2025-09-12T09:31:10-05:00 2025-01-31 273858252 DEAN DORTON ALLEN FORD PLLC 250 W MAIN STREET STE 1400 LEXINGTON KY 40507 990 2024-02-01 133082904 BREEDERS' CUP LIMITED BREE 8594222615 215 WEST MAIN STREET SUITE 250 LEXINGTON KY 40507 CHAD SALTZMAN VICE PRESIDENT, FINANCE 8594222615 2025-09-09 1 0 ALLISON C CARTER P01242412 8592552341 2024 2025-03-06 01:10:19Z DREW FLEMING 215 WEST MAIN STREET SUITE 250 LEXINGTON KY 40507 54820767 0 X WWW.BREEDERSCUP.COM X 1980 NY TO CONDUCT THE BREEDERS' CUP WORLD CHAMPIONSHIPS AT THE HIGHEST LEVELS OF QUALITY, SAFETY AND INTEGRITY AND TO PROMOTE THE GROWTH OF THOROUGHBRED BREEDING, RACING AND SALES THROUGH PROACTIVE LEADERSHIP, INNOVATION AND SERVICE. 14 13 43 135 -25277 0 0 0 47148668 49259915 938660 1873762 25 328500 48087353 51462177 49020 3231 0 0 5411783 5484921 0 0 0 45786295 52464057 51247098 57952209 -3159745 -6490032 113159231 123730032 18100897 22666258 95058334 101063774 TO CONDUCT THE BREEDERS' CUP WORLD CHAMPIONSHIPS AT THE HIGHEST LEVELS OF QUALITY, SAFETY AND INTEGRITY AND TO PROMOTE THE GROWTH OF THOROUGHBRED BREEDING, RACING AND SALES THROUGH PROACTIVE LEADERSHIP, INNOVATION AND SERVICE. 0 0 THROUGH BREEDERS' CUP CHAMPIONSHIPS, BREEDERS' CUP CHALLENGE SERIES AND NOMINATIONS PROGRAM, BREEDERS' CUP LIMITED PROMOTES THE THOROUGHBRED INDUSTRY BY ENHANCING PUBLIC AWARENESS OF THOROUGHBRED RACING AND THE INDUSTRY IN GENERAL. TRACK PROMOTION OF BREEDERS' CUP RACES, TELEVISION, RADIO AND INTERNET PROMOTIONS, NEWSFEEDS, PRESS CONFERENCE, PRESS RELEASES, THE KENTUCKY HORSE PARK EXHIBIT, AND OTHER PROMOTIONAL CAMPAIGNS ARE ALL USED TO INCREASE PUBLIC AWARENESS AND PROMOTE THE THOROUGHBRED INDUSTRY. 0 0 0 0 0 0 0 0 0 1 1 0 0 0 1 0 1 0 0 1 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 1 1 1 0 1 256 0 1 43 1 0 0 0 0 0 0 0 0 X 14 13 1 0 0 0 1 1 1 1 1 0 0 1 1 1 1 1 1 1 1 0 X THE ORGANIZATION 8594222615 215 WEST MAIN STREET SUITE 250 LEXINGTON KY 40507 ROBERT DREW FLEMING PRESIDENT & CEO 40.00 1.00 X X 767483 0 24574 JOHN KEITT EXECUTIVE VP & COO 40.00 1.00 X 479326 0 43041 DORA J DELGADO EXECUTIVE VP & CHIEF RACING OFFICER 40.00 X 285310 0 38730 JUSTIN N MCDONALD EXECUTIVE VP & CHIEF MARKETING OFFICER 40.00 X 278917 0 46361 MICHAEL NEWMAN VP, CONTROLLER 40.00 X 40566 0 3385 CHAD SALTZMAN VP, CONTROLLER 40.00 X 130261 0 19785 SARAH REEVES CORPORATE SECRETARY 2.00 1.00 X 0 0 0 HEATHER HIGGINS SR VP CORPORATE PARTNERSHIPS 40.00 X 211993 0 33917 MICHAEL TODD SPARKS VP INFORMATION TECHNOLOGY & SOFTWARE SOLUTIONS 40.00 X 181249 0 39549 BRANDY HARMON SR VP TICKETING & OPERATIONS 40.00 X 183192 0 31838 STEPHANIE PALMIERI VP EVENTS 40.00 X 169691 0 20900 TIM SCHRAM VP ADMINISTRATION, SIMULCASTING 40.00 X 162554 0 20270 