Civic Intelligence

Virginia Gold Cup Association Inc

990 • Fiscal year 2020 • EIN 54-0943990

Jan 01, 2020 to Dec 31, 2020 • Filed on Jul 29, 2021

Organization ProfileWWW.VAGOLDCUP.COM

View Organization Page

PO Box 840Warrenton, VA 20188

(540) 347-2612

Siviq Scores

Precomputed percentiles for this filing year versus similar nonprofits in the same peer cohort.

Liabilities / Assets

99th percentile

2.39x

Higher debt load relative to assets than 99% of similar nonprofits.

2020 filings • 501(c)4 • $500k-$1M nonprofits • Source year 2020

Liabilities / Revenue

80th percentile

0.62x

Higher debt load relative to revenue than 80% of similar nonprofits.

2020 filings • 501(c)4 • $500k-$1M nonprofits • Source year 2020

Net Margin

11th percentile

-31%

Higher net margin than 11% of similar nonprofits.

2020 filings • 501(c)4 • $500k-$1M nonprofits • Source year 2020

Top Officer Pay

68th percentile

$0

Higher top officer pay than 68% of similar nonprofits.

Top officer pay equals 0.0% of source-year revenue.

2020 filings • 501(c)4 • $500k-$1M nonprofits • Source year 2020

Asset Growth

5th percentile

-27%

Faster asset growth than 5% of similar nonprofits.

2020 filings • 501(c)4 • $500k-$1M nonprofits • Annualized from 2019 to 2020

Revenue Growth

3rd percentile

-74%

Faster revenue growth than 3% of similar nonprofits.

2020 filings • 501(c)4 • $500k-$1M nonprofits • Annualized from 2019 to 2020

Balance Sheet
Liabilities / Assets99th percentile

Assets

Flat

$154,766

Flat from 2020

Net Assets

Flat

-$214,819

Flat from 2020

Liabilities

Flat

$369,585

Flat from 2020

Revenue And Expenses
Liabilities / Revenue80th percentileNet Margin11th percentile

Revenue

Flat

$598,844

Flat from 2020

Expenses

Flat

$785,740

Flat from 2020

Net Income

Flat

-$186,896

Flat from 2020

Historical Trend

Balance Sheet Trend

Asset Growth5th percentile

The highlighted filing sits inside the broader history for assets, liabilities, and net assets.

$600K$400K$200K$0-$200K-$400KAssets 2011: $228,782Liabilities 2011: $15,764Net Assets 2011: $213,0182011Assets 2012: $340,111Liabilities 2012: $29,575Net Assets 2012: $310,5362012Assets 2013: $359,574Liabilities 2013: $53,996Net Assets 2013: $305,5782013Assets 2014: $364,866Liabilities 2014: $55,592Net Assets 2014: $309,2742014Assets 2015: $418,251Liabilities 2015: $210,850Net Assets 2015: $207,4012015Assets 2016: $328,125Liabilities 2016: $207,791Net Assets 2016: $120,3342016Assets 2017: $326,616Liabilities 2017: $214,251Net Assets 2017: $112,3652017Assets 2018: $186,869Liabilities 2018: $242,385Net Assets 2018: -$55,5162018Assets 2019: $210,672Liabilities 2019: $228,617Net Assets 2019: -$17,9452019Assets 2020: $154,766Liabilities 2020: $369,585Net Assets 2020: -$214,8192020Assets 2020: $154,766Liabilities 2020: $369,585Net Assets 2020: -$214,8192020Assets 2021: $148,262Liabilities 2021: $230,205Net Assets 2021: -$81,9432021Assets 2022: $325,011Liabilities 2022: $154,381Net Assets 2022: $170,6302022Assets 2023: $241,872Liabilities 2023: $190,650Net Assets 2023: $51,2222023Assets 2024: $212,049Liabilities 2024: $281,288Net Assets 2024: -$69,2392024

Highlighted filing

2020

Assets$154,766
Liabilities$369,585
Net Assets-$214,819
Open 2020 Filing

Operations Trend

Revenue Growth3rd percentile

Revenue, expenses, and net income across loaded years, with this filing highlighted.

