Civic Intelligence

Florida Thoroughbred Breeders

EIN 59-0944678 • 501(c)5 • Ocala, FL

View Organization Page

Profile

To promote the thoroughbred horse industry in the state of florida.

801 SW 60th AvenueOcala, FL 34474

www.ftboa.com

Siviq Scores

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

Liabilities / Assets

61st percentile

0.03x

Higher debt load relative to assets than 61% of similar nonprofits.

501(c)5 • $5M-$10M nonprofits • Source year 2023

Liabilities / Revenue

63rd percentile

0.06x

Higher debt load relative to revenue than 63% of similar nonprofits.

501(c)5 • $5M-$10M nonprofits • Source year 2023

Net Margin

45th percentile

8.0%

Higher net margin than 45% of similar nonprofits.

501(c)5 • $5M-$10M nonprofits • Source year 2023

Top Officer Pay

Score unavailable

No value available

No filing with officer rows is available for this organization yet.

Asset Growth

31st percentile

3.5%

Faster asset growth than 31% of similar nonprofits.

501(c)5 • $5M-$10M nonprofits • Annualized from 2022 to 2023

Revenue Growth

59th percentile

9.5%

Faster revenue growth than 59% of similar nonprofits.

501(c)5 • $5M-$10M nonprofits • Annualized from 2022 to 2023

Balance Sheet
Liabilities / Assets61st percentile

Assets

Up

$8,140,154

Up $1,627,506 (+25%) from 2023

Liabilities

Up

$735,840

Up $534,250 (+265%) from 2023

Net Assets

Up

$7,404,314

Up $1,093,256 (+17%) from 2023

Operations
Liabilities / Revenue63rd percentileNet Margin45th percentile

Revenue

Up

$7,463,178

Up $4,296,935 (+136%) from 2023

Expenses

Up

$6,370,227

Up $3,456,130 (+119%) from 2023

Net Income

Up

$1,092,951

Up $840,805 (+333%) from 2023

Trend Graphs

Balance Sheet Trend

Asset Growth31st percentile

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

$10M$5.0M$0Assets 2011: $5,053,489Liabilities 2011: $1,288,347Net Assets 2011: $3,765,1422011Assets 2012: $2,124,534Liabilities 2012: $123,700Net Assets 2012: $2,000,8342012Assets 2013: $3,151,789Liabilities 2013: $169,728Net Assets 2013: $2,982,0612013Assets 2014: $3,934,199Liabilities 2014: $166,690Net Assets 2014: $3,767,5092014Assets 2015: $4,531,268Liabilities 2015: $231,674Net Assets 2015: $4,299,5942015Assets 2016: $5,159,304Liabilities 2016: $149,772Net Assets 2016: $5,009,5322016Assets 2017: $5,537,834Liabilities 2017: $154,180Net Assets 2017: $5,383,6542017Assets 2018: $5,905,936Liabilities 2018: $261,810Net Assets 2018: $5,644,1262018Assets 2019: $5,936,261Liabilities 2019: $289,813Net Assets 2019: $5,646,4482019Assets 2020: $5,452,661Liabilities 2020: $272,813Net Assets 2020: $5,179,8482020Assets 2021: $5,874,761Liabilities 2021: $213,751Net Assets 2021: $5,661,0102021Assets 2022: $6,294,766Liabilities 2022: $224,782Net Assets 2022: $6,069,9842022Assets 2023: $6,512,648Liabilities 2023: $201,590Net Assets 2023: $6,311,0582023Assets 2024: $8,140,154Liabilities 2024: $735,840Net Assets 2024: $7,404,3142024

Highlighted filing

2024

Assets$8,140,154
Liabilities$735,840
Net Assets$7,404,314
Open 2024 Filing

Operations Trend

Revenue Growth59th percentile

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

$10M$5.0M$0-$5.0MExpenses 2011: $8,956,8972011Expenses 2012: $1,323,4802012Expenses 2013: $1,420,5102013Revenue 2014: $2,793,804Expenses 2014: $2,008,356Net Income 2014: $785,4482014Revenue 2015: $2,759,535Expenses 2015: $2,227,450Net Income 2015: $532,0852015Revenue 2016: $2,548,322Expenses 2016: $1,876,634Net Income 2016: $671,6882016Revenue 2017: $2,457,000Expenses 2017: $2,082,878Net Income 2017: $374,1222017Revenue 2018: $2,766,655Expenses 2018: $2,430,075Net Income 2018: $336,5802018Revenue 2019: $2,550,035Expenses 2019: $2,597,136Net Income 2019: -$47,1012019Revenue 2020: $2,150,365Expenses 2020: $2,635,981Net Income 2020: -$485,6162020Revenue 2021: $2,587,423Expenses 2021: $2,133,980Net Income 2021: $453,4432021Revenue 2022: $2,891,430Expenses 2022: $2,462,379Net Income 2022: $429,0512022Revenue 2023: $3,166,243Expenses 2023: $2,914,097Net Income 2023: $252,1462023Revenue 2024: $7,463,178Expenses 2024: $6,370,227Net Income 2024: $1,092,9512024

