Civic Intelligence

Minnesota Thoroughbred Association Inc

990 • Fiscal year 2020 • EIN 41-1476022

Jan 01, 2020 to Dec 31, 2020 • Filed on Jun 08, 2022

Organization ProfileWWW.MTASSOC.COM
1100 Canterbury RdShakopee, MN 55379

(952) 233-4802

Siviq Scores

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

Liabilities / Assets

56th percentile

0.11x

Higher debt load relative to assets than 56% of similar nonprofits.

2020 filings • 501(c)6 • $500k-$1M nonprofits • Source year 2020

Liabilities / Revenue

32nd percentile

0.01x

Higher debt load relative to revenue than 32% of similar nonprofits.

2020 filings • 501(c)6 • $500k-$1M nonprofits • Source year 2020

Net Margin

20th percentile

-8.3%

Higher net margin than 20% of similar nonprofits.

2020 filings • 501(c)6 • $500k-$1M nonprofits • Source year 2020

Top Officer Pay

44th percentile

$0

Higher top officer pay than 44% of similar nonprofits.

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

2020 filings • 501(c)6 • $500k-$1M nonprofits • Source year 2020

Asset Growth

2nd percentile

-48%

Faster asset growth than 2% of similar nonprofits.

2020 filings • 501(c)6 • $500k-$1M nonprofits • Annualized from 2019 to 2020

Revenue Growth

21st percentile

-29%

Faster revenue growth than 21% of similar nonprofits.

2020 filings • 501(c)6 • $500k-$1M nonprofits • Annualized from 2019 to 2020

Balance Sheet
Liabilities / Assets56th percentile

Assets

Down

$58,737

Down $54,142 (-48%) from 2019

Net Assets

Down

$52,157

Down $44,109 (-46%) from 2019

Liabilities

Down

$6,580

Down $10,033 (-60%) from 2019

Revenue And Expenses
Liabilities / Revenue32nd percentileNet Margin20th percentile

Revenue

Down

$530,572

Down $212,095 (-29%) from 2019

Expenses

Down

$574,681

Down $189,285 (-25%) from 2019

Net Income

Down

-$44,109

Down $22,810 (-107%) from 2019

Historical Trend

Balance Sheet Trend

Asset Growth2nd percentile

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

$200K$150K$100K$50K$0Assets 2011: $60,994Liabilities 2011: $10,798Net Assets 2011: $50,1962011Assets 2012: $50,317Liabilities 2012: $10,639Net Assets 2012: $39,6782012Assets 2013: $68,741Liabilities 2013: $8,229Net Assets 2013: $60,5122013Assets 2014: $89,984Liabilities 2014: $17,937Net Assets 2014: $72,0472014Assets 2015: $93,955Liabilities 2015: $11,302Net Assets 2015: $82,6532015Assets 2016: $166,133Liabilities 2016: $13,775Net Assets 2016: $152,3582016Assets 2017: $138,736Liabilities 2017: $11,486Net Assets 2017: $127,2502017Assets 2018: $128,194Liabilities 2018: $10,629Net Assets 2018: $117,5652018Assets 2019: $112,879Liabilities 2019: $16,613Net Assets 2019: $96,2662019Assets 2020: $58,737Liabilities 2020: $6,580Net Assets 2020: $52,1572020Assets 2021: $30,505Liabilities 2021: $3,148Net Assets 2021: $27,3572021Assets 2022: $55,016Liabilities 2022: $9,490Net Assets 2022: $45,5262022Assets 2023: $7,902Liabilities 2023: $2,909Net Assets 2023: $4,9932023Assets 2024: $7,582Liabilities 2024: $42Net Assets 2024: $7,5402024Assets 2025: $0Liabilities 2025: $0Net Assets 2025: $02025

