Civic Intelligence

Thoroughbred Racing Associations of North America Inc

990 • Fiscal year 2018 • EIN 13-1379483

Jan 01, 2018 to Dec 31, 2018 • Filed on Mar 25, 2019

Organization Profilewww.thoroughbredracingassociations.com
420 Fair Hill DriveElkton, MD 21921

(410) 398-2261

Siviq Scores

Precomputed percentiles for this filing year versus similar nonprofits in the same peer cohort.

Liabilities / Assets

21st percentile

0.02x

Higher debt load relative to assets than 21% of similar nonprofits.

2018 filings • 501(c)6 • $1M-$5M nonprofits • Source year 2018

Liabilities / Revenue

29th percentile

0.06x

Higher debt load relative to revenue than 29% of similar nonprofits.

2018 filings • 501(c)6 • $1M-$5M nonprofits • Source year 2018

Net Margin

11th percentile

-9.6%

Higher net margin than 11% of similar nonprofits.

2018 filings • 501(c)6 • $1M-$5M nonprofits • Source year 2018

Top Officer Pay

79th percentile

$233,882

Higher top officer pay than 79% of similar nonprofits.

Top officer pay equals 66.0% of source-year revenue.

2018 filings • 501(c)6 • $1M-$5M nonprofits • Source year 2018

Asset Growth

80th percentile

15%

Faster asset growth than 80% of similar nonprofits.

2018 filings • 501(c)6 • $1M-$5M nonprofits • Annualized from 2017 to 2018

Revenue Growth

2nd percentile

-51%

Faster revenue growth than 2% of similar nonprofits.

2018 filings • 501(c)6 • $1M-$5M nonprofits • Annualized from 2017 to 2018

Balance Sheet
Liabilities / Assets21st percentile

Assets

Up

$1,095,117

Up $142,442 (+15%) from 2017

Net Assets

Up

$1,074,683

Up $156,505 (+17%) from 2017

Liabilities

Down

$20,434

Down $14,063 (-41%) from 2017

Revenue And Expenses
Liabilities / Revenue29th percentileNet Margin11th percentile

Revenue

Down

$354,500

Down $375,000 (-51%) from 2017

Expenses

Down

$388,579

Down $209,605 (-35%) from 2017

Net Income

Down

-$34,079

Down $165,395 (-126%) from 2017

Historical Trend

Balance Sheet Trend

Asset Growth80th percentile

The highlighted filing sits inside the broader history for assets, liabilities, and net assets.

$1.5M$1.0M$500K$0-$500KAssets 2010: $1,065,826Liabilities 2010: $904,561Net Assets 2010: $161,2652010Assets 2011: $1,144,159Liabilities 2011: $1,270,677Net Assets 2011: -$126,5182011Assets 2012: $960,545Liabilities 2012: $1,252,862Net Assets 2012: -$292,3172012Assets 2013: $971,758Liabilities 2013: $1,009,638Net Assets 2013: -$37,8802013Assets 2014: $861,121Liabilities 2014: $1,323,797Net Assets 2014: -$462,6762014Assets 2015: $834,045Liabilities 2015: $885,743Net Assets 2015: -$51,6982015Assets 2016: $755,960Liabilities 2016: $335,432Net Assets 2016: $420,5282016Assets 2017: $952,675Liabilities 2017: $34,497Net Assets 2017: $918,1782017Assets 2018: $1,095,117Liabilities 2018: $20,434Net Assets 2018: $1,074,6832018Assets 2019: $1,181,943Liabilities 2019: $50,908Net Assets 2019: $1,131,0352019Assets 2020: $853,754Liabilities 2020: $21,166Net Assets 2020: $832,5882020Assets 2021: $844,490Liabilities 2021: $30,709Net Assets 2021: $813,7812021Assets 2022: $816,534Liabilities 2022: $19,052Net Assets 2022: $797,4822022Assets 2023: $780,039Liabilities 2023: $4,121Net Assets 2023: $775,9182023Assets 2024: $761,422Liabilities 2024: $13,050Net Assets 2024: $748,3722024

Highlighted filing

2018

Assets$1,095,117
Liabilities$20,434
Net Assets$1,074,683
Open 2018 Filing

Operations Trend

Revenue Growth2nd percentile

Revenue, expenses, and net income across loaded years, with this filing highlighted.

