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VIRGINIA GOLD CUP ASSOCIATION INC: Form 990, tax year 2014

View the entire original 990 at ProPublica ↗

Organization
VIRGINIA GOLD CUP ASSOCIATION INC (EIN 54-0943990)
Tax period
2014-01-01 to 2014-12-31
Filed
2015-05-14
IRS object ID
201521349349305732
Schema version
2014v5.0
Source
Download XML · Original 990 at ProPublica

Every field in the e-filed return. Faint text is the IRS element name, for citing.

Return header ReturnHeader

FieldValueIRS element (for citing)
Return2015-05-14T14:38:00-05:00ReturnTs
Tax Period End2014-12-31TaxPeriodEndDt

Preparer Firm PreparerFirmGrp

FieldValueIRS element (for citing)
Preparer Firm EIN540737372PreparerFirmEIN

Preparer Firm Name PreparerFirmName

FieldValueIRS element (for citing)
Business Name Line1PBMARES LLPBusinessNameLine1Txt

Preparer US Address PreparerUSAddress

FieldValueIRS element (for citing)
Address Line129 CULPEPER STREETAddressLine1Txt
CityWARRENTONCityNm
State AbbreviationVAStateAbbreviationCd
ZIP20186ZIPCd
FieldValueIRS element (for citing)
Return Type990ReturnTypeCd
Tax Period Begin2014-01-01TaxPeriodBeginDt

Filer Filer

FieldValueIRS element (for citing)
EIN540943990EIN

Business Name BusinessName

FieldValueIRS element (for citing)
Business Name Line1VIRGINIA GOLD CUP ASSOCIATION INCBusinessNameLine1Txt
FieldValueIRS element (for citing)
Business Name ControlVIRGBusinessNameControlTxt
Phone5403472612PhoneNum

US Address USAddress

FieldValueIRS element (for citing)
Address Line1PO BOX 840AddressLine1Txt
CityWARRENTONCityNm
State AbbreviationVAStateAbbreviationCd
ZIP20188ZIPCd

Business Officer BusinessOfficerGrp

FieldValueIRS element (for citing)
PersonDR WILLIAM ALLISONPersonNm
Person TitlePRESIDENTPersonTitleTxt
Phone5403472612PhoneNum
Signature2015-05-07SignatureDt
Discuss With Paid PreparerYes (1)DiscussWithPaidPreparerInd

Preparer Person PreparerPersonGrp

FieldValueIRS element (for citing)
Preparer PersonDONALD W KNOTTS CPAPreparerPersonNm
PTINP00208667PTIN
Phone5403474970PhoneNum
Preparation2015-05-07PreparationDt
Self EmployedYes (X)SelfEmployedInd
FieldValueIRS element (for citing)
Tax2014TaxYr
Build TS2016-03-07 17:11:31ZBuildTS

Form 990 IRS990

FieldValueIRS element (for citing)
Principal OfficerDR WILLIAM ALLISONPrincipalOfficerNm

