Hernando County Fair Association INC

IRS exemption revoked

Brooksville, FLUnknown exempt organizationEIN 59-2106878

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Provide to the community annual County Fair, special events, flea market, auditorium grounds rental, and management of Hernando County fairgrounds

100¢ of each $1 spent went to programs.
Mission: Form 990 Part I, line 1 · Programs: Part IX

Before you give

FY2021 · Form 990Independent: from IRS data, not the org
Download 990
IRS status
Revoked
IRS exemption revoked
Concern: the IRS revoked its tax exemption.
IRS Auto-Revocation List
Latest return
FY2021
latest Form 990
Concern: the latest return is for FY2021, 5 tax years back; more than 4 tax years.
IRS e-file · Filing history
Surplus or deficit
1 of 2
filings with a surplus
Average deficit $21K a year · 11% of revenue · last 2 filings
Worth a look: a surplus in 1 of the last 2 filings.
Pt I · Ln 19 · 2 filings
Spent on programs
100%
of spending
Looks good: 100% of spending went to programs; 75% or more.
Pt IX · Ln 25 · col B
Cash reserves
19 mo
of spending, in cash
Looks good: 19.2 months of spending in cash; 3 or more.
Pt X · Ln 1–2 · Pt I · Ln 18
Liabilities
$265K
52% of total assets
Fine: liabilities are 52% of assets; 50% to 65%.
Pt X · Ln 26
Independent board members
15
of 15 voting members
Looks good: 15 of 15 voting members are independent, a majority.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$230K
+56% vs prior year
Spent
$198K
To programs
100%
Net assets
$246K
By yearFY2020–FY2021
Revenue
$230K
FY2021▲ +56%
Revenue by fiscal year
FY2020$147K
FY2021$230K
Expenses
$198K
FY2021▼ -11%
Expenses by fiscal year
FY2020$222K
FY2021$198K
Net assets
$246K
FY2021▲ +15%
Net assets by fiscal year
FY2020$213K
FY2021$246K

From the FY2021 Form 990 (year ending May 2021) · see the original

IRS revoked this organization's tax-exempt status on October 15, 2024

Is it real?

No. The IRS revoked its tax exemption. Latest filing on record: FY2021.

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

Where the money goes

100 cents of each dollar spent went to programs.

Program services 100% · $198K

Form 990 Part IX, line 25. Every line is in By the numbers.

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Who runs it and what they're paid

14 people listed on the 990.

Part VII, Section A · reportable compensation · most recent filed roster (FY2020); the FY2021 filing did not itemize Part VII
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
Past President
$0Pt VII · Sec A
$0Pt VII · Sec A
Director
$0Pt VII · Sec A
Vice President
$0Pt VII · Sec A
Director
$0Pt VII · Sec A
See Hernando County Fair Association 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 15aYes

Programs and updates

Hosts county fairs, special events, and flea markets, and manages fairgrounds.

Provided by the organization

This section is blank until Hernando County Fair Association INC claims this page.

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3 program services account for $198K of program spending, described in the organization's own filed words · FY2020.
01

Special events for community benefit flea market for community benefit

$136Kprogram expense
02

Hernando county fair-this is the main purpose of this assoc

$52Kprogram expense
03

Rental of buildings grounds to the community

$9Kprogram expense

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By the numbers

The FY2021 990, line by line.

