TIN:
SCHEDULE O
(Form 990 or 990-EZ)
Department of the Treasury
Internal Revenue Service
(Form 990 or 990-EZ)
Department of the Treasury
Internal Revenue Service
Supplemental Information to Form 990 or 990-EZ
Complete to provide information for responses to specific questions on
Form 990 or 990-EZ or to provide any additional information.
Attach to Form 990 or 990-EZ.
Go to www.irs.gov/Form990 for the latest information.
OMB No. 1545-0047
2018
Open to Public
Inspection
Inspection
Name of the organization
PA THOROUGHBRED HORSEMENS ASSOC INC
Employer identification number
23-2694644
23-2694644
| Return Reference | Explanation |
|---|---|
| Amended return information | Entity did not receive its auditors final report for the year ended 12/31/18 until the fall of 2020. The numbers were materially differnet from the books and records reported in the original 990 filed by the final due date of 11/15/19. There were many journal entries proposed by the auditors that the companys accounting official and staff were unaware of until receipt of the audit report. The schedules affected are the balance sheet and income and expenses as allocted by function. |
| Members or stockholder classes and rights Part VI line 6 | THE ORGANIZATION HAS MEMBERS AS DEFINED BY THE BYLAWS. A MEMBER IS AN OWNER OR A TRAINER HAVING A HORSE OR HORSES RACE IN A CERTAIN NUMBER OF RACES AT THE RACE TRACK WITHIN A DEFINED TIME FRAME. |
| Member election for additional members Part VI line 7a | THE MEMBERS ELECT THE BOARD MEMBERS AND THE PRESIDENT. MANAGMENT OF THE DAY TO DAY AFFAIRS OF THE ENTITIES IS DESIGNATED TO THE BOARD. THE BOARD DESIGNATES DAY TO DAY MANAGMENT TO THE EXECUTIVE DIRECTOR. |
| Governing body decisions Part VI line 7b | MEMBERS DO NOT MAKE ANY DECISIONS OTHER THAN THE ELECTION OF THE BOARD MEMBERS AND THE PRESIDENT. THE BOARD MAKES ALL BINDING DECISIONS FOR THE ORGANZIATION. THE EXECUTIVE DIRECTOR AND THE PRESIDENT ARE ADVISORS TO THE BOARD. CURRENTLY THE EXECUTIVE DIRECTOR IS ALSO CURRENTLY AN ELECTED BOARD MEMBER. HE IS THE BOARD MEMBER DESIGNATED AS NOT INDEPENDENT ON THE 990 SINCE HE IS A COMPENSATED EMPLOYEE. |
| Governing body meeting documentation Part VI line 8a | ALL BOARD MEETINGS ARE DOCUMENTED BY THE SECRETARY |
| Committee meeting documentation Part VI line 8b | THE BOARD AND OR THE PRESIDENT OR EXECUTIVE DIRECTOR MAY APPOINT COMMITTEES TO ASSIST THEM IN ADMINISTRATING THE AFFAIRS OF THE ORGANIZATION. HOWEVER, NONE OF THESE COMMITTEES HAVE RULE MAKING AUTHORITY. ALL RULE MAKING AUTHORITY IS RESERVED FOR THE BOARD. SUCH COMMITTEES ARE RESPONSIBLE FOR MAINTAINING DOCUMENTATION OF ITS MEETINGS AND RECOMMENDATIONS AND DOES NOT PROVIDE COPIES OF ITS DOCUMENTATION TO THE ADMINISTRATION OFFICE STAFF. |
| Form 990 governing body review Part VI line 11 | THE ORGANIZATION WILL SHOW A COPY OF ITS 2018 YEAR ENDED FORM 990 TO BOARD MEMBERS WHEN PRACTICAL. FOR THE THE YEAR 2018 IT WAS AFTER THE ORIGINAL FILING DATE SINCE THE AUDIT FOR 2018 WAS NOT COMPLETED UNTIL LATE IN 2020. THE AUDIT REPORT RECEIVED IN LATE 2020 CONTAINED NUMBERS MATERIALLY DIFFERENT THAT THE ORIGINAL 990 FILED USING PRELIMINARY AUDIT NUMBERS. THE EXECUTIVE DIRECTOR, CONTROLLER AND THE PRESIDENT REVIEWED THE ORIGINIAL 990 PRIOR TO ITS EFILING. THE EXECUTIVE DIRECTOR, PRESIDENT AND SECRETARY INDICATE THEY WILL REVIEW THE AMENDED 2018 RETURN AND AUTHORIZE ITS FILING AND THEN REVIEW IT WITH THE BOARD AS SOON AS PRACTICAL. |
