FAR HILLS RACE MEETING ASSOCIATION INC

EIN: 222529715 501(c)(3)

FAR HILLS, NJ

Total Revenue
$3,408,211
Total Expenses
$3,708,849
Total Assets
$7,296,695
Net Assets
$7,276,477
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Financial Vulnerability Assessment (Tuckman-Chang)

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Financial Trends

Organization Details

Formation Year
1984
Legal Domicile
NJ
Principal Officer
GUY J TORSILIERI
Phone
9082349115
Tax Period
2023-01-01 to 2023-12-31

FAR HILLS RACE MEETING ASSOCIATION INC, founded in 1984, is a community nonprofit that reported $3.4M in total revenue in fiscal year 2023. Revenue decreased 8% compared to the prior year. Net assets of $7.3M represent 26 months of operating reserves.

Mission

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.

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Trantor Score

Financial Health Score (300–850) · Liquidity · Solvency · Sustainability · Efficiency

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Liquidity (40%) • Solvency (30%) • Sustainability (20%) • Efficiency (10%)

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Financial Overview (2023)

Revenue Breakdown

Contributions & Grants $38,753
Program Service Revenue $3,319,496
Investment Income $31,962
Other Revenue $18,000
TOTAL REVENUE $3,408,211

Expense Breakdown

Grants Paid $465,600
Salaries & Benefits $0
Fundraising Expenses $0
Program Expenses $3,109,873
Other Expenses $3,243,249
TOTAL EXPENSES $3,708,849

Year-over-Year Comparison

2023 2022 Change
Revenue $3,408,211 $3,701,526 -0.1%
Expenses $3,708,849 $3,223,451 +0.2%
Net Income $-300,638 $478,075 -1.6%
Key Indicators
✓ Grants to Organizations ✗ Grants to Individuals ✗ Lobbying ✗ Political Activity ✗ Foreign Activities ✗ Donor Advised Fund ✓ Schedule B Required
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Financial Health Indicators

Comprehensive financial analysis: Altman Z-Score, liquidity, solvency, sustainability, efficiency, and growth metrics

Financial Distress Indicator

Liquidity & Cash Position

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Altman Z-Score • Liquidity Ratios • Solvency Analysis • Growth Indicators • Efficiency Metrics

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Governance

Voting Members
5
Independent Members
3
Employees
3
Volunteers
400

Governance Policies

✓ Conflict of Interest Policy
✗ Whistleblower Policy
✗ Document Retention Policy

Special Practices & Reported Activities

✗ Operated a School
✗ Operated a Hospital
✗ Provided First Class Travel
⚠ Reported Conflict of Interest
✗ Reported Asset Diversion
✗ Excess Benefit Transaction
✗ Made Political Expenditures
✗ Engaged in Lobbying
✗ Operated Donor Advised Fund
✗ Maintained Art Collections
✗ Filed Form 720

Compensation of Officers, Directors & Key Employees

Total Officers
2
$0
Total Directors
6
$0
Key Employees
0
$0
Highest Compensated
0
reported
Name Title Hours/Week Role Reportable Comp Other Comp Total
RONALD A KENNEDY TRUSTEE/CO-CHAIRMAN 10.00
Officer Director
$0 $0 $0
GUY J TORSILIERI TRUSTEE/CO-CHAIRMAN 10.00
Officer Director
$0 $0 $0
ANTHONY KNAPP TRUSTEE 1.00
Director
$0 $0 $0
DOUGLAS SCHER TRUSTEE 1.00
Director
$0 $0 $0
REESE E HOWARD JR TRUSTEE 1.00
Director
$0 $0 $0
JOHN MORRIS TRUSTEE 1.00
Director
$0 $0 $0
Note: Compensation data is self-reported by the organization on their Form 990. "Reportable Comp" includes salary, bonuses, and other reportable compensation from the organization and related organizations. "Other Comp" includes benefits, deferred compensation, and non-taxable benefits.

Historical Data

Year Revenue Expenses Assets Net Income
2024 No data No data No data No data
2023 $3,408,211 $3,708,849 $7,296,695 $-300,638
2022 $3,701,526 $3,223,451 $7,500,434 $478,075
2021 $3,433,382 $2,818,847 $7,235,904 $614,535
2020 $352,833 $835,773 $6,969,336 $-482,940
2019 $3,269,503 $3,414,610 $7,100,233 $-145,107
2018 $3,300,975 $3,924,675 $7,398,819 $-623,700
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