Nonprofit · EIN 22-2529715
FAR HILLS RACE MEETING ASSOCIATION INC
Tax-exempt · FAR HILLS, NJ 07931
Financials
| Year ended | Form | Revenue | Expenses | Net income | Total assets | Liabilities | Net assets |
|---|---|---|---|---|---|---|---|
| December 31, 2024 | 990 | $4,118,168 | $3,874,395 | $243,773 | $7,834,017 | $160,600 | $7,673,417 |
| December 31, 2023 | 990 | $3,408,211 | $3,708,849 | -$300,638 | $7,296,695 | $20,218 | $7,276,477 |
Financial details: 990 for the year ended December 31, 2024
Revenue
- Contributions, gifts and grants
- $157,909
- of which government grants
- $122,068
- Program service revenue
- $3,807,385
- Investment income
- $134,874
- Net rental income
- $18,000
- Net gain from sales of assets
- $42,779
- Other revenue
- $18,000
Expenses
- Grants and similar amounts paid
- $492,300
- Salaries, compensation and benefits (total)
- $0
- Professional fundraising fees
- $0
- Depreciation
- $213,841
- Program services (functional)
- $3,247,117
- Management and general (functional)
- $627,278
Balance sheet and other
- Total assets, start of year
- $7,296,695
- Total assets, end of year
- $7,834,017
- Total liabilities, end of year
- $160,600
- Net assets, end of year
- $7,673,417
- Land, buildings and equipment
- $4,708,103
- Net assets without donor restrictions
- $7,673,417
- Gross receipts
- $4,571,899
- Employees
- 2
- Volunteers
- 400
- Year formed
- 1984
- State of legal domicile
- NJ
From the e-filed returns the IRS publishes as XML (latest three processing years; amended returns replace the original). PDF copies at the IRS.
Officers, directors and key employees
As listed on the 990 for the year ended December 31, 2024, highest compensation first.
| Name | Title | Hours / week | Compensation |
|---|---|---|---|
| RONALD A KENNEDY | TRUSTEE/CO-CHAIRMAN Trustee or director, Officer | 10 | $0 |
| GUY J TORSILIERI | TRUSTEE/CO-CHAIRMAN Trustee or director, Officer | 10 | $0 |
| ANTHONY KNAPP | TRUSTEE Trustee or director | 1 | $0 |
| DOUGLAS SCHER | TRUSTEE Trustee or director | 1 | $0 |
| REESE E HOWARD JR | TRUSTEE Trustee or director | 1 | $0 |
| JOHN MORRIS | TRUSTEE Trustee or director | 1 | $0 |
990 for the year ended December 31, 2023: 6 people
| Name | Title | Hours / week | Compensation |
|---|---|---|---|
| RONALD A KENNEDY | TRUSTEE/CO-CHAIRMAN Trustee or director, Officer | 10 | $0 |
| GUY J TORSILIERI | TRUSTEE/CO-CHAIRMAN Trustee or director, Officer | 10 | $0 |
| ANTHONY KNAPP | TRUSTEE Trustee or director | 1 | $0 |
| DOUGLAS SCHER | TRUSTEE Trustee or director | 1 | $0 |
| REESE E HOWARD JR | TRUSTEE Trustee or director | 1 | $0 |
| JOHN MORRIS | TRUSTEE Trustee or director | 1 | $0 |
Address and contacts
- Address (IRS master file)
- PO BOX 617, FAR HILLS, NJ 07931-0617
- Principal officer (990 for 2024)
- GUY J TORSILIERI, 50 ROUTE 202 PO BOX 617, FAR HILLS, NJ 07931
- Signed the 990
- GUY J TORSILIERI, TRUSTEE,CO-CHAIR
- Phone
- (908) 234-9115
- Website
- WWW.FARHILLSRACE.ORG
- Return prepared by
- CLYNE EAGAN & ASSOCIATES
Mission
THE ORGANIZATION HOLDS A ONE DAY STEEPLECHASE EVENT ANNUALLY. THE LARGEST INDIVIDUAL BENEFICIARY OF THE EVENT IS THE SOMERSET MEDICAL HEALTH CARE FOUNDATION, A RECOGNIZED SECTION 501(C)(3) NON PROFIT ENTITY. AT THE DISCRETION OF THE BOARD OF TRUSTEES, THE ORGANIZATION ALSO SUPPORTS OTHER RECOGNIZED SECTION 501(C)(3) NOT-FOR-PROFIT ORGANIZATIONS.