Highlighted filing

2024

Revenue$7,463,178
Expenses$6,370,227
Net Income$1,092,951
Open 2024 Filing

Filings

Most recent year

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

Open filing
Assets
$8,140,154
Liabilities
$735,840
Net assets
$7,404,314
Revenue
$7,463,178
Expenses
$6,370,227
Net income
$1,092,951
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$8.14$0.74$7.40$7.46$6.37$1.09
2023Detailed filing. Detailed filing data is available for this year.$6.51$0.20$6.31$3.17$2.91$0.25
2022Detailed filing. Detailed filing data is available for this year.$6.29$0.22$6.07$2.89$2.46$0.43
2021Detailed filing. Detailed filing data is available for this year.$5.87$0.21$5.66$2.59$2.13$0.45
2020Detailed filing. Detailed filing data is available for this year.$5.45$0.27$5.18$2.15$2.64$0.49
2019Detailed filing. Detailed filing data is available for this year.$5.94$0.29$5.65$2.55$2.60$0.05
2018Detailed filing. Detailed filing data is available for this year.$5.91$0.26$5.64$2.77$2.43$0.34
2017Detailed filing. Detailed filing data is available for this year.$5.54$0.15$5.38$2.46$2.08$0.37
2016Detailed filing. Detailed filing data is available for this year.$5.16$0.15$5.01$2.55$1.88$0.67
2015Detailed filing. Detailed filing data is available for this year.$4.53$0.23$4.30$2.76$2.23$0.53
2014Detailed filing. Detailed filing data is available for this year.$3.93$0.17$3.77$2.79$2.01$0.79
2013Facts available. Structured filing facts are available, but richer extracted sections are limited.$3.15$0.17$2.98$1.42
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$2.12$0.12$2.00$1.32
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$5.05$1.29$3.77$8.96
Latest Filing Detail
Jump To
Filing Snapshot
Filing Period
Jul 1, 2023 to Jun 30, 2024
Signed
Apr 19, 2025
Return Version
2023v6.0
Gross Receipts
$7,464,689
Mission and Program Overview

Mission

To promote the thoroughbred horse industry in the state of Florida.

To promote the thoroughbred horse industry in the state of florida

Balance Sheet Detail
LineBeginningEndChange
Assets
Cash and Non-Interest-Bearing Accounts$4,670,862$6,197,407▲ $1,526,545
Investments Other Securities$850,068$850,373▲ $305
Land, Buildings, and Equipment, Net$384,257$402,930▲ $18,673
Savings and Temporary Cash Investments$182,443$305,815▲ $123,372
Accounts Receivable$322,113$281,632▼ $40,481
Prepaid Expenses and Deferred Charges$25,321$25,924▲ $603
Inventories for Sale or Use$5,502$3,991▼ $1,511
Total Assets$6,512,648$8,140,154▲ $1,627,506
Other Assets Total$72,082$72,082→ $0
Liabilities
Accounts Payable and Accrued Expenses$119,332$677,061▲ $557,729
Deferred Revenue$38,925$33,238▼ $5,687
Other Liabilities$43,333$25,541▼ $17,792
Total Liabilities$201,590$735,840▲ $534,250
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$6,311,058$7,404,314▲ $1,093,256
Total Net Assets Fund Balance$6,311,058$7,404,314▲ $1,093,256
Total Liabilities and Net Assets / Fund Balance$6,512,648$8,140,154▲ $1,627,506

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$281,120$437,026$718,146
Equipment$95,158$250,876$346,034
Land$26,652-$26,652
Other Securities$850,373--
Compensation and Service Providers
Top Officer PayScore unavailable

Employees

NameTitleFull / Part TimeBaseOtherTotal
Lonny T PowellCEO & ExecutFT$343,800$29,637$373,437
Lonny T PowellCEO & Executive VP-$307,280$66,157$373,437
Peggy YostCFOFT$130,629$5,600$136,229
Stephen KochOperationsFT$101,375$16,455$117,830