US Address USAddress

FieldValueIRS element (for citing)
Address Line1PO BOX 840AddressLine1Txt
CityWARRENTONCityNm
State AbbreviationVAStateAbbreviationCd
ZIP20188ZIPCd
FieldValueIRS element (for citing)
Gross Receipts$2,227,085GrossReceiptsAmt
Group Return For Affiliates0GroupReturnForAffiliatesInd
Organization501cYes (X)Organization501cInd
Website AddressWWW.VAGOLDCUP.COMWebsiteAddressTxt
Type Of Organization CorpYes (X)TypeOfOrganizationCorpInd
Formation1923FormationYr
Legal Domicile StateVALegalDomicileStateCd
Activity Or MissionTO ORGANIZE AND PROMOTE STEEPLECHASE RACES IN FAUQUIER COUNTY, VIRGINIA.ActivityOrMissionDesc
Voting Members Governing Body11VotingMembersGoverningBodyCnt
Voting Members Independent11VotingMembersIndependentCnt
Total Employee4TotalEmployeeCnt
Total Volunteers65TotalVolunteersCnt
Total Gross UBI$0TotalGrossUBIAmt
Net Unrelated Bus Txbl Incm$0NetUnrelatedBusTxblIncmAmt
PY Contributions Grants$0PYContributionsGrantsAmt
CY Contributions Grants$0CYContributionsGrantsAmt
PY Program Service Revenue$1,705,310PYProgramServiceRevenueAmt
CY Program Service Revenue$2,007,254CYProgramServiceRevenueAmt
PY Investment Income$2,912PYInvestmentIncomeAmt
CY Investment Income$11,064CYInvestmentIncomeAmt
PY Other Revenue-$50,071PYOtherRevenueAmt
CY Other Revenue-$65,639CYOtherRevenueAmt
PY Total Revenue$1,658,151PYTotalRevenueAmt
CY Total Revenue$1,952,679CYTotalRevenueAmt
PY Grants And Similar Paid$1,775PYGrantsAndSimilarPaidAmt
CY Grants And Similar Paid$7,896CYGrantsAndSimilarPaidAmt
PY Benefits Paid To Members$0PYBenefitsPaidToMembersAmt
CY Benefits Paid To Members$0CYBenefitsPaidToMembersAmt
PY Salaries Comp Emp Bnft Paid$198,529PYSalariesCompEmpBnftPaidAmt
CY Salaries Comp Emp Bnft Paid$188,425CYSalariesCompEmpBnftPaidAmt
PY Total Prof Fndrsng Expns$0PYTotalProfFndrsngExpnsAmt
CY Total Prof Fndrsng Expns$0CYTotalProfFndrsngExpnsAmt
CY Total Fundraising Expense$0CYTotalFundraisingExpenseAmt
PY Other Expenses$1,457,689PYOtherExpensesAmt
CY Other Expenses$1,711,673CYOtherExpensesAmt
PY Total Expenses$1,657,993PYTotalExpensesAmt
CY Total Expenses$1,907,994CYTotalExpensesAmt
PY Revenues Less Expenses$158PYRevenuesLessExpensesAmt
CY Revenues Less Expenses$44,685CYRevenuesLessExpensesAmt
Total Assets BOY$359,574TotalAssetsBOYAmt
Total Assets EOY$364,866TotalAssetsEOYAmt
Total Liabilities BOY$53,996TotalLiabilitiesBOYAmt
Total Liabilities EOY$55,592TotalLiabilitiesEOYAmt
Net Assets Or Fund Balances BOY$305,578NetAssetsOrFundBalancesBOYAmt
Net Assets Or Fund Balances EOY$309,274NetAssetsOrFundBalancesEOYAmt
Info In Schedule O Part IIIYes (X)InfoInScheduleOPartIIIInd
MissionTHE VIRGINIA GOLD CUP ASSOCIATION WAS ORGANIZED IN 1922 TO STIMULATE INTEREST IN AND TO PROMOTE STEEPLECHASE RACING IN VIRGINIA. THE ASSOCIATION STRIVES TO PROVIDE AN ENVIRONMENT FOR SOCIAL RECREATION, WHERE OBSERVERS CAN ENJOY THE ENTERTAINMENT OF STEEPLECHASE RACING. VGCA ENCOURAGES SPORTSMANSHIP AND GOOD FELLOWSHIP AMONG THOSE PERSONS PARTICIPATING IN THE SPORT. FURTHERMORE, THE ASSOCIATION IS DEDICATED TO MAINTAINING A FACILITY FOR HOLDING STEEPLECHASE RACES.MissionDesc
Significant New Program Srvc0SignificantNewProgramSrvcInd
Significant Change0SignificantChangeInd
Expense$1,585,740ExpenseAmt
Revenue$2,019,362RevenueAmt
DescTHE ORGANIZATION ORGANIZES AND PROMOTES TWO ANNUAL STEEPLECHASE RACES IN FAUQUIER COUNTY, VIRGINIADesc

