Kentucky Derby Festival Inc in Louisville, Kentucky (KY)

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Kentucky Derby Festival Inc
Employer Identification Number (EIN)610713833
Name of OrganizationKentucky Derby Festival Inc
Address1001 S 3rd St, Louisville, KY 40203-2913
ActivitiesFair, Industry trade shows, Other cultural or historical activities
SubsectionSocial Welfare Organization
Ruling Date11/1957
DeductibilityContributions are not deductible
FoundationAll organizations except 501(c)(3)
OrganizationCorporation
Exempt Organization StatusUnconditional Exemption
Tax Period09/2012
Assets$1,000,000 to $4,999,999
Income$5,000,000 to $9,999,999
Filing Requirement990 (all other) or 990EZ return
Asset Amount$3,832,037
Amount of Income$7,484,111
Form 990 Revenue Amount$6,243,697
National Taxonomy of Exempt Entities (NTEE)Recreation, Sports, Leisure, Athletics: Fairs, County and Other


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Amount of income in 2012: $7,484,111
This organization: 

 $7,484,111
Other organizations performing similar types of work: 

 $295,651

Assets in 2012: $3,832,037
Kentucky Derby Festival Inc: 

 $3,832,037
Other organizations performing similar types of work: 

 $467,933

Expenses in 2002: $4,723,049
Kentucky Derby Festival Inc: 

 $4,723,049
Other organizations performing similar types of work: 

 $815,299

Income to expenses ratio in 2002: 1.0
This organization: 

 1.0
Other organizations performing similar types of work: 

 1.0

Expenses allocated to program services in 2002: 64.4%
Kentucky Derby Festival Inc: 

 64.4%
Other organizations performing similar types of work: 

 67.7%

Number of employees in 2002: 21
Kentucky Derby Festival Inc: 

 21
Other organizations performing similar types of work: 

 9

Grants share in income in 2002: 0.0%
Kentucky Derby Festival Inc: 

 0.0%
Other organizations performing similar types of work: 

 4.3%

Financial snapshot ($)

Revenue for 2002

Assets at end of 2002

Expenses for 2002

Functional Expenses for 2002 ($)

