VIRGINIA HARNESS HORSE ASSOCIATION (EIN 541762821) - Form 990 Financial Analysis & Trantor Score

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Tuckman-Chang Vulnerability Assessment

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 $1.1M in total revenue in fiscal year 2018. Revenue surged 25% from the prior year, signaling strong growth momentum. Expenses of $1.2M exceeded revenue, resulting in a 11% operating deficit.

Mission

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

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Trantor Score

Financial Health & Payment Capacity Assessment (FICO Scale: 300–850)

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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

VIRGINIA HARNESS HORSE ASSOCIATION