Prog Srvc Accom Acty2 ProgSrvcAccomActy2Grp

FieldValueIRS element (for citing)
Expense$7,896ExpenseAmt
Grant$7,896GrantAmt
DescCONTRIBUTIONS TO LOCAL NON-PROFIT ORGANIZATIONSDesc
FieldValueIRS element (for citing)
Total Program Service Expenses$1,593,636TotalProgramServiceExpensesAmt
Described In Section501c30DescribedInSection501c3Ind
Schedule B Required0ScheduleBRequiredInd
Political Campaign Acty0PoliticalCampaignActyInd
Subject To Proxy Tax0SubjectToProxyTaxInd
Donor Advised Fund0DonorAdvisedFundInd
Conservation Easements0ConservationEasementsInd
Collections Of Art0CollectionsOfArtInd
Credit Counseling0CreditCounselingInd
Temp Or Permanent Endowments0TempOrPermanentEndowmentsInd
Report Land Building EquipmentYes (1)ReportLandBuildingEquipmentInd
Report Investments Other Sec0ReportInvestmentsOtherSecInd
Report Program Related Invst0ReportProgramRelatedInvstInd
Report Other Assets0ReportOtherAssetsInd
Report Other Liabilities0ReportOtherLiabilitiesInd
Include FIN48 FootnoteYes (1)IncludeFIN48FootnoteInd
Independent Audit Fincl Stmt0IndependentAuditFinclStmtInd
Consolidated Audit Fincl Stmt0ConsolidatedAuditFinclStmtInd
School Operating0SchoolOperatingInd
Foreign Office0ForeignOfficeInd
Foreign Activities0ForeignActivitiesInd
More Than5000 K To Org0MoreThan5000KToOrgInd
More Than5000 K To Individuals0MoreThan5000KToIndividualsInd
Professional Fundraising0ProfessionalFundraisingInd
Fundraising Activities0FundraisingActivitiesInd
Gaming ActivitiesYes (1)GamingActivitiesInd
Operate Hospital0OperateHospitalInd
Grants To Organizations0GrantsToOrganizationsInd
Grants To Individuals0GrantsToIndividualsInd
Schedule J Required0ScheduleJRequiredInd
Tax Exempt Bonds0TaxExemptBondsInd
Engaged In Excess Benefit Trans0EngagedInExcessBenefitTransInd
PY Excess Benefit Trans0PYExcessBenefitTransInd
Loan Outstanding0LoanOutstandingInd
Grant To Related Person0GrantToRelatedPersonInd
Business Rln With Org Mem0BusinessRlnWithOrgMemInd
Business Rln With Fam Mem0BusinessRlnWithFamMemInd
Business Rln With Officer Ent0BusinessRlnWithOfficerEntInd
Deductible Non Cash Contri0DeductibleNonCashContriInd
Deductible Art Contribution0DeductibleArtContributionInd
Terminate Operations0TerminateOperationsInd
Partial Liquidation0PartialLiquidationInd
Disregarded Entity0DisregardedEntityInd
Related Entity0RelatedEntityInd
Related Organization Ctrl Ent0RelatedOrganizationCtrlEntInd
Activities Conducted Prtshp0ActivitiesConductedPrtshpInd
Schedule O RequiredYes (1)ScheduleORequiredInd
IRP Document28IRPDocumentCnt
IRP Document W2 G0IRPDocumentW2GCnt
Backup Wthld ComplianceYes (1)BackupWthldComplianceInd
Employee4EmployeeCnt
Employment Tax Returns FiledYes (1)EmploymentTaxReturnsFiledInd
Unrelated Bus Incm Over Limit0UnrelatedBusIncmOverLimitInd
Foreign Financial Account0ForeignFinancialAccountInd
Prohibited Tax Shelter Trans0ProhibitedTaxShelterTransInd
Taxable Party Notification0TaxablePartyNotificationInd
Nondeductible Contributions0NondeductibleContributionsInd
Quid Pro Quo Contributions0QuidProQuoContributionsInd
Form8282 Property Disposed Of0Form8282PropertyDisposedOfInd
Indoor Tanning Services0IndoorTanningServicesInd
Info In Schedule O Part VIYes (X)InfoInScheduleOPartVIInd
Governing Body Voting Members11GoverningBodyVotingMembersCnt
Independent Voting Member11IndependentVotingMemberCnt
Family Or Business Rln0FamilyOrBusinessRlnInd
Delegation Of Mgmt Duties0DelegationOfMgmtDutiesInd
Change To Org Documents0ChangeToOrgDocumentsInd
Material Diversion Or Misuse0MaterialDiversionOrMisuseInd
Members Or StockholdersYes (1)MembersOrStockholdersInd
Election Of Board MembersYes (1)ElectionOfBoardMembersInd
Decisions Subject To ApprovaYes (1)DecisionsSubjectToApprovaInd
Minutes Of Governing BodyYes (1)MinutesOfGoverningBodyInd
Minutes Of CommitteesYes (1)MinutesOfCommitteesInd
Officer Mailing Address0OfficerMailingAddressInd
Local Chapters0LocalChaptersInd
Form990 Provided To Gvrn Body0Form990ProvidedToGvrnBodyInd
Conflict Of Interest Policy0ConflictOfInterestPolicyInd
Whistleblower Policy0WhistleblowerPolicyInd
Document Retention PolicyYes (1)DocumentRetentionPolicyInd
Compensation Process CEO0CompensationProcessCEOInd
Compensation Process OtherYes (1)CompensationProcessOtherInd
Investment In Joint Venture0InvestmentInJointVentureInd
Upon RequestYes (X)UponRequestInd

