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Sam Thompson Memorial Foundation

Tax-deductible

Rio Rancho, NM501(c)(3)Recreation & Sports EIN 87-1179715Revenue $191K in FY2024

On file with the IRS903 Mesa Roja Trl Ne, 87124-6388 · Rio Rancho, NMTax-exempt since Jan 2025Publicly supported — 509(a)(2)

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The Sam Thompson Memorial Foundation is a philanthropic organization focused on the health, education and welfare of those involved in the horse racing community.

501(c)(3) charity; gifts are tax-deductible.
Run by 15 volunteers.
Mission: Form 990 Part I, line 1 · Status: IRS Pub. 78 · People: Part I, lines 5–6

Before you give

FY2024 · 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
FY2024
latest Form 990
Looks good: the latest return is for FY2024, 2 tax years back; within 2 tax years.
IRS e-file · Filing history
Spent on programs
0%
of spending
Concern: 0% of spending went to programs; under 50%.
Pt IX · Ln 25 · col B
Cash reserves
336 mo
of spending, in cash
Looks good: 335.7 months of spending in cash; 3 or more.
Pt X · Ln 1–2 · Pt I · Ln 18
Named funders
1
named funder · $1K
Fine: 1 funder names it on their filings; under 3.
Funders’ Sch. I, 990-PF
Liabilities
$0
0% of total assets
Looks good: liabilities are 0% of assets; 50% or less.
Pt X · Ln 26
Independent board members
7
of 9 voting members
Looks good: 7 of 9 voting members are independent, a majority.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$191K
+41% vs prior year
Spent
$16K
To programs
0%
Net assets
$450K
By yearFY2021–FY2024
Revenue
$191K
FY2024▲ +41%
Tap a bar for its year
Revenue by fiscal year
FY2021$99K
FY2022$135K
FY2024$191K
Net assets
$450K
FY2024▲ +184%
Tap a bar for its year
Net assets by fiscal year
FY2021$84K
FY2022$158K
FY2024$450K

From the FY2024 Form 990 · see the original

990 PDF Claim

Is it real?

Yes. Never revoked by the IRS. Latest filing on record: FY2024. IRS ruling in Jan 2025.

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

Where the money goes

What each dollar paid for.

Management & general 85% · $14K Fundraising 15% · $2K

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

9 people listed on the 990.

Part VII, Section A · reportable compensation
Mike Abadir
Secretary
$0Pt VII · Sec A
Jim Anderson
Vice Preside
$0Pt VII · Sec A
Laura Joiner
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
See Sam Thompson Memorial Foundation 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

Supports health, education, and welfare for the horse racing community.

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Provided by the organization

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3 programs · $85K · in their 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

Funders

Who pays for it.

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

Grants

Schedule I · funders on record
Grants received · FY2022
R D & Joan Dale Hubbard FoundationFY2022$1K
Total grants receivedfrom 1 funder$1K

By the numbers

The FY2024 990, line by line.

Download 990
from philanthropy.org
1The main four
Money inPt VIII
$191K
Ln 12
Other incomeLn 4–11$142K
Gifts and grantsLn 1h$30K
Investment incomeLn 3$19K
Money outPt IX
$16K
Ln 25
Managementcol C$14K
Fundraisingcol D$2K
Owns and owesPt X
$450K
net assets · Ln 32
Cash and savingsLn 1–2$450K
Total assetsLn 16$450K
LiabilitiesLn 26$0
PeoplePt VI, VII
9
listed · VII A
PaidVII A0
Voting boardVI 1a9
IndependentVI 1b7
2In more detail
Revenue in detailPt VIII
Gifts and grantsLn 1h$30K
Fundraising eventsLn 1c$30K
Investment incomeLn 3$19K
Other incomeLn 4–11$142K
Total revenueLn 12$191K
Assets in detailPt X, end of year
CashLn 1$46K
SavingsLn 2$404K
Cash and savings togetherLn 1–2$450K
Land, buildings, equipmentLn 10c$562
Total assetsLn 16$450K
LiabilitiesLn 26$0
Net assetsLn 32$450K
OperationsPt I, VI
EmployeesI 50
VolunteersI 615
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 FY24End FY24
Cash and savingsLn 1–2$275K$450K
Land, buildings, equipmentLn 10c$562$562
Total assetsLn 16$276K$450K
LiabilitiesLn 26$0$0
Net assetsLn 32$276K$450K
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Accounting feesLn 11c$4K$4K
Professional fundraising feesLn 11e$925$925
Advertising and promotionLn 12$3K$1K$1K
Office expensesLn 13$3K$2K$240
TravelLn 17$3K$3K
Conferences, conventions and meetingsLn 19$331$331
InsuranceLn 23$2K$2K
Other expenses (24a–d)Ln 24$715$715
Total functional expensesLn 25$16K$0$14K$2K

