2025-11-17T11:27:35-06:00 2024-12-31 222706394 CLYNE EAGAN & ASSOCIATES 8 RIDGEDALE AVENUE CEDAR KNOLLS NJ 07927 990 2024-01-01 222529715 FAR HILLS RACE MEETING ASSOCIATION INC FARH 9082349115 50 ROUTE 202 PO BOX 617 FAR HILLS NJ 07931 GUY J TORSILIERI TRUSTEE,CO-CHAIR 9082349115 2025-11-17 1 1 CHARLES H EAGAN P00189624 9739939767 2024 2025-03-06 01:10:19Z GUY J TORSILIERI 50 ROUTE 202 PO BOX 617 FAR HILLS NJ 07931 4571899 0 X WWW.FARHILLSRACE.ORG X 1984 NJ THE ORGANIZATION HOLDS A ONE DAY STEEPLECHASE EVENT ANNUALLY. THE LARGEST INDIVIDUAL BENEFICIARY OF THE EVENT IS THE SOMERSET MEDICAL HEALTH CARE FOUNDATION, A RECOGNIZED SECTION 501(C)(3) NON PROFIT ENTITY. AT THE DISCRETION OF THE BOARD OF TRUSTEES, THE ORGANIZATION ALSO SUPPORTS OTHER RECOGNIZED 501(C)(3) NON-PROFIT ORGANIZATIONS. 6 3 2 400 0 0 38753 157909 3319496 3807385 31962 134874 18000 18000 3408211 4118168 465600 492300 0 0 0 0 0 0 0 3243249 3382095 3708849 3874395 -300638 243773 7296695 7834017 20218 160600 7276477 7673417 X THE ORGANIZATION HOLDS A ONE DAY STEEPLECHASE EVENT ANNUALLY. THE LARGEST INDIVIDUAL BENEFICIARY OF THE EVENT IS THE SOMERSET MEDICAL HEALTH CARE FOUNDATION, A RECOGNIZED SECTION 501(C)(3) NON PROFIT ENTITY. AT THE DISCRETION OF THE BOARD OF TRUSTEES, THE ORGANIZATION ALSO SUPPORTS OTHER RECOGNIZED SECTION 501(C)(3) NOT-FOR-PROFIT ORGANIZATIONS. 0 0 3247117 492300 3942259 THE ORGANIZATION HOLDS A ONE DAY STEEPLECHASE EVENT ANNUALLY. THE LARGEST INDIVIDUAL BENEFICIARY OF THE EVENT IS THE SOMERSET MEDICAL HEALTH CARE FOUNDATION, A RECOGNIZED SECTION 501(C)(3) NON PROFIT ENTITY. AT THE DISCRETION OF THE BOARD OF TRUSTEES, THE ORGANIZATION ALSO SUPPORTS OTHER RECOGNIZED SECTION 501(C)(3) NON-PROFIT ENTITIES. 3247117 1 1 0 0 0 0 0 0 0 1 1 1 0 0 1 1 1 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 1 35 0 1 2 1 0 0 0 0 1 0 1 1 0 0 0 0 0 0 0 X 6 3 1 0 0 0 0 0 0 1 1 0 0 1 1 1 1 0 0 0 0 0 NJ X RONALD KENNEDY AND GUY TORSILIERI 9082349115 50 ROUTE 202 FAR HILLS NJ 07931 X RONALD A KENNEDY TRUSTEE/CO-CHAIRMAN 10.00 X X 0 0 0 GUY J TORSILIERI TRUSTEE/CO-CHAIRMAN 10.00 X X 0 0 0 ANTHONY KNAPP TRUSTEE 1.00 X 0 0 0 DOUGLAS SCHER TRUSTEE 1.00 X 0 0 0 REESE E HOWARD JR TRUSTEE 1.00 X 0 0 0 JOHN MORRIS TRUSTEE 1.00 X 0 0 0 0 0 0 0 0 0 0 0 122068 35841 157909 RESERVATIONS & ADMISSI 711210 2490430 2490430 OTHER 711210 599199 599199 TENT RENTALS 711210 499036 499036 CORPORATE SPONSORSHIP 711210 170000 170000 PARKING FEES 711210 48720 48720 3807385 92095 92095 18000 0 18000 18000 18000 496510 453731 42779 42779 42779 4118168 3942259 0 18000 X 492300 492300 16941 16941 213841 213841 COURSE & GROUNDS MAINTE 657936 657936 PURSES 655500 655500 OFFICE & ADMINISTRATIVE 602003 602003 PUBLICITY/PUBLIC RELATI 266794 266794 969080 960746 8334 3874395 3247117 627278 0 501294 608382 300000 315752 34766 54469 7541948 2833845 4837265 4708103 1484730 1730470 138640 416841 7296695 7834017 4641 121048 14075 38050 1502 1502 20218 160600 X 7276477 7673417 7276477 7673417 7296695 7834017 243773 153167 0 X X 0 1 X 1 0 X 53705 13540 108193 38753 157909 372100 264083 3382881 3523352 3328146 3816382 14314844 317788 3396421 3631545 3366899 3974291 14686944 0 0 0 14686944 35045 51960 77880 49963 152876 367724 35045 51960 77880 49963 152876 367724 352833 3448381 3709425 3416862 4127167 15054668 0.97560 0.98300 0.02440 0.01700 