$1.0M$500K$0-$500KRevenue 2010: $906,656Expenses 2010: $800,215Net Income 2010: $106,4412010Revenue 2011: $886,420Expenses 2011: $806,248Net Income 2011: $80,1722011Revenue 2012: $898,934Expenses 2012: $807,324Net Income 2012: $91,6102012Revenue 2013: $864,859Expenses 2013: $808,362Net Income 2013: $56,4972013Revenue 2014: $871,813Expenses 2014: $814,916Net Income 2014: $56,8972014Revenue 2015: $886,415Expenses 2015: $822,148Net Income 2015: $64,2672015Revenue 2016: $936,775Expenses 2016: $909,289Net Income 2016: $27,4862016Revenue 2017: $729,500Expenses 2017: $598,184Net Income 2017: $131,3162017Revenue 2018: $354,500Expenses 2018: $388,579Net Income 2018: -$34,0792018Revenue 2019: $284,095Expenses 2019: $321,049Net Income 2019: -$36,9542019Revenue 2020: $297,903Expenses 2020: $303,670Net Income 2020: -$5,7672020Revenue 2021: $287,800Expenses 2021: $306,607Net Income 2021: -$18,8072021Revenue 2022: $295,308Expenses 2022: $311,607Net Income 2022: -$16,2992022Revenue 2023: $296,225Expenses 2023: $317,789Net Income 2023: -$21,5642023Revenue 2024: $297,786Expenses 2024: $325,332Net Income 2024: -$27,5462024

Highlighted filing

2018

Revenue$354,500
Expenses$388,579
Net Income-$34,079
Open 2018 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2018 to Dec 31, 2018
Signed
Mar 25, 2019
Return Version
2018v3.1
Gross Receipts
$389,500
Mission and Program Overview

Mission

Advancement of the thoroughbred racing industry including playing a leading role in the establishment of many programs beneficial to the racing industry. The Organization serves as a strong and unified voice of the thoroughbred racetrack operators, places the maximum emphasis on the integrity of racing, and serves as a clearing house for information, reports, statistical data, ideas, promotions and problem areas. The Organization creates various programs, activities, ventures, and enterprises related to thoroughbred racing.

Advancement of the thoroughbred racing industry including playing a leading role in the establishment of many programs beneficial to the racing industry.

Balance Sheet Detail
LineBeginningEndChange
Assets
Rtn Earn Endowment Incm Other Fnds$918,178$1,074,683▲ $156,505
Land, Buildings, and Equipment, Net$524,295$487,509▼ $36,786
Cash and Non-Interest-Bearing Accounts$127,285$154,361▲ $27,076
Accounts Receivable$20,883$3,952▼ $16,931
Prepaid Expenses and Deferred Charges$3,831$3,230▼ $601
Pd in Cap Srpls Land Bldg Eqp Fund$0$0→ $0
Cap Stk Tr Prin Current Funds$0$0→ $0
Total Assets$952,675$1,095,117▲ $142,442
Other Assets Total$276,381$446,065▲ $169,684
Liabilities
Accounts Payable and Accrued Expenses$34,497$20,434▼ $14,063
Total Liabilities$34,497$20,434▼ $14,063
Net Assets / Fund Balance
Total Net Assets Fund Balance$918,178$1,074,683▲ $156,505
Total Liabilities and Net Assets / Fund Balance$952,675$1,095,117▲ $142,442

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$487,509$982,821$1,470,330
Equipment$0$18,347$18,347
Other Assets Org$376,767--
Compensation and Service Providers
Top Officer Pay79th percentile

Employees

NameTitleFull / Part TimeBaseOtherTotal
Henry ZeitlinExecutive Vice PresidentFT$207,462$26,420$233,882