Board Members and Trustees

NameTitle
George IsaacsPresident
Brent FernungDirector
Jerry CampbellDirector
Laurine Fuller-vargasDirector
Marilyn CampbellDirector
Mary LightnerDirector
Mike HallDirector
Milan KosanovichDirector
T Paul BulmahnDirector
Bobby JonesDirector Thr
Dr Fred YutaniDirector Thr
Richard KentDirector Thr
Beckie CantrellDirector- Fr
Valerie DaileyDirector- Fr
George Russell1st Vice Pre
Francis Vanlengendonck2nd Vice Pre
Nick De MericSecretary
JOSEPH M O'FARRELL IIITreasurer

Highest Paid Contractors

ContractorServicesLocationCompensation
Smith Bryan & MyersLobbying311 E PARK AVE, Tallahassee, FL 32301$119,354
Revenue and Support

Revenue Composition

Contributions and Grants
$344,228
Program Service Revenue
$7,089,915
Investment Income
$27,530
Other Revenue
$1,505
All Other Contributions
$55,487
Change in Net Assets
$1,092,951
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Grants and Similar Amounts Paid$3,867,191
Other Expenses$1,285,950
Salaries, Compensation, and Employee Benefits$1,217,086
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Grants to Domestic Orgs---$2,736,300
Grants to Domestic Individuals---$1,130,891
Current Officers, Directors, Trustees, and Key Employees---$557,079
Other Salaries and Wages---$486,116
Fees for Services Lobbying---$122,566
Advertising---$113,101
Other Employee Benefits---$101,782
Office Expenses---$96,091
Fees for Services Legal---$74,773
Payroll Taxes---$61,594
Fees for Services Accounting---$49,600
Travel---$46,406
Insurance---$43,665
Depreciation Depletion---$41,279
Occupancy---$38,665
All Other Expenses---$28,269
Information Technology---$19,404
Other Expenses---$18,837
Pension Plan Contributions---$10,515
Conferences and Meetings---$3,321
Interest---$880
Total Functional Expenses$0$0$0$6,370,227
International Activity

