MINNESOTA HARNESS RACING INC (EIN 410800026) - 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

1951

Principal Officer

JUSTIN ANFINSON

Phone

6519648400

Tax Period

2024-01-01 to 2024-12-31

MINNESOTA HARNESS RACING INC, founded in 1951, is a small nonprofit in the Mutual Benefit sector that reported $404K in total revenue in fiscal year 2024. Revenue decreased 8% compared to the prior year.

Mission

REPRESENTING ALL THE OWNERS, TRAINER, BREEDERS, GROOMS AND DRIVERS THAT RACE STANDARD BRED HARNESS HORSES IN THE STATE OF MINNESOTA. PROMOTING AND PROTECTING THE WELFARE OF THE HORSES RACED AND THOSE INVOLVED WITH WORKING WITH THEM.

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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 $380,417

Program Service Revenue $31,120

Investment Income $0

Other Revenue $-7,575

TOTAL REVENUE $403,962

Expense Breakdown

Grants Paid $0

Salaries & Benefits $86,381

Fundraising Expenses $0

Other Expenses $325,344

TOTAL EXPENSES $411,725

Year-over-Year Comparison

	2024	2023	Change
Revenue	$403,962	$439,027	-0.1%
Expenses	$411,725	$361,794	+0.1%
Net Income	$-7,763	$77,233	-1.1%

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

Total Directors

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
JUSTIN ANFINSON	PRESIDENT	1.00	Officer	$0	$0	$0
CATHY DESSERT	VICE PRESIDE	1.00	Officer	$0	$0	$0
GREG BUDACH	SECRETARY/TR	1.00	Officer	$0	$0	$0
MIKAELA DEL GIUDICE	BOARD MEMBER	1.00	Director	$0	$0	$0
BRIAN DETGEN	BOARD MEMBER	1.00	Director	$0	$0	$0
JESSICA JOHNSON	BOARD MEMBER	1.00	Director	$0	$0	$0
BRANDON JENSON	BOARD MEMBER	1.00	Director	$0	$0	$0
TONY HUFFMAN	BOARD MEMBER	1.00	Director	$0	$0	$0
JESSE DELONG	BOARD MEMBER	1.00	Director	$0	$0	$0
DAN ROLAND	BOARD MEMBER	1.00	Director	$0	$0	$0
NICOLE TATE	BOARD MEMBER	1.00	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	$403,962	$411,725	$224,893	$-7,763
2023	$439,027	$361,794	$232,656	$77,233
2022	$549,725	$519,118	$155,423	$30,607
2021	$462,180	$422,804	$124,816	$39,376
2020	$464,778	$463,203	$85,440	$1,575
2019	$494,660	$481,190	$83,865	$13,470
2018	$266,233	$365,564	$70,395	$-99,331

MINNESOTA HARNESS RACING INC