MINNESOTA THOROUGHBRED ASSOCIATION

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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

1971

Legal Domicile

Principal Officer

DAN FLANIGAN

Phone

9524963770

Tax Period

2025-01-01 to 2025-12-31

MINNESOTA THOROUGHBRED ASSOCIATION, founded in 1971, is a micro nonprofit that reported $734 in total revenue in fiscal year 2025. Revenue fell 99% from the prior year — a significant decline worth monitoring. Expenses of $8K exceeded revenue, resulting in a 1027% operating deficit.

Mission

TO PROMOTE & SUPPORT INTEREST IN THE THOROUGHBRED HORSE BREEDING & RACING SPORT/INDUSTRY IN THE STATE OF MINNESOTA.

Program Service Accomplishments

Program 1

THE MAJORITY OF THE MEMBERSHIP FEES COLLECTED PROVIDES FOR A SUBSCRIPTION TO THE INDUSTRY MAGAZINE, "THE MINNESOTA THOROUGHBRED JOURNAL." THE ASSOCIATION COLLECTS NOMINATION FEES AND ORGANIZES STAKE...

Program 2

90% OF THE NOMINATION FEES BECOME PART OF THE PURSES AND THE THE REMAINDER IS RETAINED BY THE ASSOCIATION TO PROMOTE INTEREST IN BREEDING AND RACING THOROUGHBRED HORSES IN MINNESOTA.

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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 (2025)

Revenue Breakdown

Contributions & Grants $0

Program Service Revenue $0

Investment Income $0

Other Revenue $734

TOTAL REVENUE $734

Expense Breakdown

Grants Paid $0

Salaries & Benefits $0

Fundraising Expenses $0

Other Expenses $8,274

TOTAL EXPENSES $8,274

Year-over-Year Comparison

	2025	2024	Change
Revenue	$734	$95,059	-1.0%
Expenses	$8,274	$92,512	-0.9%
Net Income	$-7,540	$2,547	-4.0%

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

N/A

Independent Members

N/A

Employees

N/A

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	Role	Reportable Comp	Other Comp	Total
RICHARD BREMER	PRESIDENT	Officer Director	$0	$0	$0
MARY GREEN	DIRECTOR	Director	$0	$0	$0
DOROTHY ERBAM	DIRECTOR	Director	$0	$0	$0
ERIC BERG	DIRECTOR	Director	$0	$0	$0
CAMERON MAHLUM	DIRECTOR	Director	$0	$0	$0
HONORE BREMER	SECRETARY	Officer Director	$0	$0	$0
ERIC VON SEGGERN	DIRECTOR	Director	$0	$0	$0
DAN FLANIGAN	TREASURER	Officer Director	$0	$0	$0
GRETCHEN EATON	DIRECTOR	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
2025	$734	$8,274	No data	$-7,540
2024	$95,059	$92,512	$7,582	$2,547
2023	$545,350	$585,883	$7,902	$-40,533
2022	$586,004	$567,835	$55,016	$18,169
2021	$523,741	$548,541	$30,505	$-24,800
2020	$530,572	$574,681	$58,737	$-44,109