BREEDERS' CUP LIMITED

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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

1980

Legal Domicile

Principal Officer

DREW FLEMING

Phone

8594222615

Tax Period

2024-02-01 to 2025-01-31

BREEDERS' CUP LIMITED, founded in 1980, is a mid-sized nonprofit that reported $51.5M in total revenue in fiscal year 2024. Expenses of $58.0M exceeded revenue, resulting in a 13% operating deficit.

Mission

TO CONDUCT THE BREEDERS' CUP WORLD CHAMPIONSHIPS AT THE HIGHEST LEVELS OF QUALITY, SAFETY AND INTEGRITY AND TO PROMOTE THE GROWTH OF THOROUGHBRED BREEDING, RACING AND SALES THROUGH PROACTIVE LEADERSHIP, INNOVATION AND SERVICE.

Program Service Accomplishments

Program 1

THROUGH BREEDERS' CUP CHAMPIONSHIPS, BREEDERS' CUP CHALLENGE SERIES AND NOMINATIONS PROGRAM, BREEDERS' CUP LIMITED PROMOTES THE THOROUGHBRED INDUSTRY BY ENHANCING PUBLIC AWARENESS OF THOROUGHBRED...

THROUGH BREEDERS' CUP CHAMPIONSHIPS, BREEDERS' CUP CHALLENGE SERIES AND NOMINATIONS PROGRAM, BREEDERS' CUP LIMITED PROMOTES THE THOROUGHBRED INDUSTRY BY ENHANCING PUBLIC AWARENESS OF THOROUGHBRED RACING AND THE INDUSTRY IN GENERAL. TRACK PROMOTION OF BREEDERS' CUP RACES, TELEVISION, RADIO AND INTERNET PROMOTIONS, NEWSFEEDS, PRESS CONFERENCE, PRESS RELEASES, THE KENTUCKY HORSE PARK EXHIBIT, AND OTHER PROMOTIONAL CAMPAIGNS ARE ALL USED TO INCREASE PUBLIC AWARENESS AND PROMOTE THE THOROUGHBRED 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 (2024)

Revenue Breakdown

Contributions & Grants $0

Program Service Revenue $49,259,915

Investment Income $1,873,762

Other Revenue $328,500

TOTAL REVENUE $51,462,177

Expense Breakdown

Grants Paid $3,231

Salaries & Benefits $5,484,921

Fundraising Expenses $0

Other Expenses $52,464,057

TOTAL EXPENSES $57,952,209

Year-over-Year Comparison

	2024	2023	Change
Revenue	$51,462,177	$48,087,353	+0.1%
Expenses	$57,952,209	$51,247,098	+0.1%
Net Income	$-6,490,032	$-3,159,745	+1.1%

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

Volunteers

135

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

$2,157,739

Total Directors

$792,057

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
ROBERT DREW FLEMING	PRESIDENT & CEO	40.00	Officer Director	$767,483	$24,574	$792,057
JOHN KEITT	EXECUTIVE VP & COO	40.00	Officer	$479,326	$43,041	$522,367
DORA J DELGADO	EXECUTIVE VP & CHIEF RACING OFFICER	40.00	Officer	$285,310	$38,730	$324,040
JUSTIN N MCDONALD	EXECUTIVE VP & CHIEF MARKETING OFFICER	40.00	Officer	$278,917	$46,361	$325,278
MICHAEL NEWMAN	VP, CONTROLLER	40.00	Officer	$40,566	$3,385	$43,951
CHAD SALTZMAN	VP, CONTROLLER	40.00	Officer	$130,261	$19,785	$150,046
SARAH REEVES	CORPORATE SECRETARY	2.00	Officer	$0	$0	$0
HEATHER HIGGINS	SR VP CORPORATE PARTNERSHIPS	40.00	Highest	$211,993	$33,917	$245,910
MICHAEL TODD SPARKS	VP INFORMATION TECHNOLOGY & SOFTWARE SOLUTIONS	40.00	Highest	$181,249	$39,549	$220,798
BRANDY HARMON	SR VP TICKETING & OPERATIONS	40.00	Highest	$183,192	$31,838	$215,030
STEPHANIE PALMIERI	VP EVENTS	40.00	Highest	$169,691	$20,900	$190,591
TIM SCHRAM	VP ADMINISTRATION, SIMULCASTING	40.00	Highest	$162,554	$20,270	$182,824
BARBARA BANKE	CHAIRMAN	2.00	Director	$0	$0	$0
BRET JONES	DIRECTOR	2.00	Director	$0	$0	$0
FRED W HERTRICH III	DIRECTOR	2.00	Director	$0	$0	$0
ANTONY BECK	DIRECTOR	2.00	Director	$0	$0	$0
WILLIAM S FARISH JR	DIRECTOR	2.00	Director	$0	$0	$0
ALEX SOLIS II	DIRECTOR	2.00	Director	$0	$0	$0
ELLIOTT WALDEN	DIRECTOR	2.00	Director	$0	$0	$0
ALAN COOPER	DIRECTOR	2.00	Director	$0	$0	$0
TOM RYAN	DIRECTOR	2.00	Director	$0	$0	$0
GRAY LYSTER	DIRECTOR	2.00	Director	$0	$0	$0
CLEM MURPHY	DIRECTOR	2.00	Director	$0	$0	$0
ERIC GUSTAVSON	DIRECTOR	2.00	Director	$0	$0	$0
WALKER HANCOCK	DIRECTOR	2.00	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	$51,462,177	$57,952,209	$123,730,032	$-6,490,032
2024	$48,087,353	$51,247,098	$113,159,231	$-3,159,745
2023	$51,010,416	$50,197,979	$111,786,548	$812,437
2022	$60,542,303	$49,372,175	$117,837,245	$11,170,128
2021	$45,264,565	$52,564,127	$95,226,655	$-7,299,562
2020	$46,230,829	$46,844,817	$85,293,196	$-613,988
2019	$51,067,347	$47,226,586	$69,664,917	$3,840,761