$3.0M$2.0M$1.0M$0-$1.0MExpenses 2011: $1,314,9522011Expenses 2012: $1,560,9552012Revenue 2013: $1,658,151Expenses 2013: $1,657,993Net Income 2013: $1582013Revenue 2014: $1,952,679Expenses 2014: $1,907,994Net Income 2014: $44,6852014Revenue 2015: $2,165,317Expenses 2015: $2,316,469Net Income 2015: -$151,1522015Revenue 2016: $2,375,295Expenses 2016: $2,456,729Net Income 2016: -$81,4342016Revenue 2017: $2,344,744Expenses 2017: $2,350,829Net Income 2017: -$6,0852017Revenue 2018: $2,121,981Expenses 2018: $2,282,956Net Income 2018: -$160,9752018Revenue 2019: $2,341,572Expenses 2019: $2,305,251Net Income 2019: $36,3212019Revenue 2020: $598,844Expenses 2020: $785,740Net Income 2020: -$186,8962020Revenue 2020: $598,844Expenses 2020: $785,740Net Income 2020: -$186,8962020Revenue 2021: $1,262,964Expenses 2021: $1,150,121Net Income 2021: $112,8432021Revenue 2022: $2,013,976Expenses 2022: $1,758,043Net Income 2022: $255,9332022Revenue 2023: $2,101,715Expenses 2023: $2,227,152Net Income 2023: -$125,4372023Revenue 2024: $2,216,532Expenses 2024: $2,342,100Net Income 2024: -$125,5682024

Highlighted filing

2020

Revenue$598,844
Expenses$785,740
Net Income-$186,896
Open 2020 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2020 to Dec 31, 2020
Signed
Jul 29, 2021
Return Version
2020v4.1
Gross Receipts
$619,172
Mission and Program Overview

Mission

The virginia gold cup association was organized in 1923 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.

To organize and promote steeplechase races in fauquier county, virginia.

Balance Sheet Detail
LineBeginningEndChange
Assets
Investments in Publicly Traded Securities$76,279$72,624▼ $3,655
Savings and Temporary Cash Investments$52,706$51,513▼ $1,193
Prepaid Expenses and Deferred Charges$0$11,047▲ $11,047
Cash and Non-Interest-Bearing Accounts$63,297$9,904▼ $53,393
Land, Buildings, and Equipment, Net$10,669$4,833▼ $5,836
Inventories for Sale or Use$2,845$2,845→ $0
Accounts Receivable$3,460$2,000▼ $1,460
Intangible Assets$916$0▼ $916
Total Assets$210,672$154,766▼ $55,906
Other Assets Total$500$0▼ $500
Liabilities
Mortgage Notes Payable Secured by Investment Property$140,000$211,647▲ $71,647
Deferred Revenue$46,000$141,625▲ $95,625
Accounts Payable and Accrued Expenses$42,617$16,313▼ $26,304
Total Liabilities$228,617$369,585▲ $140,968
Net Assets / Fund Balance
Net Assets With Donor Restrictions$150,000$0▼ $150,000
Net Assets Without Donor Restrictions$-167,945$-214,819▼ $46,874
Total Net Assets Fund Balance$-17,945$-214,819▼ $196,874
Total Liabilities and Net Assets / Fund Balance$210,672$154,766▼ $55,906

Asset Categories

AssetBook ValueDepreciationBasis
Equipment$4,833$21,784$26,617
Other Land Buildings$0$19,448$19,448
Compensation and Service Providers
Top Officer Pay68th percentile

