Civic Intelligence

Thoroughbred Racing Associations of North America Inc

990 • Fiscal year 2014 • EIN 13-1379483

Jan 01, 2014 to Dec 31, 2014 • Filed on May 15, 2015

420 Fair Hill DriveSuiteElkton, MD 21921

(410) 398-2261

Siviq Scores

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

Liabilities / Assets

98th percentile

1.54x

Higher debt load relative to assets than 98% of similar nonprofits.

2014 filings • 501(c)6 • $500k-$1M nonprofits • Source year 2014

Liabilities / Revenue

98th percentile

1.52x

Higher debt load relative to revenue than 98% of similar nonprofits.

2014 filings • 501(c)6 • $500k-$1M nonprofits • Source year 2014

Net Margin

61st percentile

6.5%

Higher net margin than 61% of similar nonprofits.

2014 filings • 501(c)6 • $500k-$1M nonprofits • Source year 2014

Top Officer Pay

98th percentile

$264,542

Higher top officer pay than 98% of similar nonprofits.

Top officer pay equals 30.3% of source-year revenue.

2014 filings • 501(c)6 • $500k-$1M nonprofits • Source year 2014

Asset Growth

14th percentile

-11%

Faster asset growth than 14% of similar nonprofits.

2014 filings • 501(c)6 • $500k-$1M nonprofits • Annualized from 2013 to 2014

Revenue Growth

39th percentile

0.8%

Faster revenue growth than 39% of similar nonprofits.

2014 filings • 501(c)6 • $500k-$1M nonprofits • Annualized from 2013 to 2014

Assets

Down

$861,121

Down $110,637 (-11%) from 2013

Net Assets

Down

-$462,676

Down $424,796 (-1121%) from 2013

Liabilities

Up

$1,323,797

Up $314,159 (+31%) from 2013

Revenue

Up

$871,813

Up $6,954 (+0.8%) from 2013

Expenses

Up

$814,916

Up $6,554 (+0.8%) from 2013

Net Income

Up

$56,897

Up $400 (+0.7%) from 2013

Historical Trend

Balance Sheet Trend

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

2014

Assets$861,121
Liabilities$1,323,797
Net Assets-$462,676

Operations Trend

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

2014

Revenue$871,813
Expenses$814,916
Net Income$56,897
Jump To
Filing Snapshot
Filing Period
Jan 1, 2014 to Dec 31, 2014
Signed
May 15, 2015
Return Version
2014v5.0
Gross Receipts
$920,334
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
Land, Buildings, and Equipment, Net$645,238$605,216▼ $40,022
Cash and Non-Interest-Bearing Accounts$185,762$108,206▼ $77,556
Accounts Receivable$30,878$27,110▼ $3,768
Prepaid Expenses and Deferred Charges$5,148$15,857▲ $10,709
Savings and Temporary Cash Investments$0$0→ $0
Other Notes and Loans Receivable, Net$0$0→ $0
Pledges and Grants Receivable$0$0→ $0
Receivable From Disqualified Prsn$0$0→ $0
Receivables From Officers Etc$0$0→ $0
Investments Other Securities$0$0→ $0
Investments Program Related$0$0→ $0
Investments in Publicly Traded Securities$0$0→ $0
Intangible Assets$0$0→ $0
Inventories for Sale or Use$0$0→ $0
Loans From Officers Directors$0$0→ $0
Total Assets$971,758$861,121▼ $110,637
Other Assets Total$104,732$104,732→ $0
Liabilities
Other Liabilities$481,962$957,098▲ $475,136
Mortgage Notes Payable Secured by Investment Property$443,455$346,915▼ $96,540
Accounts Payable and Accrued Expenses$84,221$19,784▼ $64,437
Grants Payable$0$0→ $0
Unsecured Notes Loans Payable$0$0→ $0
Deferred Revenue$0$0→ $0
Escrow Account Liability$0$0→ $0
Tax Exempt Bond Liabilities$0$0→ $0
Total Liabilities$1,009,638$1,323,797▲ $314,159
Net Assets / Fund Balance
Permanently Rstr Net Assets$0$0→ $0
Temporarily Rstr Net Assets$0$0→ $0
Unrestricted Net Assets$-37,880$-462,676▼ $424,796
Total Net Assets Fund Balance$-37,880$-462,676▼ $424,796
Total Liabilities and Net Assets / Fund Balance$971,758$861,121▼ $110,637