Highlighted filing

2020

Assets$58,737
Liabilities$6,580
Net Assets$52,157
Open 2020 Filing

Operations Trend

Revenue Growth21st percentile

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

$1.0M$500K$0-$500KRevenue 2011: $293,747Expenses 2011: $326,278Net Income 2011: -$32,5312011Revenue 2012: $455,407Expenses 2012: $465,925Net Income 2012: -$10,5182012Revenue 2013: $500,632Expenses 2013: $479,798Net Income 2013: $20,8342013Revenue 2014: $607,500Expenses 2014: $595,965Net Income 2014: $11,5352014Revenue 2015: $470,784Expenses 2015: $460,179Net Income 2015: $10,6052015Revenue 2016: $762,897Expenses 2016: $693,192Net Income 2016: $69,7052016Revenue 2017: $535,348Expenses 2017: $560,456Net Income 2017: -$25,1082017Revenue 2018: $621,903Expenses 2018: $631,588Net Income 2018: -$9,6852018Revenue 2019: $742,667Expenses 2019: $763,966Net Income 2019: -$21,2992019Revenue 2020: $530,572Expenses 2020: $574,681Net Income 2020: -$44,1092020Revenue 2021: $523,741Expenses 2021: $548,541Net Income 2021: -$24,8002021Revenue 2022: $586,004Expenses 2022: $567,835Net Income 2022: $18,1692022Revenue 2023: $545,350Expenses 2023: $585,883Net Income 2023: -$40,5332023Revenue 2024: $95,059Expenses 2024: $92,512Net Income 2024: $2,5472024Revenue 2025: $734Expenses 2025: $8,274Net Income 2025: -$7,5402025

Highlighted filing

2020

Revenue$530,572
Expenses$574,681
Net Income-$44,109
Open 2020 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2020 to Dec 31, 2020
Signed
Jun 8, 2022
Return Version
2020v4.2
Gross Receipts
$530,572
Mission and Program Overview

Mission

To promote & support interest in the thoroughbred horse breeding & racing sport/industry in the state of minnesota.

Promote interest in breeding and racing thoroughbred horses in minnesota

Balance Sheet Detail
LineBeginningEndChange
Assets
Savings and Temporary Cash Investments$109,045$55,053▼ $53,992
Investments Other Securities$3,720$3,570▼ $150
Accounts Receivable$114$114→ $0
Land, Buildings, and Equipment, Net$0$0→ $0
Total Assets$112,879$58,737▼ $54,142
Liabilities
Accounts Payable and Accrued Expenses$16,613$6,580▼ $10,033
Total Liabilities$16,613$6,580▼ $10,033
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$96,266$52,157▼ $44,109
Total Net Assets Fund Balance$96,266$52,157▼ $44,109
Total Liabilities and Net Assets / Fund Balance$112,879$58,737▼ $54,142

Asset Categories

AssetBook ValueDepreciationBasis
Equipment$0$12,087-
Other Securities$3,570--
Compensation and Service Providers
Top Officer Pay44th percentile

Board Members and Trustees

NameTitle
Cameron MahlumPresident
Richard BremerVice President
Gretchen EatonDirector
Jay DaileyDirector
John DemariaDirector
Mary GreenDirector
Mary MalkersonDirector
Vicky ZoelleSecretary
Dan FlaniganTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$527,799
Investment Income
$362
Other Revenue
$2,411
Change in Net Assets
$-44,109
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$511,547
Salaries, Compensation, and Employee Benefits$63,134
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages---$57,969
Advertising---$22,345
Information Technology---$7,950
Office Expenses---$6,672
Fees for Services Accounting---$6,545
All Other Expenses---$4,727
Payroll Taxes---$3,465
Insurance---$2,444
Other Expenses---$2,011
Other Employee Benefits---$1,700
Conferences and Meetings---$1,030
Total Functional Expenses$0$0$0$574,681
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
Subject to proxy tax
No
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
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
No
Conflict-of-interest policy
No
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 association has members that pay dues”

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

“The return is made available to all board members for their review.”

Form 990, Part VI, Section C, Line 19

“The organization's governing documents and financial statements are made available to the public upon request.”

