The Keep Foundation INC FY2023 filing

Tax-deductible

Lexington, KY501(c)(3)Since 2011EducationEIN 45-3121642Revenue $162K in FY2023

On file with the IRS2560 Richmond Rd Ste 200, 40509-1544 · Lexington, KYTax-exempt since Jun 2014Publicly supported charity — 170(b)(1)(A)(vi)

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Educating the public about the importance of the horse industry to kentucky and providing non-profit equine organizations with funding for horse shows.

501(c)(3) charity; gifts are tax-deductible.
55¢ of each $1 spent went to programs.
Mission: Form 990 Part I, line 1 · Status: IRS Pub. 78 · Programs: Part IX

Before you give

FY2023 · Form 990Independent: from IRS data, not the org
Download 990
IRS status
501(c)(3)
not on the IRS revocation list
Looks good: listed by the IRS and not on the revocation list.
IRS BMF · Auto-Revocation List
Tax-deductible gifts
Yes
Donations are tax-deductible
Looks good: the IRS lists gifts to it as deductible.
IRS Pub. 78 · IRS BMF
Latest return
FY2025
latest Form 990
Looks good: the latest return is for FY2025, 1 tax year back; within 2 tax years.
IRS e-file · Filing history
Surplus or deficit
3 of 5
filings with a surplus
Average surplus $20K a year · 9% of revenue · last 5 filings
Worth a look: a surplus in 3 of the last 5 filings.
Pt I · Ln 19 · 5 filings
Spent on programs
55%
of spending
Worth a look: 55% of spending went to programs; under 65%.
Pt IX · Ln 25 · col B
Cash reserves
3 mo
of spending, in cash
Looks good: 3.2 months of spending in cash; 3 or more.
Pt X · Ln 1–2 · Pt I · Ln 18
Named funders
1
named funder · $75K
Fine: 1 funder names it on their filings; under 3.
Funders’ Sch. I, 990-PF
Liabilities
$2K
5% of total assets
Looks good: liabilities are 5% of assets; 50% or less.
Pt X · Ln 26
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$162K
-32% vs prior year
Spent
$173K
To programs
55%
Net assets
$43K
By yearFY2020–FY2025
Revenue
$162K
FY2023▼ -32%
Tap a bar for its year
Revenue by fiscal year
FY2020$122K
FY2021$219K
FY2022$239K
FY2023$162K
FY2024$255K
FY2025$286K
Expenses
$173K
FY2023▼ -32%
Tap a bar for its year
Expenses by fiscal year
FY2020Not on file
FY2021$197K
FY2022$252K
FY2023$173K
FY2024$206K
FY2025$234K
Net assets
$43K
FY2023▼ -21%
Tap a bar for its year
Net assets by fiscal year
FY2020$46K
FY2021$68K
FY2022$55K
FY2023$43K
FY2024$93K
FY2025$145K

From the FY2023 Form 990 · see the original

Form 990 (PDF) Claim
You’re viewing the FY2023 filing — not the latest on file. See the latest (FY2025) →

Is it real?

Yes. Never revoked by the IRS. Latest filing on record: FY2025. IRS ruling in Jun 2014.

IRS Pub. 78 · IRS Auto-Revocation List · IRS Business Master File

Where the money goes

55 cents of each dollar spent went to programs.

Program services 55% · $96K Management & general 45% · $77K

Form 990 Part IX, line 25, columns B–D. Every line is in By the numbers.

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Who runs it and what they're paid

13 people listed on the 990.

Part VII, Section A · reportable compensation
$0Pt VII · Sec A
$0Pt VII · Sec A
Director
$0Pt VII · Sec A
Director
$0Pt VII · Sec A
$0Pt VII · Sec A
Director
$0Pt VII · Sec A
$0Pt VII · Sec A
Director
$0Pt VII · Sec A

Elisabeth Jensen’s $45K as Director is at the 35th percentile of top reported officer pay among 1613 $100K–1M education nonprofits. Peer set: organizations in the same NTEE major field of work and revenue-size band, compared on each org’s own highest-paid officer/key-employee, from Form 990 Part VII / 990-PF Part VIII. Descriptive placement, not a verdict on whether the pay is appropriate.

See The Keep Foundation INC executive salaries →

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Questions the 990 asks

The form asks each of these directly. These are the filed answers.

  • Family or business ties among officersPt VI · Ln 2No
  • Top official's pay set by an independent reviewPt VI · Ln 15aNo

Programs and updates

Educates about the horse industry's importance and funds equine organizations' horse shows.

Questions for The Keep Foundation INC

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Provided by the organization

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2 programs · $96K · in their own filed words · FY2023
01

Through the keep grassroots funding program non-profit, kentucky-affiliated horse clubs and organization qualify for grant money for horse shows to purchase items such as class sponsorship and ribbons and trophies.

$57Kprogram expense
02

To achieve its mission, the foundation is spreading the word to each of the 120 counties in kentucky by providing education units, speeches, presentations and by participating in equine events throughout the state.

$38Kprogram expense

Funders

Who pays for it.

From grant filings on record. Receipts are incomplete: individual donors are never listed.

Grants

Schedule I · received and paid
Grants received · FY2025
Total grants receivedfrom 1 funder$75K
Grants paid · 1 grant · $32K · 2022–2022
The Race for Education INCKY · FY2022$32,000

By the numbers

The FY2023 990, line by line.