BARBARA BANKE CHAIRMAN 2.00 X 0 0 0 BRET JONES DIRECTOR 2.00 1.00 X 0 0 0 FRED W HERTRICH III DIRECTOR 2.00 1.00 X 0 0 0 ANTONY BECK DIRECTOR 2.00 X 0 0 0 WILLIAM S FARISH JR DIRECTOR 2.00 1.00 X 0 0 0 ALEX SOLIS II DIRECTOR 2.00 X 0 0 0 ELLIOTT WALDEN DIRECTOR 2.00 X 0 0 0 ALAN COOPER DIRECTOR 2.00 X 0 0 0 TOM RYAN DIRECTOR 2.00 X 0 0 0 GRAY LYSTER DIRECTOR 2.00 X 0 0 0 CLEM MURPHY DIRECTOR 2.00 X 0 0 0 ERIC GUSTAVSON DIRECTOR 2.00 X 0 0 0 WALKER HANCOCK DIRECTOR 2.00 X 0 0 0 2890542 0 322350 15 0 1 0 HAVOC LIVE LLC 1360 3 9TH ST STE 00 CLEVELAND OH 44114 ADVERTISING 2289072 TEX SUTTON EQUINE AIR TRANSPORTATION PO BOX 1066 LEXINGTON KY 40510 EQUINE TRANSPORTATION 924000 CURTIS STONE EVENTS 9171 WILSHIRE BLVD STE 300 BEVERLY HILLS CA 90210 EVENT PLANNING CONSULTANTS 831894 SPORTS MEDIA ADVISORS LLC 191 ELM STREET NEW CANAAN CT 06840 MEDIA CONSULTANT 360000 NEXT LEAGUE LLC 1359 BROADWAY RM 301 NEW YORK NY 10018 EVENT PLANNING CONSULTANTS 259959 8 NOMINATION FEES 900099 17370966 17370966 SIMULCAST REVENUE 900099 16173914 16173914 ENTRY FEES 900099 9395000 9395000 RIGHTS AND ROYALTIES 900099 4072651 4072651 HOST TRACK CONTRIBUTION 900099 2247384 2247384 49259915 666473 -25277 691750 1000 1000 4565879 3357967 623 1207912 -623 1207289 1207289 LEGAL SETTLEMENT PROCEEDS 900099 327500 327500 327500 51462177 49259915 -25277 2227539 3231 2157739 2458192 187370 392841 288779 297134 117568 385316 635198 7014060 400118 180959 597897 27304 475223 483347 243348 PURSE EXPENSE 36994987 TELEVISION EXPENSES 2236713 OTHER EVENT OPERATING E 1868201 DIRECT EVENT OPERATIONA 326191 180493 57952209 942955 226094 7897005 7791906 568276 779693 2075362 1238137 1077208 837225 61962431 73274851 26241106 35543901 2007396 1832503 12462854 3443859 113159231 123730032 3994697 1253150 6549284 6456978 7556916 14956130 18100897 22666258 X 95058334 101063774 95058334 101063774 113159231 123730032 X -6490032 12538785 -43313 X X 0 1 X 1 0 560175 191643 368532 1515187 1046494 468693 837225 YORKTOWN ENERGY 1852103 F VENTURE CAPITAL 9584420 F HEDGE FUNDS 13588185 F INVESTMENT IN BCP 10519193 F 35543901 X PART X, LINE 2: BREEDERS' CUP LIMITED IS EXEMPT FROM INCOME TAX UNDER INTERNAL REVENUE CODE 501(C)(6) (THE "CODE"), THOUGH IT IS SUBJECT TO TAX ON INCOME UNRELATED TO ITS EXEMPT PURPOSE, UNLESS THAT INCOME IS OTHERWISE EXCLUDED BY THE CODE. BREEDERS' CUP LIMITED HAS PROCESSES PRESENTLY IN PLACE TO ENSURE THE MAINTENANCE OF ITS TAX-EXEMPT STATUS; TO IDENTIFY AND REPORT UNRELATED INCOME; TO DETERMINE ITS FILING AND TAX OBLIGATIONS IN JURISDICTIONS FOR WHICH IT HAS NEXUS; AND TO IDENTIFY AND EVALUATE OTHER MATTERS THAT MAY BE CONSIDERED TAX POSITIONS. BREEDERS' CUP LIMITED HAS DETERMINED THAT