Program accomplishments
- THE ORGANIZATION HOLDS A ONE DAY STEEPLECHASE EVENT ANNUALLY. THE LARGEST INDIVIDUAL BENEFICIARY OF THE EVENT IS THE SOMERSET MEDICAL HEALTH CARE FOUNDATION, A RECOGNIZED SECTION 501(C)(3) NON PROFIT ENTITY. AT THE DISCRETION OF THE BOARD OF TRUSTEES, THE ORGANIZATION ALSO SUPPORTS OTHER RECOGNIZED SECTION 501(C)(3) NON-PROFIT ENTITIES.Expenses $3,247,117 · grants $492,300 · revenue $3,942,259
What it must file and when
IRS records say it files Form 990 or 990-EZ. Based on its last return; a smaller organization may file the 990-N. Its accounting year ends in December, so each return is due on the 15th day of the 5th month after that.
| Tax year | Year ended | Due | IRS public records |
|---|---|---|---|
| 2025 | December 31, 2025 | May 15, 2026 | Not on file |
| 2024 | December 31, 2024 | May 15, 2025 | 990 on file |
| 2023 | December 31, 2023 | May 15, 2024 | 990 on file |
IRS record
- EIN
- 22-2529715
- Tax-exempt status
- 501(c)(3): Charitable, religious, educational or scientific organization
- Foundation status
- Publicly supported organization (509(a)(2))
- Donations deductible (Pub 78)
- Public charity, 50% deduction limit
- Exempt since
- 1987
- Accounting year ends
- December
- Files
- Form 990 or 990-EZ
- Assets (IRS master file)
- $7,834,017
- Income (IRS master file)
- $4,571,899
Filing history
| Form | Year ended | Revenue | Expenses | Assets | Return |
|---|---|---|---|---|---|
| 990 | December 2024 | $4,118,168 | $3,874,395 | $7,834,017 | IRS |
| 990 | December 2023 | $3,408,211 | $3,708,849 | $7,296,695 | XML |
| 990 | December 2022 | $3,701,526 | $3,223,451 | $7,500,434 | IRS |
| 990 | December 2021 | – | – | – | IRS |
| 990 | December 2020 | – | – | – | IRS |
| 990 | December 2018 | – | – | – | IRS |
| 990 | December 2017 | – | – | – | IRS |
990-N: the IRS bulk file holds only the latest e-Postcard per organization; earlier years come from archived copies of that file since 2020 and can have gaps (the IRS e-Postcard search lists every one). 990, 990-EZ, 990-PF, 990-T: every e-filed return in the IRS e-file index since 2019; XML for the latest three processing years, amounts from the IRS Statistics of Income extracts before that. PDF copies and determination letters at the IRS (search EIN 22-2529715).
Questions about FAR HILLS RACE MEETING ASSOCIATION INC
- What is the EIN of FAR HILLS RACE MEETING ASSOCIATION INC?
- The employer identification number (EIN) of FAR HILLS RACE MEETING ASSOCIATION INC is 22-2529715.
- Is FAR HILLS RACE MEETING ASSOCIATION INC tax-exempt?
- Yes. The IRS lists it as tax-exempt under section 501(c)(3) since 1987.
- Are donations to FAR HILLS RACE MEETING ASSOCIATION INC tax-deductible?
- Yes. It is listed in IRS Publication 78 (Public charity, 50% deduction limit).
- Which annual return does FAR HILLS RACE MEETING ASSOCIATION INC file?
- Form 990 or 990-EZ. Based on its last return; a smaller organization may file the 990-N.
- When is the next return of FAR HILLS RACE MEETING ASSOCIATION INC due?
- The return for tax year 2025 (the year ending December 31, 2025) is due May 15, 2026. Form 8868 extends it by six months; the 990-N cannot be extended.
- When did FAR HILLS RACE MEETING ASSOCIATION INC last file with the IRS?
- The latest return in the IRS public files is the 990 for the year ended December 2024.
- Who is the principal officer of FAR HILLS RACE MEETING ASSOCIATION INC?
- The 990 for the year ended December 31, 2024 names GUY J TORSILIERI.
- Who are the officers and directors of FAR HILLS RACE MEETING ASSOCIATION INC?
- The 990 for the year ended December 31, 2024 lists 6 people; 0 received compensation from the organization.
- How much revenue does FAR HILLS RACE MEETING ASSOCIATION INC have?
- On its 990 for the year ended December 31, 2024 it reported revenue of $4,118,168, expenses of $3,874,395 and total assets of $7,834,017 at year end.
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