THOROUGHBRED BREEDERS' ASSOCIATION

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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

1945

Legal Domicile

Principal Officer

MICHAEL CAMPBELL

Phone

7325428880

Tax Period

2025-01-01 to 2025-12-31

THOROUGHBRED BREEDERS' ASSOCIATION, founded in 1945, is a community nonprofit that reported $1.5M in total revenue in fiscal year 2025. Expenses of $1.8M exceeded revenue, resulting in a 17% operating deficit.

Mission

THE ASSOCIATION SEEKS TO PROMOTE AND FURTHER THE THOROUGHBRED BREEDING INDUSTRY IN NEW JERSEY. THE ASSOCIATION IS ENGAGED IN PROGRAMS FOR THE ENCOURAGEMENT AND IMPROVEMENT OF THE BREEDING OF THOROUGHBRED HORSES IN THE STATE OF NEW JERSEY

Program Service Accomplishments

Program 1

Expenses: $1,698,657 Revenue: $1,487,414

DISTRIBUTE BREEDER'S AWARDS TO BREEDERS, STALLION OWNERS AND OWNERS OF REGISTERED NEW JERSEY-BRED HORSES FINISHING FIRST, SECOND OR THIRD IN OPEN OR RESTRICTED RACES.

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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 $8,350

Program Service Revenue $1,487,414

Investment Income $3,851

Other Revenue $20,577

TOTAL REVENUE $1,520,192

Expense Breakdown

Grants Paid $0

Salaries & Benefits $120,523

Fundraising Expenses $0

Program Expenses $1,698,657

Other Expenses $1,651,776

TOTAL EXPENSES $1,772,299

Year-over-Year Comparison

	2025	2024	Change
Revenue	$1,520,192	$1,576,217	0.0%
Expenses	$1,772,299	$1,970,820	-0.1%
Net Income	$-252,107	$-394,603	-0.4%

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

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

$100,000

Total Directors

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
LAWRENCE FLEMING	TREASURER	5.00	Officer Director	$0	$0	$0
JOE COLES	TRUSTEE	5.00	Officer Director	$0	$0	$0
JANET LASZLO	VICE PRESIDENT	5.00	Officer Director	$0	$0	$0
RORY HUSTON	PRESIDENT	5.00	Officer Director	$0	$0	$0
NICK SACCO	TRUSTEE	5.00	Director	$0	$0	$0
ANTHONY MARGOTTA JR	TRUSTEE	5.00	Director	$0	$0	$0
DIANE SIMONCINI	TRUSTEE	5.00	Director	$0	$0	$0
JAMES FRANGELLA	TRUSTEE	5.00	Director	$0	$0	$0
CHARLES KROMANN	TRUSTEE	5.00	Director	$0	$0	$0
MICHAEL CAMBELL	EXECUTIVE DIRECTOR	40.00	Officer	$100,000	$0	$100,000

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	$1,520,192	$1,772,299	$549,245	$-252,107
2024	No data	No data	No data	No data
2023	$1,619,258	$1,926,056	$1,124,448	$-306,798
2022	$1,881,048	$1,989,298	$1,160,741	$-108,250
2021	$1,749,084	$1,559,134	$1,227,654	$189,950
2020	$1,849,057	$1,537,929	$1,196,698	$311,128
2019	$1,641,782	$1,256,507	$731,861	$385,275
2018	$1,937,122	$1,843,430	$963,211	$93,692