Board Members and Trustees

NameTitle
William AllisonPresident
Alfred C GriffinVice President
Charles H SeilheimerBoard Member
Don YovanovichBoard Member
Ernest M OareBoard Member
Jeffrey L LehewBoard Member
Langhorne BondBoard Member
Margaret Church LittletonBoard Member
Richard WallachBoard Member
Rick GerhardtBoard Member
Robert BonnieBoard Member
WILLIAM O'KEEFEBoard Member
William PrimeBoard Member
Marshall D DoellerSecretary
G Wayne EasthamTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$575,675
Investment Income
$3,899
Other Revenue
$19,270
Change in Net Assets
$-186,896
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$728,282
Salaries, Compensation, and Employee Benefits$57,458
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages-$53,347-$53,347
Insurance-$43,243-$43,243
Occupancy-$22,423-$22,423
Fees for Services Accounting-$15,115-$15,115
Other Expenses$24,833$8,981-$8,981
Office Expenses-$4,190-$4,190
Payroll Taxes-$4,111-$4,111
Depreciation Depletion-$3,899-$3,899
Information Technology-$3,740-$3,740
Interest-$3,206-$3,206
Conferences and Meetings-$2,416-$2,416
All Other Expenses-$1,654-$1,654
Travel-$540-$540
Fees for Services Legal-$350-$350
Total Functional Expenses$618,525$167,215$0$785,740
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
Yes
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Gaming Gross Income$15,506
Gaming Direct Expenses$200
Professional Fundraising Fees$0
Political and Lobbying Activity
Political campaign activity
No
Subject to proxy tax
No
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
Yes
Audit committee
No
Backup withholding compliance
Yes
Business relationship with 35% controlled entity
No
Business relationship with family members
No
Business relationship with organization members
No
Material changes to governing documents
No
Compensation from other sources disclosed
No
CEO compensation reviewed
No
Other officer compensation reviewed
Yes
Conflict-of-interest policy
No
Audited financial statements prepared
No
Key decisions subject to board approval
Yes
Management duties delegated
No

Governance Explanations

Form 990, Part VI, Section A, Line 6

“Membership. 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 7A

“Board members and directors are elected at the corporation's annual meeting held in march.”

Form 990, Part VI, Section A, Line 7B

“The 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 11B

“To 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 15B

“Officers 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 19

“The 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.”

Filing and Contact Details

Filer

Filer Name
Virginia Gold Cup Association Inc
EIN
54-0943990
Phone
5403472612
Address
PO BOX 840, WARRENTON, VA 20188

Signing Officer

Name
Dr William Allison
Title
President
Phone
5403472612
Signed
2021-07-29
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Dr William Allison
Formed
1923
Legal Domicile
Va
Voting Board Members
15
Independent Board Members
15
Employees
4
Volunteers
0

Preparer

Firm
Pbmares Llp
Address
29 CULPEPER STREET, WARRENTON, VA 20186
Preparer
Donald W Knotts CPA
Phone
5403474970
Supplemental Narrative

Financial Statement Notes

PART X, LINE 2:

“The 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(asc); 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 are subject to examination by taxing authorities, generally for a period of three years from the date the returns are filed.”

Raw XML AppendixShowing 400 of 476 raw XML fields

This appendix keeps the raw XML leaves available for debugging and edge-case review. The human report above is the primary experience.