Books In Care Of Detail BooksInCareOfDetail

Business Name BusinessName

FieldValueIRS element (for citing)
Business Name Line1ACCOUNTANTBusinessNameLine1Txt
FieldValueIRS element (for citing)
Phone5403472612PhoneNum

US Address USAddress

FieldValueIRS element (for citing)
Address Line190 MAIN STREETAddressLine1Txt
CityWARRENTONCityNm
State AbbreviationVAStateAbbreviationCd
ZIP20186ZIPCd
FieldValueIRS element (for citing)
No Listed Persons CompensatedYes (X)NoListedPersonsCompensatedInd

Form990 Part VII Section A Form990PartVIISectionAGrp (11 entries)

TitleTitleTxtAverage Hours Per WeekAverageHoursPerWeekRtIndividual Trustee Or DirectorIndividualTrusteeOrDirectorIndOfficerOfficerIndReportable Comp From OrgReportableCompFromOrgAmtReportable Comp From Rltd OrgReportableCompFromRltdOrgAmtOther CompensationOtherCompensationAmt
WILLIAM ALLISON
PRESIDENT15.00Yes (X)Yes (X)$0$0$0
ERNEST M OARE
VICE PRES.0.20Yes (X)Yes (X)$0$0$0
WAYNE EASTHAM
TREASURER2.00Yes (X)Yes (X)$0$0$0
MARSHALL D DOELLER
SECRETARY1.00Yes (X)Yes (X)$0$0$0
LANGHORNE BOND
BOARD MEMBER0.20Yes (X)$0$0$0
MARGARET LITTLETON
BOARD MEMBER0.20Yes (X)$0$0$0
WILLIAM G PRIME
BOARD MEMBER0.20Yes (X)$0$0$0
RICK GERHARDT
BOARD MEMBER0.20Yes (X)$0$0$0
DON YOVANOVICH
BOARD MEMBER0.20Yes (X)$0$0$0
ALFRED GRIFFIN
BOARD MEMBER0.20Yes (X)$0$0$0
CHARLES SEILHEIMER
BOARD MEMBER0.20Yes (X)$0$0$0
FieldValueIRS element (for citing)
Total Reportable Comp From Org$0TotalReportableCompFromOrgAmt
Tot Reportable Comp Rltd Org$0TotReportableCompRltdOrgAmt
Total Other Compensation$0TotalOtherCompensationAmt
Indiv Rcvd Greater Than100 K0IndivRcvdGreaterThan100KCnt
Former Ofcr Employees Listed0FormerOfcrEmployeesListedInd
Total Comp Greater Than150 K0TotalCompGreaterThan150KInd
Compensation From Other Srcs0CompensationFromOtherSrcsInd
Cntrct Rcvd Greater Than100 K0CntrctRcvdGreaterThan100KCnt

Program Service Revenue ProgramServiceRevenueGrp (2 entries)

DescDescBusinessBusinessCdTotal Revenue ColumnTotalRevenueColumnAmtRelated Or Exempt Func IncomeRelatedOrExemptFuncIncomeAmt
VIRGINIA GOLD CUP (SPR711210$1,411,439$1,411,439
INTERNATIONAL GOLD CUP711210$595,815$595,815
FieldValueIRS element (for citing)
Total Program Service Revenue$2,007,254TotalProgramServiceRevenueAmt

Investment Income InvestmentIncomeGrp

FieldValueIRS element (for citing)
Total Revenue Column$9,407TotalRevenueColumnAmt
Exclusion$9,407ExclusionAmt