1The main four
Money inPt VIII
$162K
Ln 12
Gifts and grantsLn 1h$99K
Other incomeLn 4–11$63K
Money outPt IX
$173K
Ln 25
Programscol B$96K
Managementcol C$77K
Owns and owesPt X
$43K
net assets · Ln 32
Cash and savingsLn 1–2$46K
Total assetsLn 16$46K
LiabilitiesLn 26$2K
PeoplePt VI, VII
13
listed · VII A
PaidVII A0
Voting boardVI 1a0
IndependentVI 1b0
2In more detail
Revenue in detailPt VIII
Gifts and grantsLn 1h$99K
Other incomeLn 4–11$63K
Total revenueLn 12$162K
Assets in detailPt X, end of year
CashLn 1$46K
Cash and savings togetherLn 1–2$46K
Total assetsLn 16$46K
LiabilitiesLn 26$2K
Net assetsLn 32$43K
OperationsPt I, VI
EmployeesI 50
VolunteersI 60
Fiscal year endsHeaderDecember
Conflict-of-interest policyVI 12aNo
Whistleblower policyVI 13No
Records policyVI 14No
3Year over year
Balance sheet, start vs end of yearPt X · col A, B
LineStart FY23End FY23
Cash and savingsLn 1–2$57K$46K
Total assetsLn 16$57K$46K
LiabilitiesLn 26$2K$2K
Net assetsLn 32$55K$43K
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Pay of disqualified personsLn 6$54K$54K
Other employee benefitsLn 9$8K$8K
Payroll taxesLn 10$4K$4K
Accounting feesLn 11c$1K$1K
Other fees for servicesLn 11g$38K$37K$1K
Advertising and promotionLn 12$757$757
Office expensesLn 13$680$680
OccupancyLn 16$7K$7K
TravelLn 17$885$885
Other expenses (24a–d)Ln 24$58K$57K$200
Total functional expensesLn 25$173K$96K$77K$0

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2025 Latest $286K$234K$52K$145K 990 PDF
FY2024 $255K$206K$49K$93K 990 PDF
FY2023 Viewing $162K$173K−$11K$43K 990 PDF
FY2022 $239K$252K−$13K$55K 990 PDF
FY2021 $219K$197K$22K$68K 990 PDF
FY2020 $122K$46K 990 PDF

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Schedules filed Part IV

III · Programs I · Grants R · Related orgs G · Fundraising L · Interested persons A · Public support F · Foreign M · Noncash
See the full FY2023 990 (6 parts)
Part I · Summary $161,574 revenue, 12 lines filed
I-8 Contributions and grantsPrior year $166,512$98,614
I-9 Program service revenuePrior year $0$0
I-10 Investment incomePrior year $0$0
I-11 Other revenuePrior year $72,721$62,960
I-12 Total revenuePrior year $239,233$161,574
I-13 Grants and similar amounts paidPrior year $32,000$0
I-14 Benefits paid to membersPrior year $0$0
I-15 Salaries and benefitsPrior year $171,816$66,610
I-16a Professional fundraising feesPrior year $0$0
I-17 Other expensesPrior year $48,550$106,207
I-18 Total expensesPrior year $252,366$172,817
I-19 Revenue less expensesPrior year −$13,133−$11,243
Part VI · Governance 4 to look at
VI-1a Voting members of the governing body0
VI-1b Independent voting members0
VI-12a Written conflict of interest policyNo
VI-13 Written whistleblower policyNo
VI-14 Document retention and destruction policyNo
VI-15a Process for setting top official's payNo
VI-2 Family or business relationship among officers or directorsNo
Part VIII · Statement of revenue $161,574 across 4 lines filed
VIII-1f All other contributions, gifts and grants$98,614
VIII-1h Total contributions, gifts and grants$98,614
VIII-8 Net income from fundraising eventsExcluded from tax $62,960$62,960
VIII-12 Total revenueRelated to mission $0 · Unrelated business $0 · Excluded from tax $62,960$161,574
Part IX · Statement of functional expenses $172,817 across 10 lines filed
IX-6 Pay of disqualified personsManagement $54,000$54,000
IX-9 Other employee benefitsManagement $8,158$8,158
IX-10 Payroll taxesManagement $4,452$4,452
IX-11c Accounting feesManagement $1,272$1,272
IX-11g Other fees for servicesPrograms $37,324 · Management $1,169$38,493
IX-12 Advertising and promotionManagement $757$757
IX-13 Office expensesManagement $680$680
IX-16 OccupancyManagement $6,600$6,600
IX-17 TravelPrograms $885$885
IX-24 Other expenses (24a–d)Programs $57,320 · Management $200$57,520
IX-25 Total functional expensesPrograms $95,529 · Management $77,288 · Fundraising $0$172,817
Part X · Balance sheet $45,714 assets, 6 lines filed
X-1 Cash, non-interest-bearingStart of year $56,957$45,714
X-16 Total assetsStart of year $56,957$45,714
X-25 Other liabilitiesStart of year $2,296$2,296
X-26 Total liabilitiesStart of year $2,296$2,296
X-32 Total net assets or fund balancesStart of year $54,661$43,418
X-33 Total liabilities and net assetsStart of year $56,957$45,714
Part XI · Reconciliation of net assets $43,418 net assets at year end
XI-1 Total revenue$161,574
XI-2 Total expenses$172,817
XI-3 Revenue less expenses−$11,243
XI-4 Net assets at start of year$54,661
XI-9 Other changes in net assets$0
XI-10 Net assets at end of year$43,418

Form 990 e-file (XML) FY2023 from the IRS · Classification, formation year and address from the IRS Business Master File

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