2024-11-15T15:54:32-06:00 2023-12-31 222706394 CLYNE EAGAN & ASSOCIATES 8 RIDGEDALE AVENUE CEDAR KNOLLS NJ 07927 990 2023-01-01 222529715 FAR HILLS RACE MEETING ASSOCIATION INC FARH 9082349115 50 ROUTE 202 PO BOX 617 FAR HILLS NJ 07931 GUY J TORSILIERI TRUSTEE,CO-CHAIR 9082349115 2024-11-14 1 0 CHARLES H EAGAN P00189624 9739939767 2023 2024-10-15 13:58:12Z GUY J TORSILIERI 50 ROUTE 202 PO BOX 617 FAR HILLS NJ 07931 3746063 0 X WWW.FARHILLSRACE.ORG X 1984 NJ THE ORGANIZATION HOLDS A ONE DAY STEEPLECHASE EVENT ANNUALLY. THE LARGEST INDIVIDUAL BENEFICIARY OF THE EVENT IS THE SOMERSET HEALTH CARE FOUNDATION, INC., A SECTION 501(C)(3) NON PROFIT ENTITY. AT THE DISCRETION OF THE BOARD OF TRUSTEES, THE ORGANIZATION ALSO SUPPORTS OTHER NON-PROFIT SECTION 501(C)(3) HEALTH CARE ENTITIES: CROSSROADS4HOPE, THE ARC OF SOMERSET COUNTY, COMMUNITY IN CRISIS, LIFECAMP, BONNIE BRAE AND STEEPLECHASE CANCER CENTER. 5 3 3 400 0 0 108193 38753 3515452 3319496 59881 31962 18000 18000 3701526 3408211 487800 465600 0 0 0 0 0 0 0 2735651 3243249 3223451 3708849 478075 -300638 7500434 7296695 6477 20218 7493957 7276477 X THE ORGANIZATION HOLDS A ONE DAY STEEPLECHASE EVENT ANNUALLY. THE LARGEST INDIVIDUAL BENEFICIARY OF THE EVENT IS THE SOMERSET HEALTH CARE FOUNDATION, INC., A SECTION 501(C)(3) NON PROFIT ENTITY. AT THE DISCRETION OF THE BOARD OF TRUSTEES, THE ORGANIZATION ALSO SUPPORTS OTHER NON-PROFIT SECTION 501(C)(3) HEALTH CARE ENTITIES: CROSSROADS4HOPE, THE ARC OF SOMERSET COUNTY, COMMUNITY IN CRISIS, LIFECAMP, BONNIE BRAE AND STEEPLECHASE CANCER CENTER. 0 0 3109873 465600 3351458 THE ORGANIZATION HOLDS A ONE DAY STEEPLECHASE EVENT ANNUALLY. THE LARGEST INDIVIDUAL BENEFICIARY OF THE EVENT IS THE SOMERSET HEALTH CARE FOUNDATION, INC., A SECTION 501(C)(3) NON PROFIT ENTITY. AT THE DISCRETION OF THE BOARD OF TRUSTEES, THE ORGANIZATION ALSO SUPPORTS OTHER NON-PROFIT SECTION 501(C)(3) HEALTH CARE ENTITIES: CROSSROADS4HOPE, THE ARC OF SOMERSET COUNTY, COMMUNITY IN CRISIS, LIFECAMP, BONNIE BRAE AND STEEPLECHASE CANCER CENTER. 3109873 1 1 0 0 0 0 0 0 0 1 1 1 0 0 1 1 1 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 1 31 0 1 3 1 0 0 0 0 1 0 1 1 0 0 0 0 0 0 0 X 5 3 1 0 0 0 0 0 0 1 1 0 0 1 1 1 1 0 0 0 0 0 NJ X RONALD KENNEDY AND GUY TORSILIERI 9082349115 50 ROUTE 202 FAR HILLS NJ 07931 X RONALD A KENNEDY TRUSTEE/CO-CHAIRMAN 10.00 X X 0 0 0 GUY J TORSILIERI TRUSTEE/CO-CHAIRMAN 10.00 X X 0 0 0 ANTHONY KNAPP TRUSTEE 1.00 X 0 0 0 DOUGLAS SCHER TRUSTEE 1.00 X 0 0 0 REESE E HOWARD JR TRUSTEE 1.00 X 0 0 0 JOHN MORRIS TRUSTEE 1.00 X 0 0 0 0 0 0 0 0 0 0 0 38753 38753 RESERVATIONS & ADMISSI 711210 2148740 2148740 OTHER 711210 438816 438816 TENT RENTALS 711210 378480 378480 CORPORATE SPONSORSHIP 711210 316500 316500 PARKING FEES 711210 36960 36960 3319496 62446 62446 18000 0 18000 18000 18000 307368 337852 -30484 -30484 -30484 3408211 3351458 0 18000 X 465600 465600 14268 14268 179379 179379 PURSES 635500 635500 COURSE & GROUNDS MAINTE 621504 621504 OFFICE & ADMINISTRATIVE 567927 567927 PUBLICITY/PUBLIC RELATI 252646 252646 972025 955244 16781 3708849 3109873 598976 0 699122 501294 362436 300000 33724 34766 7457269 2620004 4915958 4837265 1406796 1484730 82398 138640 7500434 7296695 4975 4641 14075 1502 1502 6477 20218 X 7493957 7276477 7493957 7276477 7500434 7296695 -300638 83158 0 X X 0 