KENTUCKY RACING HEALTH AND WELFARE FUND INC (EIN 610958300) - Form 990 Financial Analysis & Trantor Score

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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

1978

Legal Domicile

Principal Officer

RICHARD RIEDEL

Phone

5026362900

Tax Period

2023-01-01 to 2023-12-31

KENTUCKY RACING HEALTH AND WELFARE FUND INC, founded in 1978, is a community nonprofit that reported $1.2M in total revenue in fiscal year 2023. Revenue fell 22% from the prior year — a significant decline worth monitoring. Expenses of $1.9M exceeded revenue, resulting in a 63% operating deficit.

Mission

TO BENEFIT, AID, RELIEF, AND ASSIST RACING PERSONNEL EMPLOYED IN HORSE RACING.

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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 $1,511,951

Program Service Revenue $0

Investment Income $-333,745

Other Revenue $0

TOTAL REVENUE $1,178,206

Expense Breakdown

Grants Paid $1,190,732

Salaries & Benefits $465,410

Fundraising Expenses $0

Program Expenses $1,774,605

Other Expenses $269,494

TOTAL EXPENSES $1,925,636

Year-over-Year Comparison

	2023	2022	Change
Revenue	$1,178,206	$1,501,799	-0.2%
Expenses	$1,925,636	$1,730,279	+0.1%
Net Income	$-747,430	$-228,480	+2.3%

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

$174,006

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
RICK HILES	CHAIRMAN	0.00	Officer Director	$0	$0	$0
CAROL HEBEL	SECRETARY	0.00	Officer Director	$0	$0	$0
RICHARD P RIEDEL	EXECUTIVE DIRECTOR	40.00	Director	$162,019	$11,987	$174,006
RANDY SCHEEN	TREASURER	0.00	Officer Director	$0	$0	$0
FRANK JONES DECEASED	VICE CHAIRMAN	0.00	Officer Director	$0	$0	$0
BURR TRAVIS	DIRECTOR	0.00	Director	$0	$0	$0
DONNA WARD	DIRECTOR	0.00	Director	$0	$0	$0
MARK BACON	DIRECTOR	0.00	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	$1,178,206	$1,925,636	$8,708,026	$-747,430
2022	$1,501,799	$1,730,279	$8,469,502	$-228,480
2021	$2,619,420	$1,817,630	$9,767,723	$801,790
2020	$2,040,911	$2,022,460	$9,224,752	$18,451
2019	$238,334	$2,362,203	$8,801,465	$-2,123,869

KENTUCKY RACING HEALTH AND WELFARE FUND INC