Grant and Assistance Recipients

RecipientLocationCategoryPurposeAmount
Gulfstream ParkHallandale Beach, FL-Purse Supplement$1,152,000
Tampa Bay Downs IncTampa, FL-Purse Supplement$467,200
Ocala StudOcala, FL-Breeder/stallion Awa$98,769
Live Oak StudOcala, FL-Breeder/stallion Awa$74,688
Stonehedge LLCTyngsboro, MA-Breeder Awards$70,481
ArindelOcala, FL-Breeder/stallion Awa$61,569
Jacks or Better Farm IncOcala, FL-Breeder Awards$48,238
Just for Fun Stable IncSouthwest Ranches, FL-Breeder Awards$34,731
Shadybrook Farm IncMorriston, FL-Breeder Awards$32,013
Shade Tree Thoroughbreds IncCrystal River, FL-Breeder Awards$23,234
Bridlewood FarmOcala, FL-Breeder Awards$21,150
Baoma CorpNorth Andover, MA-Breeder Awards$19,713
English Range FarmOcala, FL-Breeder Awards$17,825
Donald R Dizney LLCOcala, FL-Breeder/stallion Awa$16,200
Hallmarc Stallions LLCNorth Palm Beach, FL-Breeder Awards$15,738
Scf IncOcala, FL-Breeder Awards$15,456
Bishop Racing IncPembroke Pines, FL-Breeder Awards$14,206
Rustlewood Farm IncReddick, FL-Breeder Awards$13,275
St Elias Stables LLCNew York, NY-Breeder Awards$12,469
ALTER'S RACING STABLE INCSunny Isles Beach, FL-Breeder Awards$11,700
Mckathan BrothersCitra, FL-Breeder Awards$10,138
Flying Finish FarmOcala, FL-Breeder Awards$10,113
Northwest StudHallandale Beach, FL-Stallion Awards$10,000
Meehan and Petika Stables LLCTarpon Springs, FL-Breeder Awards$9,938
Farm Iii Enterprises LLCMorriston, FL-Breeder Awards$9,900
Golden Legacy Stable LLCOcala, FL-Breeder Awards$9,875
Jj Brevan Stable LLCOcala, FL-Breeder Awards$9,656
J&j Stables LLC & Carlo VaccarezzaWesley Chapel, FL-Breeder Awards$9,563
Purple Haze StablesFairport, NY-Breeder Awards$9,325
A & V Investment IncNorth Miami Beach, FL-Breeder Awards$8,731
Monarch Stable IncPeabody, MA-Breeder Awards$8,688
Echo Lane of Ocala LLCMorriston, FL-Breeder Awards$8,400
Endsley Oaks Farm IncBrooksville, FL-Breeder Awards$8,288
Superbad Stables LLCLaguna Niguel, CA-Breeder Awards$8,050
LambholmFairfield, FL-Breeder Awards$8,019
Hart Breeders LLCMorriston, FL-Breeder Awards$7,963
Darsan IncPlantation, FL-Breeder Awards$7,938
Palm Beach Racing Iii LLCNorth Palm Beach, FL-Breeder Awards$7,875
Kenneth W Mcfarland TrustOcala, FL-Breeder Awards$7,663
Irish Eyes StableCoconut Creek, FL-Breeder Awards$7,538
Vicino Racing Stables IncFt Lauderdale, FL-Breeder Awards$7,400
All in Line Stables LLCMorriston, FL-Breeder Awards$7,063
CROWE'S NEST FARM INCOcala, FL-Breeder Awards$7,050
D'OYEN THOROUGHBREDS LLCCarson, CA-Breeder Awards$7,050
Craig Wheeler Thoroughbreds IncReddick, FL-Breeder Awards$6,688
Ponder Hill IncCrystal River, FL-Breeder Awards$6,188
Goldmark FarmOcala, FL-Breeder Awards$6,163
Los Samanes Polo and Racing Farm LlOcala, FL-Breeder Awards$5,950
Donarra Thoroughbreds LLCOcala, FL-Breeder Awards$5,925
Corporacion Martinez & Asociados inMorriston, FL-Breeder Awards$5,644
Al Shaqab RacingLexington, KY-Breeder Awards$5,550
Good Beginnings FarmOcala, FL-Breeder Awards$5,494
Woodford ThoroughbredsTampa, FL-Breeder Awards$5,106
Southwind Stables IncWinter Graden, FL-Breeder Awards$5,100
Destiny Oaks of OcalaOcala, FL-Breeder Awards$5,075
Passion Stables IncNorth Miami, FL-Breeder Awards$5,056
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
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Capital Lease$13,266
Operating Lease$12,275
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
No
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
Yes
Other officer compensation reviewed
No
Conflict-of-interest policy
Yes
Audited financial statements prepared
Yes
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

Form 990, Page 6, Part VI, Line 6

“The organization collects annual dues from members. Members received discounts on horse registration fees and are also able to vote for and elect the board of directors of the organization.”

Form 990, Page 6, Part VI, Line 7A

“Regular florida thoroughbred breeder's association members vote for and elect the board of directors of the association.”

Form 990, Page 6, Part VI, Line 11B

“The organization's cfo reviews the form 990 for accuracy and submits to the board president and/or ceo for review.”

Form 990, Page 6, Part VI, Line 12C

“The organization regularly and consistently monitors and enforces compliance with its conflict of interest policy by having its directors disclose any potential conflict regarding a matter before the board and refraining from participating in the discussion or vote on such matter.”

Form 990, Page 6, Part VI, Line 15A

“For the process of hiring a new executive director, the organization used the services of an independent search firm which also participated in the recommendation of a compensation package. The final approval was made by the full board of directors.”

Form 990, Page 6, Part VI, Line 19

“The organization's form 990 is available through guidestar.com and upon request. The organization's audited financial statements and governing documents are available on the association's website.”

Filing and Contact Details

Filer

Filer Name
Florida Thoroughbred Breeders
EIN
59-0944678
Phone
3526292160
Address
801 SW 60TH AVENUE, OCALA, FL 34474
Doing Business As
Florida Thoroughbred Breeders and

Signing Officer

Name
Lonny T Powell
Title
CEO & Executive VP
Phone
3526292160
Signed
2025-04-19
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Peggy Yost
Formed
1967
Legal Domicile
Fl
Voting Board Members
15
Independent Board Members
15
Employees
9
Volunteers
15

Preparer

Firm
Purvis Gray & Company Llp
Address
2347 SE 17TH STREET, OCALA, FL 34471
Preparer
Helen Y Painter CPA
Phone
3527323872
Supplemental Narrative

Additional Explanations

Form 990, Page 1, Item C

“OWNERS ASSOCIATION”

Form 990, Page 2, Part III, Line 4D

“Administration of the florida sire stakes program.”