Board Members and Trustees

NameTitle
Joe WilsonPresident
Josh RubinsteinVice President/Secretary
Peter BerubeVice President/Treasurer
Bill ThomasonDirector
Brian HansberryDirector
Bruce SwihartDirector
Chip BachDirector
Chris KayDirector
Christopher McErleanDirector
Corey JohnsenDirector
Darren MacDonaldDirector
David EllsworthDirector
Dennis DrazinDirector
Derron HeldtDirector
Doug ShipleyDirector
Eric JohnstonDirector
Erich ZimnyDirector
Frank HopfDirector
Guy TorsilieriDirector
Jonathan ZammitDirector
Louis CellaDirector
Mark LoeweDirector
Mike NewlinDirector
Mike RogersDirector
Mike ZieglerDirector
Randall SampsonDirector
Robert GreenDirector
Ronald GearyDirector
Scott WellsDirector
Sherwood ChillingworthDirector
Stella ThayerDirector
Timothy CareyDirector
Tony PetrilloDirector
Trent McIntoshDirector
William Rickman JrDirector
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$354,500
Investment Income
$0
Other Revenue
$0
Change in Net Assets
$-34,079

Audited Revenue Reconciliation

Revenue per Audited Statements
$354,500
Revenue Not Reported on Financial Statements
$0
Revenue Not Reported on Form 990
$200,584
Total Revenue per Audited Statements
$555,084
Total Revenue per Form 990
$354,500
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$244,689
Other Expenses$143,890
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Current Officers, Directors, Trustees, and Key Employees---$233,882
Travel---$33,785
Fees for Services Legal---$18,587
Insurance---$16,829
Fees for Services Accounting---$13,320
Payroll Taxes---$10,807
Depreciation Depletion---$10,536
Office Expenses---$8,440
Occupancy---$5,783
Information Technology---$3,247
Conferences and Meetings---$2,197
Other Expenses---$100
Total Functional Expenses$0$0$0$388,579

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Audited Statements$423,579
Expenses per Audited Statements$388,579
Total Expenses per Form 990$388,579
Expenses Not Reported on Form 990$35,000
Expenses Not Reported on Financial Statements$0
International Activity

International Summary

Offices
0
Employees
0
Spending
$0

International Compliance

Activity in boycott countries
No
Foreign corporation ownership
No
Foreign partnership interest
No
Interest in foreign trust
No
Passive foreign investment company interest
No
Transfers to foreign corporations
No

International Activities

RegionActivityServicesOfficesEmployeesSpending
North AmericaProgram ServicesMembership Dues Received00-
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Professional Fundraising Fees$0
Political and Lobbying Activity
Political campaign activity
No
In-house lobbying only
Yes
Subject to proxy tax
Yes
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
Yes
Business relationship with family members
No
Business relationship with organization members
No
Material changes to governing documents
No
Compensation from other sources disclosed
No
CEO compensation reviewed
Yes
Other officer compensation reviewed
Yes
Conflict-of-interest policy
Yes
Audited financial statements prepared
No
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

Form 990, Part VI, Section A, line 6

“The Organization has members.”

Form 990, Part VI, Section B, line 11B

“The Form 990 is reviewed by the executive vice president and controller prior to filing.”

Form 990, Part VI, Section B, line 12C

“Review is performed by the entire board of all material contracts to identify and address any conflicts of interest.”

Form 990, Part VI, Section B, line 15

“Compensation of all individuals is reviewed, determined, and approved by the board.”

Form 990, Part VI, Section C, line 19

“The Organization makes all governing documents, conflict of interest policy, and financial statements available to the public upon request.”

Filing and Contact Details

Filer

Filer Name
Thoroughbred Racing Associations of
EIN
13-1379483
Phone
4103982261
Address
420 Fair Hill Drive, Elkton, MD 21921

Signing Officer

Name
Henry Zeitlin
Title
Executive Vice President
Phone
4103929200
Signed
2019-03-25
Discuss with paid preparer
Yes

Organization Details

Formed
1942
Legal Domicile
Ny
Voting Board Members
36
Independent Board Members
35
Employees
1
Volunteers
0

Preparer

Firm
Belfint Lyons & Shuman PA
Address
1011 Centre Rd STE 310, Wilmington, DE 19805
Preparer
Jeffrey A Elwell CPA
Phone
3022250600
Supplemental Narrative

Additional Explanations

Form 990, Part XI, line 9:

“Gain from Wholly Owned Subsidiaries Reported on the Equity Method 165,584.”