Gross Amount Sales Assets GrossAmountSalesAssetsGrp

FieldValueIRS element (for citing)
Securities$121,098SecuritiesAmt

Less Cost Oth Basis Sales Expnss LessCostOthBasisSalesExpnssGrp

FieldValueIRS element (for citing)
Securities$119,441SecuritiesAmt

Gain Or Loss GainOrLossGrp

FieldValueIRS element (for citing)
Securities$1,657SecuritiesAmt

Net Gain Or Loss Investments NetGainOrLossInvestmentsGrp

FieldValueIRS element (for citing)
Total Revenue Column$1,657TotalRevenueColumnAmt
Exclusion$1,657ExclusionAmt
FieldValueIRS element (for citing)
Gaming Gross Income$60,160GamingGrossIncomeAmt
Gaming Direct Expenses$137,907GamingDirectExpensesAmt

Net Income From Gaming NetIncomeFromGamingGrp

FieldValueIRS element (for citing)
Total Revenue Column-$77,747TotalRevenueColumnAmt
Exclusion-$77,747ExclusionAmt
FieldValueIRS element (for citing)
Gross Sales Of Inventory$29,166GrossSalesOfInventoryAmt
Cost Of Goods Sold$17,058CostOfGoodsSoldAmt

Net Income Or Loss NetIncomeOrLossGrp

FieldValueIRS element (for citing)
Total Revenue Column$12,108TotalRevenueColumnAmt
Related Or Exempt Func Income$12,108RelatedOrExemptFuncIncomeAmt

Total Revenue TotalRevenueGrp

FieldValueIRS element (for citing)
Total Revenue Column$1,952,679TotalRevenueColumnAmt
Related Or Exempt Func Income$2,019,362RelatedOrExemptFuncIncomeAmt
Unrelated Business Revenue$0UnrelatedBusinessRevenueAmt
Exclusion-$66,683ExclusionAmt

Grants To Domestic Orgs GrantsToDomesticOrgsGrp

FieldValueIRS element (for citing)
Total$7,896TotalAmt
Program Services$7,896ProgramServicesAmt

Other Salaries And Wages OtherSalariesAndWagesGrp

FieldValueIRS element (for citing)
Total$159,333TotalAmt
Management And General$159,333ManagementAndGeneralAmt

Pension Plan Contributions PensionPlanContributionsGrp

FieldValueIRS element (for citing)
Total$4,780TotalAmt
Management And General$4,780ManagementAndGeneralAmt

Other Employee Benefits OtherEmployeeBenefitsGrp

FieldValueIRS element (for citing)
Total$11,079TotalAmt
Management And General$11,079ManagementAndGeneralAmt

Payroll Taxes PayrollTaxesGrp

FieldValueIRS element (for citing)
Total$13,233TotalAmt
Management And General$13,233ManagementAndGeneralAmt

Fees For Services Legal FeesForServicesLegalGrp

FieldValueIRS element (for citing)
Total$32,408TotalAmt
Management And General$32,408ManagementAndGeneralAmt

Fees For Services Accounting FeesForServicesAccountingGrp

FieldValueIRS element (for citing)
Total$12,753TotalAmt
Management And General$12,753ManagementAndGeneralAmt

Office Expenses OfficeExpensesGrp

FieldValueIRS element (for citing)
Total$14,657TotalAmt
Management And General$14,657ManagementAndGeneralAmt

Information Technology InformationTechnologyGrp

FieldValueIRS element (for citing)
Total$4,781TotalAmt
Management And General$4,781ManagementAndGeneralAmt

Occupancy OccupancyGrp

FieldValueIRS element (for citing)
Total$34,678TotalAmt
Management And General$34,678ManagementAndGeneralAmt

Travel TravelGrp

FieldValueIRS element (for citing)
Total$4,784TotalAmt
Program Services$4,784ProgramServicesAmt

Interest InterestGrp

FieldValueIRS element (for citing)
Total$320TotalAmt
Management And General$320ManagementAndGeneralAmt

Depreciation Depletion DepreciationDepletionGrp

FieldValueIRS element (for citing)
Total$25,761TotalAmt
Management And General$25,761ManagementAndGeneralAmt

Insurance InsuranceGrp

FieldValueIRS element (for citing)
Total$27,731TotalAmt
Program Services$27,156ProgramServicesAmt
Management And General$575ManagementAndGeneralAmt

Other Expenses OtherExpensesGrp (4 entries)

DescDescTotalTotalAmtProgram ServicesProgramServicesAmt
DIRECT RACE EXPENSES$953,006$953,006
WINNINGS PAID$490,798$490,798
PROMOTIONS FOR RACES$89,704$89,704
OTHER RACE EXPENSES$20,292$20,292

