2023-11-10T13:49:04+00:00 2022-12-31 350921680 CROWE LLP 485 Lexington Avenue Floor 11 New York NY 100172619 990 2022-01-01 130888345 The Jockey Club JOCK 2123715970 250 Park Ave Suite 2020 New York NY 10177 Laura Barillaro Executive Vice President & CFO 2023-11-10 true Laura Barillaro 999009999 true Rachel Spurlock P00520729 2125725500 2022 2023-04-26 12:10:37Z X James Gagliano 250 Park Ave Suite 2020 New York NY 10177 20696907 false X www.jockeyclub.com X 1894 NY The Jockey Club is the breed Registry for Thoroughbred horses in the U.S., Canada and Puerto Rico. It is dedicated to the improvement of Thoroughbred breeding and racing and fulfills that mandate by serving many segments of the industry through its subsidiary companies and by supporting industry initiatives. 9 9 37 10 1394988 0 0 0 8798509 9015652 3010765 3780980 2310084 2299798 14119358 15096430 1691625 3623554 0 4746189 5011158 0 0 9768975 9163875 16206789 17798587 -2087431 -2702157 77383639 65771192 2883937 2473096 74499702 63298096 The organization is dedicated to the improvement of thoroughbred breeding and racing. It fulfills that mandate by serving many segments of the industry through its subsidiary companies and by providing support to a wide range of industry initiatives. false false THE JOCKEY CLUB IS THE BREED REGISTRY FOR THOROUGHBRED HORSES IN THE UNITED STATES, CANADA, AND PUERTO RICO. THE JOCKEY CLUB WAS FORMED IN 1894 AND ASSUMED RESPONSIBILITY FOR MAINTAINING THE AMERICAN STUD BOOK TWO YEARS LATER. THE STUD BOOK ENSURES THE CORRECT PEDIGREE AND IDENTIFICATION OF EVERY THOROUGHBRED AND, AS SUCH, IS ESSENTIAL TO THE INTEGRITY OF THOROUGHBRED BREEDING AND RACING. NORTH AMERICAN OWNERS AND BREEDERS REGISTER APPROXIMATELY 18,800 THOROUGHBREDS ANNUALLY WITH THE JOCKEY CLUB. AN INCREASING NUMBER ARE DOING SO THROUGH THE CONVENIENCE OF THE INTERNET UTILIZING THE JOCKEY CLUB'S INTERACTIVE REGISTRATION (IR). THIS IS THE QUICKEST AND EASIEST WAY TO COMPLETE AND SUBMIT THE REQUIREMENTS FOR REGISTRATION AND NAMING OF FOALS, INCLUDING SUBMISSION OF DIGITAL PHOTOGRAPHS. THE ORGANIZATION IS EXPECTED TO REGISTER 18,500 THOROUGHBRED FOALS IN 2023. CONFERENCES: SINCE 1953, THE JOCKEY CLUB HAS HELD AN ANNUAL ROUND TABLE CONFERENCE ON MATTERS PERTAINING TO RACING IN SARATOGA SPRINGS, NY. THE TWO-HOUR CONFERENCE HAS FEATURED A MYRIAD OF IMPORTANT TOPICS AND PROMINENT SPEAKERS FROM THE UNITED STATES AS WELL AS ABROAD AND MORE THAN 300 INDUSTRY PARTICIPANTS NOW ATTEND. THE CONFERENCE EXAMINES INITIATIVES AND ACTIONS DESIGNED TO HELP THE THOROUGHBRED INDUSTRY. THE PUBLICATION OF THE FACT BOOK, WHICH IS A COMPREHENSIVE STATISTICAL AND INFORMATIONAL GUIDE TO THE THOROUGHBRED INDUSTRY. 0 false false false true false false false false false true false false true true true false true false false true false false false false false false true true true false false false false false false false false false false false true true true false true 89 0 true 37 true true true false false false false false false false X 9 9 true false false false true true false true true false false true true true true true true true true false X Laura Barillaro CO Jockey Club 2123715970 250 Park Ave Ste 2020 New York NY 10177 Ian Highet Secretary/Treasurer 1.0 X X 0 0 0 Stuart S Janney III Chairman 2.0 X X 0 0 0 William M Lear Jr Vice Chairman 1.0 X X 0 0 0 Alex R Rankin Steward 1.0 X 0 0 0 Barbara Banke Steward 1.0 X 0 0 0 C Steven Duncker Steward (Through August 2022) 1.0 X 0 0 0 Dr Larry R Bramlage Steward 1.0 X 0 0 0 Louis A Cella Steward (Beginning August 2022) 1.0 X 0 0 0 Vincent