Mustang Heritage Foundation

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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

2001

Legal Domicile

Phone

5128693225

Tax Period

2023-10-01 to 2024-09-30

Mustang Heritage Foundation, founded in 2001, is a small nonprofit in the Animal-Related sector that reported $483K in total revenue in fiscal year 2023. Revenue fell 91% from the prior year — a significant decline worth monitoring. Expenses of $1.3M exceeded revenue, resulting in a 166% operating deficit.

Mission

The Mustang Heritage Foundation works to ensure the successful private placement of excess wild horses and burros removed from public lands so future generations can enjoy this distinctive feature of our American heritage.

Program Service Accomplishments

Program 1

Expenses: $436,036 Revenue: $140,877

The Mustang Heritage Foundation created the Extreme Mustang Makeovers (EMM) and other wild horse events to showcase the trainability and versatility of wild horses. Experienced horse trainers pick up a wild horse, train the horse for 6 months and then compete for event incentives at an EMM event. The trained mustangs are then available for purchase or adoption through a public auction. There was 1 EMM event produced in June of 2023 that included 4 days of competition, 1 placement auction, 48 were placed into private care through this event. Without a program like the EMM older less colorful animals would be moved to long term government care costing taxpayers approximately $40,000 per animal over that animal's lifetime.

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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 $73,637

Program Service Revenue $140,877

Investment Income $269,416

Other Revenue $-903

TOTAL REVENUE $483,027

Expense Breakdown

Grants Paid $54,150

Salaries & Benefits $588,569

Fundraising Expenses $9,450

Program Expenses $515,036

Other Expenses $641,841

TOTAL EXPENSES $1,284,560

Year-over-Year Comparison

	2023	2022	Change
Revenue	$483,027	$5,225,643	-0.9%
Expenses	$1,284,560	$4,812,816	-0.7%
Net Income	$-801,533	$412,827	-2.9%

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

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

$88,747

Total Directors

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
Devin O Day	Chair	8	Officer Director	$0	$0	$0
Gary Holt	Chair	2	Officer Director	$0	$0	$0
Paula Carr	Vice Chair	2	Officer Director	$0	$0	$0
Mark Bolender	Treasurer	2	Officer Director	$0	$0	$0
Shelly Nice	Secretary	2	Officer Director	$0	$0	$0
Tina Morris	Trustee	2	Director	$0	$0	$0
Jennifer Kizzar	Trustee	2	Director	$0	$0	$0
Fred Woehl	Trustee	2	Director	$0	$0	$0
BF Yeates	Trustee	2	Director	$0	$0	$0
Cary Scholtes	Interim Executive Director	40	Officer	$77,519	$11,228	$88,747
Clinton Shultz	CEO	40	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
2024	$483,027	$1,284,560	$2,250,916	$-801,533
2023	$5,175,754	$4,903,373	$3,185,610	$272,381
2023	$5,225,643	$4,812,816	$3,288,791	$412,827
2022	$6,838,640	$5,854,884	$2,832,635	$983,756
2022	$7,060,982	$6,017,434	$2,872,043	$1,043,548
2021	$5,386,262	$5,232,333	$2,167,955	$153,929
2020	$4,095,894	$3,927,684	$1,973,049	$168,210
2019	$3,812,183	$4,028,571	$1,770,780	$-216,388
2018	$4,058,628	$3,444,101	$1,976,738	$614,527