1 X 1 0 X 53244 53705 13540 108193 38753 267435 3177804 264083 3382881 3523352 3328146 13676266 3231048 317788 3396421 3631545 3366899 13943701 0 0 0 13943701 26360 35045 51960 77880 49963 241208 26360 35045 51960 77880 49963 241208 3257408 352833 3448381 3709425 3416862 14184909 0.98300 0.98430 0.01700 0.01570 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 1406796 77934 1484730 1460762 -53966 1406796 1265428 195334 1460762 1192536 72892 1265428 1015973 176563 1192536 1.00000 0 0 3138672 3138672 3674980 2132753 1542227 643617 487251 156366 4837265 CORPORATE BONDS 281487 F EQUITY SECURITIES 1124191 F CASH AND CASH EQUIVALENTS 79052 F 1484730 RENTAL SECURITY DEPOSIT 1502 1502 X 3485751 83158 8650 -14268 77540 3408211 0 3408211 3703231 8650 8650 3694581 14268 14268 3708849 PART X, LINE 2: THE ASSOCIATION IS A NONPROFIT ORGANIZATION EXEMPT FROM INCOME TAXES UNDER SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE. ACCORDINGLY, NO TAX PROVISION IS RECORDED IN THE ACCOMPANYING COMBINED FINANCIAL STATEMENTS. THE ASSOCIATION FOLLOWS THE PROVISIONS OF FASB ASC TOPIC 740-10, ACCOUNTING FOR INCOME TAXES, AND MANAGEMENT BELIEVES IT HAS NO MATERIAL UNCERTAIN TAX POSITIONS OR ANY RELATED PENALTIES AND INTEREST TO ACCRUE FOR THE YEARS ENDED DECEMBER 31, 2023 AND 2022. PART XI, LINE 2D - OTHER ADJUSTMENTS: INVESTMENT EXPENSES 1 SOMERSET HEALTH CARE FOUNDATION INC 110 REHILL AVENUE SOMERVILLE NJ 08876 223204408 501(C)(3) 395000 0 SUPPORT PROGRAMS & SERVICES OF SOMERSET HEALTH FOUNDATION, A 501(C)(3) ORGANIZATION. FAR HILLS-BEDMINSTER FIRE DEPARTMENT 100 MILLER LANE BEDMINSTER NJ 07921 222112978 501(C)(3) 30000 0 SUPPORT PROGRAMS & SERVICES OF FAR HILLS BEDMINSTER FIRE DEPART., A 501(C)(3) ORGANIZATION. FOUNDATION FOR MORRISTOWN MEDICAL CENTER 475 SOUTH STREET MORRISTOWN NJ 07960 223392808 501(C)(3) 20000 0 SUPPORT PROGRAMS & SERVICES OF FOUNDATION FOR MORRISTOWN MEDICAL CENTER, A 501(C)(3) ORGANIZATION. FAR HILLS-BEDMINSTER FIRST AID SQUAD INC 500 MAIN STREET BEDMINSTER NJ 07921 237023861 501(C)(3) 7500 0 SUPPORT PROGRAMS & SERVICES OF FAR HILLS BEDMINSTER FIRST AID SQUAD, A 501(C)(3) ORGANIZATION 4 PART I, LINE 2: ALL CONTRIBUTIONS MADE BY FAR HILLS RACE MEETING ASSOCIATION, INC. ARE TO QUALIFIED 501(C)(3) ORGANIZATONS AND ARE INTENDED TO MEET THE SPECIFIC CRITERIA DETAILED IN THE ASSOCIATION'S CERTIFICATE OF INCORPORATION. BOARD MEMBERS LIVE IN AND AROUND THE COMMUNITIES IN WHICH THE DONEE ORGANIZATIONS ARE LOCATED AND IN WHICH THEY OPERATE AND ARE FAMILIAR WITH THE GENERAL OPERATIONS OF EACH ENTITY. GUY TORSILIERI TRUSTEE & CO CHAIR 601192 SEE NOTETHE PROPERTY WHICH IS OWNED BY THE ORGANIZATION IS COMPRISED OF 230 ACRES WITHIN WHICH ARE THE FOLLOWING AREAS:- 25 ACRES STEEPLECHASE RACE TRACK MAINTAINED IN ACCORDANCE WITH STANDARDS OF THE NATIONAL STEEPLECHASE ASSOCIATION- 75 ACRES OF SPECTATOR GROUNDSGUY TOSILIERI IS PRESIDENT AND STOCKHOLDER OF TORSILIERI INC AND MANAGING MEMBER OF STERLING YARDS LLC TORSILIERI INC. HAS BEEN PROVIDING GROUNDS AND MAINTENANCE SERVICES TO THE ORGANIZATION FOR MORE THAN 40 YEARS. GUY TORSILIERI BECAME A TRUSTEE OF THE ORGANIZATION IN 1992.ALL INVOICES SUBMITTED BY TORSILIERI INC. TO THE ORGANIZATION ARE REVIEWED AND APPROVED BY TWO TRUSTEES OTHER THAN GUY TORSILIERI BEFORE THEY ARE PAID. TOTAL $601,192 0 RONALD KENNEDY TRUSTEE & CO CHAIR 720993 SEE NOTERONALD KENNEDY IS PRESIDENT AND STOCKHOLDER OF GLADSTONE DESIGN INC. ("GDI")GDI IS A PROFESSIONAL CONSULTING ENGINEERING FIRM AND LAND SURVEYOR AND PERFORMS SURVEYING, MAPPING OF THE RACE PROPERTY AND FACILITIES EACH YEAR COVERING ALL INFASTRUCTURE AND POSITION OF STRUCTURES IN AND AROUND THE RACE TRACK AND ACTUAL RACE TRACK SETUP. ALL INVOICES SUBMITTED BY GDI TO THE ORGANIZATION ARE REVIEWED AND APPROVED BY TWO TRUSTEES OTHER THAN GUY TORSILIERI AND/OR RON KENNEDY BEFORE THEY ARE PAID. TOTAL $720,993 0 FORM 990, PART VI, SECTION A, LINE 2 THERE IS A RELATIONSHIP BETWEEN TORSILIERI, INC., STERLING YARDS LLC AND GLADSTONE DESIGN, INC. GUY TORSILIERI IS A TRUSTEE AND CO-CHAIRMAN AND RONALD KENNEDY IS A TRUSTEE AND CO-CHAIRMAN OF FAR HILLS RACE MEETING ASSOCIATION. GUY TORSILIERI IS AN OFFICER OF TORSILIERI, INC. AND A MANAGING MEMBER IN STERLING YARDS LLC. RONALD KENNEDY IS AN OFFICER OF GLADSTONE DESIGN, INC. FORM 990, PART VI, SECTION B, LINE 11B A PARTNER FROM THE INDEPENDENT ACCOUNTING FIRM THAT AUDITS THE ORGANIZATION REVIEWED FORM 990 WITH THE CO-CHAIRS, GUY TORSILIERI AND RONALD KENNEDY, AFTER WHICH A COPY OF THE FORM 990 WAS GIVEN TO EACH BOARD MEMBER FOR THEIR DETAILED REVIEW AND QUESTIONS. FORM 990, PART VI, SECTION B, LINE 12C A FORMAL CONFLICT OF INTEREST POLICY WAS RATIFIED ON 5/15/08. COMPLIANCE IS MONITORED/ENFORCED VIA REQUIRED ANNUAL FILING OF A CONFLICT OF INTEREST DISCLOSURE FORM FROM EACH TRUSTEE. FORM 990, PART VI, SECTION C, LINE 19 THE ORGANIZATION MAKES ITS GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY AND FINANCIAL STATEMENTS AVAILABLE TO THE PUBLIC FOR INSPECTION. ALL NOTED INFORMATION IS AVAILABLE FOR INSPECTION BY REQUEST. FORM 990, PART VII CONTACT ADDRESSES FOR OFFICERS, DIRECTORS, ETC RONALD A. KENNEDY - 50 ROUTE 202, P.O. BOX 617, FAR HILLS, NJ 07931. GUY J. TORSILIERI - 50 ROUTE 202, P.O. BOX 617, FAR HILLS, NJ 07931. ANTHONY KNAPP - 50 ROUTE 202, P.O. BOX 617, FAR HILLS, NJ 07931. DOUGLAS SCHER - 50 ROUTE 202, P.O. BOX 617, FAR HILLS, NJ 07931. REESE E. HOWARD JR. - 50 ROUTE 202, P.O. BOX 617, FAR HILLS, NJ 07931. JOHN MORRIS - 50 ROUTE 202, P.O. BOX 617, FAR HILLS, NJ 07931. FORM 990, PART IX, LINE 24E SECURITY: PROGRAM SERVICE EXPENSES 242,494. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 242,494. RACE EXPENSES: PROGRAM SERVICE EXPENSES 208,931. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 208,931. TENT RENTALS: PROGRAM SERVICE EXPENSES 155,035. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 155,035. AUDIO, VIDEO EXPENSE: PROGRAM SERVICE EXPENSES 137,779. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 137,779. SANITARY BOOTHS: PROGRAM SERVICE EXPENSES 68,494. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 68,494. PRINTING: PROGRAM SERVICE EXPENSES 58,229. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 58,229. FLURRY: PROGRAM SERVICE EXPENSES 49,301. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 49,301. EQUIPMENT REPAIRS: PROGRAM SERVICE EXPENSES 34,981. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 34,981. REAL ESTATE TAXES: PROGRAM SERVICE EXPENSES 0. MANAGEMENT AND GENERAL EXPENSES 16,781. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 16,781. FORM 990 PART XII LINE 2C THE PROCESS HAS NOT CHANGED COMPARED TO PRIOR YEARS