Viola Steward 1.0 X 0 0 0 William S Farish Jr Steward 1.0 X 0 0 0 James L Gagliano President & Chief Operating Officer 40.0 X 893105 0 64884 Laura Barillaro Executive Vice President & Chief Financial Officer 40.0 X 452512 0 36995 Matt Iuliano Executive Vice President & Executive Director 40.0 X 460586 0 51712 Andrew Chesser Registration Services Manager 40.0 X 112499 0 21478 DR Jennifer Durenberger THE JOCKEY CLUB STEWARD 40.0 X 192179 0 25713 Erica Lapp Controller 40.0 X 153270 0 14460 Marc Summers Vice President & General Counsel 40.0 X 418937 0 59094 Rick Bailey REGISTRAR 40.0 X 168252 0 36983 2851340 0 311319 9 false true false 5 Stones Intelligence Accounting Department 211 N Union Street Suite 100 Alexandria VA 22314 Consulting Services 1366601 The Regents of UCUniversity of CA Davis PO Box 989062 West Sacramento CA 95798 DNA Typing 299408 Stoll Keenon Ogden PLLC 300 WEST VINE ST STE 2100 LEXINGTON KY 405071801 LEGAL SERVICES 174096 King & Spalding LLP PO BOX 116133 Atlanta GA 30368 Legal Services 172659 Crowe LLP 225 West Wacker Dr Suite 2600 CHICAGO IL 606061224 Accounting Services 100080 5 0 Registry Fees 900099 8658843 8658843 DATA SALES 561110 283309 283309 MEMBERSHIP DUES 900099 73500 73500 0 0 0 0 9015652 259772 259772 731574 700705 30869 0 30869 30869 8420980 4899772 3521208 0 3521208 3521208 Administrative Services 561110 1394988 1394988 Reimbursements 900099 873675 873675 Non-operating Income 900099 266 266 0 0 0 0 2268929 15096430 9889593 1394988 3811849 3547554 76000 1972691 2532545 123193 152359 230370 727550 100080 13372 1555272 41132 446589 2747525 467553 233067 211941 1223247 343893 DNA Lab Costs 325729 Thoroughbred Incentive Program 310401 Microchip Expense 95840 Purchased Data 55226 265458 17798587 600 600 8349047 4111547 258564 159505 0 0 0 0 1368907 519160 1202332 1936890 17652144 12912119 4931912 4740025 28282875 26825903 10831390 2749463 0 22158012 24728099 77383639 65771192 2316306 2122617 91078 185472 0 0 476553 165007 2883937 2473096 X 74499702 63298096 74499702 63298096 77383639 65771192 X -2702157 -13332847 4833398 X false true X true false true false false 200000 200000 4100000 4100000 0 3468638 1355371 2113267 7305434 5423970 1881464 2578072 2032778 545294 4740025 INTERCOMPANY RECEIVABLE 24680920 EMPLOYEE ADVANCES 5712 Other Assets 41467 24728099 DEFERRED RENT OTHER LIABILITIES 165007 165007 X Schedule D, Part X, Line 2 FIN 48 (ASC 740) footnote TJC is exempt from federal income taxes under Section 501(c)(5) of the Internal Revenue Code and is also exempt from certain state and local income taxes. TJC files federal, state and local income tax returns for its commercial subsidiaries. TJC accounts for income taxes using the liability method, which requires the determination of deferred tax assets and liabilities, based on the differences between the financial statement and tax bases of assets and liabilities, using enacted tax rates in effect for the year in which differences are expected to reverse. The net deferred tax asset may be adjusted by a valuation allowance, if, based on the weight of available evidence, it is more likely than not that some portion or all of the net deferred tax asset will not be realized. Accounting principles generally accepted in the United States of America prescribe recognition thresholds and measurement attributes for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. Tax benefits will be recognized only if the tax position is more likely than not sustained in a tax examination, with a tax examination being presumed to occur. The amount recognized