Sam Thompson Memorial Foundation EIN 87-1179715 Form 990 (PDF) Claim this org

Sam Thompson Memorial Foundation

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Supports health, education, and welfare for the horse racing community. For fiscal year 2024 it reported $191K in revenue, $16K in expenses, and $450K in net assets.Pt I

Type
Public charity (501(c)(3)) · Recreation & Sports
Location
Rio Rancho, NM
Filings
3 on file (2021–2024)
Revenue
$191KFY2024
Expenses
$16K
Net assets
$450K
People
9
Filings
3
Updates
0
More identity details & actions ⌄
EIN  87-1179715 Public charity (501(c)(3)) Rio Rancho, NM
Form 990 (PDF)
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Size
$100K–1M
What they do
Supports health, education, and welfare for the horse racing community.
Leadership
Mike Abadir · Secretary
Money in and out
$191K revenue, $16K expenses
Bottom line
0% program efficiency
Where the money goes · FY2024
Total revenue
$191K
Pt VIII · Ln 12
Total expenses
$16K
Pt IX · Ln 25
Net assets
$450K
Pt X · Ln 32
Revenue less expenses (Pt I · Ln 19): $174K
Where spending went · Part IX cols B–D
Management & general $0.85 Fundraising $0.15
Program efficiency
0%
of spending reaches programs
Operating runway
335.7mo
months of highly liquid reserves at operating expense rate▲ ×11 vs prior filing year
Surplus margin
+92%
revenue over expenses, this year▲ +68% vs prior filing year

Summary of the Filing

Part I · fiscal year 2024 · Form 990
Revenue
$191K
FY2024▲ +41%
Total revenue
$191K
Pt VIII · Ln 12
Total expenses
$16K
Pt IX · Ln 25
Net assets
$450K
Pt X · Ln 32
Revenue less expensesPt I · Ln 19$174K
Total assetsPt X · Ln 16$450K
Program-expense ratioPt IX · col B0%
Voting members of governing bodyPt I · Ln 39
Independent voting membersPt I · Ln 47

Identity & Classification

Form 990 Header · IRS Business Master File
Legal nameHdr · item CSam Thompson Memorial Foundation
EINHdr · item D87-1179715
Principal addressHdr · item CRio Rancho, NM
WebsiteHdr · item Jnone reported
Year of formationHdr · item Lpending
State of legal domicileHdr · item MNM
Exempt statusHdr · item I501(c)(3) · active
NTEE classificationIRS BMFRecreation & Sports (N69)
Ruling yearIRS BMFJan 2025

Governance & Policies

Part VI
Voting members of the governing bodyPt VI · Ln 1a9
Independent voting membersPt VI · Ln 1b7
Conflict-of-interest policyPt VI · Ln 12aNo
Whistleblower policyPt VI · Ln 13No
Document retention policyPt VI · Ln 14No
CEO/top-official compensation independently reviewedPt VI · Ln 15aNo
Family or business relationships among officers/directorsPt VI · Ln 2No

Officers, Directors & Key Employees

Part VII, Section A · reportable compensation
Secretary
$0Pt VII · Sec A
Vice Preside
$0Pt VII · Sec A
President
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
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Mission & Programs · Part III

Where the work happens

3 program services account for $85K of program spending, described in the organization's own filed words · FY2024.
01

Scholarships granted to students currently enrolled in college, technical or vocational school and whose family is involved with the horse racing community. Scholarships are paid directly to the school. In 2024, a total of 32 scholarships were awarded.

$51Kprogram expense
02

Assistance for the ruidoso downs racetrack community who helped to save horses and lost everything as a result of the the 2024 fire and flood disasters in ruidoso, NM.

$22Kprogram expense
03

The sam thompson memorial provides grants for those individuals involved in the horse racing community. The foundation provided two grants to qualified individuals for health and welfare in 2024 as well as contributions for others in need.

$13Kprogram expense

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Statement of Revenue

Part VIII
Other revenue$142K · 75%
Contributions & grants$30K · 16%
Investment income$19K · 10%
Other revenue75%$142K
Contributions & grants16%$30K
Investment income10%$19K
Total revenueLn 12$191K

Statement of Functional Expenses

Part IX · allocated across program, management, and fundraising
Allocation · columns B–D
Management & general $0.85 Fundraising $0.15
Management & general85%$14K
Fundraising15%$2K
Total functional expensesLn 25$16K

Balance Sheet

Part X · end of year
CashLn 1$450K
Total assetsLn 16$450K
Total liabilitiesLn 26$0
Total net assetsLn 32$450K
Months of cash on handcomputed335.7

Financial Metrics

Form 990 · FY2024 · each ratio shown with the dollars behind it
Liquidity & Payout
Operating runway
Highly liquid reserves $450K · Operating expenses/yr $16K
335.7 months
Where the money goes
Program services
Program services $0 · Total expenses $16K
0%
Management & General
Management & general $14K · Total expenses $16K
85%
Fundraising
Fundraising $2K · Total expenses $16K
15%
Cost to raise $1
Fundraising expense $2K · Solicited contributions $30K
$0.08 to raise $1
Where the money comes from
Contribution dependence
Contributions & grants $30K · Total revenue $191K
16%
Government reliance
Government grants — · Total revenue $191K
Earned-income share
Program service revenue $0 · Total revenue $191K
0%
Investment reliance
Investment income $19K · Total revenue $191K
+10%
Program self-sufficiency
Program service revenue $0 · Total expenses $16K
0%
Growth & trend
Revenue growth (YoY)
This year $191K · Prior year $135K
+41%
Net-asset trend (YoY)
End of year $450K · Beginning of year —
Beginning net assets not meaningfully positive — showing dollar change
Balance sheet
Surplus Margin
Revenue $191K · Expenses $16K
+92%
Liabilities-to-Assets
Total liabilities — · Total assets $450K
Net-asset ratio
Net assets $450K · Total assets $450K
100%
Marketable Investment Share
Publicly traded securities (Pt X, ln 11) — · Other securities (Pt X, ln 12) — · Total assets (Pt X, ln 16) $450K
Excludes program-related investments (Pt X, ln 13)
People & payroll
Highest Reported Total Compensation
Individual Mike Abadir · Reported title SECRETARY · Highest reported compensation $0 · Total expenses $16K
0%
Personnel share
Salaries, benefits & payroll (Pt IX 5-10) — · Total expenses $16K
Peer comparison

Same NTEE category, revenue band, and state where available. Descriptive — not a grade.

MetricThis orgPeer medianPercentile
Overhead ratio 85%
Fundraising cost ratio 8%
Revenue growth 41%
Accounting fee ratio 25%
Fundraising fee ratio 6%

Straight from the Form 990 — descriptive, not an evaluation. A ratio is hidden when its base is zero or too small to be meaningful; the dollars are always shown.

Grants

Schedule I · funders on record
Grants received · FY2022
Total grants receivedfrom 1 funder$1K

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Filings & Schedule Manifest

Part IV
III · Programs I · Grants R · Related orgs G · Fundraising L · Interested persons A · Public support F · Foreign M · Noncash
FY2024 (Latest)$191K revenue · viewing · ⤓ 990 PDF
FY2023not on file
FY2022$135K revenue · ⤓ 990 PDF
FY2021$99K revenue · ⤓ 990 PDF

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Sources

Every figure above is drawn from these filings
Form 990 e-file (XML) · FY2024IRS
Classification, formation year, addressIRS Business Master File
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