Total Functional Expenses TotalFunctionalExpensesGrp

FieldValueIRS element (for citing)
Total$1,907,994TotalAmt
Program Services$1,593,636ProgramServicesAmt
Management And General$314,358ManagementAndGeneralAmt
Fundraising$0FundraisingAmt

Cash Non Interest Bearing CashNonInterestBearingGrp

FieldValueIRS element (for citing)
BOY$52,574BOYAmt
EOY$51,010EOYAmt

Savings And Temp Cash Invst SavingsAndTempCashInvstGrp

FieldValueIRS element (for citing)
BOY$57,084BOYAmt
EOY$53,672EOYAmt

Inventories For Sale Or Use InventoriesForSaleOrUseGrp

FieldValueIRS element (for citing)
BOY$7,000BOYAmt
EOY$10,825EOYAmt
FieldValueIRS element (for citing)
Land Bldg Equip Cost Or Other Bss$88,367LandBldgEquipCostOrOtherBssAmt
Land Bldg Equip Accum Deprec$73,181LandBldgEquipAccumDeprecAmt

Land Bldg Equip Basis Net LandBldgEquipBasisNetGrp

FieldValueIRS element (for citing)
BOY$18,086BOYAmt
EOY$15,186EOYAmt

Investments Pub Traded Sec InvestmentsPubTradedSecGrp

FieldValueIRS element (for citing)
BOY$123,352BOYAmt
EOY$141,280EOYAmt

Intangible Assets IntangibleAssetsGrp

FieldValueIRS element (for citing)
BOY$100,978BOYAmt
EOY$92,393EOYAmt

Other Assets Total OtherAssetsTotalGrp

FieldValueIRS element (for citing)
BOY$500BOYAmt
EOY$500EOYAmt

Total Assets TotalAssetsGrp

FieldValueIRS element (for citing)
BOY$359,574BOYAmt
EOY$364,866EOYAmt

Accounts Payable Accr Expnss AccountsPayableAccrExpnssGrp

FieldValueIRS element (for citing)
BOY$15,646BOYAmt
EOY$20,592EOYAmt

Deferred Revenue DeferredRevenueGrp

FieldValueIRS element (for citing)
EOY$35,000EOYAmt

Mortg Notes Pybl Scrd Invst Prop MortgNotesPyblScrdInvstPropGrp

FieldValueIRS element (for citing)
BOY$38,350BOYAmt
EOY$0EOYAmt

Total Liabilities TotalLiabilitiesGrp

FieldValueIRS element (for citing)
BOY$53,996BOYAmt
EOY$55,592EOYAmt
FieldValueIRS element (for citing)
Organization Follows SFAS117Yes (X)OrganizationFollowsSFAS117Ind

Unrestricted Net Assets UnrestrictedNetAssetsGrp

FieldValueIRS element (for citing)
BOY$305,578BOYAmt
EOY$309,274EOYAmt

Total Net Assets Fund Balance TotalNetAssetsFundBalanceGrp

FieldValueIRS element (for citing)
BOY$305,578BOYAmt
EOY$309,274EOYAmt

Tot Liab Net Assets Fund Balance TotLiabNetAssetsFundBalanceGrp

FieldValueIRS element (for citing)
BOY$359,574BOYAmt
EOY$364,866EOYAmt
FieldValueIRS element (for citing)
Info In Schedule O Part XIYes (X)InfoInScheduleOPartXIInd
Reconcilation Revenue Expnss$44,685ReconcilationRevenueExpnssAmt
Net Unrlzd Gains Losses Invst$3,687NetUnrlzdGainsLossesInvstAmt
Prior Period Adjustments-$6,852PriorPeriodAdjustmentsAmt
Other Changes In Net Assets-$37,824OtherChangesInNetAssetsAmt
Method Of Accounting CashYes (X)MethodOfAccountingCashInd
Accountant Compile Or ReviewYes (1)AccountantCompileOrReviewInd

Acct Compile Or Review Basis AcctCompileOrReviewBasisGrp

FieldValueIRS element (for citing)
Separate Basis Fincl StmtYes (X)SeparateBasisFinclStmtInd
FieldValueIRS element (for citing)
FS Audited0FSAuditedInd
Audit Committee0AuditCommitteeInd
Federal Grant Audit Required0FederalGrantAuditRequiredInd

