Civic Intelligence

Florida Thoroughbred Retirement and Adoptive Care

EIN 27-3466408 • 501(c)3 • Palm City, FL

Profile

Florida trac was founded in 2010 to offer retired south florida based thoroughbred racehorses successful second careers through rehabilitation and placement in their adoptive forever homes.

6830 SW Markel StPalm City, FL 34990

n/A

Siviq Scores

Precomputed percentiles relative to similar nonprofits. These scores are descriptive rather than judgmental.

Liabilities / Assets

Score unavailable

No value available

Liabilities-to-assets requires both liabilities and assets on the latest valid filing.

Source year 2024

Liabilities / Revenue

62nd percentile

0.00x

Tied with the lowest-debt nonprofits in its peer group.

501(c)3 • <$500k nonprofits • Source year 2024

Net Margin

16th percentile

-42%

Higher net margin than 16% of similar nonprofits.

501(c)3 • <$500k nonprofits • Source year 2024

Top Officer Pay

81st percentile

$0

Higher top officer pay than 81% of similar nonprofits.

Top officer pay equals 0.0% of source-year revenue.

501(c)3 • <$500k nonprofits • Source year 2024

Asset Growth

10th percentile

-100%

Faster asset growth than 10% of similar nonprofits.

501(c)3 • <$500k nonprofits • Annualized from 2023 to 2024

Revenue Growth

12th percentile

-70%

Faster revenue growth than 12% of similar nonprofits.

501(c)3 • <$500k nonprofits • Annualized from 2023 to 2024

Balance Sheet
Liabilities / AssetsScore unavailable

Assets

Down

$0

Down $22,588 (-100%) from 2023

Liabilities

Down

$0

Down $1,352 (-100%) from 2023

Net Assets

Down

$0

Down $21,236 (-100%) from 2023

Operations
Liabilities / Revenue62nd percentileNet Margin16th percentile

Revenue

Down

$32,132

Down $74,490 (-70%) from 2023

Expenses

Down

$45,661

Down $146,400 (-76%) from 2023

Net Income

Up

-$13,529

Up $71,910 (+84%) from 2023

Trend Graphs

Balance Sheet Trend

Asset Growth10th percentile

Grouped bars show assets, liabilities, and net assets across loaded filings.

$800K$600K$400K$200K$0-$200KAssets 2014: $65,589Liabilities 2014: $96,696Net Assets 2014: -$31,1072014Assets 2015: $80,599Liabilities 2015: $69,808Net Assets 2015: $10,7912015Assets 2017: $490,140Liabilities 2017: $6,466Net Assets 2017: $483,6742017Assets 2018: $735,794Liabilities 2018: $1,447Net Assets 2018: $734,3472018Assets 2019: $363,644Liabilities 2019: $4,817Net Assets 2019: $358,8272019Assets 2020: $105,563Liabilities 2020: $83,209Net Assets 2020: $22,3542020Assets 2021: $41,920Liabilities 2021: $86,176Net Assets 2021: -$44,2562021Assets 2022: $104,759Liabilities 2022: $1,967Net Assets 2022: $102,7922022Assets 2023: $22,588Liabilities 2023: $1,352Net Assets 2023: $21,2362023Assets 2024: $0Liabilities 2024: $0Net Assets 2024: $02024

Highlighted filing

2024

Assets$0
Liabilities$0
Net Assets$0
Open 2024 Filing

Operations Trend

Revenue Growth12th percentile

Revenue, expenses, and net income by year, with the latest filing highlighted.

$2.0M$1.0M$0-$1.0MRevenue 2014: $1,278,600Expenses 2014: $1,186,610Net Income 2014: $91,9902014Revenue 2015: $1,367,729Expenses 2015: $1,325,831Net Income 2015: $41,8982015Revenue 2017: $1,747,504Expenses 2017: $1,186,845Net Income 2017: $560,6592017Revenue 2018: $1,450,686Expenses 2018: $1,200,013Net Income 2018: $250,6732018Revenue 2019: $866,188Expenses 2019: $1,241,708Net Income 2019: -$375,5202019Revenue 2020: $949,648Expenses 2020: $1,286,121Net Income 2020: -$336,4732020Revenue 2021: $663,101Expenses 2021: $729,711Net Income 2021: -$66,6102021Revenue 2022: $443,862Expenses 2022: $294,573Net Income 2022: $149,2892022Revenue 2023: $106,622Expenses 2023: $192,061Net Income 2023: -$85,4392023Revenue 2024: $32,132Expenses 2024: $45,661Net Income 2024: -$13,5292024