will be the largest amount of tax benefit that is greater than 50% likely of being realized on examination. For tax positions not meeting the more likely than not test, no tax benefit will be recorded. TJC has concluded that it is unaware of any tax benefits or liabilities to be recognized at December 31, 2022 and 2021. For major tax jurisdictions, TJC and its subsidiaries are generally subject to examination by taxing authorities for the three to four years after a tax return is filed. TJC does not expect the total amount of unrecognized tax benefits to significantly change in the next 12 months. The subsidiaries of TJC would recognize interest and/or penalties related to income tax matters in income tax expense. There were no amounts accrued for interest or penalties as of December 31, 2022 and 2021. North America (Canada & Mexico only) 0 0 Program Services SERVICE AGREEMENT 37000 0 0 0 0 0 0 37000 0 37000 false false false false false false Schedule F, Part I, Line 3 Method used to account for expenditures on org's financial statements NORTH AMERICA (CANADA & MEXICO ONLY)-Accrual true American Society for the Prevention of Cruelty to Animals 600 Pennsylvania Ave SE Ste 450 Washington DC 20003 131623829 501(c)(3) 10000 General Support Racing Office and Accreditation Program 821 Corporate Drive Lexington KY 40503 204137857 501(c)(6) 12500 General Support Humane Society of the United States 700 Professional Drive Gathersburg MD 20879 530225390 501(c)(3) 10000 General Support University of Kentucky 410 Administration Dr Lexington KY 40506 616001218 Univ. of Kentucky 25000 General Support Thoroughbred Aftercare Alliance Foundation 821 Corporate Drive Lexington KY 40503 454783644 501(c)(3) 1450800 General Support Animal Wellness Action 611 Pennsylvania Ave SE 136 Washington DC 20003 825477192 501(c)(4) 10000 General Support Horseracing Integrity and Safety Authority 401 W Main St 222 Lexington KY 40507 861940818 501(c)(6) 1868907 General Support Research Foundation for Mental Hygiene 150 Broadway Suite 301 Riverview Center Menands NY 12204 141410842 501(c)(3) 100000 General Support Phoenix Rising Lex 4201 Versailles Road Lexington KY 40510 813470585 501(c)(3) 20000 General Support Town Branch Park 249 E Main Street Ste 201 Lexington KY 40507 834621324 501(c)(3) 10000 General Support 7 3 SCHOLARSHIPS 8 76000 0 N/A N/A Schedule I, Part I, Line 2 Procedures for monitoring use of grant funds. The Jockey Club provides assistance in general support of organizations that are dedicated to the improvement of thoroughbred breeding and racing and is regularly provided updates on the status of the organization's programs. The Jockey Club Scholarship is awarded annually to one recipient. The recipient is a current or prospective student pursuing a minimum of a bachelor's degree with an emphasis in the equine or applicable field of study that could be applied in the equine industry, with preference given to candidates expressing a strong interest in a career in the Thoroughbred industry. The Jockey Club remits the scholarship funds directly to the scholarship recipient's college or university. The Jockey Club Jack Goodman Scholarship is awarded annually to one student at the University of Arizona's Race Track Industry Program and is based on academic achievement, a proposed career path in the Thoroughbred racing industry, and previous industry involvement. X X X true true X X false false false James L Gagliano President & Chief Operating Officer 434075 0 450000 0 9030 0 18300 0 46584 0 957989 0 0 0 Laura Barillaro Executive