White Horse Holding Corporation

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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

1963

Legal Domicile

Phone

9013332776

Tax Period

2024-07-01 to 2025-06-30

White Horse Holding Corporation, founded in 1963, is a community nonprofit in the Recreation & Sports sector that reported $4.4M in total revenue in fiscal year 2024. Revenue fell 53% from the prior year — a significant decline worth monitoring. Expenses of $3.7M left a modest 15% surplus.

Mission

to provide services and resources for the acquisition of competitive real estate for fraternity chapters across north America and the preservation and growth of the equity thereof.

Program Service Accomplishments

Program 1

LEASED PROPERTIES TO FRATERNITY CHAPTERS & INDIVIDUAL MEMBERS.

Program 2

PROVIDED and serviced LOANS TO housing corporations FOR THE PURPOSE OF BUILDING, REMODELING, FINANCING, REFINANCING, OR PURCHASING CHAPTER HOUSES or for acquiring equipment, furniture, and...

PROVIDED and serviced LOANS TO housing corporations FOR THE PURPOSE OF BUILDING, REMODELING, FINANCING, REFINANCING, OR PURCHASING CHAPTER HOUSES or for acquiring equipment, furniture, and furnishings.

Program 3

PROVIDED PROPERTY MANAGEMENT SERVICES TO LOCAL HOUSING CORPORATIONS.

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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 (2024)

Revenue Breakdown

Contributions & Grants $0

Program Service Revenue $4,238,830

Investment Income $138,246

Other Revenue $0

TOTAL REVENUE $4,377,076

Expense Breakdown

Grants Paid $0

Salaries & Benefits $0

Fundraising Expenses $0

Program Expenses $0

Other Expenses $3,722,535

TOTAL EXPENSES $3,722,535

Year-over-Year Comparison

	2024	2023	Change
Revenue	$4,377,076	$9,400,802	-0.5%
Expenses	$3,722,535	$3,602,837	+0.0%
Net Income	$654,541	$5,797,965	-0.9%

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

N/A

Volunteers

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
JOHN MICHAEL WILLIAMS	PRESIDENT	1.0	Officer Director	$0	$0	$0
SCOTT D BELL	VICE PRESIDENT	1.0	Officer Director	$0	$0	$0
ANTHONY C ANDUJAR	DIRECTOR	1.0	Director	$0	$0	$0
D CHRISTOPHER WARD	DIRECTOR	1.0	Director	$0	$0	$0
Michael Halbrook	DIRECTOR	1.0	Director	$0	$0	$0
S SHANE PATE II	DIRECTOR	1.0	Director	$0	$0	$0
JUSTIN BUCK	SECRETARY/TREASURER	10.0	Officer	$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
2025	$4,377,076	$3,722,535	$37,108,462	$654,541
2024	No data	No data	No data	No data
2023	$4,338,064	$2,430,072	$27,376,637	$1,907,992
2022	$3,077,604	$1,838,013	$25,729,235	$1,239,591
2021	$1,993,756	$1,655,823	$23,206,611	$337,933
2020	$936,619	$1,700,331	$22,731,265	$-763,712
2019	$1,721,302	$1,618,717	$21,358,276	$102,585
2018	$2,052,543	$1,861,538	$21,320,462	$191,005