Highlighted filing

2024

Revenue$32,132
Expenses$45,661
Net Income-$13,529
Open 2024 Filing

Filings

Most recent year

2024 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$0
Liabilities
$0
Net assets
$0
Revenue
$32,132
Expenses
$45,661
Net income
-$13,529
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$0.00$0.00$0.00$0.03$0.05$0.01
2023Detailed filing. Detailed filing data is available for this year.$0.02$0.00$0.02$0.11$0.19$0.09
2022Detailed filing. Detailed filing data is available for this year.$0.10$0.00$0.10$0.44$0.29$0.15
2021Detailed filing. Detailed filing data is available for this year.$0.04$0.09$0.04$0.66$0.73$0.07
2020Detailed filing. Detailed filing data is available for this year.$0.11$0.08$0.02$0.95$1.29$0.34
2019Detailed filing. Detailed filing data is available for this year.$0.36$0.00$0.36$0.87$1.24$0.38
2018Detailed filing. Detailed filing data is available for this year.$0.74$0.00$0.73$1.45$1.20$0.25
2017Detailed filing. Detailed filing data is available for this year.$0.49$0.01$0.48$1.75$1.19$0.56
2015Detailed filing. Detailed filing data is available for this year.$0.08$0.07$0.01$1.37$1.33$0.04
2014Detailed filing. Detailed filing data is available for this year.$0.07$0.10$0.03$1.28$1.19$0.09
Latest Filing Detail
Jump To
Filing Snapshot
Filing Period
Jan 1, 2024 to Dec 31, 2024
Signed
Feb 3, 2025
Return Version
2024v5.0
Gross Receipts
$32,132
Mission and Program Overview

Mission

Florida trac was founded in 2010 to offer retired south florida based thoroughbred racehorses successful second careers through rehabilitation and placement in their adoptive forever homes.

Balance Sheet Detail
LineBeginningEndChange
Assets
Cash and Non-Interest-Bearing Accounts$16,362--
Land, Buildings, and Equipment, Net$5,226--
Prepaid Expenses and Deferred Charges$1,000--
Total Assets$22,588$0▼ $22,588
Liabilities
Accounts Payable and Accrued Expenses$1,352--
Total Liabilities$1,352$0▼ $1,352
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$21,236--
Total Net Assets Fund Balance$21,236$0▼ $21,236
Total Liabilities and Net Assets / Fund Balance$22,588$0▼ $22,588

Asset Categories

AssetBook ValueDepreciationBasis
Equipment$5,226$34,588$39,814
Compensation and Service Providers
Top Officer Pay81st percentile

Board Members and Trustees

NameTitle
Katie SchmitExecutive Director
Karen MonacoOfficer
Wendy SlatteryTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$25,551
Program Service Revenue
$3,000
Investment Income
$3,530
Other Revenue
$51
All Other Contributions
$25,551
Change in Net Assets
$-13,529
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$33,824
Salaries, Compensation, and Employee Benefits$11,837
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
All Other Expenses$13,808$293-$14,101
Other Salaries and Wages$8,895--$8,895
Occupancy$8,350--$8,350
Fees for Services Accounting-$4,585-$4,585
Insurance-$3,214-$3,214
Current Officers, Directors, Trustees, and Key Employees$2,942--$2,942
Advertising-$377-$377
Office Expenses-$252-$252
Other Expenses$1,700$110-$110
Total Functional Expenses$35,695$9,966$0$45,661
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
Lobbying activity
No
Subject to proxy tax
No
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
Yes
Annual disclosure for covered persons
Yes
Audit committee
Yes
Backup withholding compliance
Yes
Business relationship with 35% controlled entity
No
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
No
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 governing body review Part VI line 11

“ORGANIZATIONS PROCESS TO REVEIW FORM 990: FORM 990 IS PRESENTED TO THE PRESIDENT FOR REVIEW. FORM 990 IS THEN DISTRIBUTED TO THE BOARD OF DIRECTORS FOR REVIEW AND DISCUSSION. No governing body has reveiwed or will review the final tax return.”

Other officer or key employee compensation Part VI line 15B

“Key employee Katie Schmidt gross earnings”

Governing documents etc available to public Part VI line 19

“GOVERNING DOCUMENTS DISCLOSURE EXPLANTION: THE ORGANIZATIONS GOVERNING DOCUMENTS ARE AVAILABLE DURING REGULAR BUSINESS HOURS FOR REVIEW BY THE PUBLIC. Inquiries need only be made by any form of written means to the key officer.”