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IRS990/ActivityOrMissionDesc0TO ORGANIZE AND PROMOTE STEEPLECHASE RACES IN FAUQUIER COUNTY, VIRGINIA.
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IRS990/Desc0THE ASSOCIATION HISTORICALLY ORGANIZES AND PROMOTES TWO ANNUAL STEEPLECHASE RACES IN FAUQUIER COUNTY, VIRGINIA. IN MARCH 2020, A CORONAVIRUS OUTBREAK WAS DECLARED TO BE A GLOBAL PANDEMIC BY THE WORLD HEALTH ORGANIZATION, AND MEASURES TAKEN TO CONTROL THE SPREAD OF THE VIRUS INCLUDED CLOSURES OF PUBLIC SPACES AND LIMITS ON GROUP GATHERINGS. DUE TO THESE UNUSUAL CIRCUMSTANCES, THE RACES HELD IN 2020 HAD TO BE RUN WITHOUT SPECTATORS AND THE TRADITIONAL SPRING RACE WAS MOVED TO JUNE 2020.
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IRS990/Form990PartVIISectionAGrp/PersonNm1ALFRED C GRIFFIN
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IRS990/Form990PartVIISectionAGrp/PersonNm5RICK GERHARDT
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IRS990/Form990PartVIISectionAGrp/PersonNm8WILLIAM O'KEEFE
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IRS990/Form990PartVIISectionAGrp/PersonNm11RICHARD WALLACH
IRS990/Form990PartVIISectionAGrp/PersonNm12DON YOVANOVICH
IRS990/Form990PartVIISectionAGrp/PersonNm13WILLIAM PRIME
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IRS990/Form990PartVIISectionAGrp/TitleTxt0PRESIDENT
IRS990/Form990PartVIISectionAGrp/TitleTxt1VICE PRESIDENT
IRS990/Form990PartVIISectionAGrp/TitleTxt2TREASURER
IRS990/Form990PartVIISectionAGrp/TitleTxt3SECRETARY
IRS990/Form990PartVIISectionAGrp/TitleTxt4BOARD MEMBER
IRS990/Form990PartVIISectionAGrp/TitleTxt5BOARD MEMBER
IRS990/Form990PartVIISectionAGrp/TitleTxt6BOARD MEMBER
IRS990/Form990PartVIISectionAGrp/TitleTxt7BOARD MEMBER
IRS990/Form990PartVIISectionAGrp/TitleTxt8BOARD MEMBER
IRS990/Form990PartVIISectionAGrp/TitleTxt9BOARD MEMBER
IRS990/Form990PartVIISectionAGrp/TitleTxt10BOARD MEMBER
IRS990/Form990PartVIISectionAGrp/TitleTxt11BOARD MEMBER
IRS990/Form990PartVIISectionAGrp/TitleTxt12BOARD MEMBER
IRS990/Form990PartVIISectionAGrp/TitleTxt13BOARD MEMBER
IRS990/Form990PartVIISectionAGrp/TitleTxt14BOARD MEMBER
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IRS990/InfoInScheduleOPartIIIInd0X
IRS990/InfoInScheduleOPartVIInd0X
IRS990/InformationTechnologyGrp/ManagementAndGeneralAmt03740
IRS990/InformationTechnologyGrp/TotalAmt03740
IRS990/InsuranceGrp/ManagementAndGeneralAmt043243
IRS990/InsuranceGrp/TotalAmt043243
IRS990/IntangibleAssetsGrp/BOYAmt0916
IRS990/IntangibleAssetsGrp/EOYAmt00
IRS990/InterestGrp/ManagementAndGeneralAmt03206
IRS990/InterestGrp/TotalAmt03206
IRS990/InventoriesForSaleOrUseGrp/BOYAmt02845
IRS990/InventoriesForSaleOrUseGrp/EOYAmt02845
IRS990/InvestmentIncomeGrp/ExclusionAmt06883
IRS990/InvestmentIncomeGrp/TotalRevenueColumnAmt06883
IRS990/InvestmentInJointVentureInd00
IRS990/InvestmentsPubTradedSecGrp/BOYAmt076279
IRS990/InvestmentsPubTradedSecGrp/EOYAmt072624
IRS990/IRPDocumentCnt014
IRS990/IRPDocumentW2GCnt00
IRS990/LandBldgEquipAccumDeprecAmt041232
IRS990/LandBldgEquipBasisNetGrp/BOYAmt010669
IRS990/LandBldgEquipBasisNetGrp/EOYAmt04833
IRS990/LandBldgEquipCostOrOtherBssAmt046065
IRS990/LegalDomicileStateCd0VA
IRS990/LessCostOthBasisSalesExpnssGrp/OtherAmt02852
IRS990/LessCostOthBasisSalesExpnssGrp/SecuritiesAmt017276
IRS990/LoanOutstandingInd00
IRS990/LocalChaptersInd00
IRS990/MaterialDiversionOrMisuseInd00
IRS990/MembersOrStockholdersInd01
IRS990/MethodOfAccountingAccrualInd0X
IRS990/MinutesOfCommitteesInd01
IRS990/MinutesOfGoverningBodyInd01
IRS990/MissionDesc0THE VIRGINIA GOLD CUP ASSOCIATION WAS ORGANIZED IN 1923 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.
IRS990/MoreThan5000KToIndividualsInd00
IRS990/MoreThan5000KToOrgInd00
IRS990/MortgNotesPyblScrdInvstPropGrp/BOYAmt0140000
IRS990/MortgNotesPyblScrdInvstPropGrp/EOYAmt0211647
IRS990/NetAssetsOrFundBalancesBOYAmt0-17945
IRS990/NetAssetsOrFundBalancesEOYAmt0-214819
IRS990/NetGainOrLossInvestmentsGrp/ExclusionAmt0-2984