Vice President & Chief Financial Officer 294574 0 155100 0 2838 0 18300 0 18695 0 489507 0 0 0 Matt Iuliano Executive Vice President & Executive Director 296529 0 159700 0 4357 0 18300 0 33412 0 512298 0 0 0 Marc Summers Vice President & General Counsel 270399 0 147100 0 1438 0 18300 0 40794 0 478031 0 0 0 DR Jennifer Durenberger THE JOCKEY CLUB STEWARD 191226 0 0 0 953 0 11789 0 13924 0 217892 0 0 0 Rick Bailey REGISTRAR 147390 0 19500 0 1362 0 10590 0 26393 0 205235 0 0 0 Erica Lapp Controller 150000 0 3000 0 270 0 9180 0 5280 0 167730 0 0 0 Schedule J, Part I, Line 1a Travel for companions Travel for companions is generally limited to attendance by an employee's spouse at major racing events; however, there may be other events where it is appropriate for a spouse to be present. Reimbursement is limited to the cost of a coach airline ticket for the employee's spouse. The organization has determined that this reimbursement is not taxable since it is considered to be a necessary and ordinary business expense of the organization. Schedule J, Part I, Line 1a HEALTH OR SOCIAL CLUB DUES AND TAX INDEMNIFICATION AND GROSS-UP PAYMENTS THE PRESIDENT OF THE ORGANIZATION WAS A MEMBER OF A PRIVATE CLUB TO WHICH MEMBERSHIP DUES WERE PAID BY THE JOCKEY CLUB. Reimbursement for membership in the private club was grossed up to cover income tax obligations. The total amount reimbursed was treated as taxable compensation to the President. Form 990, Part VI, Line 1a Delegate broad authority to a committee The Executive Committee consists of the Chairman, Vice Chairman, and Secretary/Treasurer of the Board of Stewards. The executive committee has the authority to perform duties including making decisions on behalf of the organization, approving preliminary budget, and evaluating executive compensation, before seeking complete board approval. Form 990, Part VI, Line 2 Family/business relationships amongst interested persons STEWARDS OF THE JOCKEY CLUB MAY HAVE ONGOING BUSINESS RELATIONSHIPS WITH EACH OTHER IN THE COURSE OF MANAGING THEIR THOROUGHBRED INTERESTS; HOWEVER, THOSE BUSINESS RELATIONSHIPS DO NOT IMPACT THE JOCKEY CLUB OPERATIONALLY, NOR DO THEY HAVE ANY IMPACT ON ANY BOARD DECISIONS MADE ON THE JOCKEY CLUB'S BEHALF. - Business relationship Form 990, Part VI, Line 6 Classes of members or stockholders The organization is a membership organization made up of dues paying members from the equine industry. Persons shall be admitted to membership by the Board of Stewards. Form 990, Part VI, Line 7a Members or stockholders electing members of governing body The members of the organization vote in an annual election for the Board of Stewards. Form 990, Part VI, Line 11b Review of form 990 by governing body The Form 990 was prepared by an independent public accounting firm. A copy of the form was presented to management for review and approval. It was submitted to the full board and reviewed by the President and Chief Financial Officer on behalf of the board prior to filing with the IRS. Form 990, Part VI, Line 12c Conflict of interest policy Upon hiring, every employee of the Jockey Club is required to complete a formal disclosure and conflict of interest report. Employees are required to inform the Jockey Club of any ownership of a thoroughbred (in whole or in part), any vested interest in an organization related to the thoroughbred industry, or if they perform any thoroughbred industry related services outside their scope of employment with the Jockey Club. This is an ongoing document and the employee is required to update it for