KENTUCKY DERBY FESTIVAL INC

EIN: 610713833

LOUISVILLE, KY

Total Revenue
$8,253,123
Total Expenses
$8,116,119
Total Assets
$6,291,584
Net Assets
$3,672,859
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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
1957
Legal Domicile
KY
Principal Officer
MATT GIBSON
Phone
5025846383
Tax Period
2023-10-01 to 2024-09-30

KENTUCKY DERBY FESTIVAL INC, founded in 1957, is a community nonprofit that reported $8.3M in total revenue in fiscal year 2023. Revenue grew 14% year-over-year, indicating healthy expansion.

Mission

PROVIDE KENTUCKY DERBY FESTIVAL EVENTS TO PROMOTE SOCIAL WELFARE IN THE GREATER LOUISVILLE AREA.

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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%)

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Financial Overview (2023)

Revenue Breakdown

Contributions & Grants $0
Program Service Revenue $7,971,214
Investment Income $248,039
Other Revenue $33,870
TOTAL REVENUE $8,253,123

Expense Breakdown

Grants Paid $60,000
Salaries & Benefits $1,937,093
Fundraising Expenses $1,137,953
Program Expenses $5,573,348
Other Expenses $6,119,026
TOTAL EXPENSES $8,116,119

Year-over-Year Comparison

2023 2022 Change
Revenue $8,253,123 $7,244,621 +0.1%
Expenses $8,116,119 $7,626,360 +0.1%
Net Income $137,004 $-381,739 -1.4%
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