Income-Producing Activities for 2002

Revenue, Expenses, and Changes in Net Assets or Fund Balances
200020012002
Total revenue$5,299,641$5,352,253$4,750,007
Contributions, gifts, grants, and similar amounts received$0$0$0
Contributions to donor advised funds
Direct public support$0$0$0
Indirect public support$0$0$0
Government contributions (grants)$0$0$0
Program service revenue including government fees and contracts$4,719,557$4,842,700$4,308,037
Membership dues and assessments$458,650$395,511$377,857
Interest on savings and temporary cash investments$0$4,453$7,482
Dividends and interest from securities$45,616$34,589$22,268
Net rental income or (loss)$0$0$0
Gross rents$0$0$0
Less: rental expenses$0$0$0
Other investment income$0$0$0
Gain or (loss) from sales of assets other than inventory$0$0$0
Gross amount from sales of assets other than inventory$0$0$0
Less: cost or other basis and sales expenses$0$0$0
Net income or (loss) from special events and activities$0$0$0
Gross revenue$0$0$0
Less: direct expenses other than fundraising expenses$0$0$0
Gross profit or (loss) from sales of inventory$0$0$0
Gross sales of inventory, less returns and allowances$0$0$0
Less: cost of goods sold$0$0$0
Other revenue$75,818$75,000$34,363
Total expenses$5,482,673$5,533,277$4,723,049
Program services$3,790,368$3,865,266$3,043,317
Management and general$1,692,305$1,668,011$1,679,732
Fundraising$0$0$0
Payments to affiliates$0$0$0
Net assets or fund balances at end of year$2,584,522$2,260,695$2,425,022
Excess or (deficit) for the year$-183,032$-181,024$26,958
Net assets or fund balances at beginning of year$3,118,271$2,584,522$2,260,695
Other changes in net assets or fund balances$-350,717$-142,803$137,369
Statement of Functional Expenses (for 2002)
TotalProgram servicesManagement and generalFundraising
Total functional expenses$4,723,049$3,043,317$1,679,732$0
Grants paid from donor advised funds
Other grants and allocations$0
Specific assistance to individuals$0
Benefits paid to or for members$0
Compensation of current officers, directors, key employees, etc.$159,770$0$159,770$0
Compensation of former officers, directors, key employees, etc.
Compensation and other distributions, not included above, to disqualified persons (as defined under section 4958(f)(1)) and persons described in section 4958(c)(3)(B)
Salaries and wages of employees not included above$913,600$0$913,600$0
Pension plan contributions not included above$30,244$0$30,244$0
Employee benefits not included above$76,723$0$76,723$0
Payroll taxes$77,910$0$77,910$0
Professional fundraising fees$0$0$0$0
Accounting fees$2,899$2,899$0$0
Legal fees$0$0$0$0
Supplies$23,138$15,105$8,033$0
Telephone$42,182$6,929$35,253$0
Postage and shipping$27,921$15,327$12,594$0
Occupancy$17,748$0$17,748$0
Equipment rental and maintenance$175,121$127,431$47,690$0
Printing and publications$95,780$76,658$19,122$0
Travel$8,795$8,795$0$0
Conferences, conventions, and meetings$14,286$9,880$4,406$0
Interest$27,685$0$27,685$0
Depreciation, depletion, etc.$50,004$0$50,004$0
Other expenses not covered above$2,979,243$2,780,293$198,950$0
Balance Sheets
200020012002
Total assets$3,136,527$2,908,303$3,033,579
Cash - non-interest-bearing$189,595$162,330$215,379
Savings and temporary cash investments$1,672,255$1,552,106$1,713,137
Accounts receivable less allowance for doubtful accounts$174,551$152,298$94,857
Pledges receivable less allowance for doubtful accounts$0$0$0
Grants receivable$0$0$0
Receivables from current and former officers, directors, trustees, and key employees$0$0$0
Receivables from other disqualified persons (as defined under section 4958(f)(1)) and persons described in section 4958(c)(3)(B)
Other notes and loans receivable less allowance for doubtful accounts$106,398$106,398$96,398
Inventories for sale or use$21,365$22,315$17,874
Prepaid expenses and deferred charges$46,542$35,773$29,523
Investments - publicly-traded securities
Investments - other securities$0$0$0
Investments - land, buildings, and equipment less accumulated depreciation$0$0$0
Investments - other$0$0$0
Land, buildings, and equipment less accumulated depreciation$925,821$877,083$866,411
Other assets, including program-related investments$0$0$0
Total liabilities$552,005$647,608$608,557
Accounts payable and accrued expenses$41,939$46,913$171,314
Grants payable$0$0$0
Deferred revenue$94,045$90,740$45,553
Loans from officers, directors, trustees, and key employees$0$0$0
Tax-exempt bond liabilities$0$0$0
Mortgages and other notes payable$416,021$509,955$391,690
Other liabilities$0$0$0