Form 990, Part XII, Line 2C:

“There has been no change in the oversight process or independent accountant selection process.”

Financial Statement Notes

Part X, Line 2:

“For GAAP reporting purposes, the Association would be required to evaluate its uncertain tax positions and recognize a liability where appropriate with respect to the likely outcome of each uncertain tax position. This evaluation is typically not required when reporting under the income tax basis of accounting and is not required for the subsidiaries; however, if applicable, is required on Form 990, Schedule D, Part X for the Association. The Association is not aware of any uncertain tax positions or any liability arising from them, and has not included any such liabilities on its Federal Form 990.”

Part XI, Line 2D - Other Adjustments:

“Gain from wholly owned subsidiaries reported on the equity method 165,584. Rental Income 35,000.”

Part XII, Line 2D - Other Adjustments:

“Rental Expense 35,000.”

Raw XML AppendixShowing 400 of 674 raw XML fields

This appendix keeps the raw XML leaves available for debugging and edge-case review. The human report above is the primary experience.

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IRS990/Form990PartVIISectionAGrp/PersonNm1Henry Zeitlin
IRS990/Form990PartVIISectionAGrp/PersonNm2Josh Rubinstein
IRS990/Form990PartVIISectionAGrp/PersonNm3Peter Berube
IRS990/Form990PartVIISectionAGrp/PersonNm4Christopher McErlean
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IRS990/Form990PartVIISectionAGrp/PersonNm7Mike Rogers
IRS990/Form990PartVIISectionAGrp/PersonNm8Scott Wells
IRS990/Form990PartVIISectionAGrp/PersonNm9Mike Ziegler
IRS990/Form990PartVIISectionAGrp/PersonNm10Randall Sampson
IRS990/Form990PartVIISectionAGrp/PersonNm11William Rickman Jr
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IRS990/Form990PartVIISectionAGrp/PersonNm23David Ellsworth
IRS990/Form990PartVIISectionAGrp/PersonNm24Corey Johnsen
IRS990/Form990PartVIISectionAGrp/PersonNm25Dennis Drazin
IRS990/Form990PartVIISectionAGrp/PersonNm26Guy Torsilieri
IRS990/Form990PartVIISectionAGrp/PersonNm27Chris Kay
IRS990/Form990PartVIISectionAGrp/PersonNm28Louis Cella
IRS990/Form990PartVIISectionAGrp/PersonNm29Sherwood Chillingworth
IRS990/Form990PartVIISectionAGrp/PersonNm30Robert Green
IRS990/Form990PartVIISectionAGrp/PersonNm31Derron Heldt
IRS990/Form990PartVIISectionAGrp/PersonNm32Frank Hopf
IRS990/Form990PartVIISectionAGrp/PersonNm33Stella Thayer
IRS990/Form990PartVIISectionAGrp/PersonNm34Chip Bach
IRS990/Form990PartVIISectionAGrp/PersonNm35Jonathan Zammit
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IRS990/Form990PartVIISectionAGrp/ReportableCompFromRltdOrgAmt340
IRS990/Form990PartVIISectionAGrp/ReportableCompFromRltdOrgAmt350
IRS990/Form990PartVIISectionAGrp/TitleTxt0President
IRS990/Form990PartVIISectionAGrp/TitleTxt1Executive Vice President
IRS990/Form990PartVIISectionAGrp/TitleTxt2Vice President/Secretary
IRS990/Form990PartVIISectionAGrp/TitleTxt3Vice President/Treasurer
IRS990/Form990PartVIISectionAGrp/TitleTxt4Director
IRS990/Form990PartVIISectionAGrp/TitleTxt5Director
IRS990/Form990PartVIISectionAGrp/TitleTxt6Director
IRS990/Form990PartVIISectionAGrp/TitleTxt7Director
IRS990/Form990PartVIISectionAGrp/TitleTxt8Director
IRS990/Form990PartVIISectionAGrp/TitleTxt9Director
IRS990/Form990PartVIISectionAGrp/TitleTxt10Director
IRS990/Form990PartVIISectionAGrp/TitleTxt11Director
IRS990/Form990PartVIISectionAGrp/TitleTxt12Director
IRS990/Form990PartVIISectionAGrp/TitleTxt13Director
IRS990/Form990PartVIISectionAGrp/TitleTxt14Director
IRS990/Form990PartVIISectionAGrp/TitleTxt15Director
IRS990/Form990PartVIISectionAGrp/TitleTxt16Director
IRS990/Form990PartVIISectionAGrp/TitleTxt17Director
IRS990/Form990PartVIISectionAGrp/TitleTxt18Director
IRS990/Form990PartVIISectionAGrp/TitleTxt19Director
IRS990/Form990PartVIISectionAGrp/TitleTxt20Director
IRS990/Form990PartVIISectionAGrp/TitleTxt21Director
IRS990/Form990PartVIISectionAGrp/TitleTxt22Director
IRS990/Form990PartVIISectionAGrp/TitleTxt23Director
IRS990/Form990PartVIISectionAGrp/TitleTxt24Director
IRS990/Form990PartVIISectionAGrp/TitleTxt25Director
IRS990/Form990PartVIISectionAGrp/TitleTxt26Director
IRS990/Form990PartVIISectionAGrp/TitleTxt27Director
IRS990/Form990PartVIISectionAGrp/TitleTxt28Director
IRS990/Form990PartVIISectionAGrp/TitleTxt29Director
IRS990/Form990PartVIISectionAGrp/TitleTxt30Director
IRS990/Form990PartVIISectionAGrp/TitleTxt31Director
IRS990/Form990PartVIISectionAGrp/TitleTxt32Director
IRS990/Form990PartVIISectionAGrp/TitleTxt33Director
IRS990/Form990PartVIISectionAGrp/TitleTxt34Director
IRS990/Form990PartVIISectionAGrp/TitleTxt35Director
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IRS990/MissionDesc0Advancement of the thoroughbred racing industry including playing a leading role in the establishment of many programs beneficial to the racing industry. The Organization serves as a strong and unified voice of the thoroughbred racetrack operators, places the maximum emphasis on the integrity of racing, and serves as a clearing house for information, reports, statistical data, ideas, promotions and problem areas. The Organization creates various programs, activities, ventures, and enterprises related to thoroughbred racing.
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IRS990/OtherExpensesGrp/Desc0American Horse Council
IRS990/OtherExpensesGrp/Desc1Administrative Services
IRS990/OtherExpensesGrp/Desc2TRA Pins
IRS990/OtherExpensesGrp/Desc3Charitable Contribution
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IRS990/ProgramServiceRevenueGrp/BusinessCd0900099