Filing and Contact Details

Filer

Filer Name
Minnesota Thoroughbred Association
EIN
41-1476022
Phone
9522334802
Address
1100 CANTERBURY RD, SHAKOPEE, MN 55379

Signing Officer

Name
Cameron Mahlum
Title
President
Phone
6512471072
Signed
2022-06-08
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Cameron Mahlum
Formed
1971
Legal Domicile
Mn
Voting Board Members
9
Independent Board Members
9
Employees
1
Volunteers
0

Preparer

Firm
Oberle Tully & Company
Address
101 BRIDGE ST STE A, LE SUEUR, MN 56058-1801
Preparer
David L Tully
Phone
5076656414
Raw XML Appendix343 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/TitleTxt0VICE PRESIDENT
IRS990/Form990PartVIISectionAGrp/TitleTxt1DIRECTOR
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IRS990/Form990PartVIISectionAGrp/TitleTxt3DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt4PRESIDENT
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IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1THE RETURN IS MADE AVAILABLE TO ALL BOARD MEMBERS FOR THEIR REVIEW.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2THE ORGANIZATION'S GOVERNING DOCUMENTS AND FINANCIAL STATEMENTS ARE MADE AVAILABLE TO THE PUBLIC UPON REQUEST.
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IRS990/TotalCompGreaterThan150KInd00
IRS990/TotalEmployeeCnt01
IRS990/TotalFunctionalExpensesGrp/TotalAmt0574681
IRS990/TotalGrossUBIAmt00
IRS990/TotalLiabilitiesBOYAmt016613
IRS990/TotalLiabilitiesEOYAmt06580
IRS990/TotalLiabilitiesGrp/BOYAmt016613
IRS990/TotalLiabilitiesGrp/EOYAmt06580
IRS990/TotalNetAssetsFundBalanceGrp/BOYAmt096266
IRS990/TotalNetAssetsFundBalanceGrp/EOYAmt052157
IRS990/TotalOtherCompensationAmt00
IRS990/TotalProgramServiceRevenueAmt0527799
IRS990/TotalReportableCompFromOrgAmt00
IRS990/TotalRevenueGrp/ExclusionAmt00
IRS990/TotalRevenueGrp/RelatedOrExemptFuncIncomeAmt0530572
IRS990/TotalRevenueGrp/TotalRevenueColumnAmt0530572
IRS990/TotalRevenueGrp/UnrelatedBusinessRevenueAmt00
IRS990/TotalVolunteersCnt00
IRS990/TotLiabNetAssetsFundBalanceGrp/BOYAmt0112879
IRS990/TotLiabNetAssetsFundBalanceGrp/EOYAmt058737
IRS990/TotReportableCompRltdOrgAmt00
IRS990/TypeOfOrganizationAssocInd0X
IRS990/UnrelatedBusIncmOverLimitInd00
IRS990/UponRequestInd0X
IRS990/USAddress/AddressLine1Txt0488 WABASHAW STREET N 502
IRS990/USAddress/CityNm0ST PAUL
IRS990/USAddress/StateAbbreviationCd0MN
IRS990/USAddress/ZIPCd055102
IRS990/VotingMembersGoverningBodyCnt09
IRS990/VotingMembersIndependentCnt09
IRS990/WebsiteAddressTxt0WWW.MTASSOC.COM
IRS990/WhistleblowerPolicyInd00
ReasonableCauseExplanation/ExplanationTxt0WE ARE ASKING IN ADVANCE ANY PENALTY FOR NOT SUBMITTING FORMS 990 ELECTRONICALLY BE WAIVED FOR REASONABLE CAUSE. WHEN THE TAX RETURNS WERE PREPARED, THE TAX RETURN WAS ELECTRONICALLY SUBMITTED ON 6/29/2021. THE IRS REJECTED THE ELECTRONICALLY FILED TAX RETURN ON 6/29/2021 AT 2:13 PM. THE TAXPAYER HAD NO CHOICE BUT TO PAPER FILE THE TAX RETURN BY THE DUE DATE WITH EXTENSIONS.WE WOULD THEREFORE REQUEST THAT ANY POTENTIAL PENALTIES BE WAIVED.
ReturnHeader/AdditionalFilerInformation/TrustedCustomerGrp/AuthenticationAssuranceLevelCd0AAL1
ReturnHeader/AdditionalFilerInformation/TrustedCustomerGrp/IdentityAssuranceLevelCd0IAL1
ReturnHeader/AdditionalFilerInformation/TrustedCustomerGrp/TrustedCustomerCd03
ReturnHeader/BuildTS02022-09-23 18:48:47Z
ReturnHeader/BusinessOfficerGrp/DiscussWithPaidPreparerInd01
ReturnHeader/BusinessOfficerGrp/PersonNm0CAMERON MAHLUM
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0PRESIDENT
ReturnHeader/BusinessOfficerGrp/PhoneNum06512471072
ReturnHeader/BusinessOfficerGrp/SignatureDt02022-06-08
ReturnHeader/Filer/BusinessName/BusinessNameLine1Txt0MINNESOTA THOROUGHBRED ASSOCIATION
ReturnHeader/Filer/BusinessNameControlTxt0MINN
ReturnHeader/Filer/EIN0411476022
ReturnHeader/Filer/PhoneNum09522334802
ReturnHeader/Filer/USAddress/AddressLine1Txt01100 CANTERBURY RD
ReturnHeader/Filer/USAddress/CityNm0SHAKOPEE
ReturnHeader/Filer/USAddress/StateAbbreviationCd0MN
ReturnHeader/Filer/USAddress/ZIPCd055379
ReturnHeader/PreparerFirmGrp/PreparerFirmEIN0411674965
ReturnHeader/PreparerFirmGrp/PreparerFirmName/BusinessNameLine1Txt0OBERLE TULLY & COMPANY
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/AddressLine1Txt0101 BRIDGE ST STE A
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/CityNm0LE SUEUR
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/StateAbbreviationCd0MN
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/ZIPCd0560581801
ReturnHeader/PreparerPersonGrp/PhoneNum05076656414
ReturnHeader/PreparerPersonGrp/PreparationDt02022-06-08
ReturnHeader/PreparerPersonGrp/PreparerPersonNm0DAVID L TULLY
ReturnHeader/ReturnTs02022-06-08T11:12:54-05:00
ReturnHeader/ReturnTypeCd0990
ReturnHeader/SigningOfficerGrp/PersonFullName/PersonFirstNm0CAMERON
ReturnHeader/SigningOfficerGrp/PersonFullName/PersonLastNm0MAHLUM
ReturnHeader/TaxPeriodBeginDt02020-01-01
ReturnHeader/TaxPeriodEndDt02020-12-31
ReturnHeader/TaxYr02020