IRS990/NetGainOrLossInvestmentsGrp/TotalRevenueColumnAmt0-2984
IRS990/NetIncomeFromGamingGrp/ExclusionAmt015306
IRS990/NetIncomeFromGamingGrp/TotalRevenueColumnAmt015306
IRS990/NetIncomeOrLossGrp/RelatedOrExemptFuncIncomeAmt03964
IRS990/NetIncomeOrLossGrp/TotalRevenueColumnAmt03964
IRS990/NetUnrelatedBusTxblIncmAmt00
IRS990/NetUnrlzdGainsLossesInvstAmt0-9978
IRS990/NoDonorRestrictionNetAssetsGrp/BOYAmt0-167945
IRS990/NoDonorRestrictionNetAssetsGrp/EOYAmt0-214819
IRS990/NoListedPersonsCompensatedInd0X
IRS990/NondeductibleContributionsInd00
IRS990/OccupancyGrp/ManagementAndGeneralAmt022423
IRS990/OccupancyGrp/TotalAmt022423
IRS990/OfficeExpensesGrp/ManagementAndGeneralAmt04190
IRS990/OfficeExpensesGrp/TotalAmt04190
IRS990/OfficerMailingAddressInd00
IRS990/OperateHospitalInd00
IRS990/Organization501cInd0X
IRS990/OrganizationFollowsFASB117Ind0X
IRS990/OtherAssetsTotalGrp/BOYAmt0500
IRS990/OtherAssetsTotalGrp/EOYAmt00
IRS990/OtherChangesInNetAssetsAmt00
IRS990/OtherExpensesGrp/Desc0DIRECT RACE EXPENSES
IRS990/OtherExpensesGrp/Desc1WINNINGS PAID
IRS990/OtherExpensesGrp/Desc2PROMOTIONS FOR RACES
IRS990/OtherExpensesGrp/Desc3EQUIPMENT LEASES
IRS990/OtherExpensesGrp/ManagementAndGeneralAmt08981
IRS990/OtherExpensesGrp/ProgramServicesAmt0317742
IRS990/OtherExpensesGrp/ProgramServicesAmt1275950
IRS990/OtherExpensesGrp/ProgramServicesAmt224833
IRS990/OtherExpensesGrp/TotalAmt0317742
IRS990/OtherExpensesGrp/TotalAmt1275950
IRS990/OtherExpensesGrp/TotalAmt224833
IRS990/OtherExpensesGrp/TotalAmt38981
IRS990/OtherSalariesAndWagesGrp/ManagementAndGeneralAmt053347
IRS990/OtherSalariesAndWagesGrp/TotalAmt053347
IRS990/PartialLiquidationInd00
IRS990/PayPremiumsPrsnlBnftCntrctInd00
IRS990/PayrollTaxesGrp/ManagementAndGeneralAmt04111
IRS990/PayrollTaxesGrp/TotalAmt04111
IRS990/PoliticalCampaignActyInd00
IRS990/PrepaidExpensesDefrdChargesGrp/BOYAmt00
IRS990/PrepaidExpensesDefrdChargesGrp/EOYAmt011047
IRS990/PrincipalOfficerNm0DR WILLIAM ALLISON
IRS990/ProfessionalFundraisingInd00
IRS990/ProgramServiceRevenueGrp/BusinessCd0711210
IRS990/ProgramServiceRevenueGrp/BusinessCd1711210
IRS990/ProgramServiceRevenueGrp/BusinessCd2711210
IRS990/ProgramServiceRevenueGrp/Desc0INTERNATIONAL GOLD CUP
IRS990/ProgramServiceRevenueGrp/Desc1VIRGINIA GOLD CUP - SP
IRS990/ProgramServiceRevenueGrp/Desc2VIRGINIA GOLD CUP - SP
IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt0305000
IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt1262000
IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt28675
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt0305000
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt1262000
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt28675
IRS990/ProhibitedTaxShelterTransInd00
IRS990/PYBenefitsPaidToMembersAmt00
IRS990/PYContributionsGrantsAmt00
IRS990/PYExcessBenefitTransInd00
IRS990/PYGrantsAndSimilarPaidAmt06200
IRS990/PYInvestmentIncomeAmt04560
IRS990/PYOtherExpensesAmt02067305
IRS990/PYOtherRevenueAmt0-75886
IRS990/PYProgramServiceRevenueAmt02412898
IRS990/PYRevenuesLessExpensesAmt036321
IRS990/PYSalariesCompEmpBnftPaidAmt0231746
IRS990/PYTotalExpensesAmt02305251
IRS990/PYTotalProfFndrsngExpnsAmt00
IRS990/PYTotalRevenueAmt02341572
IRS990/QuidProQuoContributionsInd00
IRS990/RcvFndsToPayPrsnlBnftCntrctInd00
IRS990/ReconcilationRevenueExpnssAmt0-186896
IRS990/RelatedEntityInd00
IRS990/RelatedOrganizationCtrlEntInd00
IRS990/ReportInvestmentsOtherSecInd00
IRS990/ReportLandBuildingEquipmentInd01
IRS990/ReportOtherAssetsInd00
IRS990/ReportOtherLiabilitiesInd00
IRS990/ReportProgramRelatedInvstInd00
IRS990/RevenueAmt0579639
IRS990/SavingsAndTempCashInvstGrp/BOYAmt052706
IRS990/SavingsAndTempCashInvstGrp/EOYAmt051513
IRS990/ScheduleBRequiredInd00
IRS990ScheduleD/EquipmentGrp/BookValueAmt04833
IRS990ScheduleD/EquipmentGrp/DepreciationAmt021784
IRS990ScheduleD/EquipmentGrp/OtherCostOrOtherBasisAmt026617
IRS990ScheduleD/FootnoteTextInd0X
IRS990ScheduleD/OtherLandBuildingsGrp/BookValueAmt00
IRS990ScheduleD/OtherLandBuildingsGrp/DepreciationAmt019448