Total liabilities and net assets/fund balances$3,136,527$2,908,303$3,033,579
Total net assets or fund balances$2,584,522$2,260,695$2,425,022
Reconciliation of Revenue per Audited Financial Statements With Revenue per Return
200020012002
Total revenue$5,299,641$5,352,253$4,750,007
Total revenue, gains, and other support per audited financial statements$5,299,641$5,352,253$4,887,376
Other expenses$0$0$137,369
Net unrealized gains on investments$0$0$0
Donated services and use of facilities$0$0$0
Recoveries of prior year grants$0$0$0
Other$0$0$137,369
Other revenue$0$0$0
Investment expenses$0$0$0
Other$0$0$0
Reconciliation of Expenses per Audited Financial Statements With Expenses per Return
200020012002
Total expenses$5,482,673$5,533,277$4,723,049
Total expenses and losses per audited financial statements$5,833,390$5,676,080$4,723,049
Other revenue$350,717$142,803$0
Donated services and use of facilities$0$0$0
Prior year adjustments$0$0$0
Losses$0$0$0
Other$350,717$142,803$0
Other expenses$0$0$0
Investment expenses$0$0$0
Other$0$0$0
Current Officers, Directors, Trustees, and Key Employees
Total number of officers, directors, and trustees permitted to vote on organization business at board meetings0
Are any officers, directors, trustees, or key employees listed in Form 990, Part V-A, or highest compensated employees listed in Schedule A, Part I, or highest compensated professional and other independent contractors listed in Schedule A, Part II-A or II-B, related to each other through family or business relationships?
Do any officers, directors, trustees, or key employees listed in Form 990, Part V-A, or highest compensated employees listed in Schedule A, Part I, or highest compensated professional and other independent contractors listed in Schedule A, Part II-A or II-B, receive compensation from any other organizations, whether tax exempt or taxable, that are related to the organization?
Does the organization have a written conflict of interest policy?
Other Information
Did the organization have unrelated business gross income of $1,000 or more during the year covered by this return, and has it filed a tax return on Form 990-T for this year?No
Was there a liquidation, dissolution, termination, or substantial contraction during the year?No
Is the organization related (other than by association with a statewide or nationwide organization) through common membership, governing bodies, trustees, officers, etc., to any other exempt or nonexempt organization?Yes
Direct and indirect political expenditures$0
Did the organization file Form 1120-POL for this year?No
Were substantially all dues nondeductible by members?Yes
Did the organization make only in-house lobbying expenditures of $2,000 or less?No
Dues, assessments, and similar amounts from members$0
Section 162(e) lobbying and political expenditures$0
Aggregate nondeductible amount of section 6033(e)(1)(A) dues notices$0
Taxable amount of lobbying and political expenditures$0
Does the organization elect to pay the section 6033(e) tax on the amount above?No
If section 6033(e)(1)(A) dues notices were sent, does the organization agree to add the amount above to its reasonable estimate of dues allocable to nondeductible lobbying and political expenditures for the following tax year?No
Initiation fees and capital contributions$0
Gross receipts for public use of club facilities$0
At any time during the year, did the organization, directly or indirectly, own a controlled entity within the meaning of section 512(b)(13)?
Amount of tax imposed on the organization during the year under: section 4911$0
Amount of tax imposed on the organization during the year under: section 4912$0
Amount of tax imposed on the organization during the year under: section 4955$0
Did the organization engage in any section 4958 excess benefit transaction during the year or did it become aware of an excess benefit transaction from a prior year?No
Amount of tax imposed on the organization managers or disqualified persons during the year under sections 4912, 4955, and 4958$0
Amount of tax above, reimbursed by the organization$0
At any time during the tax year, was the organization a party to a prohibited tax shelter transaction?
Did the organization acquire a direct or indirect interest in any applicable insurance contract?
Did the supporting organization, or a fund maintained by a sponsoring organization, have excess business holdings at any time during the year?
Number of employees employed in the pay period that includes March 12, 200621
Analysis of Income-Producing Activities (for 2002)
