FIRST SATURDAY IN MAY 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

2019

Legal Domicile

Principal Officer

MITCHEL DENHAM

Phone

5028051468

Tax Period

2024-10-01 to 2025-09-30

FIRST SATURDAY IN MAY INC, founded in 2019, is a small nonprofit in the Community Improvement sector that reported $978K in total revenue in fiscal year 2024.

Mission

THE ORGANIZATION'S PRIMARY MISSION IS THE ORGANIZATION AND MANAGEMENT OF EVENTS FOR THE PROMOTION OF ECONOMIC DEVELOPMENT AND TOURISM IN THE COMMONWEALTH OF KENTUCKY.

Program Service Accomplishments

Program 1

Expenses: $994,282 Revenue: $928,220

THE KENTUCKY DERBY IS A SIGNATURE EVENT FOR THE COMMONWEALTH OF KENTUCKY. THE ORGANIZATION ENCOURAGES OUT OF STATE VISITORS TO ATTEND THE KENTUCKY DERBY BY PROVIDING SEVERAL EVENTS RELATED TO THE...

THE KENTUCKY DERBY IS A SIGNATURE EVENT FOR THE COMMONWEALTH OF KENTUCKY. THE ORGANIZATION ENCOURAGES OUT OF STATE VISITORS TO ATTEND THE KENTUCKY DERBY BY PROVIDING SEVERAL EVENTS RELATED TO THE DERBY AS A MEANS OF PROMOTING TOURISM AND ECONOMIC DEVELOPMENT. THEREBY, ENCOURAGING BUSINESSES TO LOOK AT KENTUCKY AS AN INVESTMENT OPPORTUNITY.

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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 $50,000

Program Service Revenue $928,220

Investment Income $0

Other Revenue $0

TOTAL REVENUE $978,220

Expense Breakdown

Grants Paid $0

Salaries & Benefits $0

Fundraising Expenses $0

Program Expenses $994,282

Other Expenses $1,013,578

TOTAL EXPENSES $1,013,578

Year-over-Year Comparison

	2024	2023	Change
Revenue	$978,220	$990,047	0.0%
Expenses	$1,013,578	$964,738	+0.1%
Net Income	$-35,358	$25,309	-2.4%

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

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
JONATHAN SMITH	PRESIDENT	1.00	Officer Director	$0	$0	$0
JACK DULWORTH	VICE PRESIDENT	1.00	Officer Director	$0	$0	$0
MITCHEL DENHAM	TREASURER	1.00	Officer 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
2025	$978,220	$1,013,578	$14,783	$-35,358
2024	$990,047	$964,738	$53,141	$25,309
2023	$896,778	$938,104	$28,858	$-41,326
2022	$820,057	$758,531	$245,478	$61,526
2021	$252,103	$244,668	$240,513	$7,435