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Governance

Voting Members
67
Independent Members
66
Employees
26
Volunteers
4000

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
7
$323,711
Total Directors
71
$221,323
Key Employees
0
$0
Highest Compensated
3
reported
Name Title Hours/Week Role Reportable Comp Other Comp Total
MATTHEW GIBSON PRESIDENT & CEO 35.00
Officer Director
$210,743 $10,580 $221,323
ERIN RASINEN CHAIR 3.00
Officer Director
$0 $0 $0
KEN SELVAGGI IMMEDIATE PAST CHAIR 3.00
Officer Director
$0 $0 $0
ALFONSO CORNISH CHAIR-ELECT 3.00
Officer Director
$0 $0 $0
LOUIS WATERMAN SECRETARY 3.00
Officer Director
$0 $0 $0
BILL FISHER TREASURER 3.00
Officer Director
$0 $0 $0
CRYSTAL ANDERSON BOARD MEMBER 3.00
Director
$0 $0 $0
STEVE ANDRIOT BOARD MEMBER 3.00
Director
$0 $0 $0
COL JOHN AUBREY BOARD MEMBER 3.00
Director
$0 $0 $0
PHILLIP BAKER BOARD MEMBER 3.00
Director
$0 $0 $0
TRACEY BALLARD BOARD MEMBER 3.00
Director
$0 $0 $0
DAVID BECK BOARD MEMBER 3.00
Director
$0 $0 $0
JILL BELL BOARD MEMBER 3.00
Director
$0 $0 $0
DAVID BINGHAM BOARD MEMBER 3.00
Director
$0 $0 $0
TYLER BLISS BOARD MEMBER 3.00
Director
$0 $0 $0
MIKE CAMPBELL BOARD MEMBER 3.00
Director
$0 $0 $0
PAUL CARROLL BOARD MEMBER 3.00
Director
$0 $0 $0
JANICE CATES BOARD MEMBER 3.00
Director
$0 $0 $0
JASON CHIN BOARD MEMBER 3.00
Director
$0 $0 $0
CAROLLE CLAY BOARD MEMBER 3.00
Director
$0 $0 $0
NATASHA COLLINS BOARD MEMBER 3.00
Director
$0 $0 $0
LISA COLUMBIA BOARD MEMBER 3.00
Director
$0 $0 $0
DEREK COWHERD BOARD MEMBER 3.00
Director
$0 $0 $0
J DELANEY BOARD MEMBER 3.00
Director
$0 $0 $0
WILL DONALDSON BOARD MEMBER 3.00
Director
$0 $0 $0
GARY FRIEDMAN BOARD MEMBER 3.00
Director
$0 $0 $0
LES FUGATE BOARD MEMBER 3.00
Director
$0 $0 $0
MIKE GANDOLFO BOARD MEMBER 3.00
Director
$0 $0 $0
LANCE GEORGE BOARD MEMBER 3.00
Director
$0 $0 $0
CYNTHIA GOLDSBERRY BOARD MEMBER 3.00
Director
$0 $0 $0
MARINA GONZALEZ BOARD MEMBER 3.00
Director
$0 $0 $0
ALLISON GOUSHA BOARD MEMBER 3.00
Director
$0 $0 $0
JO GRAVES BOARD MEMBER 3.00
Director
$0 $0 $0
ROBERT HECHT BOARD MEMBER 3.00
Director
$0 $0 $0
DARREN HOBBS BOARD MEMBER 3.00
Director
$0 $0 $0
CASSIDY HYDE BOARD MEMBER 3.00
Director
$0 $0 $0
MARY IRBY-JONES BOARD MEMBER 3.00
Director
$0 $0 $0
BRIANA LATHON BLUFORD BOARD MEMBER 3.00
Director
$0 $0 $0
JANET LIVELY MCCAULEY BOARD MEMBER 3.00
Director
$0 $0 $0
ANN MALDINI BOARD MEMBER (THRU 4/24) 3.00
Director
$0 $0 $0
MIKE MANGEOT BOARD MEMBER 3.00
Director
$0 $0 $0
TIM MCGURK BOARD MEMBER 3.00
Director
$0 $0 $0
MELANIE MILLER BOARD MEMBER (THRU 6/24) 3.00
Director
$0 $0 $0
ANDY MURPHY BOARD MEMBER 3.00
Director
$0 $0 $0
SARAH NEFF BOARD MEMBER 3.00
Director
$0 $0 $0
DWIGHT NEWTON BOARD MEMBER 3.00
Director
$0 $0 $0
CAROL NORD BOARD MEMBER 3.00
Director
$0 $0 $0
JOHN O'BRIEN BOARD MEMBER 3.00
Director
$0 $0 $0
JASON O'DANIEL BOARD MEMBER 3.00
Director
$0 $0 $0
MIKE PARRINO BOARD MEMBER 3.00
Director
$0 $0 $0
BARBARA PORTER BOARD MEMBER 3.00
Director
$0 $0 $0
LESLIE RAEBER-EBERLE BOARD MEMBER 3.00
Director
$0 $0 $0
CASEY RAMAGE BOARD MEMBER 3.00
Director
$0 $0 $0
DEBBIE ROBERSON BOARD MEMBER 3.00
Director
$0 $0 $0
DONNA SALAS BOARD MEMBER 3.00
Director
$0 $0 $0
RYAN SIENKOWSKI BOARD MEMBER 3.00
Director
$0 $0 $0
MARIA SMITH BOARD MEMBER 3.00
Director
$0 $0 $0
MEGAN THOBEN BOARD MEMBER 3.00
Director
$0 $0 $0
CORENZA TOWNSEND BOARD MEMBER 3.00
Director
$0 $0 $0
NANCY TRAFTON BOARD MEMBER 3.00
Director
$0 $0 $0
DAVID VOGEL BOARD MEMBER 3.00
Director
$0 $0 $0
CHAD WAGGONER BOARD MEMBER 3.00
Director
$0 $0 $0
JOEY WAGNER BOARD MEMBER 3.00
Director
$0 $0 $0
JUSTIN WALKER BOARD MEMBER 3.00
Director
$0 $0 $0
DAN WASSERZUG BOARD MEMBER 3.00
Director
$0 $0 $0
KELLIE WATSON BOARD MEMBER 3.00
Director
$0 $0 $0
REBECCA WOOD BOARD MEMBER 3.00
Director
$0 $0 $0
DALE WOODS BOARD MEMBER 3.00
Director
$0 $0 $0
STACEY YATES BOARD MEMBER 3.00
Director
$0 $0 $0
BRIAN WALTERS BOARD MEMBER (THRU 6/24) 3.00
Director
$0 $0 $0
MERILYN COSLOW BOARD MEMBER (THRU 6/24) 3.00
Director
$0 $0 $0
TIMOTHY WHITTEN CHIEF FINANCIAL OFFICER 35.00
Officer
$91,808 $10,580 $102,388
APRIL ZIK MARKETING MANAGER 40.00
Highest
$169,095 $10,580 $179,675
JESSICA POLLIO SPONSORSHIP MGR. 40.00
Highest
$101,033 $10,580 $111,613
JOANNIE LEPPING GILLIS SPONSORSHIP MGR. 40.00
Highest
$118,048 $10,580 $128,628
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 $8,253,123 $8,116,119 $6,291,584 $137,004
2023 $7,244,621 $7,626,360 $5,705,840 $-381,739
2022 $6,945,171 $7,370,569 $5,949,101 $-425,398
2021 $3,844,478 $3,505,199 $6,625,289 $339,279
2020 $2,479,645 $3,362,745 $5,707,837 $-883,100
2019 $6,984,283 $6,823,575 $5,011,479 $160,708
2018 $7,112,744 $6,748,410 $4,846,337 $364,334
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