Document Assets

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Filings

Displayed year

2020 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$58,737
Liabilities
$6,580
Net assets
$52,157
Revenue
$530,572
Expenses
$574,681
Net income
-$44,109
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2025Detailed filing. Detailed filing data is available for this year.$0.00$0.00$0.00$0.01$0.08$0.08
2024Detailed filing. Detailed filing data is available for this year.$0.08$0.00$0.08$0.95$0.93$0.03
2023Detailed filing. Detailed filing data is available for this year.$0.08$0.03$0.05$5.45$5.86$0.41
2022Detailed filing. Detailed filing data is available for this year.$0.55$0.09$0.46$5.86$5.68$0.18
2021Detailed filing. Detailed filing data is available for this year.$0.31$0.03$0.27$5.24$5.49$0.25
2020Detailed filing. Detailed filing data is available for this year.$0.59$0.07$0.52$5.31$5.75$0.44
2019Summary only. Only limited summary data is available for this year.$1.13$0.17$0.96$7.43$7.64$0.21
2018Summary only. Only limited summary data is available for this year.$1.28$0.11$1.18$6.22$6.32$0.10
2017Summary only. Only limited summary data is available for this year.$1.39$0.11$1.27$5.35$5.60$0.25
2016Summary only. Only limited summary data is available for this year.$1.66$0.14$1.52$7.63$6.93$0.70
2015Summary only. Only limited summary data is available for this year.$0.94$0.11$0.83$4.71$4.60$0.11
2014Summary only. Only limited summary data is available for this year.$0.90$0.18$0.72$6.08$5.96$0.12
2013Summary only. Only limited summary data is available for this year.$0.69$0.08$0.61$5.01$4.80$0.21
2012Summary only. Only limited summary data is available for this year.$0.50$0.11$0.40$4.55$4.66$0.11
2011Summary only. Only limited summary data is available for this year.$0.61$0.11$0.50$2.94$3.26$0.33