Unrelated business incomeExcluded by section 512, 513, or 514Related or exempt function income
Business codeAmountExclusion codeAmount
Total$0$56,631$4,693,376
Program service revenue
Program service revenue 1000000$000$0$2,796,822
Program service revenue 2000000$000$0$1,511,215
Program service revenue 3000000$000$0$0
Program service revenue 4000000$000$0$0
Program service revenue 5000000$000$0$0
Medicare/Medicaid payments000000$000$0$0
Fees and contracts from government agencies000000$000$0$0
Membership dues and assessments000000$000$0$377,857
Interest on savings and temporary cash investments000000$000$0$7,482
Dividends and interest from securities000000$0Dividends, interest, payments with respect to securities loans, annuities, income from notional principal contracts, loan commitment fees, and other substantially similar income from ordinary and routine investments excluded by section 512(b)(1)$22,268$0
Net rental income or (loss) from real estate
debt-financed property000000$000$0$0
not debt-financed property000000$000$0$0
Net rental income or (loss) from personal property000000$000$0$0
Other investment income000000$000$0$0
Gain or (loss) from sales of assets other than inventory000000$000$0$0
Net income or (loss) from special events000000$000$0$0
Gross profit or (loss) from sales of inventory000000$000$0$0
Other revenue000000$0Royalty income excluded by section 512(b)(2)$34,363$0
Information Regarding Taxable Subsidiaries and Disregarded Entities (for 2002)
EIN of corporation, partnership, or disregarded entityPercentage of ownership interestTotal incomeEnd-of-year assets
0%$0$0
0%$0$0
0%$0$0
0%$0$0
Compensation of the Five Highest Paid Employees Other Than Officers, Directors, and Trustees (for 2002)
CompensationContributions to employee benefit plans & deferred compensationExpense account and other allowances
$0$0$0
$0$0$0
$0$0$0
$0$0$0
$0$0$0
Total number of other employees paid over $50,0000
Statements About Activities (for 2002)
Expenses paid or incurred in connection with the lobbying activities$0
Did the organization receive or hold an easement for conservation purposes, including easements to preserve open space, the environment, historic land areas or historic structures?
Did the organization provide credit counseling, debt management, credit repair, or debt negotiation services?
Did the organization maintain any donor advised funds?
Did the organization make any taxable distributions under section 4966?
Did the organization make a distribution to a donor, donor advisor, or related person?
Enter the total number of donor advised funds owned at the end of the tax year
Enter the aggregate value of assets held in all donor advised funds owned at the end of the tax year
Enter the total number of separate funds or accounts owned at the end of the tax year (excluding donor advised funds included above) where donors have the right to provide advice on the distribution or investment of amounts in such funds or accounts
Enter the aggregate value of assets held in all funds or accounts included above at the end of the tax year
Reason for Non-Private Foundation Status
The organization is not a private foundation because it is
Support Schedule
199920002001
Total$0$0$0
Gifts, grants, and contributions received$0$0$0
Membership fees received$0$0$0
Gross receipts from admissions, merchandise sold or services performed, or furnishing of facilities in any activity that is related to the organization's charitable, etc., purpose$0$0$0
Gross income from interest, dividends, amounts received from payments on securities loans (section 512(a)(5)), rents, royalties, and unrelated business taxable income (less section 511 taxes) from businesses acquired by the organization after June 30, 1975$0$0$0
Net income from unrelated business activities not included above$0$0$0
Tax revenues levied for the organization's benefit and either paid to it or expended on its behalf$0$0$0
The value of services or facilities furnished to the organization by a governmental unit without charge. Do not include the value of services or facilities generally furnished to the public without charge$0$0$0
Other income$0$0$0
Lobbying Expenditures by Electing Public Charities (for 2002)
Total exempt purpose expenditures$0
Total lobbying expenditures$0
Total lobbying expenditures to influence public opinion (grassroots lobbying)$0
Total lobbying expenditures to influence a legislative body (direct lobbying)$0
Other exempt purpose expenditures$0
Lobbying nontaxable amount$0
Grassroots nontaxable amount$0
Statements Regarding Other IRS Filings and Tax Compliance (for 2011)
