 0.00 X 0 0 0 DEBRA J LANEY DIRECTOR 0.00 X 0 0 0 MIKE LOGAN DIRECTOR 0.00 X 0 0 0 MAC MURRAY DIRECTOR 0.00 X 0 0 0 HELEN NAVE DIRECTOR 0.00 X 0 0 0 SUSIE PRATHER DIRECTOR 0.00 X 0 0 0 R PATRICK SANDERS JR DIRECTOR 0.00 X 0 0 0 MARY BARBER EXECUTIVE DIR SECRETARY, TREASURER 40.00 X 72707 0 27043 72707 0 27043 0 0 0 0 0 REGISTRATION FEES 900099 204640 204640 MEMBERSHIP DUES 900099 106205 106205 STATUTORY ADMIN FEES 900099 87264 87264 AUCTION PROCEEDS 900099 29451 29451 1180 1180 428740 11241 11241 112533 113357 -824 -824 -824 20 20 20 439177 428740 0 10437 99750 62614 7358 8616 10786 8503 49619 32950 30155 48970 29930 9268 4349 25901 10028 15065 PUBLICATIONS 27326 EQUIPMENT RENTAL & MAIN 8203 SILENT AUCTION EXPENSES 1849 REPAIRS & MAINTENANCE 1758 1111 494109 240768 187402 162749 271737 2404 7287 6806 2091 436787 198914 247655 237873 150904 71022 221327 231554 6457267 5739999 7489880 6748965 22735 25833 55149 54420 6457721 5740453 6535605 5820706 X 954275 928259 954275 928259 7489880 6748965 -54932 28916 0 X 0 1 X 0 0 1 0 0 30041 30041 304714 97912 206802 102032 101002 1030 237873 FUNDS HELD FOR OTHERS 5725544 RIGHT OF USE ASSET 14455 5739999 AGENCY FUNDS - PER NM STATUTES 5725544 LEASE LIABILITY 14909 5740453 X 468093 28916 28916 439177 0 439177 494109 0 494109 0 494109 PART X, LINE 2: THE ASSOCIATION HAS ADOPTED THE PROVISION OF ASC 740-10, ACCOUNTING FOR UNCERTAINTY IN INCOME TAXES. THE ASSOCIATION RECOGNIZES THE TAX (BENEFIT) EXPENSE FROM UNCERTAIN TAX POSITIONS ONLY IF IT IS MORE LIKELY THAN NOT THAT THE TAX POSITIONS WILL BE SUSTAINED ON EXAMINATION BY THE TAX AUTHORITIES, BASED ON THE TECHNICAL MERITS OF THE POSITION. ANY SUCH TAX (BENEFIT) EXPENSE IS MEASURED BASED ON THE LARGEST BENEFIT THAT HAS A GREATER THAN 50% LIKELIHOOD OF BEING REALIZED UPON ULTIMATE SETTLEMENT. THE ASSOCIATION HAD NO UNRECOGNIZED TAX BENEFITS AT THE YEAR ENDED DECEMBER 31, 2023. THE ASSOCIATION FILES AN EXEMPT ORGANIZATION RETURN WITH THE INTERNAL REVENUE SERVICE (IRS). IT IS NOT A "PRIVATE FOUNDATION" FOR TAX PURPOSES. THE ASSOCIATION HAD NO TAXABLE UNRELATED BUSINESS INCOME FOR THE YEAR ENDED DECEMBER 31, 2023. ACCORDINGLY, A PROVISION FOR INCOME TAXES HAS NOT BEEN ESTABLISHED IN THE ACCOMPANYING FINANCIAL STATEMENTS. THE ASSOCIATION'S OPEN AUDIT PERIODS ARE FOR THE FISCAL YEAR ENDED DECEMBER 31, 2020 AND THEREAFTER. FORM 990, PART VI, SECTION A, LINE 6 MEMBERS OF THE ASSOCIATION ELECT THE MEMBERS OF THE BOARD OF TRUSTEES AND MUST APPROVE ANY CHANGES TO THE BY-LAWS. MEMBERS DO NOT HAVE ANY RIGHTS TO THE ASSETS OF THE ASSOCIATION. FORM 990, PART VI, SECTION A, LINE 7A ASSOCIATION MEMBERS ELECT THE BOARD OF TRUSTEES MEMBERS AT THE ANNUAL MEMBERSHIP MEETING IN JANUARY. BOARD TERMS ARE STAGGERED SO THAT ONLY A PORTION OF THE BOARD IS UP FOR ELECTION AT ONE TIME. EACH MEMBER WHO IS CURRENT ON THEIR DUES MAY VOTE FOR THE BOARD MEMBERS. VOTING IS IN PERSON OR BY MAIL-IN BALLOT. AFTER THE BOARD MEMBERS ARE ELECTED, THE NEW BOARD MEETS TO ELECT