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        <FormAndLineReferenceDesc>PART IV, SECTION A, LINES 2 AND 3B:</FormAndLineReferenceDesc>
        <ExplanationTxt>THE ORGANIZATION SUPPORTS AN ORGANIZATION EXEMPT UNDER IRC SECTION 501(C)(6). ALL FUNDS ARE USED EXCLUSIVELY FOR 170(C)(2)(B) PURPOSES.</ExplanationTxt>
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        <ExplanationTxt>THE FOUNDATION IS ABLE TO MONITOR THAT THE FUNDS ARE USED EXCLUSIVELY FOR 170(C)(2)(B) PURPOSES AS THE BOARD MEMBERS FOR THE FOUNDATION ARE ALSO BOARD MEMBERS OF THE SUPPORTED ORGANIZATION, KENTUCKY THOROUGHBRED OWNERS AND BREEDERS (KTOB).</ExplanationTxt>
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      <OtherSecuritiesGrp>
        <Desc>SPDR S&amp; P 500 ETF TR TR UNIT</Desc>
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      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>FORM 990, PART VI, SECTION A, LINE 2</FormAndLineReferenceDesc>
        <ExplanationTxt>DUE TO THE NATURE OF THE INDUSTRY, IT IS POSSIBLE THAT CERTAIN DIRECTORS COULD HAVE BUSINESS RELATIONSHIPS WITH ONE ANOTHER.</ExplanationTxt>
      </SupplementalInformationDetail>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>FORM 990, PART VI, SECTION B, LINE 11B</FormAndLineReferenceDesc>
        <ExplanationTxt>THE EXECUTIVE DIRECTOR AND ASSISTANT TREASURER REVIEWS AND APPROVES THE 990 BEFORE FILING. THE ORGANIZATION MAKES FORM 990 AVAILABLE FOR INSPECTION BY THE BOARD UPON REQUEST.</ExplanationTxt>
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      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>FORM 990, PART VI, SECTION B, LINE 12</FormAndLineReferenceDesc>
        <ExplanationTxt>THE ORGANIZATION USES THE DISCLOSURE PROCESS OF ITS SUPPORTED ORGANIZATION, KENTUCKY THOROUGHBRED OWNERS AND BREEDERS AND OBTAINS CONFLICT OF INTEREST DISCLOSURE STATEMENTS FROM OFFICERS AND DIRECTORS ANNUALLY. BOARD MEMBERS ARE REQUIRED TO RECUSE THEMSELVES FROM THE DISCUSSION AND/OR VOTE IF A CONFLICT ARISES.</ExplanationTxt>
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      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>FORM 990, PART VI, SECTION C, LINE 19</FormAndLineReferenceDesc>
        <ExplanationTxt>THE ORGANIZATION'S GOVERNING DOCUMENTS AND FINANCIAL STATEMENTS ARE AVAILABLE UPON REQUEST AND AT THE DISCRETION OF THE BOARD OF DIRECTORS AND MANAGEMENT. THE ORGANIZATION DOES NOT HAVE A CONFLICT OF INTEREST POLICY.</ExplanationTxt>
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      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>FORM 990, PART XII, LINE 2C:</FormAndLineReferenceDesc>
        <ExplanationTxt>THE BOARD OF DIRECTORS ASSUMES RESPONSIBILITY FOR THE OVERSIGHT OF THE AUDIT AND THE SELECTION OF THE INDEPENDENT ACCOUNTANT. THIS PROCESS HAS NOT CHANGED FROM THE PRIOR YEAR.</ExplanationTxt>
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      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>PART VII</FormAndLineReferenceDesc>
        <ExplanationTxt>THE EXECUTIVE DIRECTOR IS COMPENSATED THROUGH A RELATED ORGANIZATION, KENTUCKY THOROUGHBRED OWNERS AND BREEDERS (KTOB) AND SPENDS TIME ON THE FOUNDATION AS NEEDED WHEN A GRANT IS REQUESTED.</ExplanationTxt>
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</Return>