Did the organization have unrelated business gross income of $1,000 or more during the year?No
Initiation fees and capital contributions$0
Gross receipts for public use of club facilities $0
Gross income from members or shareholders$0
Gross income from other sources$0
Statement of Revenue (for 2011)
Total revenue$5,796,364
Contributions, Gifts, Grants and Other Similar Amounts$0
Program Service Revenue$5,531,274
Other Revenue
Investment income (including dividends, interest, and other similar amounts)$67,368
Income from investment of tax-exempt bond proceeds$0
Royalties$47,723
Net rental income$0
Net gain from sales of assets other than inventory$124,009
Gross amount from sales of assets other than inventory (Securities / Other)$1,485,202 / $0
Less: cost or other basis and sales expenses (Securities / Other)$1,361,193 / $0
Gain or (loss) (Securities / Other)$124,009 / $0
Net income from fundraising events$0
Net income from gaming activities$17,342
Gross income from gaming activities$32,664
Less: direct expenses$15,322
Net income from sales of inventory$8,648
Gross sales of inventory, less returns and allowances$31,086
Less: cost of goods sold$22,438
Miscellaneous Revenue$0
Statement of Functional Expenses (for 2011)
Total functional expenses$5,931,903
Compensation of current officers, directors, trustees, and key employees$265,662
Other salaries and wages$1,106,532
Payroll taxes$103,197
Professional fundraising services$0
Other$4,456,512
Balance Sheet (for 2011)
Total assets$3,488,415
Total liabilities$400,400
Tax-exempt bond liabilities$0
Secured mortgages and notes payable to unrelated third parties$199,101
Unsecured notes and loans payable to unrelated third parties$0
Other$201,299
Total net assets or fund balances$3,088,015
Retained earnings, endowment, accumulated income, or other funds$0
Reason for Public Charity Status (for 2011)
The organization is not a private foundation because it is:Not provided
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Organizations performing similar types of work
IdNameAddressStateEstablishedTotal Income
1Houston Livestock Show & Rodeo Inc8334 Fannin St, Houston, TX 77054-2930TX1977-11$102,917,644
2Los Angeles County Fair Assn Fairgrounds1101 W Mckinley Ave, Pomona, CA 91768-1639CA1942-11$60,234,274
3State Fair Of TexasPO BOX 150009, Dallas, TX 75315-0009TX1951-06$42,279,717
4San Antonio Livestock Exposition Inc3201 E Houston Street, San Antonio, TX 78219-3707TX1950-08$34,125,726
5Houston Livestock Show And Rodeo Educational FundPO BOX 20070, Houston, TX 77225-0070TX1989-04$30,230,198
6Western Washington Fair Association110 9th Ave Sw, Puyallup, WA 98371-6811WA1969-03$23,772,273
7Eastern States Exposition1305 Memorial Avenue, West Springfield, MA 01089-3578MA1940-10$20,155,666
8Alameda County Agricultural Fair Association4501 Pleasanton Ave, Pleasanton, CA 94566-7001CA1977-06$20,013,928
9Yavapai County Fair Association Rodeo FairgroundsPO BOX 26557, Prescott Vly, AZ 86312-6557AZ1977-01$17,661,424
10Kentucky Derby Festival Inc1001 S 3rd St, Louisville, KY 40203-2913KY1957-11$7,484,111
11Boyd Co Fair Inc8039 Rosewood Dr, Ashland, KY 41102-9763KY1993-11$3,091,322
12Kentucky Bourbon Festival IncOne Court Square, Bardstown, KY 40004-1574KY1998-04$582,429
13Hopkins County Fair IncorporatedPO BOX 425, Madisonville, KY 42431-0008KY1979-09$365,123
14Meade County Fair IncPO BOX 325, Brandenburg, KY 40108-0325KY1991-04$237,474
15Lincoln County Fair Inc422 Education Way, Stanford, KY 40484-8411KY1989-09$209,889
16Carroll County Fair Association Foundation IncPO BOX 293, Carrollton, KY 41008-0293KY1997-03$204,084
17Boyle Land Trust IncPO BOX 777, Danville, KY 40423-0777KY1976-03$135,708
18Carter County Fair Inc526 E Main St, Grayson, KY 41143-1569KY1999-02$102,858
19Garrard County Fair Board IncPO BOX 130, Lancaster, KY 40444-0130KY1996-12$85,192
20Muhlenberg County Fair IncPO BOX 623, Greenville, KY 42345-0623KY1991-12$81,802
Number of organizations performing similar types of work
Alaska2
Alabama6
Arkansas14
Arizona2
California14
Colorado4
Connecticut7
Delaware1
Florida37
Georgia5
Iowa17
Idaho1
Illinois17
Indiana11
Kansas5
Kentucky12
Louisiana6
Massachusetts9
Maryland8
Maine5
Michigan16
Minnesota4
Missouri13
Mississippi2
North Carolina5
North Dakota5
Nebraska6
New Hampshire4
New Jersey5
New Mexico1
Nevada1
New York14
Ohio10
Oklahoma3
Pennsylvania14
South Carolina8
South Dakota1
Tennessee5
Texas31
Utah2
Virginia16
Vermont4
Washington5
Wisconsin20
West Virginia7
Wyoming1
Total386

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