THERE ARE NO MATERIAL UNCERTAIN TAX POSITIONS THAT REQUIRE RECOGNITION OR DISCLOSURE IN THE CONSOLIDATED FINANCIAL STATEMENTS. IN RESPECT TO ACCOUNTING FOR UNCERTAINTY IN INCOME TAXES, A TAX POSITION IS RECOGNIZED AS A BENEFIT ONLY IF IT IS "MORE LIKELY THAN NOT" THAT THE TAX POSITION WOULD BE SUSTAINED IN A TAX EXAMINATION, WITH A TAX EXAMINATION BEING PRESUMED TO OCCUR. THE AMOUNT RECOGNIZED IS THE LARGEST AMOUNT OF TAX BENEFIT THAT IS GREATER THAN 50% LIKELY OF BEING REALIZED ON EXAMINATION. FOR TAX POSITIONS NOT MEETING THE "MORE LIKELY THAN NOT" TEST, NO TAX BENEFIT IS RECORDED. EAST ASIA AND THE PACIFIC - AUSTRALIA, BRUNEI, BURMA, CAMBODIA, 0 0 PROGRAM SERVICES CONSULTING 68621 EUROPE (INCLUDING ICELAND & GREENLAND) - ALBANIA, ANDORRA, AUSTRIA, BELGIUM 0 0 PROGRAM SERVICES CONSULTING 120678 NORTH AMERICA - CANADA AND MEXICO, BUT NOT THE UNITED STATES 0 0 PROGRAM SERVICES CONSULTING 70078 EUROPE (INCLUDING ICELAND & GREENLAND) - ALBANIA, ANDORRA, AUSTRIA, BELGIUM 0 0 PROGRAM SERVICES NOMINATIONS 182875 EUROPE (INCLUDING ICELAND & GREENLAND) - ALBANIA, ANDORRA, AUSTRIA, BELGIUM 0 0 PROGRAM SERVICES PROMOTIONS 371928 EAST ASIA AND THE PACIFIC - AUSTRALIA, BRUNEI, BURMA, CAMBODIA, 0 0 PROGRAM SERVICES PROMOTIONS 2140078 EUROPE (INCLUDING ICELAND & GREENLAND) 0 0 INVESTMENTS 23389984 CENTRAL AMERICA AND THE CARIBBEAN 0 0 INVESTMENTS 23172605 EUROPE (INCLUDING ICELAND & GREENLAND) 0 0 PROGRAM INVESTEMENT 1092438 0 0 0 0 0 0 49516847 1092438 50609285 1 0 1 1 1 0 X X X X 0 0 0 ROBERT DREW FLEMING PRESIDENT & CEO 767483 0 0 0 0 0 24150 0 424 0 792057 0 0 0 JOHN KEITT EXECUTIVE VP & COO 479326 0 0 0 0 0 24150 0 18891 0 522367 0 0 0 DORA J DELGADO EXECUTIVE VP & CHIEF RACING OFFICER 285310 0 0 0 0 0 19839 0 18891 0 324040 0 0 0 JUSTIN N MCDONALD EXECUTIVE VP & CHIEF MARKETING OFFIC 278917 0 0 0 0 0 19776 0 26585 0 325278 0 0 0 CHAD SALTZMAN VP, CONTROLLER 130261 0 0 0 0 0 8625 0 11160 0 150046 0 0 0 HEATHER HIGGINS SR VP CORPORATE PARTNERSHIPS 211993 0 0 0 0 0 15026 0 18891 0 245910 0 0 0 MICHAEL TODD SPARKS VP INFORMATION TECHNOLOGY & SOFTWARE 181249 0 0 0 0 0 12964 0 26585 0 220798 0 0 0 BRANDY HARMON SR VP TICKETING & OPERATIONS 183192 0 0 0 0 0 12947 0 18891 0 215030 0 0 0 STEPHANIE PALMIERI VP EVENTS 169691 0 0 0 0 0 11853 0 9047 0 190591 0 0 0 TIM SCHRAM VP ADMINISTRATION, SIMULCASTING 162554 0 0 0 0 0 11223 0 9047 0 182824 0 0 0 FORM 990, PART VI, SECTION A, LINE 2 THE BOARD OF TRUSTEES AND DIRECTORS OF BREEDERS' CUP LIMITED CONSISTS PRIMARILY OF INDIVIDUALS INVOLVED IN MANY FACETS OF THE THOROUGHBRED INDUSTRY, INCLUDING THE BREEDING AND RACING OF THOROUGHBRED HORSES. BREEDERS' CUP LIMITED'S TRUSTEES AND DIRECTORS MAY OWN HORSES DIRECTLY OR THROUGH