IRS990ScheduleD/OtherLandBuildingsGrp/OtherCostOrOtherBasisAmt019448
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt0THE 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(ASC); 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 ARE SUBJECT TO EXAMINATION BY TAXING AUTHORITIES, GENERALLY FOR A PERIOD OF THREE YEARS FROM THE DATE THE RETURNS ARE FILED.
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc0PART X, LINE 2:
IRS990ScheduleD/TotalBookValueLandBuildingsAmt04833
IRS990ScheduleG/CharitableDistributionRqrInd00
IRS990ScheduleG/CntrctWith3rdPrtyForGameRevInd01
IRS990ScheduleG/GamingInformationGrp/DirectExpenseSummaryGamingAmt0200
IRS990ScheduleG/GamingInformationGrp/GrossRevenueOtherGamingAmt015506
IRS990ScheduleG/GamingInformationGrp/GrossRevenueTotalGamingAmt015506
IRS990ScheduleG/GamingInformationGrp/NetGamingIncomeSummaryAmt015306
IRS990ScheduleG/GamingInformationGrp/RentFcltyCostsOtherGamingAmt0200
IRS990ScheduleG/GamingInformationGrp/RentFcltyCostsTotalGamingAmt0200
IRS990ScheduleG/GamingInformationGrp/VolunteerLaborOtherGamingInd00
IRS990ScheduleG/GamingManagerBusinessName/BusinessNameLine1Txt0UNITED TOTE
IRS990ScheduleG/GamingManagerCompensationAmt00
IRS990ScheduleG/GamingManagerIsIndCntrctInd0X
IRS990ScheduleG/GamingManagerServicesProvTxt0EQUPIMENT AND STAFF TO RUN PARIMUTUEL WAGERING DURING SPRING AND FALL RACE. NO GAMING ACTIVITIES WERE CONDUCTED AT EVENTS DURING 2020. THE ORGANIZATION'S CONTRACT WITH UNITED TOTE REMAINS IN PLACE.
IRS990ScheduleG/GamingOtherFacilityPct01.00000
IRS990ScheduleG/GamingWithNonmembersInd01
IRS990ScheduleG/IndividualWithBooksNm0BARBARA SHANNON
IRS990ScheduleG/LicensedInd01
IRS990ScheduleG/LicenseSuspendedEtcInd00
IRS990ScheduleG/MemberOfOtherEntityInd00
IRS990ScheduleG/PersonsWithBooksUSAddress/AddressLine1Txt0PO BOX 840
IRS990ScheduleG/PersonsWithBooksUSAddress/CityNm0WARRENTON
IRS990ScheduleG/PersonsWithBooksUSAddress/StateAbbreviationCd0VA
IRS990ScheduleG/PersonsWithBooksUSAddress/ZIPCd020188
IRS990ScheduleG/StatesWhereGamingConductedCd0VA
IRS990ScheduleG/ThirdPartyBusinessName/BusinessNameLine1Txt0UNITED TOTE
IRS990ScheduleG/ThirdPartyUSAddress/AddressLine1Txt0600 N HURTSBOURNE PKY SUITE 400
IRS990ScheduleG/ThirdPartyUSAddress/CityNm0LOUISVILLE
IRS990ScheduleG/ThirdPartyUSAddress/StateAbbreviationCd0KY
IRS990ScheduleG/ThirdPartyUSAddress/ZIPCd040222
IRS990/ScheduleJRequiredInd00
IRS990/ScheduleORequiredInd01
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0MEMBERSHIP. 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.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1BOARD MEMBERS AND DIRECTORS ARE ELECTED AT THE CORPORATION'S ANNUAL MEETING HELD IN MARCH.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2THE 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.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3TO 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.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4OFFICERS 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.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt5THE 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.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0FORM 990, PART VI, SECTION A, LINE 6
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1FORM 990, PART VI, SECTION A, LINE 7A
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2FORM 990, PART VI, SECTION A, LINE 7B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3FORM 990, PART VI, SECTION B, LINE 11B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc4FORM 990, PART VI, SECTION B, LINE 15B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc5FORM 990, PART VI, SECTION C, LINE 19
IRS990/SchoolOperatingInd00
IRS990/SignificantChangeInd00
IRS990/SignificantNewProgramSrvcInd00
IRS990/SubjectToExcsTaxNetInvstIncInd00
IRS990/SubjectToProxyTaxInd00
IRS990/SubjToTaxRmnrtnExPrchtPymtInd00
IRS990/TaxablePartyNotificationInd00
IRS990/TaxExemptBondsInd00
IRS990/TerminateOperationsInd00