Schedule D IRS990ScheduleD

Leasehold Improvements LeaseholdImprovementsGrp

FieldValueIRS element (for citing)
Other Cost Or Other Basis$22,232OtherCostOrOtherBasisAmt
Depreciation$12,189DepreciationAmt
Book Value$10,043BookValueAmt

Equipment EquipmentGrp

FieldValueIRS element (for citing)
Other Cost Or Other Basis$46,687OtherCostOrOtherBasisAmt
Depreciation$41,544DepreciationAmt
Book Value$5,143BookValueAmt

Other Land Buildings OtherLandBuildingsGrp

FieldValueIRS element (for citing)
Other Cost Or Other Basis$19,448OtherCostOrOtherBasisAmt
Depreciation$19,448DepreciationAmt
Book Value$0BookValueAmt
FieldValueIRS element (for citing)
Total Book Value Land Buildings$15,186TotalBookValueLandBuildingsAmt
Footnote TextYes (X)FootnoteTextInd

Supplemental Information Detail SupplementalInformationDetail

FieldValueIRS element (for citing)
Form And Line ReferencePART X, LINE 2:FormAndLineReferenceDesc
ExplanationTHE ASSOCIATION IS EXEMPT FROM FEDERAL INCOME TAXES UNDER SECTION 501 (C) (4) OF THE INTERNAL REVENUE CODE. THE ASSOCIATION HAS ADOPTED THE PROVISIONS OF ACCOUNTING FOR UNCERTAINTY IN INCOME TAX POSITIONS AS REQUIRED BY THE INCOME TAXES TOPIC OF THE FINANCIAL ACCOUNTING STANDARDS BOARD (FASB) ACCOUNTING STANDARDS CODIFICATION; HOWEVER, MANAGEMENT DOES NOT BELIEVE IT IS EXPOSED TO ANY SUCH POSITIONS AS THEY ARE DEFINED IN THIS GUIDANCE. THE ASSOCIATION FILES FORM 990, RETURN OF ORGANIZATION EXEMPT FROM INCOME TAX, ANNUALLY WITH THE UNITED STATES DEPARTMENT OF TREASURY. SUCH RETURNS FOR THE TAX YEARS ENDED DECEMBER 31, 2011 THROUGH 2014 REMAIN OPEN TO POTENTIAL EXAMINATION BY TAXING AUTHORITIES.ExplanationTxt

Schedule G IRS990ScheduleG

Gaming Information GamingInformationGrp

FieldValueIRS element (for citing)
Gross Revenue Other Gaming$60,160GrossRevenueOtherGamingAmt
Cash Prizes Other Gaming$1,585CashPrizesOtherGamingAmt
Oth Direct Expnss Other Gaming$136,322OthDirectExpnssOtherGamingAmt
Volunteer Labor Other Gaming0VolunteerLaborOtherGamingInd
Gross Revenue Total Gaming$60,160GrossRevenueTotalGamingAmt
Cash Prizes Total Gaming$1,585CashPrizesTotalGamingAmt
Oth Direct Expnss Total Gaming$136,322OthDirectExpnssTotalGamingAmt
Direct Expense Summary Gaming$137,907DirectExpenseSummaryGamingAmt
Net Gaming Income Summary-$77,747NetGamingIncomeSummaryAmt
FieldValueIRS element (for citing)
States Where Gaming ConductedVAStatesWhereGamingConductedCd
LicensedYes (1)LicensedInd
License Suspended Etc0LicenseSuspendedEtcInd
Gaming With NonmembersYes (1)GamingWithNonmembersInd
Member Of Other Entity0MemberOfOtherEntityInd
Gaming Own Facility1.00000GamingOwnFacilityPct
Individual With BooksBARBARA SHANNONIndividualWithBooksNm

Persons With Books US Address PersonsWithBooksUSAddress

FieldValueIRS element (for citing)
Address Line190 WEST MAIN STREETAddressLine1Txt
CityWARRENTONCityNm
State AbbreviationVAStateAbbreviationCd
ZIP20186ZIPCd
FieldValueIRS element (for citing)
Cntrct With3rd Prty For Game Rev0CntrctWith3rdPrtyForGameRevInd
Charitable Distribution Rqr0CharitableDistributionRqrInd

