VIRGINIA HARNESS HORSE 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

1996

Legal Domicile

Principal Officer

DEBBIE WARNICK

Phone

4434630917

Tax Period

2023-01-01 to 2023-12-31

VIRGINIA HARNESS HORSE ASSOCIATION, founded in 1996, is a community nonprofit in the Community Improvement sector that reported $3.5M in total revenue in fiscal year 2023. Revenue grew 18% year-over-year, indicating healthy expansion. The organization ran a surplus of $2.2M, a strong 62% operating margin.

Mission

THE ASSOCIATION PROMOTES THE HARNESS RACING INDUSTRY IN VIRGINIA BY PROMOTING HARNESS RACING IN VIRGINIA, AND BY PROMOTING THE BREEDING OF VIRGINIA-BRED STANDARDBREDS.

Program Service Accomplishments

Program 1

Expenses: $1,217,331

THE ASSOCIATION ADMINISTERS THE VIRGINIA BREEDERS FUND FOR STANDARDBRED HORSES. IT DISBURSES THE AWARDS AND INCENTIVES TO BREEDERS OF VIRGINIA BRED STANDARDBREDS. THE VIRGINIA RACING COMMISSION, A...

THE ASSOCIATION ADMINISTERS THE VIRGINIA BREEDERS FUND FOR STANDARDBRED HORSES. IT DISBURSES THE AWARDS AND INCENTIVES TO BREEDERS OF VIRGINIA BRED STANDARDBREDS. THE VIRGINIA RACING COMMISSION, A STATE AGENCY, USES THE BREEDERS FUND TO ENCOURAGE AND PROMOTE THE BREEDING OF STANDARDBRED HORSES IN VIRGINIA. BREEDERS MAY PARTICIPATE IN THE BREEDERS FUND WITHOUT BEING A MEMBER OF THE ASSOCIATION.

Program 2

THE ASSOCIATION PROMOTES THE HARNESS RACING INDUSTRY IN VIRGINIA BY INFORMING THE PUBLIC OF THE RACES HELD IN THE STATE. IT WORKS WITH OWNERS, TRAINERS, DRIVERS AND GROOMS OF STANDARDBRED RACE HORSES AND HORSE RACING TRACKS TO PROMOTE THE HARNESS RACING INDUSTRY IN VIRGINIA. THE ASSOCIATION WORKS TO SOLVE ISSUES AFFECTING THE RACE TRACKS, STABLES, PURSES, ETC. THE ASSOCIATION MONITORS, SUPPORTS AND OPPOSES LEGISLATION AFFECTING THE VIRGINIA HARNESS RACING AND STANDARDBRED INDUSTRY BEFORE THE VIRGINIA GENERAL ASSEMBLY.

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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 $2,225,000

Program Service Revenue $1,230,438

Investment Income $10,002

Other Revenue $0

TOTAL REVENUE $3,465,440

Expense Breakdown

Grants Paid $0

Salaries & Benefits $63,436

Fundraising Expenses $0

Program Expenses $1,217,331

Other Expenses $1,250,559

TOTAL EXPENSES $1,313,995

Year-over-Year Comparison

	2023	2022	Change
Revenue	$3,465,440	$2,940,973	+0.2%
Expenses	$1,313,995	$1,280,965	+0.0%
Net Income	$2,151,445	$1,660,008	+0.3%

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
SCOTT D WOOGEN	PRESIDENT	10.00	Officer Director	$0	$0	$0
CHARLES ROBBINS	VICE PRESIDENT	4.00	Officer Director	$0	$0	$0
BILLY CARTER	DIRECTOR	0.50	Director	$0	$0	$0
LEON HARRIS	DIRECTOR	0.50	Director	$0	$0	$0
STACEY MCLENGAGHAN	DIRECTOR	0.50	Director	$0	$0	$0
TYLER SHEEHAN	DIRECTOR	0.50	Director	$0	$0	$0
BETSY BROWN	TREASURER	0.50	Officer Director	$0	$0	$0
ANNE MCDONALD	DIRECTOR	0.50	Director	$0	$0	$0
JAN NOFSINGER	DIRECTOR	0.50	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	No data	No data	No data	No data
2023	$3,465,440	$1,313,995	$5,382,164	$2,151,445
2022	$2,940,973	$1,280,965	$3,012,066	$1,660,008
2021	$1,459,265	$1,454,569	$1,048,173	$4,696
2020	$1,178,646	$1,076,940	$869,288	$101,706
2019	$1,238,383	$1,350,421	$750,221	$-112,038
2018	$1,109,901	$1,237,112	$848,717	$-127,211