Filing and Contact Details

Filer

Filer Name
Florida Thoroughbred Retirement and Adoptive Care
EIN
27-3466408
In Care Of
% KATIE SCHMIT
Address
6830 SW MARKEL ST, PALM CITY, FL 34990
Doing Business As
Program Inc

Signing Officer

Name
Katie Schmit
Title
Executive Officer
Phone
7725288751
Signed
2025-02-03
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Katie Schmit
Formed
2011
Legal Domicile
Fl
Voting Board Members
3
Independent Board Members
2
Employees
0

Preparer

Firm
Diversified Financial Services Inc
Address
2508 SE Willoughby Blvd, Stuart, FL 34994
Preparer
Ellen Sines
Phone
7723350713
Supplemental Narrative

Additional Explanations

Cessation of or significant change to any program service Part III line 3

“Cessation of funding for care of retired animals due to expenses in excess of income.”

Explanation of other changes in net assets or fund balances Part XI line 9

“All assest and funds dispursed and business closed down.”

List of other fees for services expenses Part IX line 11G

“The accounting fees incorporate fees for the preparation of the 2023 tax return and for the final 2024 tax return”

List of other expenses Part IX line 24E

“Further explantation of expenses required for Horse Care and proration to program”

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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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IRS990ScheduleN/LiquidationOfAssetsTableGrp/LiquidationOfAssetsDetail/AssetsDistriOrExpnssPaidDesc1Round Pen
IRS990ScheduleN/LiquidationOfAssetsTableGrp/LiquidationOfAssetsDetail/DistributionDt02024-01-10
IRS990ScheduleN/LiquidationOfAssetsTableGrp/LiquidationOfAssetsDetail/DistributionDt12024-04-03
IRS990ScheduleN/LiquidationOfAssetsTableGrp/LiquidationOfAssetsDetail/FairMarketValueOfAssetAmt02500
IRS990ScheduleN/LiquidationOfAssetsTableGrp/LiquidationOfAssetsDetail/FairMarketValueOfAssetAmt1900
IRS990ScheduleN/LiquidationOfAssetsTableGrp/LiquidationOfAssetsDetail/MethodOfFMVDeterminationTxt0Sales of comprable assets
IRS990ScheduleN/LiquidationOfAssetsTableGrp/LiquidationOfAssetsDetail/MethodOfFMVDeterminationTxt1Sales of comparable assets
IRS990/ScheduleORequiredInd0true
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0ORGANIZATIONS PROCESS TO REVEIW FORM 990: FORM 990 IS PRESENTED TO THE PRESIDENT FOR REVIEW. FORM 990 IS THEN DISTRIBUTED TO THE BOARD OF DIRECTORS FOR REVIEW AND DISCUSSION. No governing body has reveiwed or will review the final tax return.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1Key employee Katie Schmidt gross earnings
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2GOVERNING DOCUMENTS DISCLOSURE EXPLANTION: THE ORGANIZATIONS GOVERNING DOCUMENTS ARE AVAILABLE DURING REGULAR BUSINESS HOURS FOR REVIEW BY THE PUBLIC. Inquiries need only be made by any form of written means to the key officer.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3Cessation of funding for care of retired animals due to expenses in excess of income.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4All assest and funds dispursed and business closed down.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt5The accounting fees incorporate fees for the preparation of the 2023 tax return and for the final 2024 tax return
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt6Further explantation of expenses required for Horse Care and proration to program
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0Form 990 governing body review Part VI line 11
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1Other officer or key employee compensation Part VI line 15b
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2Governing documents etc available to public Part VI line 19
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3Cessation of or significant change to any program service Part III line 3
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc4Explanation of other changes in net assets or fund balances Part XI line 9
