KENTUCKY DERBY MUSEUM CORPORATION

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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

1981

Legal Domicile

Principal Officer

PATRICK ARMSTRONG

Phone

5026371111

Tax Period

2023-10-01 to 2024-09-30

KENTUCKY DERBY MUSEUM CORPORATION, founded in 1981, is a community nonprofit that reported $9.2M in total revenue in fiscal year 2023. Expenses of $8.4M left a modest 10% surplus.

Mission

TO ENGAGE,EDUCATE, AND EXCITE EVERYONE ABOUT THE EXTRAORDINARY EXPERIENCE THAT IS THE KENTUCKY DERBY!

Program Service Accomplishments

Program 1

Expenses: $6,607,259 Revenue: $6,491,112

THE MUSEUM'S EXHIBITS DOCUMENT THE HISTORY AND TRADITION OF THE KENTUCKY DERBY, CHURCHILL DOWNS AND THOROUGHBRED RACING. IN ADDITION, THE MUSEUM OFFERS A FREE KIDS PROGRAM TO ALL PUBLIC AND PAROCHIAL SCHOOLS IN INDIANA AND KENTUCKY. THE MUSEUM ALSO HAS AN OUTREACH PROGRAM THAT TRAVELS TO COMMUNITIES WITHIN KENTUCKY TO EDUCATE KENTUCKY YOUTH ABOUT THE ECONOMICS, HISTORY AND SIGNIFICANCE OF THE KENTUCKY DERBY.

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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 $624,598

Program Service Revenue $4,535,841

Investment Income $666,085

Other Revenue $3,422,691

TOTAL REVENUE $9,249,215

Expense Breakdown

Grants Paid $0

Salaries & Benefits $3,668,085

Fundraising Expenses $196,403

Program Expenses $6,607,259

Other Expenses $4,689,858

TOTAL EXPENSES $8,357,943

Year-over-Year Comparison

	2023	2022	Change
Revenue	$9,249,215	$9,640,738	0.0%
Expenses	$8,357,943	$7,750,983	+0.1%
Net Income	$891,272	$1,889,755	-0.5%

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

138

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

$383,471

Total Directors

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
PATRICK ARMSTRONG	PRESIDENT & CEO	40.00	Officer	$247,813	$8,333	$256,146
KATIE FUSSENEGGER	EXECUTIVE VICE-PRESIDENT	40.00	Highest	$148,935	$13,981	$162,916
DENNIS BURCH	SENIOR DIRECTOR OF ACCOUNTING & FINANCE	40.00	Officer	$120,625	$6,700	$127,325
JEFF KENNEDY	SENIOR DIRECTOR OF TECHNOLOGY	40.00	Highest	$104,204	$10,901	$115,105
DAVID NETT	CHAIRMAN	5.00	Officer Director	$0	$0	$0
GLENN HAYGOOD	PAST CHAIRMAN	5.00	Officer Director	$0	$0	$0
TODD SPENCER	TREASURER	5.00	Officer Director	$0	$0	$0
BRIANA LATHON	SECRETARY	5.00	Officer Director	$0	$0	$0
MIKE ANDERSON	DIRECTOR	5.00	Director	$0	$0	$0
MARK BACON	DIRECTOR	5.00	Director	$0	$0	$0
JILL BAFFERT	DIRECTOR	5.00	Director	$0	$0	$0
TAWANA BAIN	DIRECTOR	5.00	Director	$0	$0	$0
CLEO BATTLE	DIRECTOR	5.00	Director	$0	$0	$0
BILL BEAM JR	DIRECTOR	5.00	Director	$0	$0	$0
LISA BENSON	DIRECTOR	5.00	Director	$0	$0	$0
RHONDA JO CONNER	DIRECTOR	5.00	Director	$0	$0	$0
ASHLY DAVIS-SIGMAN	DIRECTOR	5.00	Director	$0	$0	$0
PAT DAY	DIRECTOR	5.00	Director	$0	$0	$0
CRAIG DILGER	DIRECTOR	5.00	Director	$0	$0	$0
ANITA EBERT	DIRECTOR	5.00	Director	$0	$0	$0
STEVE ESTEPP	DIRECTOR	5.00	Director	$0	$0	$0
CLINTON GLASSCOCK	DIRECTOR	5.00	Director	$0	$0	$0
MIKE GUENTHNER	DIRECTOR	5.00	Director	$0	$0	$0
BRANDY HARMON	DIRECTOR	5.00	Director	$0	$0	$0
LOREN HEBEL-OSBORNE	DIRECTOR	5.00	Director	$0	$0	$0
JOSH HEIRD	DIRECTOR	5.00	Director	$0	$0	$0
JA HILLENBRAND	DIRECTOR	5.00	Director	$0	$0	$0
MICHAEL JUDAH	DIRECTOR	5.00	Director	$0	$0	$0
EAMON O'BRIEN	DIRECTOR	5.00	Director	$0	$0	$0
MASON RUMMEL	DIRECTOR	5.00	Director	$0	$0	$0
SEEMA SHETH	DIRECTOR	5.00	Director	$0	$0	$0
EDEN BRIDGEMAN SKLENAR	DIRECTOR	5.00	Director	$0	$0	$0
FRANK THOMPSON	DIRECTOR	5.00	Director	$0	$0	$0
HAROLD WORKMAN	DIRECTOR	5.00	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	$9,249,215	$8,357,943	$41,138,988	$891,272
2023	$9,640,738	$7,750,983	$35,180,528	$1,889,755
2022	$7,432,513	$6,935,891	$32,107,797	$496,622
2021	$10,633,125	$5,776,043	$35,033,343	$4,857,082
2020	$2,657,139	$5,925,092	$29,597,684	$-3,267,953
2019	$7,529,412	$6,863,455	$31,632,285	$665,957
2018	$8,483,226	$5,313,014	$32,542,113	$3,170,212