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    <Timestamp>2012-11-13T16:57:47-05:00</Timestamp>
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        <BusinessNameLine1>KAHRE &amp; ASSOCIATES PC</BusinessNameLine1>
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        <AddressLine1>1118 N MAIN SUITE A</AddressLine1>
        <City>FRANKLIN</City>
        <State>IN</State>
        <ZIPCode>46131</ZIPCode>
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        <BusinessNameLine1>QUARTER HORSE RACING ASSOCIATION OF INDI</BusinessNameLine1>
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      <USAddress>
        <AddressLine1>8491 WEST 100 SOUTH</AddressLine1>
        <City>JAMESTOWN</City>
        <State>IN</State>
        <ZIPCode>46147</ZIPCode>
      </USAddress>
    </Filer>
    <Officer>
      <Name>MICHAEL D GROSS</Name>
      <Title>TREASURER</Title>
      <Phone>7654821213</Phone>
      <DateSigned>2012-11-13</DateSigned>
      <AuthorizeThirdParty>true</AuthorizeThirdParty>
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    <Preparer>
      <Name>DAVID A KAHRE CPA</Name>
      <Phone>3177367440</Phone>
      <DatePrepared>2012-11-13</DatePrepared>
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    <TaxYear>2011</TaxYear>
    <BuildTS>2016-02-24 21:20:13Z</BuildTS>
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        <City>MUNCIE</City>
        <State>IN</State>
        <ZIPCode>47302</ZIPCode>
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      <WebSite>HTTP://WWW.QHRAI.NET</WebSite>
      <TypeOfOrganizationCorporation>X</TypeOfOrganizationCorporation>
      <YearFormation>1966</YearFormation>
      <StateLegalDomicile>IN</StateLegalDomicile>
      <ActivityOrMissionDescription>THE ASSOCIATIONS MISSION IS TO PROMOTE THE GROWTH AND ADVANCEMENT OF QUARTER HORSE RACING BREEDING AND OWNERSHIP IN INDIANA</ActivityOrMissionDescription>
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      <ContributionsGrantsCurrentYear>0</ContributionsGrantsCurrentYear>
      <ProgramServiceRevenuePriorYear>375624</ProgramServiceRevenuePriorYear>
      <ProgramServiceRevenueCY>809555</ProgramServiceRevenueCY>
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      <TotalNetAssetsFundBalances>
        <BOY>12526</BOY>
        <EOY>60602</EOY>
      </TotalNetAssetsFundBalances>
      <TotalLiabNetAssetsFundBalances>
        <BOY>417870</BOY>
        <EOY>468533</EOY>
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      <ReconcilationRevenueExpenses>48076</ReconcilationRevenueExpenses>
      <ReconcilationOtherChanges>0</ReconcilationOtherChanges>
      <MethodOfAccountingCash>X</MethodOfAccountingCash>
      <AccountantCompileOrReview>true</AccountantCompileOrReview>
      <FSAudited>false</FSAudited>
      <AuditCommittee>false</AuditCommittee>
      <FinancialStatementSeparate>X</FinancialStatementSeparate>
      <FederalGrantAuditRequired>false</FederalGrantAuditRequired>
    </IRS990>
    <IRS990ScheduleC documentId="990C">
      <SubstantiallyAllDuesNondeduct>false</SubstantiallyAllDuesNondeduct>
      <OnlyInHouseLobbying>true</OnlyInHouseLobbying>
      <AgreeToCarryoverPriorYear>false</AgreeToCarryoverPriorYear>
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    <IRS990ScheduleD documentId="990D">
      <Equipment>
        <OtherCostOrOtherBasis>4199</OtherCostOrOtherBasis>
        <Depreciation>1342</Depreciation>
        <BookValue>2857</BookValue>
      </Equipment>
      <TotalOfBookValueLandBuildings>2857</TotalOfBookValueLandBuildings>
      <OtherLiabilities>
        <Description>IC 4-35-7-12 RESTRICTED FUND A</Description>
        <Amount>240303</Amount>
      </OtherLiabilities>
      <OtherLiabilities>
        <Description>CONTRACTUAL COMMITMENTS</Description>
        <Amount>165638</Amount>
      </OtherLiabilities>
      <OtherLiabilities>
        <Description>FEDERAL PAYROLL TAXES</Description>