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc5List of other fees for services expenses Part IX line 11g
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc6List of other expenses Part IX line 24e
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IRS990/SignificantChangeInd0true
IRS990/SignificantNewProgramSrvcInd0false
IRS990/StatesWhereCopyOfReturnIsFldCd0FL
IRS990/SubjectToExcsTaxNetInvstIncInd0false
IRS990/SubjectToProxyTaxInd0false
IRS990/SubjToTaxRmnrtnExPrchtPymtInd0false
IRS990/TaxablePartyNotificationInd0false
IRS990/TaxExemptBondsInd0false
IRS990/TerminateOperationsInd0true
IRS990/TotalAssetsBOYAmt022588
IRS990/TotalAssetsEOYAmt00
IRS990/TotalAssetsGrp/BOYAmt022588
IRS990/TotalAssetsGrp/EOYAmt00
IRS990/TotalCompGreaterThan150KInd0false
IRS990/TotalContributionsAmt025551
IRS990/TotalEmployeeCnt00
IRS990/TotalFunctionalExpensesGrp/FundraisingAmt00
IRS990/TotalFunctionalExpensesGrp/ManagementAndGeneralAmt09966
IRS990/TotalFunctionalExpensesGrp/ProgramServicesAmt035695
IRS990/TotalFunctionalExpensesGrp/TotalAmt045661
IRS990/TotalGrossUBIAmt051
IRS990/TotalLiabilitiesBOYAmt01352
IRS990/TotalLiabilitiesEOYAmt00
IRS990/TotalLiabilitiesGrp/BOYAmt01352
IRS990/TotalLiabilitiesGrp/EOYAmt00
IRS990/TotalNetAssetsFundBalanceGrp/BOYAmt021236
IRS990/TotalNetAssetsFundBalanceGrp/EOYAmt00
IRS990/TotalOtherCompensationAmt00
IRS990/TotalProgramServiceExpensesAmt035695
IRS990/TotalProgramServiceRevenueAmt03000
IRS990/TotalReportableCompFromOrgAmt00
IRS990/TotalRevenueGrp/ExclusionAmt00
IRS990/TotalRevenueGrp/RelatedOrExemptFuncIncomeAmt06530
IRS990/TotalRevenueGrp/TotalRevenueColumnAmt032132
IRS990/TotalRevenueGrp/UnrelatedBusinessRevenueAmt051
IRS990/TotLiabNetAssetsFundBalanceGrp/BOYAmt022588
IRS990/TotLiabNetAssetsFundBalanceGrp/EOYAmt00
IRS990/TotReportableCompRltdOrgAmt00
IRS990/TransactionWithControlEntInd0false
IRS990/TrnsfrExmptNonChrtblRltdOrgInd0false
IRS990/TypeOfOrganizationCorpInd0X
IRS990/UnrelatedBusIncmOverLimitInd0false
IRS990/UponRequestInd0X
IRS990/USAddress/AddressLine1Txt06830 SW MARKEL STREET
IRS990/USAddress/CityNm0PALM CITY
IRS990/USAddress/StateAbbreviationCd0FL
IRS990/USAddress/ZIPCd034990
IRS990/VotingMembersGoverningBodyCnt03
IRS990/VotingMembersIndependentCnt02
IRS990/WhistleblowerPolicyInd0false
ReturnHeader/BuildTS02025-03-06 01:10:19Z
ReturnHeader/BusinessOfficerGrp/DiscussWithPaidPreparerInd0true
ReturnHeader/BusinessOfficerGrp/PersonNm0KATIE SCHMIT
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0EXECUTIVE OFFICER
ReturnHeader/BusinessOfficerGrp/PhoneNum07725288751
ReturnHeader/BusinessOfficerGrp/SignatureDt02025-02-03
ReturnHeader/Filer/BusinessName/BusinessNameLine1Txt0FLORIDA THOROUGHBRED RETIREMENT AND ADOPTIVE CARE
ReturnHeader/Filer/BusinessNameControlTxt0FLOR
ReturnHeader/Filer/EIN0273466408
ReturnHeader/Filer/InCareOfNm0% KATIE SCHMIT
ReturnHeader/Filer/USAddress/AddressLine1Txt06830 SW MARKEL ST
ReturnHeader/Filer/USAddress/CityNm0PALM CITY
ReturnHeader/Filer/USAddress/StateAbbreviationCd0FL
ReturnHeader/Filer/USAddress/ZIPCd034990
ReturnHeader/IRSResponsiblePrtyInfoCurrInd0true
ReturnHeader/PreparerFirmGrp/PreparerFirmEIN0650809639
ReturnHeader/PreparerFirmGrp/PreparerFirmName/BusinessNameLine1Txt0Diversified Financial Services Inc
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/AddressLine1Txt02508 SE Willoughby Blvd
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/CityNm0Stuart
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/StateAbbreviationCd0FL
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/ZIPCd034994
ReturnHeader/PreparerPersonGrp/PhoneNum07723350713
ReturnHeader/PreparerPersonGrp/PreparationDt02025-02-03
ReturnHeader/PreparerPersonGrp/PreparerPersonNm0ELLEN SINES
ReturnHeader/ReturnTs02025-02-03T18:00:13-05:00
ReturnHeader/ReturnTypeCd0990
ReturnHeader/TaxPeriodBeginDt02024-01-01
ReturnHeader/TaxPeriodEndDt02024-12-31
ReturnHeader/TaxYr02024

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