PARTNERSHIPS THAT ARE ELIGIBLE FOR BREEDERS' CUP PURSES OR AWARDS. CERTAIN TRUSTEES, DIRECTORS OR THEIR FARMS ARE MANAGERS WITH RESPECT TO CERTAIN STALLIONS AND FOALS THAT COLLECTIVELY GENERATE A MAJORITY OF THE STALLION AND FOAL NOMINATIONS FEES ON BEHALF OF BREEDERS' CUP LIMITED. DUE TO THE NATURE OF THE INDUSTRY, IT IS POSSIBLE THAT CERTAIN DIRECTORS COULD HAVE BUSINESS RELATIONSHIPS WITH ONE ANOTHER. FORM 990, PART VI, SECTION A, LINE 6 THE ORGANIZATION HAS MEMBERS WHO HAVE THE AUTHORITY TO ELECT THE GOVERNING BODY AND AMEND THE BYLAWS. FORM 990, PART VI, SECTION A, LINE 7A THERE ARE 43 MEMBERS. MEMBERS HAVE THE RIGHT TO CHANGE CORPORATE BYLAWS AND TO ELECT THE GOVERNING BODY. FORM 990, PART VI, SECTION A, LINE 7B DECISIONS REQUIRING APPROVAL BY MEMBERS INCLUDE ONLY CHANGES TO BYLAWS. FORM 990, PART VI, SECTION B, LINE 11B REVIEWED BY SENIOR FINANCIAL MANAGERS, FINANCE & AUDIT COMMITTEE, AND THE GOVERNING BODY DURING SEPTEMBER 2025. FORM 990, PART VI, SECTION B, LINE 12C CONFLICT OF INTEREST QUESTIONNAIRE IS COMPLETED BY EACH BOARD MEMBER ANNUALLY. EMPLOYEES ARE SUBJECT TO THE CONFLICT OF INTEREST POLICY AND ARE REQUIRED TO CONTACT THE HUMAN RESOURCES DEPARTMENT SHOULD A CONFLICT ARISE. POTENTIAL CONFLICTS ARE REVIEWED BY OUTSIDE LEGAL COUNSEL TO DETERMINE IF ADDITIONAL FOLLOWUP AND REVIEW IS APPROPRIATE. IF A CONFLICT IS IDENTIFIED, THE INDIVIDUALS INVOLVED IN THE CONFLICT MUST REMOVE THEMSELVES FROM THE DECISION MAKING PROCESS ASSOCIATED WITH THE CONFLICT. FORM 990, PART VI, SECTION B, LINE 15 A THIRD PARTY CONSULTANT REVIEWS COMPANY'S COMPENSATION FOR KEY MANAGEMENT EMPLOYEES. THE COMPENSATION COMMITTEE REVIEWS THE COMPANY'S ANNUAL COMPENSATION BUDGET PRIOR TO THE REVIEW AND APPROVAL OF COMPENSATION BY THE BOARD OF DIRECTORS. THE COMPENSATION COMMITTEE REVIEWS YEAR-END BONUSES FOR ALL EMPLOYEES. THE BOARD OF DIRECTORS REVIEWS AND APPROVES YEAR-END BONUSES FOR SENIOR MANAGER ON AN INDIVIDUAL BASIS. FORM 990, PART VI, SECTION C, LINE 19 GOVERNING DOCUMENTS AND POLICIES ARE AVAILABLE FOR REVIEW UPON REQUEST AT THE ORGANIZATION'S CORPORATE OFFICE AT THE DISCRETION OF THE BOARD OF DIRECTORS AND MANAGEMENT. FORM 990, PART XI, LINE 9: PRIOR PERIOD ADJUSTMENT -43,313. BREEDERS' CUP CHARITIES INC 215 WEST MAIN STREET SUITE 250 LEXINGTON KY 40507 262782404 FUNDRAISING DE 501(C)(3) LINE 7 BREEDERS' CUP LIMITED 1 BREEDERS' CUP PROPERTIES LLC 215 WEST MAIN STREET SUITE 250 LEXINGTON KY 40507 611348517 ADVERTISING DE BREEDERS' CUP LIMITED C 4469342 677593 1.00000 1 0 0 0 1 0 0 0 0 0 0 0 0 0 1 1 1 0 1 1 BREEDERS' CUP PROPERTIES LLC D 3433591 COST ALLOCATION BREEDERS' CUP PROPERTIES LLC N 279878 COST ALLOCATION BREEDERS' CUP PROPERTIES LLC O 222402 COST ALLOCATION