        <Amount>1360</Amount>
      </OtherLiabilities>
      <OtherLiabilities>
        <Description>STATE PAYROLL TAXES</Description>
        <Amount>630</Amount>
      </OtherLiabilities>
      <TotalOfAmounts>407931</TotalOfAmounts>
    </IRS990ScheduleD>
    <IRS990ScheduleI documentId="990I">
      <RecordsMaintained>true</RecordsMaintained>
      <NoGrantMoreThan5000>X</NoGrantMoreThan5000>
      <Form990ScheduleIPartIII>
        <TypeOfGrant>BENEVOLENCE</TypeOfGrant>
        <NumberOfRecipients>25</NumberOfRecipients>
        <AmountOfCashGrant>19920</AmountOfCashGrant>
      </Form990ScheduleIPartIII>
      <Form990ScheduleIPartIII>
        <TypeOfGrant>DENTAL &amp; OPTICAL PROGRAM</TypeOfGrant>
        <NumberOfRecipients>7</NumberOfRecipients>
        <AmountOfCashGrant>2183</AmountOfCashGrant>
      </Form990ScheduleIPartIII>
      <Form990ScheduleIPartIII>
        <TypeOfGrant>SCHOLARSHIPS</TypeOfGrant>
        <NumberOfRecipients>15</NumberOfRecipients>
        <AmountOfCashGrant>22500</AmountOfCashGrant>
      </Form990ScheduleIPartIII>
      <Form990ScheduleIPartIII>
        <TypeOfGrant>EMERGENCY FUND</TypeOfGrant>
        <NumberOfRecipients>2</NumberOfRecipients>
        <AmountOfCashGrant>2624</AmountOfCashGrant>
      </Form990ScheduleIPartIII>
      <Form990ScheduleIPartIII>
        <TypeOfGrant>INSURANCE</TypeOfGrant>
        <NumberOfRecipients>90</NumberOfRecipients>
        <AmountOfCashGrant>9225</AmountOfCashGrant>
      </Form990ScheduleIPartIII>
      <Form990ScheduleIPartIII>
        <TypeOfGrant>QUARTER HORSE DEVELOPMENT</TypeOfGrant>
        <NumberOfRecipients>1</NumberOfRecipients>
        <AmountOfCashGrant>3000</AmountOfCashGrant>
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      <Form990ScheduleIPartIV>
        <Identifier>Monitoring procedures (Part I, line 2)</Identifier>
        <Explanation>THE ASSOCIATION MONITORS THE CONTINUING ACTIVITIES OF THE GRANT RECIPIENTS AND FOLLOWS UP WITH THE GRANT RECIPIENTS REGARDING THE USE OF THE GRANT FUNDS.</Explanation>
      </Form990ScheduleIPartIV>
    </IRS990ScheduleI>
    <IRS990ScheduleO documentId="990O">
      <GeneralExplanation>
        <Identifier>01. Officer, directors, etc. family relationship (Part VI, line 2)</Identifier>
        <Explanation>VICKIE DUKE-SECRETARY-PARENT CHRIS DUKE-PRESIDENT-CHILD</Explanation>
      </GeneralExplanation>
      <GeneralExplanation>
        <Identifier>02. Members or stockholder classes and rights (Part VI, line 6)</Identifier>
        <Explanation>THE ASSOCIATION HAS APPROXIMATELY 300 MEMBERS</Explanation>
      </GeneralExplanation>
      <GeneralExplanation>
        <Identifier>03. Member election for additional members (Part VI, line 7a)</Identifier>
        <Explanation>MEMBERS ELECT THE BOARD OF DIRECTORS ANNUALLY TO FILL OPEN POSITIONS DIRECTORS ARE ELECTED TO A THREE YEAR TERM</Explanation>
      </GeneralExplanation>
      <GeneralExplanation>
        <Identifier>04. Form 990 governing body review (Part VI, line 11)</Identifier>
        <Explanation>THE FORM 990 IS REVIEWED AND APPROVED BY PERTINENT MEMBERS OF THE ASSOCIATIONS BOARD OF DIRECTORS PRIOR TO FILING</Explanation>
      </GeneralExplanation>
      <GeneralExplanation>
        <Identifier>05. Conflict of interest policy compliance (Part VI, line 12c)</Identifier>
        <Explanation>THE ASSOCIATIONS BOARD MEMBERS MUST SIGN AN AFFIRMATION THAT THEY HAVE COMPLIED WITH THE ASSOCIATIONS CONFLICT OF INTEREST POLICY</Explanation>
      </GeneralExplanation>
      <GeneralExplanation>
        <Identifier>06. Governing documents, etc, available to public (Part VI, line 19)</Identifier>
        <Explanation>THE ASSOCIATIONS GOVERNING DOCUMENTS ARE AVAILABLE TO THE PUBLIC AT THE INDIANA SECRETARY OF STATE WEBSITE HTTPWWWINGOVSOSBUSINESSINDEXHTM</Explanation>
      </GeneralExplanation>
    </IRS990ScheduleO>
  </ReturnData>
</Return>