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 0 1484730 20173 225567 1730470 1406796 77934 1484730 1460762 -53966 1406796 1265428 195334 1460762 1192536 72892 1265428 1.00000 1 0 3138672 3138672 3742181 2289619 1452562 661095 544226 116869 4708103 CORPORATE BONDS 122204 F EQUITY SECURITIES 1356425 F CASH AND CASH EQUIVALENTS 251841 F 1730470 PROPERTY & CASUALTY TRUST 82360 CONSTRUCTION IN PROGRESS 334481 416841 RENTAL SECURITY DEPOSIT 1502 1502 X 4263394 153167 9000 -16941 145226 4118168 0 4118168 3866454 9000 9000 3857454 16941 16941 3874395 PART X, LINE 2: THE ASSOCIATION IS A NONPROFIT ORGANIZATION EXEMPT FROM INCOME TAXES UNDER SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE. ACCORDINGLY, NO TAX PROVISION IS RECORDED IN THE ACCOMPANYING COMBINED FINANCIAL STATEMENTS. THE ASSOCIATION FOLLOWS THE PROVISIONS OF FASB ASC TOPIC 740-10, ACCOUNTING FOR INCOME TAXES, AND MANAGEMENT BELIEVES IT HAS NO MATERIAL UNCERTAIN TAX POSITIONS OR ANY RELATED PENALTIES AND INTEREST TO ACCRUE FOR THE YEARS ENDED DECEMBER 31, 2024 AND 2023. PART XI, LINE 2D - OTHER ADJUSTMENTS: INVESTMENT EXPENSES 1 SOMERSET HEALTH CARE FOUNDATION INC 110 REHILL AVENUE SOMERVILLE NJ 08876 223204408 501(C)(3) 395000 0 SUPPORT PROGRAMS & SERVICES OF SOMERSET HEALTH FOUNDATION, A 501(C)(3) ORGANIZATION. FAR HILLS-BEDMINSTER FIRE DEPARTMENT 100 MILLER LANE BEDMINSTER NJ 07921 222112978 501(C)(3) 35000 0 SUPPORT PROGRAMS & SERVICES OF FAR HILLS BEDMINSTER FIRE DEPART., A 501(C)(3) ORGANIZATION. FOUNDATION FOR MORRISTOWN MEDICAL CENTER 475 SOUTH STREET MORRISTOWN NJ 07960 223392808 501(C)(3) 20000 0 SUPPORT PROGRAMS & SERVICES OF FOUNDATION FOR MORRISTOWN MEDICAL CENTER, A 501(C)(3) ORGANIZATION. FAR HILLS-BEDMINSTER FIRST AID SQUAD INC 500 MAIN STREET BEDMINSTER NJ 07921 237023861 501(C)(3) 12500 0 SUPPORT PROGRAMS & SERVICES OF FAR HILLS BEDMINSTER FIRST AID SQUAD, A 501(C)(3) ORGANIZATION. LIFECAMP INC 53 MAPLE AVENUE MORRISTOWN NJ 07960 223280596 501(C)(3) 15000 0 SUPPORT PROGRAMS & SERVICES OF LIFE CAMP, INC., A 501(C)(3) ORGANIZATION. PART I, LINE 2: ALL CONTRIBUTIONS MADE BY FAR HILLS RACE MEETING ASSOCIATION, INC. ARE TO QUALIFIED 501(C)(3) ORGANIZATONS AND ARE INTENDED TO MEET THE SPECIFIC CRITERIA DETAILED IN THE ASSOCIATION'S CERTIFICATE OF INCORPORATION. BOARD MEMBERS LIVE IN AND AROUND THE COMMUNITIES IN WHICH THE DONEE ORGANIZATIONS ARE LOCATED AND IN WHICH THEY OPERATE AND ARE FAMILIAR WITH THE GENERAL OPERATIONS OF EACH ENTITY. GUY TORSILIERI TRUSTEE & CO CHAIR 614896 SEE NOTETHE PROPERTY WHICH IS OWNED BY THE ORGANIZATION IS COMPRISED OF 230 ACRES WITHIN WHICH ARE THE FOLLOWING AREAS:- 25 ACRES STEEPLECHASE RACE TRACK MAINTAINED IN ACCORDANCE WITH STANDARDS OF THE NATIONAL STEEPLECHASE ASSOCIATION- 75 ACRES OF SPECTATOR GROUNDSGUY TOSILIERI IS PRESIDENT AND STOCKHOLDER OF TORSILIERI INC AND MANAGING MEMBER OF STERLING YARDS LLC TORSILIERI INC. HAS BEEN PROVIDING GROUNDS AND MAINTENANCE SERVICES TO THE ORGANIZATION FOR MORE THAN 40 YEARS. GUY TORSILIERI BECAME A TRUSTEE OF THE ORGANIZATION IN 1992.ALL INVOICES SUBMITTED BY TORSILIERI INC. TO THE ORGANIZATION ARE REVIEWED AND APPROVED BY TWO TRUSTEES OTHER THAN GUY TORSILIERI BEFORE THEY ARE PAID. TOTAL $614,895;LISTTOTAL 614,895 0 RONALD KENNEDY TRUSTEE & CO CHAIR 62842 SEE NOTERONALD KENNEDY IS PRESIDENT AND STOCKHOLDER OF GLADSTONE DESIGN