Document Assets

No mirrored PDF or thumbnail assets are attached yet.

Filings

Displayed year

2020 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$154,766
Liabilities
$369,585
Net assets
-$214,819
Revenue
$598,844
Expenses
$785,740
Net income
-$186,896
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$0.21$0.28$0.07$2.22$2.34$0.13
2023Summary only. Only limited summary data is available for this year.$0.24$0.19$0.05$2.10$2.23$0.13
2022Facts available. Structured filing facts are available, but richer extracted sections are limited.$0.33$0.15$0.17$2.01$1.76$0.26
2021XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$0.15$0.23$0.08$1.26$1.15$0.11
2020Detailed filing. Detailed filing data is available for this year.$0.15$0.37$0.21$0.60$0.79$0.19
2020Summary only. Only limited summary data is available for this year.$0.15$0.37$0.21$0.60$0.79$0.19
2019XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$0.21$0.23$0.02$2.34$2.31$0.04
2018XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$0.19$0.24$0.06$2.12$2.28$0.16
2017Summary only. Only limited summary data is available for this year.$0.33$0.21$0.11$2.34$2.35$0.01
2016XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$0.33$0.21$0.12$2.38$2.46$0.08
2015XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$0.42$0.21$0.21$2.17$2.32$0.15
2014Detailed filing. Detailed filing data is available for this year.$0.36$0.06$0.31$1.95$1.91$0.04
2013Detailed filing. Detailed filing data is available for this year.$0.36$0.05$0.31$1.66$1.66$0.00
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$0.34$0.03$0.31$1.56
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$0.23$0.02$0.21$1.31