NJ THOROUGHBRED HORSEMEN'S ASSOCIATION INC (EIN 222904953) - 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

1988

Legal Domicile

Principal Officer

MICHAEL MUSTO EXEC DIR

Phone

7322228081

Tax Period

2023-01-01 to 2023-12-31

NJ THOROUGHBRED HORSEMEN'S ASSOCIATION INC, founded in 1988, is a small nonprofit that reported $971K in total revenue in fiscal year 2023. Revenue fell 85% from the prior year — a significant decline worth monitoring. Expenses of $5.1M exceeded revenue, resulting in a 422% operating deficit.

Mission

NJTHA, INC. REPRESENTS THOROUGHBRED OWNERS AND TRAINERS INTERESTS IN THE STATE OF NJ SPECIFICALLY TO IMPROVE RACING AND PROMOTE THE COMMON BUSINESS INTERESTS OF THE SPORT.

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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 (2023)

Revenue Breakdown

Contributions & Grants $0

Program Service Revenue $0

Investment Income $101,734

Other Revenue $868,807

TOTAL REVENUE $970,541

Expense Breakdown

Grants Paid $0

Salaries & Benefits $233,590

Fundraising Expenses $0

Program Expenses $3,426,002

Other Expenses $4,831,249

TOTAL EXPENSES $5,064,839

Year-over-Year Comparison

	2023	2022	Change
Revenue	$970,541	$6,386,544	-0.8%
Expenses	$5,064,839	$5,795,794	-0.1%
Net Income	$-4,094,298	$590,750	-7.9%

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

Total Directors

$195,000

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
PAT MCBURNEY	PRESIDENT	0.00	Officer Director	$0	$0	$0
MICHAEL A MUSTO	EXEC. DIRECTOR	40.00	Director Highest	$195,000	$0	$195,000
TIMOTHY HILLS	VICE PRESIDENT	0.00	Officer Director	$0	$0	$0
DOMINIC J BOSSONE	DIRECTOR	0.00	Director	$0	$0	$0
JAMES CAHILL	DIRECTOR	0.00	Director	$0	$0	$0
BOB MATTHIES	DIRECTOR	0.00	Director	$0	$0	$0
THOMAS SWALES	DIRECTOR	0.00	Director	$0	$0	$0
BENJAMIN PERKINS JR	DIRECTOR	0.00	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
2024	No data	No data	No data	No data
2023	$970,541	$5,064,839	$10,926,089	$-4,094,298
2022	$6,386,544	$5,795,794	$11,717,110	$590,750
2021	$7,615,398	$5,916,922	$12,022,337	$1,698,476
2020	$532,012	$5,210,545	$12,123,287	$-4,678,533

NJ THOROUGHBRED HORSEMEN'S ASSOCIATION INC