1The main four
Money inPt VIII
$230K
Ln 12
Fees for servicesLn 2g$228K
Gifts and grantsLn 1h$810
Investment incomeLn 3$607
Money outPt IX
$198K
Ln 25
Programscol B$198K
Owns and owesPt X
$246K
net assets · Ln 32
Cash and savingsLn 1–2$316K
Total assetsLn 16$511K
LiabilitiesLn 26$265K
PeoplePt VI, VII
14
listed · VII A
PaidVII A0
Voting boardVI 1a15
IndependentVI 1b15
2In more detail
Revenue in detailPt VIII
Gifts and grantsLn 1h$810
Fees for servicesLn 2g$228K
Investment incomeLn 3$607
Total revenueLn 12$230K
Assets in detailPt X, end of year
CashLn 1$316K
Cash and savings togetherLn 1–2$316K
Land, buildings, equipmentLn 10c$164K
Total assetsLn 16$511K
LiabilitiesLn 26$265K
Net assetsLn 32$246K
OperationsPt I, VI
EmployeesI 50
Fiscal year endsHeaderMay
Conflict-of-interest policyVI 12aYes
Whistleblower policyVI 13Yes
Records policyVI 14Yes
3Year over year
Balance sheet, start vs end of yearPt X · col A, B
LineStart FY21End FY21
Cash and savingsLn 1–2$100K$316K
Land, buildings, equipmentLn 10c$184K$164K
Total assetsLn 16$315K$511K
LiabilitiesLn 26$101K$265K
Net assetsLn 32$213K$246K
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Grants to domestic organizationsLn 1$0
Grants to domestic individualsLn 2$0
Grants and assistance to foreign recipientsLn 3$0
Benefits paid to or for membersLn 4$0
Pay of current officers, directors and key staffLn 5$0
Pay of disqualified personsLn 6$0
Other salaries and wagesLn 7$0
Pension plan contributionsLn 8$0
Other employee benefitsLn 9$0
Payroll taxesLn 10$0
Management feesLn 11a$0
Legal feesLn 11b$0
Accounting feesLn 11c$4K$4K
Lobbying feesLn 11d$0
Investment management feesLn 11f$0
Other fees for servicesLn 11g$0
Advertising and promotionLn 12$12K$12K
Office expensesLn 13$1K$1K
Information technologyLn 14$0
RoyaltiesLn 15$0
OccupancyLn 16$88K$88K
TravelLn 17$0
Travel and entertainment for public officialsLn 18$0
Conferences, conventions and meetingsLn 19$0
InterestLn 20$108$108
Payments to affiliatesLn 21$0
Depreciation, depletion and amortizationLn 22$19K$19K
InsuranceLn 23$0
Other expenses (24a–d)Ln 24$2K$2K
All other expensesLn 24e$70K$70K
Total functional expensesLn 25$198K$198K$0$0

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2021 Latest Viewing $230K$198K$32K$246K 990 PDF
FY2020 $147K$222K−$75K$213K 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 FY2021 990 (4 parts)
Part VIII · Statement of revenue $229,733 across 5 lines filed
VIII-1b Membership dues$810
VIII-1h Total contributions, gifts and grants$810
VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)$228,316
VIII-3 Investment income$607
VIII-12 Total revenue$229,733
Part IX · Statement of functional expenses $197,564 across 30 lines filed
IX-1 Grants to domestic organizations$0
IX-2 Grants to domestic individuals$0
IX-3 Grants and assistance to foreign recipients$0
IX-4 Benefits paid to or for members$0
IX-5 Pay of current officers, directors and key staff$0
IX-6 Pay of disqualified persons$0
IX-7 Other salaries and wages$0
IX-8 Pension plan contributions$0
IX-9 Other employee benefits$0
IX-10 Payroll taxes$0
IX-11a Management fees$0
IX-11b Legal fees$0
IX-11c Accounting feesPrograms $4,133$4,133
IX-11d Lobbying fees$0
IX-11f Investment management fees$0
IX-11g Other fees for services$0
IX-12 Advertising and promotionPrograms $12,467$12,467
IX-13 Office expensesPrograms $1,224$1,224
IX-14 Information technology$0
IX-15 Royalties$0
IX-16 OccupancyPrograms $88,020$88,020
IX-17 Travel$0
IX-18 Travel and entertainment for public officials$0
IX-19 Conferences, conventions and meetings$0
IX-20 InterestPrograms $108$108
IX-21 Payments to affiliates$0
IX-22 Depreciation, depletion and amortizationPrograms $19,340$19,340
IX-23 Insurance$0
IX-24 Other expenses (24a–d)Programs $1,980$1,980
IX-24e All other expensesPrograms $70,292$70,292
IX-25 Total functional expensesPrograms $197,564 · Management $0 · Fundraising $0$197,564
Part X · Balance sheet $510,599 assets, 10 lines filed
X-1 Cash, non-interest-bearingStart of year $100,331$315,631
X-9 Prepaid expenses and deferred chargesStart of year $30,500$30,500
X-10c Land, buildings and equipment, netStart of year $183,808$164,468
X-16 Total assetsStart of year $314,639$510,599
X-17 Accounts payable and accrued expensesStart of year $3,859$4,381
X-19 Deferred revenueStart of year $19,201$21,701
X-24 Unsecured notes and loans payableStart of year $78,164$213,915
X-26 Total liabilitiesStart of year $101,224$264,997
X-32 Total net assets or fund balancesStart of year $213,415$245,602
X-33 Total liabilities and net assetsStart of year $314,639$510,599
Part XI · Reconciliation of net assets $245,602 net assets at year end
XI-1 Total revenue$229,733
XI-2 Total expenses$197,564
XI-3 Revenue less expenses$32,169
XI-4 Net assets at start of year$213,415
XI-8 Prior period adjustments$18
XI-10 Net assets at end of year$245,602

Form 990 e-file (XML) FY2021 from the IRS · Classification, formation year and address from the IRS Business Master File

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