KENTUCKY DERBY FESTIVAL FOUNDATION

EIN: 311629357 501(c)(3) Arts, Culture & Humanities

LOUISVILLE, KY

Total Revenue
$172,234
Total Expenses
$114,246
Total Assets
$250,093
Net Assets
$210,047
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Financial Vulnerability Assessment (Tuckman-Chang)

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Financial Trends

Organization Details

Formation Year
1998
Legal Domicile
KY
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

TO PROMOTE AND FURTHER DEVELOP THE INTEREST OF THE GENERAL PUBLIC IN THE GREATER LOUISVILLE AREA AND THE KENTUCKY DERBY FESTIVAL AND 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%)

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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

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Governance

Voting Members
23
Independent Members
22
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
8
$323,711
Total Directors
27
$221,323
Key Employees
0
$0
Highest Compensated
0
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
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