| Conflict of interest policy compliance Part VI line 12c | THE BOARD HAS ESTABLISHED A CONFLICT OF INTEREST POLICY AND HAS INFORMED ALL EMPLOYEES AND DIRECTORS OF THEIR RESPONSIBILITY TO REPORT ANY KNOWN OR POTENTIAL CONFLICTS OF INTEREST TO ANY BOARD MEMBER OR OFFICER AS SOON AS THEY ARE AWARE OF THE CONFLICT OR POTENTIAL CONFLICT. THERE IS AN ANNUAL WRITTEN REPORTING REQUIREMENT. MANAGMENT SAYS IT IS COMPLIANT WITH THIS POLICY. |
| CEO executive director top management comp Part VI line 15a | DIRECTORS DISCUSS AND APPROVE COMPENSATION. DIRECTORS ATTEMPT TO FIND COMPARABLE COMPENSATION BUT THERE ARE ONLY A HANDFUL OF SIMILAR ENTITIES IN PA. THE EXECUTIVE DIRECTOR (DIRECTOR AND OFFICER) AND SECRETARY (NON DIRECTOR) LEAVE THE MEETING SO DIRECTORS CAN DISCUSS THEIR COMPENSATION PRIVIATELY AND VOTE ON IT. THESE TWO EMPLOYEES ARE THE ONLY COMPENSATED OFFICERS. |
| Other officer or key employee compensation Part VI line 15b | DIRECTORS DISCUSS AND APPROVE COMPENSATION FOR EXECUTIVE DIRECTOR, SECRETARY AND CONTROLLER (NON OFFICER AND PART TIME POSITION AND WHO RESIGNED IN MARCH OF 2020). ALL OTHER COMPENSATION IS APPROVED BY THE EXECUTIVE DIRECTOR. THE DIRECTORS APPROVE COMPENSATION FOR THE EXECUTIVE DIRECTOR, SECRETARY AND CONTROLLER. THE CONTROLLER IS A PART TIME EMPLOYEE, NOT AN OFFICER AND WHO RETIRED IN MARCH OF 2020. IT IS DIFFICULT TO FIND A COMPARABLE ORGANIZATION IN A SIMILAR INDUSTRY IN PA. THE EXECUTIVE DIRECTOR AND BOARD MEMBERS ARE RESPONSIBLE FOR MANAGING THREE SEPARATE ENTITIES RELATED BY COMMON CONTROL. ALL COMPENSATION OF OFFICERS AND DIRECTORS IS PAID FOR BY PA THOROUGHBRED HORSEMENS ASSOCIATION, INC. SOME OF IT MAY BE ALLOCATED TO RELATED ENTITIES. THE BOARD BELIEVES THE COMPENSATION IT APPROVES FOR THE EXECUTIVE DIRECTOR AND THE SECRETARY IS REASONALBE FOR SERVICES PERFORMED. |
| Governing documents etc available to public Part VI line 19 | THE ORGANIZATION GIVES THE PUBLIC ACCESS TO ITS 990 FORM UPON WRITTEN REQUEST. THE AUDITED FINANCIAL STATEMENTS OF THE ORGANIZATION WHEN AVAILABLE ARE POSTED BY REGULATORY AGENCIES OF PA TO ITS WEBSITE AND CAN BE ACCESSED BY THE PUBLIC. IT DOES NOT MAKE PUBLIC ITS GOVERNING POLICIES OR CONFLICT OF INTEREST DOCUMENTS AND PROCEEDURES. IF IT EVER RECEIVES A WRITTEN REQUEST FOR SUCH INFORMATION A BOARD MEETING WOULD BE SCHEDULED TO DISCUSS A RESPONSE. |
| Not undergone required audits or steps for audit part XII line 3b | THE ENTITY RECEIVES ALMOST ALL OF ITS FUNDING FROM GAMING REVENUES REGULATED BY THE STATE FO PA, A DIVISION OF THE STATE OF PA SELECTS THE AUDITING FIRM. SINCE THE AICPA MEMBERSHIP RULES AND THE PA CPA LICENSING DIVISION RULES REQUIRE THE AUDITING FIRM TO BE INDEPENDENT, THE BOAD ACQUIESCES TO THE SELECTION. THE COMPANY DOES NOT APPOINT A SEPARATE COMMITTEE TO OVERSEE THIS PROCESS. THE AUDIT PROCESS IS OVERSEEN BY THE EXECUTIVE DIRECTOR, CONTROLLER AND PRESIDENT. THE REPORT PREPARED BY THE AUDITING FIRM IS DISCUSSED WITH THE BOARD. AS AT 11.15.19 THE ORIGINAL DUE DATE THE AUDIT REPORT WAS NOT COMPLETED. THE AUDITED REPORT WAS SIGNED AUGUST 19,2020 AND RECEIVED BY THE COMPANY AT A LATER DATE. THIS AMENDED RETURN IS THE RESULT OF ITS LATE RECEIPT. |
| List of other fees for services expenses Part IX line 11g | SEE OVERFLOW STATEMENT WHICH INCLUDES DETAILS OF OTHER FEES FOR SERVICES EXPENSES. TOTAL $150,738, PROGRAM EXPENSES $143,201 AND ADMINISTRATIVE EXPENSES $7,230. |
| List of other expenses Part IX line 24e | SEE THE LIST OF OTHER ADMINISTRATIVE COSTS ON THE OVERFLOW STATEMENT. TOTAL $974,203, PROGRAM EXPENSES $974,123 AND ADMINISTRATIVE EXPENSES $80. |
For Paperwork Reduction Act Notice, see the Instructions for Form 990 or 990-EZ.
Cat. No. 51056K
Schedule O (Form 990 or 990-EZ) 2018
Additional Data
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