any changes that occur on a timely basis. Completion of the report is a condition of employment by the Jockey Club. Stewards also sign an annual conflict of interest disclosure statement and recuse themselves from voting on issues for which there exists a conflict. Form 990, Part VI, Line 15a Process to establish compensation of top management official Compensation for the president consists of two components: base salary and incentive compensation. Incentive compensation is based on achievement of a combination of quantitative and qualitative goals that is at the discretion of the chairman and the executive officers and is ultimately approved by the board of stewards. The objective of the compensation program is that the combination of base plus incentive compensation at 100% achievement of pre-determined goals equates to market based compensation. Total compensation (base plus incentive) for the president is reviewed by the chairman and executive officers and is presented to the board of stewards annually for approval prior to inclusion in the annual budget. Compensation of comparable positions are reviewed in the determination of the president's compensation. THE COMPENSATION COMPARABILITY ANALYSIS WAS COMPLETED IN 2015 AND IS USED BY THE ORGANIZATION TO REVIEW AND DETERMINE COMPENSATION ON AN ANNUAL BASIS. This process was last completed in 2022. Determination of incentive compensation includes the evaluation of quantitative and qualitative goals for the year. Quantitative goals are based primarily on achieving consolidated operating results for the Jockey Club, which includes its for-profit, taxable subsidiaries. Incentive compensation, once determined, is accrued in the current year but payment is not made until the following year pending completion of the consolidated audit of the Jockey Club by an independent auditor. Thus, incentive compensation paid in 2022 is the result of the achievement of 2021 performance goals, including the recognition of consolidated operating income. Form 990, Part VI, Line 15b Process to establish compensation of other employees Compensation for each of the Jockey Club's officers and key employees consists of two components: base salary and incentive compensation. Incentive compensation is based on achievement of a combination of quantitative and qualitative goals that are approved by the board of stewards at the beginning of each year. The objective of the compensation program is that the combination of base plus incentive compensation at 100% achievement of pre-determined goals equates to market based compensation. Total compensation (base plus incentive) is reviewed by the President and is presented to the board of stewards for approval annually prior to inclusion in the annual budget. Compensation of comparable positions are reviewed in the determination of the OFFICERS AND KEY EMPLOYEES compensation. THE COMPENSATION COMPARABILITY ANALYSIS WAS COMPLETED IN 2015 AND IS USED BY THE ORGANIZATION TO REVIEW AND DETERMINE COMPENSATION ON AN ANNUAL BASIS. This process was last completed in 2022. Determination of incentive compensation includes the evaluation quantitative and qualitative goals for the year. Quantitative goals are based primarily on achieving consolidated operating results for the Jockey Club, which includes its for-profit, taxable subsidiaries. Incentive compensation, once determined, is accrued in the current year but payment is not made until the following year pending completion of the consolidated audit of the Jockey Club by an independent auditor. Thus, incentive