IOWA HARNESS RACING 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

2008

Legal Domicile

Principal Officer

JOHN TERRY

Phone

3193100075

Tax Period

2025-01-01 to 2025-12-31

IOWA HARNESS RACING ASSOCIATION, founded in 2008, is a community nonprofit in the Recreation & Sports sector that reported $2.2M in total revenue in fiscal year 2025. Expenses of $2.1M left a modest 6% surplus.

Mission

SUPPORT AND PROMOTE HARNESS HORSE RACING IN IOWA

Program Service Accomplishments

Program 1

Expenses: $2,063,893 Revenue: $2,152,910

SPONSOR 35 HARNESS HORSE RACE MEETS IN IOWA

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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 $2,152,910

Investment Income $54,635

Other Revenue $0

TOTAL REVENUE $2,207,545

Expense Breakdown

Grants Paid $0

Salaries & Benefits $10,050

Fundraising Expenses $0

Program Expenses $2,063,893

Other Expenses $2,063,893

TOTAL EXPENSES $2,073,943

Year-over-Year Comparison

	2025	2024	Change
Revenue	$2,207,545	$2,254,154	0.0%
Expenses	$2,073,943	$2,016,756	+0.0%
Net Income	$133,602	$237,398	-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

N/A

Volunteers

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

$8,700

Total Directors

$1,350

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
JOHN TERRY	PRESIDENT	0.20	Officer	$450	$0	$450
STEVE SHELANGOSKI	TREASURER/DIRECTOR	0.50	Officer	$8,250	$0	$8,250
EARL MCKAY JR	DIRECTOR	0.20	Director	$450	$0	$450
DANA PEDERSON	DIRECTOR	0.20	Director	$450	$0	$450
BRAD KOHLWES	DIRECTOR	0.20	Director	$450	$0	$450
MARK HOLTAN	DIRECTOR	0.20	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	$2,207,545	$2,073,943	$1,202,665	$133,602
2024	$2,254,154	$2,016,756	$1,078,162	$237,398
2023	$2,128,888	$2,132,743	$840,764	$-3,855
2022	$2,050,777	$2,003,582	$844,618	$47,195
2021	$1,325,981	$1,651,635	$797,423	$-325,654
2020	$1,918,751	$1,863,000	$1,123,078	$55,751
2019	$1,878,576	$1,762,344	$1,067,327	$116,232
2018	$1,750,485	$1,563,358	$951,095	$187,127