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2024 Latest Viewing $191K$16K$174K$450K 990 PDF
FY2023 Not on file
FY2022 $135K$158K 990 PDF
FY2021 $99K$84K 990 PDF

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Schedules filed Part IV

III · Programs R · Related orgs G · Fundraising L · Interested persons I · Grants A · Public support O · Explanations
See the full FY2024 990 (6 parts)
Part I · Summary $190,543 revenue, 12 lines filed
I-8 Contributions and grants$29,749
I-9 Program service revenue$0
I-10 Investment income$18,624
I-11 Other revenue$142,170
I-12 Total revenue$190,543
I-13 Grants and similar amounts paid$0
I-14 Benefits paid to members$0
I-15 Salaries and benefits$0
I-16a Professional fundraising fees$925
I-17 Other expenses$15,153
I-18 Total expenses$16,078
I-19 Revenue less expenses$174,465
Part VI · Governance 7 of 9 board members independent, 4 to look at
VI-1a Voting members of the governing body9
VI-1b Independent voting members7
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 $190,543 across 5 lines filed
Lines not itemized here account for −$1,740 of total revenue; see the IRS return.
VIII-1c Fundraising events$29,749
VIII-1h Total contributions, gifts and grants$29,749
VIII-3 Investment incomeExcluded from tax $18,624$18,624
VIII-8 Net income from fundraising events$143,910
VIII-12 Total revenueRelated to mission −$1,740 · Excluded from tax $18,624$190,543
Part IX · Statement of functional expenses $16,078 across 8 lines filed
IX-11c Accounting feesManagement $3,984$3,984
IX-11e Professional fundraising feesFundraising $925$925
IX-12 Advertising and promotionManagement $1,249 · Fundraising $1,269$2,518
IX-13 Office expensesManagement $2,425 · Fundraising $240$2,665
IX-17 TravelManagement $3,216$3,216
IX-19 Conferences, conventions and meetingsManagement $331$331
IX-23 InsuranceManagement $1,724$1,724
IX-24 Other expenses (24a–d)Management $715$715
IX-25 Total functional expensesPrograms $0 · Management $13,644 · Fundraising $2,434$16,078
Part X · Balance sheet $450,365 assets, 8 lines filed
X-1 Cash, non-interest-bearingStart of year $49,814$45,655
X-2 Savings and temporary cash investmentsStart of year $225,524$404,148
X-10c Land, buildings and equipment, netStart of year $562$562
X-16 Total assetsStart of year $275,900$450,365
X-26 Total liabilitiesStart of year $0$0
X-27 Net assets without donor restrictionsStart of year $275,900$450,365
X-32 Total net assets or fund balancesStart of year $275,900$450,365
X-33 Total liabilities and net assetsStart of year $275,900$450,365
Part XI · Reconciliation of net assets $450,365 net assets at year end
XI-1 Total revenue$190,543
XI-2 Total expenses$16,078
XI-3 Revenue less expenses$174,465
XI-4 Net assets at start of year$275,900
XI-10 Net assets at end of year$450,365

Form 990 e-file (XML) FY2024 from the IRS · Classification, formation year and address from the IRS Business Master File

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