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$589,979$836,703$1,426,682
Equipment$15,237$24,878$40,115
Other Assets Org$65,198--
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseOtherTotal
Christopher ScherfExecutive Vice PresidentFT$223,220$41,322$264,542
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$871,798
Investment Income
$0
Other Revenue
$15
Change in Net Assets
$56,897

Audited Revenue Reconciliation

Revenue per Audited Statements
$920,298
Revenue Not Reported on Financial Statements
$-48,485
Other Revenue Adjustments
$-48,485
Total Revenue per Audited Statements
$920,298
Total Revenue per Form 990
$871,813
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$549,133
Other Expenses$265,783
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---$264,542
Other Salaries and Wages---$183,414
Other Employee Benefits---$66,389
Occupancy---$59,249
Fees for Services Legal---$36,117
Travel---$25,232
Payroll Taxes---$24,044
Depreciation Depletion---$15,054
Office Expenses---$13,544
Fees for Services Accounting---$12,250
Pension Plan Contributions---$10,744
Other Expenses---$5,682
All Other Expenses---$4,325
Information Technology---$1,591
Insurance---$607
Interest---$126
Total Functional Expenses$0$0$0$814,916

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Audited Statements$1,345,094
Expenses per Audited Statements$814,916
Total Expenses per Form 990$814,916
Expenses Not Reported on Form 990$530,178
International Activity

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 REC'D---
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
Insider Transactions and Loans

Loans and Receivables

Line ItemBeginningEndChange
Loans from Officers, Directors, Trustees, and Key Employees$0$0→ $0
Receivables from Disqualified Persons$0$0→ $0
Receivables from Officers, Directors, Trustees, and Key Employees$0$0→ $0
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Investment in Subsidiaries$946,602
Auto Loan Payable$10,496
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
Filing and Contact Details

Filer

Filer Name
Thoroughbred Racing Associations
EIN
13-1379483
In Care Of
% TIM PETERS
Phone
4103982261
Address
420 Fair Hill Drive, Suite, Elkton, MD 21921

Signing Officer

Name
Christopher Scherf
Title
Officer
Phone
3026565500
Signed
2015-05-15
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Christopher Scherf
Formed
1942
Legal Domicile
Ny
Voting Board Members
39
Independent Board Members
39
Employees
4
Volunteers
0

Preparer

Firm
Bdo USA Llp
Address
270 Presidential Drive, Wilmington, DE 19807
Preparer
Cameron B McDonald
Phone
3026565500
Supplemental Narrative

Additional Explanations

Conflict of Interest Policy

Form 990, page 6, part vi, section b, line 12ca review is performed by the entire board of all material contracts to identify and address any conflicts of interest.

Process for Determining Compensation

Form 990, page 6, part vi, section b, line 15 compensation of all individuals is reviewed, determined and approved by the board.

Review of Form 990

Form 990, page 6, part vi, section b, line 11b the form 990 is reviewed by the executive vice president and controller prior to filing.

Documents Available to Public

Form 990, page 6, 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.

Other Changes in Net Assets

FORM 990, PART XI, LINE 9 Loss from subsidiary reported on the equity method 481,693

Financial Statement Notes

Reconciliation of Revenue Amounts

Form 990, Schedule D, Page 4, Part XI, Line 4B RENTAL EXPENSES -48,521 DIRECTORY INCOME 36 ------- TOTAL -48,485

Reconciliation of Expenses

Form 990, Schedule D, Page 4, Part XII, Line 2d DIRECTORY INCOME -36 RENTAL EXPENSES 48,521 GAIN FROM SUBS REPORTED ON EQUITY METHOD 481,693 -------- TOTAL 530,178

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Document Assets

No mirrored PDF or thumbnail assets are attached yet.

Filings

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
2018XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$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