Supplemental Information Detail SupplementalInformationDetail

FieldValueIRS element (for citing)
Form And Line ReferenceLOSS FROM GAMING ACTIVITIES:FormAndLineReferenceDesc
ExplanationTHE ORGANIZATION ESTABLISHED PARI-MUTUEL BETTING FOR ITS STEEPLECHASE RACES BEGINNING WITH THE 2013 VIRGINIA GOLD CUP RACES HELD IN MAY. SIGNIFICANT COSTS WERE INCURRED FOR THE INITIAL SET UP OF LICENSES, PERMITS, RENTAL OF EQUIPMENT AND ADDITIONAL SECURITY COSTS REQUIRED BY HORSE RACING REGULATIONS. THE ORGANIZATION ANTICIPATES THAT REVENUES FROM WAGERING ACTIVITIES WILL INCREASE AND COSTS WILL STABILIZE ALLOWING FOR REVENUES IN EXCESS OF EXPENSES IN FUTURE EVENTS. THE ORGANIZATION BELIEVES THAT THE AVAILABILITY OF WAGERING WILL ATTRACT MORE GUESTS TO RACE EVENTS THUS INCREASING REVENUES AND ALLOWING FOR GREATER OPPORTUNITY FOR GRANTS AND SUPPORT TO THE COMMUNITY.ExplanationTxt

Schedule O IRS990ScheduleO

Supplemental Information Detail SupplementalInformationDetail (7 entries)

Form And Line ReferenceFormAndLineReferenceDescExplanationExplanationTxt
FORM 990, PART VI, SECTION A, LINE 6MEMBERSHIP. ONE AUTOMATICALLY BECOMES A MEMBER BY PURCHASING A TICKET TO ONE OF THE RACES. AT THE TIME OF TICKET PURCHASE THE BUYER IS PLACED ON THE MAILING LIST. THERE ARE NO ANNUAL DUES FOR MEMBERS.
FORM 990, PART VI, SECTION A, LINE 7ABOARD MEMBERS AND DIRECTORS ARE ELECTED AT THE CORPORATION'S ANNUAL MEETING HELD IN MARCH.
FORM 990, PART VI, SECTION A, LINE 7BTHE ACTIONS OF THE GOVERNING BOARD ARE SUBJECT TO APPROVAL BY THE BOARD OF DIRECTORS. THE BOARD OF DIRECTORS APPROVES COMPENSATION FOR THE EXECUTIVE DIRECTOR AND ELECTS OFFICERS OF THE ORGANIZATION.
FORM 990, PART VI, SECTION B, LINE 11TO DATE THERE HAS NOT BEEN A FORMAL POLICY TO REVIEW FORM 990 PRIOR TO FILING. THE 990 IS PREPARED BY THE ASSOCIATION'S INDEPENDENT CPA FROM THE SAME INFORMATION THAT IS USED TO PREPARE COMPILED FINANCIAL STATEMENTS. THE COMPILED FINANCIAL STATEMENTS ARE REVIEWED AT A BOARD MEETING WHICH IS OPEN TO ALL INDIVIDUALS ASSOCIATED WITH THE VIRGINIA GOLD CUP ASSOCIATION, INC.
FORM 990, PART VI, SECTION B, LINE 15BOFFICERS AND BOARD MEMBERS DO NOT RECEIVE COMPENSATION OF ANY KIND. STAFF SALARIES ARE DETERMINED BY THE PRESIDENT IN CONSULTATION WITH THE FINANCE COMMITTEE BASED ON JOB RESPONSIBILITIES AND CURRENT MARKET CONDITIONS.
FORM 990, PART VI, SECTION C, LINE 19THE ORGANIZATION MAKES ITS GOVERNING DOCUMENTS, FINANCIAL STATEMENTS, AND FORM 990 AVAILABLE FOR INSPECTION DURING NORMAL BUSINESS HOURS AT THEIR OFFICES AT 90 MAIN STREET, WARRENTON, VIRGINIA.
FORM 990, PART XI, LINE 9:EXPENSES ON TAX RETURN (CASH BASIS) NOT ON BOOKS 3,353. EXPENSES ON BOOKS (ACCRUAL BASIS) NOT ON TAX RETURN -9,677. INCOME ON TAX RETURN (CASH BASIS) NOT ON BOOKS -35,000. INCOME ON BOOKS (ACCRUAL BASIS) NOT ON TAX RETURN 3,500.

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