Form 990, Part XI, Line 9

“Change in equity in 0 florida equine publications, inc. 305 total 305”

Financial Statement Notes

Schedule D, Page 1, Part III, Line 1A

“The association is the owner of a collection of horse memorabilia donated by tartan farms and the estate of louis e. Wolfson. In accordance with asc 958-50-6, the association does not capitalize collection items donated for public display and educational purposes. There are also currently three other collections on exhibit that are on loan from their owners. All of the collections are related to the thoroughbred industry in florida. They are all protected by security provisions, as well as insurance coverage by the association.”

Schedule D, Page 2, Part III, Line 4

“The organization maintains historical collection items relating to the thoroughbred racing industry. The collections help promote the industry.”

Schedule D, Page 3, Part X

“In accordance with asc topic 740, income taxes, it is the policy of management to evaluate its tax positions on an ongoing basis and to disclose any such positions it believes would have a material impact on the financial statements and related notes. Management also believes that no such required disclosures currently exist. The companys federal income tax returns for 2021, 2022, and 2023, are subject to examination by the internal revenue service, generally for the three years after they were filed. The company recognizes interest accrued related to unrecognized tax benefits in interest expense and penalties, if any, in operating expenses.”

Raw XML AppendixShowing 400 of 1,031 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/TitleTxt10DIRECTOR
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IRS990/Form990PartVIISectionAGrp/TitleTxt12PRESIDENT
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IRS990/Form990PartVIISectionAGrp/TitleTxt14DIRECTOR THR
IRS990/Form990PartVIISectionAGrp/TitleTxt15DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt16DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt17SECRETARY
IRS990/Form990PartVIISectionAGrp/TitleTxt181ST VICE PRE
IRS990/Form990PartVIISectionAGrp/TitleTxt192ND VICE PRE
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IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt0THE ASSOCIATION IS THE OWNER OF A COLLECTION OF HORSE MEMORABILIA DONATED BY TARTAN FARMS AND THE ESTATE OF LOUIS E. WOLFSON. IN ACCORDANCE WITH ASC 958-50-6, THE ASSOCIATION DOES NOT CAPITALIZE COLLECTION ITEMS DONATED FOR PUBLIC DISPLAY AND EDUCATIONAL PURPOSES. THERE ARE ALSO CURRENTLY THREE OTHER COLLECTIONS ON EXHIBIT THAT ARE ON LOAN FROM THEIR OWNERS. ALL OF THE COLLECTIONS ARE RELATED TO THE THOROUGHBRED INDUSTRY IN FLORIDA. THEY ARE ALL PROTECTED BY SECURITY PROVISIONS, AS WELL AS INSURANCE COVERAGE BY THE ASSOCIATION.
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt1THE ORGANIZATION MAINTAINS HISTORICAL COLLECTION ITEMS RELATING TO THE THOROUGHBRED RACING INDUSTRY. THE COLLECTIONS HELP PROMOTE THE INDUSTRY.
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt2IN ACCORDANCE WITH ASC TOPIC 740, INCOME TAXES, IT IS THE POLICY OF MANAGEMENT TO EVALUATE ITS TAX POSITIONS ON AN ONGOING BASIS AND TO DISCLOSE ANY SUCH POSITIONS IT BELIEVES WOULD HAVE A MATERIAL IMPACT ON THE FINANCIAL STATEMENTS AND RELATED NOTES. MANAGEMENT ALSO BELIEVES THAT NO SUCH REQUIRED DISCLOSURES CURRENTLY EXIST. THE COMPANYS FEDERAL INCOME TAX RETURNS FOR 2021, 2022, AND 2023, ARE SUBJECT TO EXAMINATION BY THE INTERNAL REVENUE SERVICE, GENERALLY FOR THE THREE YEARS AFTER THEY WERE FILED. THE COMPANY RECOGNIZES INTEREST ACCRUED RELATED TO UNRECOGNIZED TAX BENEFITS IN INTEREST EXPENSE AND PENALTIES, IF ANY, IN OPERATING EXPENSES.
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc0SCHEDULE D, PAGE 1, PART III, LINE 1A
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc1SCHEDULE D, PAGE 2, PART III, LINE 4
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc2SCHEDULE D, PAGE 3, PART X
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IRS990ScheduleI/GrantsOtherAsstToIndivInUSGrp/RecipientCnt0232

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