Thoroughbred Racing Associations of North America Inc (EIN 131379483) - Form 990 Financial Analysis & Trantor Score

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Financial Vulnerability Assessment (Tuckman-Chang)

4 risk indicators measuring financial stability and operational resilience

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Financial Trends

Organization Details

Formation Year

1942

Legal Domicile

Principal Officer

Henry Zeitlin

Phone

4103982261

Tax Period

2025-01-01 to 2025-12-31

Thoroughbred Racing Associations of North America Inc, founded in 1942, is a small nonprofit that reported $303K in total revenue in fiscal year 2025. Net assets of $739K represent 29 months of operating reserves.

Mission

Advancement of the thoroughbred racing industry including playing a leading role in the establishment of many programs beneficial to the racing industry.

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Trantor Score

Financial Health Score (300–850) · Liquidity · Solvency · Sustainability · Efficiency

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Liquidity (40%) • Solvency (30%) • Sustainability (20%) • Efficiency (10%)

Financial Overview (2025)

Revenue Breakdown

Contributions & Grants $0

Program Service Revenue $275,300

Investment Income $9,382

Other Revenue $17,868

TOTAL REVENUE $302,550

Expense Breakdown

Grants Paid $0

Salaries & Benefits $121,930

Fundraising Expenses $0

Other Expenses $190,122

TOTAL EXPENSES $312,052

Year-over-Year Comparison

	2025	2024	Change
Revenue	$302,550	$297,786	+0.0%
Expenses	$312,052	$325,332	0.0%
Net Income	$-9,502	$-27,546	-0.7%

Key Indicators

✗ Grants to Organizations ✗ Grants to Individuals ✗ Lobbying ✗ Political Activity ✓ Foreign Activities ✗ Donor Advised Fund ✗ Schedule B Required

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Financial Health Indicators

Comprehensive financial analysis: Altman Z-Score, liquidity, solvency, sustainability, efficiency, and growth metrics

Financial Distress Indicator

Liquidity & Cash Position

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Altman Z-Score • Liquidity Ratios • Solvency Analysis • Growth Indicators • Efficiency Metrics

Governance

Voting Members

Independent Members

Employees

N/A

Volunteers

N/A

Governance Policies

✓ Conflict of Interest Policy

✓ Whistleblower Policy

✓ Document Retention Policy

Special Practices & Reported Activities

✗ Operated a School

✗ Operated a Hospital

✗ Provided First Class Travel

✗ Reported Conflict of Interest

✗ Reported Asset Diversion

✗ Excess Benefit Transaction

✗ Made Political Expenditures

✗ Engaged in Lobbying

✗ Operated Donor Advised Fund

✗ Maintained Art Collections

✗ Filed Form 720

Compensation of Officers, Directors & Key Employees

Total Officers

$246,240

Total Directors

$246,240

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
Joe Wilson	President	5.00	Officer Director	$0	$0	$0
Henry Zeitlin	Executive Vice President	40.00	Officer Director	$0	$42,240	$246,240
Josh Rubinstein	Vice President/Secretary	5.00	Officer Director	$0	$0	$0
Peter Berube	Vice President/Treasurer	5.00	Officer Director	$0	$0	$0
Christopher McErlean	Director	5.00	Director	$0	$0	$0
Mike Anderson	Director	5.00	Director	$0	$0	$0
Mike Rogers	Director	5.00	Director	$0	$0	$0
Randall Sampson	Director	5.00	Director	$0	$0	$0
Brian Hansberry	Director	5.00	Director	$0	$0	$0
Shannon Arvin	Director	5.00	Director	$0	$0	$0
Timothy Carey	Director	5.00	Director	$0	$0	$0
Matt Vance	Director	5.00	Director	$0	$0	$0
Lori Thomas	Director	5.00	Director	$0	$0	$0
Patrick Ellsworth	Director	5.00	Director	$0	$0	$0
Dennis Drazin	Director	5.00	Director	$0	$0	$0
Guy Torsilieri	Director	5.00	Director	$0	$0	$0
Louis Cella	Director	5.00	Director	$0	$0	$0
Robert Green	Director	5.00	Director	$0	$0	$0
Derron Heldt	Director	5.00	Director	$0	$0	$0
Stella Thayer	Director	5.00	Director	$0	$0	$0
Rick Arthur	Director	5.00	Director	$0	$0	$0
Chris Kotulak	Director	5.00	Director	$0	$0	$0
Ron Winchell	Director	5.00	Director	$0	$0	$0
David O'Rourke	Director	5.00	Director	$0	$0	$0
Dan Bork	Director	5.00	Director	$0	$0	$0
Jason Boulet	Director	5.00	Director	$0	$0	$0
Terry Glebocki	Director	5.00	Director	$0	$0	$0
Brian Pettigrew	Director	5.00	Director	$0	$0	$0
Bill Ford	Director	5.00	Director	$0	$0	$0
Merlinda Fleming	Director	5.00	Director	$0	$0	$0
Roxanne Tanner	Director	5.00	Director	$0	$0	$0
Hugh Drexler	Director	5.00	Director	$0	$0	$0
Bill Knauf	Director	5.00	Director	$0	$0	$0
Scott Lishia	Director	5.00	Director	$0	$0	$0
Gary Palmisano Jr	Director	5.00	Director	$0	$0	$0
Dawn Lupul	Director	5.00	Director	$0	$0	$0
Jennifer Sokol	Director	5.00	Director	$0	$0	$0
Elizabeth Rogers	Director	5.00	Director	$0	$0	$0
Eric Johnston	Director	5.00	Director	$0	$0	$0
Chip Bach	Director	5.00	Director	$0	$0	$0

Note: Compensation data is self-reported by the organization on their Form 990. "Reportable Comp" includes salary, bonuses, and other reportable compensation from the organization and related organizations. "Other Comp" includes benefits, deferred compensation, and non-taxable benefits.

Historical Data

Year	Revenue	Expenses	Assets	Net Income
2025	$302,550	$312,052	$785,252	$-9,502
2024	$297,786	$325,332	$761,422	$-27,546
2023	$296,225	$317,789	$780,039	$-21,564
2022	$295,308	$311,607	$816,534	$-16,299
2021	$287,800	$306,607	$844,490	$-18,807
2020	$297,903	$303,670	$853,754	$-5,767
2019	$284,095	$321,049	$1,181,943	$-36,954
2018	$354,500	$388,579	$1,095,117	$-34,079

Thoroughbred Racing Associations of North America Inc