THE FOUNDATION SPONSORS THE IROQUOIS STEEPLECHASE RACE (THE STEEPLECHASE), AN ANNUAL EVENT OPEN TO THE GENERAL PUBLIC AND HELD IN THE SPRING OF EACH YEAR ON THE GROUNDS OF PERCY WARNER PARK, A PUBLIC PARK LOCATED IN NASHVILLE, TENNESSEE, OWNED BY THE METROPOLITAN GOVERNMENT OF NASHVILLE AND DAVIDSON COUNTY. IN ADDITION, A PORTION OF THE PROCEEDS FROM THE STEEPLECHASE MAY BE USED TO IMPROVE THE EQUESTRIAN FACILITIES AT PERCY WARNER PARK. THE FOUNDATION RECEIVES IN-KIND DONATIONS OF THE USE OF EQUIPMENT AND FACILITIES. THE FAIR MARKET VALUE OF THESE DONATIONS RELATED TO THE STEEPLECHASE IS $90,000.