QUARTER HORSE RACING ASSOCIATION O… - Form 990 Financial Data

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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

1966

Legal Domicile

Principal Officer

TERESA MYERS

Tax Period

2023-01-01 to 2023-12-31

QUARTER HORSE RACING ASSOCIATION OF INDIANA INC, founded in 1966, is a community nonprofit in the Community Improvement sector that reported $1.4M in total revenue in fiscal year 2023. Expenses of $1.3M left a modest 4% surplus.

Mission

THE ASSOCIATIONS MISSION IS TO PROMOTE THE GROWTH, AND ADVANCEMENT OF QUARTER HORSE RACING, BREEDING, AND OWNERSHIP IN INDIANA.

Program Service Accomplishments

Program 1

Expenses: $1,298,850 Revenue: $1,350,938

THE ASSOCIATION HAS APPROXIMATELY 292 MEMBERS. THE ASSOCIATION NEGOTIATED AND EXECUTED CONTRACTS FOR THE 2023 RACING SEASON WITH THE INDIANA TRACKS; SUCCESSFULLY CONDUCTED THE ANNUAL STALLION SERVICE AUCTION (SSA) AND THE RELATED ANNUAL SSA FUTURITY RACES AND SSA DERBY RACES; STAKES RACES; AND PROMOTED THE COMMON BUSINESS INTERESTS OF THE INDIANA QUARTER HORSE INDUSTRY.

Program 2

THE ASSOCIATION RECEIVED APPROVAL FROM THE INDIANA HORSE RACING COMMISSION TO BE A REGISTERED HORSEMENS ASSOCIATION TO RECEIVE FUNDS ON BEHALF OF INDIANA QUARTER HORSE HORSEMEN UNDER INDIANA CODE...

THE ASSOCIATION RECEIVED APPROVAL FROM THE INDIANA HORSE RACING COMMISSION TO BE A REGISTERED HORSEMENS ASSOCIATION TO RECEIVE FUNDS ON BEHALF OF INDIANA QUARTER HORSE HORSEMEN UNDER INDIANA CODE SECTION 4-35-7-12 FOR 2023. THE ACTIVITIES CONDUCTED IN 2023 WITH FUNDS RECEIVED PURSUANT TO IC 4-35-7-12 INCLUDE:EQUINE PROMOTION,EQUINE RESCUE,BENEVOLENCE,DENTAL AND OPTICAL PROGRAM,EMERGENCY ASSISTANCE,ACCIDENT INSURANCE,HORSEMENS ASSISTANCE,SCHOLARSHIPS,AND ADMINISTRATIVE EXPENSES.ALL FUNDS SPENT PURSUANT TO INDIANA CODE SECTION 4-35-7-12 MUST BE APPROVED BY, OR BE INCLUDED IN THE BUDGET APPROVED BY, THE INDIANA HORSE RACING COMMISSION.

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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 $0

Program Service Revenue $1,350,938

Investment Income $5,353

Other Revenue $0

TOTAL REVENUE $1,356,291

Expense Breakdown

Grants Paid $58,303

Salaries & Benefits $17,941

Fundraising Expenses $0

Program Expenses $1,298,850

Other Expenses $1,222,606

TOTAL EXPENSES $1,298,850

Year-over-Year Comparison

	2023	2022	Change
Revenue	$1,356,291	$1,361,553	0.0%
Expenses	$1,298,850	$1,310,588	0.0%
Net Income	$57,441	$50,965	+0.1%

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

N/A

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

$59,183

Total Directors

$61,933

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
TERESA MYERS	SECRETARYINTERIM EXECUTIVE D	40.00	Officer Director	$42,600	$0	$42,600
DIANNE BENNETT	EXECUTIVE DIRECTOR	40.00	Officer Director	$16,583	$0	$16,583
JESSICA VAZQUEZ	DIRECTOR	1.00	Director	$2,000	$0	$2,000
ROGER BEAM	DIRECTOR	1.00	Director	$750	$0	$750
TIM EGGLESTON	DIRECTOR	1.00	Director	$0	$0	$0
PAM HANN	DIRECTOR	1.00	Director	$0	$0	$0
GARY FOUTS	DIRECTOR	0.00	Director	$0	$0	$0
TYLER MARTIN	DIRECTOR	0.00	Director	$0	$0	$0
NATASHA PEREZ	DIRECTOR	1.00	Director	$0	$0	$0
VICKIE DUKE	DIRECTOR	1.00	Director	$0	$0	$0
JILL PATRICK	DIRECTOR	1.00	Director	$0	$0	$0
NICK JOHNSON	DIRECTOR	1.00	Director	$0	$0	$0
CHRIS DUKE	PRESIDENT	4.00	Officer Director	$0	$0	$0
ABBIE HAFFNER	DIRECTORSECRETARY	2.00	Officer Director	$0	$0	$0
STEPHANIE MCCONNELL	DIRECTORVICE PRESIDENT	1.00	Officer Director	$0	$0	$0
JAMES HURLEY	TREASURER	2.00	Officer Director	$0	$0	$0
PAUL MARTIN	PRESIDENT	2.00	Officer	$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	No data	No data	No data	No data
2023	$1,356,291	$1,298,850	$1,022,687	$57,441
2022	$1,361,553	$1,310,588	$902,906	$50,965
2021	$1,136,886	$1,086,669	$766,842	$50,217
2020	$1,024,190	$1,000,560	$573,841	$23,630
2019	$1,055,957	$1,050,788	$531,235	$5,169
2018	$946,916	$942,119	$484,592	$4,797

QUARTER HORSE RACING ASSOCIATION OF INDIANA INC