KENTUCKY DERBY FESTIVAL FOUNDATION

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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

1998

Legal Domicile

Principal Officer

MATT GIBSON

Phone

5025893378

Tax Period

2023-10-01 to 2024-09-30

KENTUCKY DERBY FESTIVAL FOUNDATION, founded in 1998, is a small nonprofit in the Arts, Culture & Humanities sector that reported $172K in total revenue in fiscal year 2023. Revenue fell 21% from the prior year — a significant decline worth monitoring. The organization ran a surplus of $58K, a strong 34% operating margin.

Mission

FOUNDED IN 1998, THE KENTUCKY DERBY FESTIVAL FOUNDATION RECEIVES AND MANAGES CHARITABLE CONTRIBUTIONS ON BEHALF OF THE KENTUCKY DERBY FESTIVAL, INC., ITS SUPPORTERS AND THE GENERAL PUBLIC. THE FOUNDATION PERPETUATES THE FESTIVAL'S IMPACT ON THE COMMUNITY BY DEVELOPING PROJECTS THAT HIGHLIGHT THE FESTIVAL'S INFLUENCE ON THE AREA'S CULTURAL HERITAGE. ITS MISSION IS TO FURTHER THE FESTIVAL'S EDUCATIONAL AND CHARITABLE MISSION THROUGH EXHIBITIONS AND PERFORMANCES. THE FOUNDATION ADDS TO THE FESTIVAL'S MISSION OF PROVIDING CREATIVE ENTERTAINMENT THAT ENHANCES THE COMMUNITY.

Program Service Accomplishments

Program 1

Expenses: $46,641

PROMOTING AND FURTHER DEVELOPING THE INTEREST OF THE GENERAL PUBLIC IN THE GREATER LOUISVILLE AREA AND THE KENTUCKY DERBY FESTIVAL AND ITS CULTURAL HERITAGE.

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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 $328,516

Program Service Revenue $0

Investment Income $1,092

Other Revenue $-157,374

TOTAL REVENUE $172,234

Expense Breakdown

Grants Paid $28,150

Salaries & Benefits $0

Fundraising Expenses $19,278

Program Expenses $46,641

Other Expenses $86,096

TOTAL EXPENSES $114,246

Year-over-Year Comparison

	2023	2022	Change
Revenue	$172,234	$218,787	-0.2%
Expenses	$114,246	$114,753	0.0%
Net Income	$57,988	$104,034	-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

100

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

$323,711

Total Directors

$221,323

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
MATTHEW GIBSON	PRESIDENT & CEO	5.00	Officer Director	$0	$10,580	$221,323
DAVID NETT	CHAIR	0.50	Officer Director	$0	$0	$0
SUZANNE WRIGHT	IMMEDIATE PAST CHAIR	0.50	Officer Director	$0	$0	$0
GLENDA THOME	CHAIR ELECT	0.50	Officer Director	$0	$0	$0
MICHELE OBERST	SECRETARY	0.50	Officer Director	$0	$0	$0
CRAIG WHITE	TREASURER	0.50	Officer Director	$0	$0	$0
ALFONSO CORNISH	BOARD MEMBER	0.50	Director	$0	$0	$0
DOUGLAS CRADDOCK	BOARD MEMBER	0.50	Director	$0	$0	$0
BECKY CRUMP	BOARD MEMBER	0.50	Director	$0	$0	$0
HELEN DAVIS	BOARD MEMBER	0.50	Director	$0	$0	$0
JAY FERGUSON	BOARD MEMBER (THRU 6/2024)	0.50	Director	$0	$0	$0
JO GRAVES	BOARD MEMBER	0.50	Director	$0	$0	$0
CHERYL GUESS	BOARD MEMBER	0.50	Director	$0	$0	$0
ROBERT HATFIELD	BOARD MEMBER	0.50	Director	$0	$0	$0
DODIE HOWLETT	BOARD MEMBER/EXEC DIREC (FROM 6/2024)	0.50	Officer Director	$0	$0	$0
JOANNE HURST	BOARD MEMBER (THRU 6/2024)	0.50	Director	$0	$0	$0
VINCENT JAMES	BOARD MEMBER	0.50	Director	$0	$0	$0
ADRIA JOHNSON	BOARD MEMBER (THRU 6/2024)	0.50	Director	$0	$0	$0
CAROLLE JONES CLAY	BOARD MEMBER	0.50	Director	$0	$0	$0
LOGAN LEET	BOARD MEMBER	0.50	Director	$0	$0	$0
CHADWICK MCTIGHE	BOARD MEMBER	0.50	Director	$0	$0	$0
AMY NALL	BOARD MEMBER	0.50	Director	$0	$0	$0
ROY POTTS	BOARD MEMBER	0.50	Director	$0	$0	$0
ERIN RASINEN	BOARD MEMBER	0.50	Director	$0	$0	$0
DEBRA RAYMAN	BOARD MEMBER	0.50	Director	$0	$0	$0
KEN SELVAGGI	BOARD MEMBER	0.50	Director	$0	$0	$0
MIKE SHEA	BOARD MEMBER (THRU 6/2024)	0.50	Director	$0	$0	$0
TIMOTHY WHITTEN	CHIEF FINANCIAL OFFICER	5.00	Officer	$0	$10,580	$102,388

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	$172,234	$114,246	$250,093	$57,988
2023	$218,787	$114,753	$132,599	$104,034
2022	$176,533	$94,685	$178,038	$81,848
2021	$179,108	$106,632	$149,565	$72,476
2020	$66,261	$136,080	$143,310	$-69,819
2019	$82,992	$111,951	$76,824	$-28,959
2018	$131,916	$117,811	$79,452	$14,105