Document Assets

No mirrored PDF or thumbnail assets are attached yet.

Filings

Displayed year

2018 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$1,095,117
Liabilities
$20,434
Net assets
$1,074,683
Revenue
$354,500
Expenses
$388,579
Net income
-$34,079
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$0.76$0.01$0.75$0.30$0.33$0.03
2023Detailed filing. Detailed filing data is available for this year.$0.78$0.00$0.78$0.30$0.32$0.02
2022XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$0.82$0.02$0.80$0.30$0.31$0.02
2021XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$0.84$0.03$0.81$0.29$0.31$0.02
2020Detailed filing. Detailed filing data is available for this year.$0.85$0.02$0.83$0.30$0.30$0.01
2019XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$1.18$0.05$1.13$0.28$0.32$0.04
2018Detailed filing. Detailed filing data is available for this year.$1.10$0.02$1.07$0.35$0.39$0.03
2017XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$0.95$0.03$0.92$0.73$0.60$0.13
2016Detailed filing. Detailed filing data is available for this year.$0.76$0.34$0.42$0.94$0.91$0.03
2015XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$0.83$0.89$0.05$0.89$0.82$0.06
2014Detailed filing. Detailed filing data is available for this year.$0.86$1.32$0.46$0.87$0.81$0.06
2013Detailed filing. Detailed filing data is available for this year.$0.97$1.01$0.04$0.86$0.81$0.06
2012Summary only. Only limited summary data is available for this year.$0.96$1.25$0.29$0.90$0.81$0.09
2011Summary only. Only limited summary data is available for this year.$1.14$1.27$0.13$0.89$0.81$0.08
2010Summary only. Only limited summary data is available for this year.$1.07$0.90$0.16$0.91$0.80$0.11