INC. ("GDI")GDI IS A PROFESSIONAL CONSULTING ENGINEERING FIRM AND LAND SURVEYOR AND PERFORMS SURVEYING, MAPPING OF THE RACE PROPERTY AND FACILITIES EACH YEAR COVERING ALL INFASTRUCTURE AND POSITION OF STRUCTURES IN AND AROUND THE RACE TRACK AND ACTUAL RACE TRACK SETUP. ALL INVOICES SUBMITTED BY GDI TO THE ORGANIZATION ARE REVIEWED AND APPROVED BY TWO TRUSTEES OTHER THAN GUY TORSILIERI AND/OR RON KENNEDY BEFORE THEY ARE PAID. TOTAL $62,842 0 FORM 990, PART VI, SECTION A, LINE 2 THERE IS A RELATIONSHIP BETWEEN TORSILIERI, INC., STERLING YARDS LLC AND GLADSTONE DESIGN, INC. GUY TORSILIERI IS A TRUSTEE AND CO-CHAIRMAN AND RONALD KENNEDY IS A TRUSTEE AND CO-CHAIRMAN OF FAR HILLS RACE MEETING ASSOCIATION. GUY TORSILIERI IS AN OFFICER OF TORSILIERI, INC. AND A MANAGING MEMBER IN STERLING YARDS LLC. RONALD KENNEDY IS AN OFFICER OF GLADSTONE DESIGN, INC. FORM 990, PART VI, SECTION B, LINE 11B A PARTNER FROM THE INDEPENDENT ACCOUNTING FIRM THAT AUDITS THE ORGANIZATION REVIEWED FORM 990 WITH THE CO-CHAIRS, GUY TORSILIERI AND RONALD KENNEDY, AFTER WHICH A COPY OF THE FORM 990 WAS GIVEN TO EACH BOARD MEMBER FOR THEIR DETAILED REVIEW AND QUESTIONS. FORM 990, PART VI, SECTION B, LINE 12C A FORMAL CONFLICT OF INTEREST POLICY WAS RATIFIED ON 5/15/08. COMPLIANCE IS MONITORED/ENFORCED VIA REQUIRED ANNUAL FILING OF A CONFLICT OF INTEREST DISCLOSURE FORM FROM EACH TRUSTEE. FORM 990, PART VI, SECTION C, LINE 19 THE ORGANIZATION MAKES ITS GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY AND FINANCIAL STATEMENTS AVAILABLE TO THE PUBLIC FOR INSPECTION. ALL NOTED INFORMATION IS AVAILABLE FOR INSPECTION BY REQUEST. FORM 990, PART VII CONTACT ADDRESSES FOR OFFICERS, DIRECTORS, ETC RONALD A. KENNEDY - 50 ROUTE 202, P.O. BOX 617, FAR HILLS, NJ 07931. GUY J. TORSILIERI - 50 ROUTE 202, P.O. BOX 617, FAR HILLS, NJ 07931. ANTHONY KNAPP - 50 ROUTE 202, P.O. BOX 617, FAR HILLS, NJ 07931. DOUGLAS SCHER - 50 ROUTE 202, P.O. BOX 617, FAR HILLS, NJ 07931. REESE E. HOWARD JR. - 50 ROUTE 202, P.O. BOX 617, FAR HILLS, NJ 07931. JOHN MORRIS - 50 ROUTE 202, P.O. BOX 617, FAR HILLS, NJ 07931. FORM 990, PART IX, LINE 24E SECURITY: PROGRAM SERVICE EXPENSES 228,861. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 228,861. RACE EXPENSES: PROGRAM SERVICE EXPENSES 221,537. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 221,537. TENT RENTALS: PROGRAM SERVICE EXPENSES 159,046. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 159,046. AUDIO, VIDEO EXPENSE: PROGRAM SERVICE EXPENSES 111,138. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 111,138. FLURRY: PROGRAM SERVICE EXPENSES 61,978. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 61,978. CAR SHOW EXPENSES: PROGRAM SERVICE EXPENSES 58,560. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 58,560. SANITARY BOOTHS: PROGRAM SERVICE EXPENSES 44,501. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 44,501. PRINTING: PROGRAM SERVICE EXPENSES 40,696. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 40,696. EQUIPMENT REPAIRS: PROGRAM SERVICE EXPENSES 34,429. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 34,429. REAL ESTATE TAXES: PROGRAM SERVICE EXPENSES 0. MANAGEMENT AND GENERAL EXPENSES 8,334. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 8,334. FORM 990 PART XII LINE 2C THIS PROCESS HAS NOT CHANGED COMPARED TO PRIOR YEARS