KENTUCKY DERBY FESTIVAL INC

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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

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 CREATIVE AND UNIQUE ENTERTAINMENT AND COMMUNITY SERVICE FOR THE PEOPLE OF THE GREATER LOUISVILLE AREA THAT DIRECTLY CONTRIBUTES TO THE AESTHETIC, CULTURAL, EDUCATIONAL, CHARITABLE AND ECONOMIC DEVELOPMENT OF THE AREA. WE WILL ORGANIZE, PROMOTE AND CONDUCT EVENTS USING THE COLLECTIVE EFFORTS AND RESOURCES OF VOLUNTEERS, SMALL AND LARGE BUSINESSES, NON-PROFIT ORGANIZATIONS AND GOVERNMENTAL ENTITIES TO ENHANCE THE POSITIVE INTERNATIONAL RECOGNITION, ECONOMIC AND CULTURAL DEVELOPMENT, AND COMMUNITY IMAGE OF THE GREATER LOUISVILLE AREA.

Program Service Accomplishments

Program 1

Expenses: $5,573,348 Revenue: $8,031,351

PROVIDED KENTUCKY DERBY FESTIVAL EVENTS, INCLUDING THUNDER OVER LOUISVILLE, PEGASUS PARADE, BASKETBALL GAME, STEAMBOAT RACE, ETC. TO PROMOTE SOCIAL WELFARE IN THE GREATER LOUISVILLE AREA AND...

PROVIDED KENTUCKY DERBY FESTIVAL EVENTS, INCLUDING THUNDER OVER LOUISVILLE, PEGASUS PARADE, BASKETBALL GAME, STEAMBOAT RACE, ETC. TO PROMOTE SOCIAL WELFARE IN THE GREATER LOUISVILLE AREA AND THROUGHOUT THE STATE.

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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 $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

Governance

Voting Members

Independent Members

Employees

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

$323,711

Total Directors

$221,323

Key Employees

Highest Compensated

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