Overview
What is Middleburg Spring Races Association Inc?
Middleburg Spring Races Association Inc, situated in Middleburg, Virginia, is a small nonprofit organization with a single employee. Their primary mission revolves around hosting horse races, aiming to raise funds and support various local charitable organizations in the community. Their activities are centered around these equestrian events, which contribute significantly to the welfare of numerous charitable organizations within their vicinity.
Official website here: www.middleburgspringraces.com
What are the reviews and ratings of this charity?
Charity Navigator Rating: 88% (Three-Star out of Four Star rating)
The Middleburg Spring Races Association Inc has received a solid rating of 88%, indicating a strong performance in accountability and finance. This score is derived solely from its outstanding Accountability & Finance metrics, showcasing the organization’s commitment to transparency and effective financial management. The high rating reflects a well-structured governance framework, with an entirely independent board and robust financial oversight.
Strengths of the organization include a fully independent board of directors and a strong commitment to fiscal responsibility, as evidenced by a low liabilities-to-assets ratio of 0.02%. The organization also excels in program expense efficiency, allocating over 82% of its budget directly to programs. Furthermore, the presence of key policies, such as a conflict of interest policy and documented board meeting minutes, highlights its dedication to ethical standards.
However, there are areas for improvement, particularly the absence of a whistleblower policy, which could enhance its governance framework. Overall, the Middleburg Spring Races Association Inc demonstrates solid financial accountability, but it may consider addressing the noted gap in its policies to further strengthen its organizational integrity.
This AI summary has been generated from information found on Charity Navigator.
Is Middleburg Spring Races Association Inc legitimate?
Middleburg Spring Races Association Inc is a legitimate nonprofit organization registered as a 501(c)(3) entity. Middleburg Spring Races Association Inc submitted a form 990, which is a tax form used by tax-exempt organizations in the U.S., indicating its operational transparency and adherence to regulatory requirements. Donations to this organization are tax deductible.
Heare are some key statistics you may want to consider:
Executive Compensation: $0
Professional Fundraising Fees: $0
Other Salaries and Wages: $41,270
For more financial information, click here
Official website here: www.middleburgspringraces.com
What is the mission statement of Middleburg Spring Races Association Inc?
The Middleburg Spring Races Association Inc's mission is centered around organizing horse races with a noble purpose. Their primary goal is to raise funds for various local charitable organizations. By hosting these races, they aim to provide a platform for these organizations to receive much-needed financial support. The association's activities primarily revolve around organizing horse races, ultimately benefiting their chosen charitable causes.
Official website here: www.middleburgspringraces.com
Who is the CEO of Middleburg Spring Races Association Inc?
Paul D Fout is the Chairman of Middleburg Spring Races Association Inc.
Official website here: www.middleburgspringraces.com
What is the revenue of Middleburg Spring Races Association Inc?
Middleburg Spring Races Association Inc's revenue in 2022 was $686,163.
Official website here: www.middleburgspringraces.com
Who are the executives of Middleburg Spring Races Association Inc and what are their salaries?
The average compensation at Middleburg Spring Races Association Inc during 2022 was $41,270. There is 1 employee and 10 volunteers at Middleburg Spring Races Association Inc.
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Official website here: www.middleburgspringraces.com
Where can I find the form 990 for Middleburg Spring Races Association Inc?
Middleburg Spring Races Association Inc's most recent form 990 was submitted in 2022 and can be accessed here.
Official website here: www.middleburgspringraces.com
Learn more at the official website: www.middleburgspringraces.com
Mission Statement of Middleburg Spring Races Association Inc
Middleburg Spring Races Association Inc is dedicated to organizing horse races with a noble purpose. Their mission is centered around raising funds for local charitable organizations. By hosting these thrilling horse races, they aim to make a significant impact in their community by providing financial aid to various charitable organizations. The association's activities revolve around the belief that horse races can serve as a powerful platform for generating support and resources for these organizations. Their relentless efforts to organize these events underscore their commitment to supporting the local community and contributing to the betterment of numerous charitable causes.
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Impact
July, 2024
The Middleburg Spring Races Association Inc's impact is felt through its support of local charitable organizations by hosting horse races. This initiative not only promotes community engagement and recreation but also raises funds to benefit those in need within the local area. By organizing these races, the association actively contributes to the betterment of the community and fosters a sense of unity and philanthropy among residents and supporters.
This information is meant to be a general summary of Middleburg Spring Races Association Inc. Please take the time to review official sources before making any decisions based upon the content provided here.
Financials
This financial information is from Propublica.
Other financial information:
This information is from the most recently submitted tax form from this organization, which was in 2022.
- Investment Income: $26,932
- Program Service Revenue: $298,254
- Gross Receipts: $686,163
Assets and Liabilities:
- Total Assets: $1,992,145
- Total Liabilities: $2,747
- Net Assets: $1,989,398
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
SPRING RACE INCOME
Revenue
$298,254
Organization Details
Founding Year
1969
Phone
(540) 687-6545Principal Officer
Paul D Fout
Main Address
PO BOX 1173, MIDDLEBURG, VA, 20118
NTEE Category
Code: N69Z - Recreation
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