IOWA HARNESS RACING ASSOCIATION (EIN 261516990) - 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

2008

Legal Domicile

Principal Officer

JOHN TERRY

Phone

3193100075

Tax Period

2024-01-01 to 2024-12-31

IOWA HARNESS RACING ASSOCIATION, founded in 2008, is a community nonprofit in the Recreation & Sports sector that reported $2.3M in total revenue in fiscal year 2024. Expenses of $2.0M left a modest 11% surplus.

Mission

SUPPORT AND PROMOTE HARNESS HORSE RACING 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 (2024)

Revenue Breakdown

Contributions & Grants $0

Program Service Revenue $2,208,106

Investment Income $46,048

Other Revenue $0

TOTAL REVENUE $2,254,154

Expense Breakdown

Grants Paid $0

Salaries & Benefits $3,000

Fundraising Expenses $0

Program Expenses $2,013,756

Other Expenses $2,013,756

TOTAL EXPENSES $2,016,756

Year-over-Year Comparison

	2024	2023	Change
Revenue	$2,254,154	$2,128,888	+0.1%
Expenses	$2,016,756	$2,132,743	-0.1%
Net Income	$237,398	$-3,855	-62.6%

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

$900

Total Directors

$2,100

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
JOHN TERRY	PRESIDENT	0.20	Officer	$600	$0	$600
STEVE SHELANGOSKI	TREASURER/DIRECTOR	0.50	Officer	$300	$0	$300
EARL MCKAY JR	DIRECTOR	0.20	Director	$600	$0	$600
DANA PEDERSON	DIRECTOR	0.20	Director	$300	$0	$300
BRAD KOHLWES	DIRECTOR	0.20	Director	$600	$0	$600
MARK HOLTAN	DIRECTOR	0.20	Director	$600	$0	$600

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	$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

IOWA HARNESS RACING ASSOCIATION