INDIANA HORSEMEN'S BENEVOLENT & PROTECTIVE ASSOCIATION INC (EIN 311390231) - 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

1997

Legal Domicile

Principal Officer

TIMOTHY D GLYSHAW

Phone

3182868888

Tax Period

2024-01-01 to 2024-12-31

INDIANA HORSEMEN'S BENEVOLENT & PROTECTIVE ASSOCIATION INC, founded in 1997, is a community nonprofit that reported $1.6M in total revenue in fiscal year 2024.

Mission

THE ASSOCIATION'S MISSION IS TO PROMOTE, DEVELOP AND IMPROVE THE HORSE RACING INDUSTRY IN INDIANA. THE ASSOCIATION'S MOTTO IS: "WE ARE HORSEMEN HELPING HORSEMEN."

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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 $1,541,709

Investment Income $23,413

Other Revenue $700

TOTAL REVENUE $1,565,822

Expense Breakdown

Grants Paid $698,806

Salaries & Benefits $458,252

Fundraising Expenses $0

Other Expenses $484,862

TOTAL EXPENSES $1,641,920

Year-over-Year Comparison

	2024	2023	Change
Revenue	$1,565,822	$1,580,285	0.0%
Expenses	$1,641,920	$1,528,347	+0.1%
Net Income	$-76,098	$51,938	-2.5%

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

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

$185,286

Total Directors

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
JOE DAVIS	PRESIDENT	15.00	Officer Director	$0	$0	$0
KATHRYN KUNZ-DURAN	1ST VICE PRE	2.00	Officer Director	$0	$0	$0
RANDY KLOPP	2ND VICE PRE	2.00	Officer Director	$0	$0	$0
ANTONIO DURAN	DIRECTOR	2.00	Director	$0	$0	$0
SHARON HOLDEN	DIRECTOR	2.00	Director	$0	$0	$0
MIKE LAUER	DIRECTOR	2.00	Director	$0	$0	$0
PENNY LAUER	DIRECTOR	2.00	Director	$0	$0	$0
RON MCKAY	DIRECTOR	2.00	Director	$0	$0	$0
AUSTIN NICKS	DIRECTOR	2.00	Director	$0	$0	$0
MIKE WEAVER	DIRECTOR	2.00	Director	$0	$0	$0
AARON WEST	DIRECTOR	2.00	Director	$0	$0	$0
TIMOTHY D GLYSHAW	EXECUTIVE DI	40.00	Officer	$102,429	$0	$102,429
LISA E STEPHENS	BENEVOLENCE	40.00	Officer	$82,857	$0	$82,857
BRIAN J ELMORE	EXEC DIRECT	40.00	Highest	$128,670	$0	$128,670

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	$1,565,822	$1,641,920	$1,312,803	$-76,098
2023	$1,580,285	$1,528,347	$1,382,342	$51,938
2022	$1,637,366	$1,369,220	$1,343,101	$268,146
2021	$1,583,236	$1,273,066	$1,082,083	$310,170
2020	$1,052,165	$1,073,674	$746,247	$-21,509
2019	$1,349,077	$1,305,063	$788,710	$44,014
2018	$1,318,512	$1,367,324	$739,689	$-48,812

INDIANA HORSEMEN'S BENEVOLENT & PROTECTIVE ASSOCIATION INC