Breeders' Cup

Legal name: Breeders' Cup Limited

Nonprofit profile at a glance

EIN
133082904
IRS 990 coverage
2010–2024
Official website data refreshed
Sep 2026
Forms available
Form 990 2024
Location
Lexington, KY, USA
Phone
(800) 722-3287
Rating confidence
Limited

Official website

Reported finances

Revenue
$51,462,177
Expenses
$57,952,209
Assets
$123,730,032
Liabilities
$22,666,258

Source: IRS Form 990. Selected filing: tax year 2024. Amounts in USD.

Leadership & pay

25 people listed

Executive titles in this filing

  • ROBERT DREW FLEMING (PRESIDENT & CEO)

Highest reported compensation

  • ROBERT DREW FLEMING (PRESIDENT & CEO): $792,057 total reported compensation
  • JOHN KEITT (EXECUTIVE VP & COO): $522,367 total reported compensation
  • JUSTIN N MCDONALD (EXECUTIVE VP & CHIEF MARKETING OFFICER): $325,278 total reported compensation

Source: IRS Form 990. Selected filing: tax year 2024. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

The Breeders' Cup organizes the Breeders' Cup World Championships, a two-day thoroughbred horse racing event that crowns champions across multiple divisions, and the Breeders' Cup Challenge Series, which awards automatic berths to top horses from elite races worldwide.

What it reported doing in 2024

Through breeders' cup championships, breeders' cup challenge series and nominations program, breeders' cup limited promotes the thoroughbred industry by enhancing public awareness of thoroughbred racing and the industry in general. Track promotion of breeders' cup races, television, radio and internet promotions, newsfeeds, press conference, press releases, the Kentucky horse park exhibit, and other promotional campaigns are all used to increase public awareness and promote the thoroughbred industry.

Operating model

Revenue model
Earned-program. 98% of the money available for current operations came from fees and other program revenue.
Distribution model
Cannot be determined from the filing. The filing does not provide enough consistent spending detail to tell whether the nonprofit works directly or through others.

The verdict

- The available evidence is not sufficient to produce an overall rating for this filing. This is not a warning sign.

Rating breakdown

  • Financial Efficiency: NotEnoughData
  • Transparency & Controls: 54
  • Accountability: 96
  • Sustainability: 32
  • Growth: 60

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: Limited
  • Program expense ratio: Limited
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 90%; rating input score 90; 4th percentile among comparable filings
  • Pay-setting controls: 4 of 6 controls in place; rating input score 67
    • Compensation committee: Pass
    • Independent consultant: Missing
    • Other Form 990s reviewed: Pass
    • Written employment contract: Pass
    • Compensation survey or study: Missing
    • Board or committee approval: Pass
  • Foreign activity oversight: Scored; rating input score 0
  • Grant itemization coverage: 0%; rating input score 0; 3rd percentile among comparable filings
  • Major donor itemization: Limited
  • Related-party transparency: Yes; rating input score 100

Accountability

  • Independent voting board: 92.9%; rating input score 93; 42nd percentile among comparable filings
  • Governance controls: 9 of 9 controls in place; rating input score 100
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Pass
    • Document-retention policy: Pass
    • CEO compensation review process: Pass
    • Other executive compensation review process: Pass
    • Form 990 shared with the board: Pass
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Pass
    • Independent financial-statement audit: Pass

Sustainability

  • Operating margin: -12.6%; rating input score 6; 6th percentile among comparable filings
  • Total-asset coverage ratio: 2.14; rating input score 65; 65th percentile among comparable filings
  • Liabilities to assets ratio: 0.18; rating input score 71; 71st percentile among comparable filings
  • Officer compensation ratio: 5.5%; rating input score 13; 13th percentile among comparable filings

Growth

  • Program expense growth: Limited
  • Revenue growth: 4% per year; rating input score 100; 32nd percentile among comparable filings
  • Asset growth: 7.5% per year; rating input score 100; 55th percentile among comparable filings

Details

  • What they do: 2 programs and campaigns described on the official site
  • Where the money goes: Financial trends and filed revenue, expense, asset, and liability detail
  • Governance: 13 of 14 board members independent · 9 of 9 filing controls reported
  • Programs: 1 filed program accomplishment
  • Leadership: top reported pay $792K · 25 people listed · 4 of 6 pay-setting controls reported
  • Highest-paid contractors: 5 contractors listed · $4.7M reported
  • Consistency: 12 of 12 current checks pass
  • Schedules: 5 filed schedules · includes foreign activity, executive pay, and related organizations
  • Filing history: 15 filing years from 2010 to 2024
  • Contacts: How to reach this organization
  • Money network: 11 filed money-flow records
  • Related organizations: 2 filed related-organization links
  • Grant readiness: Federal tax and exclusion status, award history, and grant-maker relationships.
  • People: Everyone the filings name, and which of them the filings identify by more than a name.
  • Staff and benefit plans: Retirement and health plans the organization files with the Department of Labor, and the people in them.

Key Signals

Signals prioritize questions for review. They are not findings of misconduct.

  • High — Transparency & Controls: Foreign activity oversight scored 0/100.
  • High — Transparency & Controls: Grant itemization coverage scored 0/100.
  • High — Sustainability: Operating margin scored 6/100.
  • High — Sustainability: Officer compensation ratio scored 13/100.