compensation paid in 2022 is the result of the achievement of 2021 performance goals, including the recognition of consolidated operating income. Form 990, Part VI, Line 19 Required documents available to the public The Jockey Club makes its Form 990 and IRS determination letter available to the public by retaining a copy of each at its corporate office. Any individual requesting a copy of these documents is provided that copy on the same business day. The organization's Form 990 is also available for public inspection on www.guidestar.org. The organization's financial statements, governing documents, and conflict of interest policy are available to the public upon request, and at the organization's discretion. Form 990, Part VIII, Line 11b Reimbursement Revenue AMOUNTS REPORTED AS REIMBURSEMENTS REPRESENT THE PERSONNEL (SALARY AND FRINGE BENEFITS) COSTS OF CERTAIN JOCKEY CLUB EMPLOYEES WHO PROVIDE SERVICES TO THE FOLLOWING ORGANIZATIONS: (A) GRAYSON JOCKEY CLUB RESEARCH FOUNDATION 501(c)(3) (B) THE JOCKEY CLUB SAFETY NET FOUNDATION 501(C)(3) (C) Thoroughbred Aftercare Alliance 501(C)(3) REIMBURSEMENTS ARE PURSUANT TO LETTER AGREEMENTS BETWEEN THE PARTIES. ADDITIONALLY, IN ACCORDANCE WITH THE NEW YORK STATE RACING AND WAGERING BOARD RULES, THE JOCKEY CLUB APPOINTS A RACETRACK STEWARD TO SUPERVISE EACH RACE MEETING UNDERTAKEN BY THE THOROUGHBRED RACETRACKS (I.E. NEW YORK RACING ASSOCIATION AND FINGER LAKES RACING ASSOCIATION). THESE PERSONNEL COSTS ARE REIMBURSED BY THE ORGANIZATION CONDUCTING THE RACE MEETING PURSUANT TO LETTER AGREEMENTS BETWEEN THE PARTIES. Form 990, Part XI, Line 9 Other changes in net assets or fund balances DIVIDENDS FROM SUBSIDIARIES - 4800000; VTP PAYMENTS - 33398; BLOOD-HORSE LLC 3101 Beaumont Center Circle Suite 300 Lexington KY 40513 473154645 PUBLISHING KY NA N/A 9551 3331920 false 0 true THE JOCKEY CLUB RACING SERVICES 821 CORPORATE DRIVE LEXINGTON KY 40503 133561964 DATA COLLECTION KY TJC HOLDINGS INC C Corporation 1529805 1334681 true THE JOCKEY CLUB TECHNOLOGY SERVICES 821 CORPORATE DRIVE LEXINGTON KY 40503 311806729 TECHNOLOGY KY TJC HOLDINGS INC C Corporation 9959399 2182375 true TJC HOLDINGS INC 821 CORPORATE DRIVE LEXINGTON KY 40503 222945037 HOLDING COMPANY KY THE JOCKEY CLUB C Corporation 648985 5676295 true INCOMPASS SOLUTIONS INC 821 CORPORATE DRIVE LEXINGTON KY 40503 721119263 SOFTWARE SALES KY TJC HOLDINGS INC C Corporation 5940394 2828749 true THE JOCKEY CLUB INFORMATION SYSTEMS INC 821 CORPORATE DRIVE LEXINGTON KY 40503 611363784 INFORMATION KY TJC HOLDINGS INC C Corporation 6612708 2567408 true TJC MEDIA VENTURES INC 821 CORPORATE DRIVE LEXINGTON KY 40503 454354839 FAN DEVELOPMENT KY TJC HOLDINGS INC C Corporation 459985 225777 true true false false true false true false false false true true true false true true true true false true INCOMPASS SOLUTIONS INC A 30800 COST THE JOCKEY CLUB INFORMATION SYSTEMS INC A 147900 COST THE JOCKEY CLUB TECHNOLOGY SERVICES INC A 174700 COST TJC MEDIA VENTURES INC A 4900 COST INCOMPASS SOLUTIONS INC S 172711 COST THE JOCKEY CLUB INFORMATION SYSTEMS INC S 362629 COST THE JOCKEY CLUB RACING SERVICES INC S 1043460 COST THE JOCKEY CLUB TECHNOLOGY SERVICES INC S 222893 COST THE JOCKEY CLUB INFORMATION SYSTEMS INC O 203547 COST THE JOCKEY CLUB RACING SERVICES INC O 90896 COST THE JOCKEY CLUB TECHNOLOGY SERVICES INC O 197062 COST INCOMPASS SOLUTIONS INC O 147210 COST TJC HOLDINGS INC F 4800000 COST THE JOCKEY CLUB RACING SERVICES INC F 1000000 COST BLOOD-HORSE LLC L 101100 Cost JC Info Systems Q 159082 Cost JC Media Ventures S 50545 Cost