THE OFFICERS. THIS IS ALSO DONE DURING THE ANNUAL MEETING. FORM 990, PART VI, SECTION A, LINE 7B MEMBERS ELECT THE BOARD OF TRUSTEES AND APPROVE ANY CHANGES TO BY-LAWS, DUES, FEE, ETC. DECISIONS TO BE VOTED ON MUST BE PUBLISHED TO THE MEMBERSHIP PRIOR TO THE MEETING. MEMBERS IN GOOD STANDING MAY VOTE ON THE DECISION AT THE MEETING OR BY MAIL-IN BALLOT. FORM 990, PART VI, SECTION A, LINE 8B NO DOCUMENTATION IS MADE FOR GOVERNING COMMITTEE MEETINGS OTHER THAN THE GENERAL BOARD OF TRUSTEES. NO COMMITTEE CAN ACT FOR THE BOARD. THE COMMITTEES DISCUSS ISSUES AND MAKE RECOMMENDATIONS TO THE BOARD ON ACTIONS TO BE TAKEN. THE ISSUES, RECOMMENDATIONS AND RELATED DISCUSSIONS ARE DOCUMENTED AS A PART OF THE BOARD MINUTES. FORM 990, PART VI, SECTION B, LINE 11B THE 990 IS BASED ON THE RESULTS OF THE ANNUAL FINANCIAL STATEMENTS. THE ANNUAL FINANCIAL STATEMENTS ARE REVIEWED WITH THE BOARD AT THE JUNE BOARD MEETING. THE BOARD HAS THE OPPORTUNITY TO QUESTION OR REQUEST REVISIONS TO THE FINANCIAL STATEMENTS AT THIS MEETING. THE PRESIDENT OF THE BOARD REVIEWS THE FORM 990 PRIOR TO FILING IT. BOARD MEMBERS ARE GIVEN A COPY OF THE FORM 990 FOR REVIEW PRIOR TO FILING. FORM 990, PART VI, SECTION B, LINE 12C EMPLOYEES ARE REQUIRED TO IDENTIFY WHETHER THEY OR THEIR FAMILY MEMBERS ARE MEMBERS OF THE ASSOCIATION AND WHETHER THEY OR THEIR FAMILY MEMBERS ARE ELIGIBLE TO RECEIVE OWNER/BREEDER AWARDS AND, IF SO, UNDER WHAT NAME(S). BOARD MEMBERS ARE ALSO REQUIRED TO DISCLOSE ANY RELATIONSHIP THEY MAY HAVE WITH AN ENTITY OR PERSON THAT COULD LEAD TO A CONFLICT OF INTEREST. THE BOARD REVIEWS THE CONFLICT OF INTEREST AND OTHER POLICIES EACH YEAR WHEN THE NEW BOARD MEMBERS ARE ELECTED. THIS REVIEW STRESSES THAT THE BOARD SHOULD NOT TAKE ANY ACTION TO BENEFIT THEMSELVES OR A RELATIVE. IF A BOARD MEMBER SUGGESTS DOING BUSINESS WITH A SPECIFIC VENDOR, THEY ARE QUESTIONED ABOUT THE REASON FOR THEIR PROPOSAL AND SPECIFICALLY ASKED IF THERE IS A RELATIONSHIP THAT WILL CAUSE THEM TO BENEFIT FROM THE TRANSACTION. BOARD MEMBERS MUST SIGN THE CONFLICT OF INTEREST POLICY TO INDICATE THEY UNDERSTAND AND WILL ABIDE BY THE POLICY. FORM 990, PART VI, SECTION B, LINE 15A THE BOARD OF TRUSTEES SETS THE COMPENSATION FOR THE EXECUTIVE DIRECTOR AND OTHER EMPLOYEES. COMPARABLE DATA IS USED TO DETERMINE SALARIES. WHEN SALARY CHANGES ARE CONSIDERED, AN INDEPENDENT ACCOUNTANT PROVIDES THE BOARD WITH THE COST OF PROVIDING RAISES TO ALL EMPLOYEES AT VARIOUS PERCENTAGE LEVELS AS WELL AS INFORMATION ON THE GENERAL COST OF LIVING INCREASE FOR THE YEAR. THE BOARD DISCUSSES THE ALTERNATIVES AND VOTES TO DETERMINE THE PERCENTAGE INCREASE, IF ANY, TO BE EFFECTIVE IN THE COMING YEAR. THE PROCESS IS THE SAME FOR ALL EMPLOYEES. FORM 990, PART VI, SECTION C, LINE 19 THE GOVERNING DOCUMENTS AND POLICIES ARE AVAILABLE TO THE PUBLIC ON WRITTEN REQUEST. THE DOCUMENTS ARE AVAILABLE FOR REVIEW AT THE ASSOCIATION'S OFFICE. DOCUMENTS CAN ALSO BE OBTAINED THROUGH THE NEW MEXICO RACING COMMISSION.