Derby Celebration Inc

Nonprofit profile at a glance

EIN
811231510
IRS 990 coverage
2018–2019
Forms available
Form 990 2019
Location
Lexington, KY, USA
Phone
8594102377
Rating
62
Verdict
SUPPORTED
Rating confidence
Moderate

Reported finances

Revenue
$443,651
Expenses
$107,474
Assets
$14,085
Liabilities
$0

Source: IRS Form 990. Selected filing: tax year 2019. Amounts in USD.

Leadership & pay

3 people listed

Executive titles in this filing

  • SELMA OWENS (VICE PRESIDENT)
  • JAMES KENTON PLEASANTS (PRESIDENT)

People named in this filing

  • JOE CRAFT (DIRECTOR)
  • SELMA OWENS (VICE PRESIDENT)
  • JAMES KENTON PLEASANTS (PRESIDENT)

Selected names, not a complete roster or a statement of current roles. Open leadership details for the complete filed list.

Source: IRS Form 990. Selected filing: tax year 2019. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

The organization's primary mission is the organization and management of events for the promotion of economic development and tourism in the commonwealth of Kentucky.

What it reported doing in 2019

The Kentucky derby is a signature event for the commonwealth of Kentucky. The organization encourages out of state visitors to attend the Kentucky derby by providing several events related to the derby as a means of promoting tourism and economic development. Thereby, encouraging businesses to look at Kentucky as an investment opportunity.

Operating model

Revenue model
Earned-program. 98% of the money available for current operations came from fees and other program revenue.
Distribution model
Direct operator. The filing allocates 100% of reported program-service expenses outside its grant, affiliate-payment, and member-benefit lines. This expense classification does not rule out separately announced grant awards.

The verdict

SUPPORTED - The filed numbers largely add up and most voting board members are independent. A relatively small share of available resources goes toward mission work and some filing-based governance responses are negative or unanswered.

Rating breakdown

  • Financial Efficiency: 44
  • Transparency & Controls: 92
  • Accountability: 70
  • Sustainability: 66
  • Growth: 0

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 22.6%; rating input score 23
  • Program expense ratio: 93.1%; rating input score 93
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 63rd percentile among comparable filings
  • Pay-setting controls: Limited
  • Foreign activity oversight: Limited
  • Grant itemization coverage: Limited
  • Major donor itemization: Yes; rating input score 100
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 100%; rating input score 100; 63rd percentile among comparable filings
  • Governance controls: 2 of 7 controls in place; rating input score 29
    • Conflict-of-interest policy: Fail
    • Whistleblower policy: Fail
    • Document-retention policy: Fail
    • CEO compensation review process: NotApplicable
    • Other executive compensation review process: NotApplicable
    • Form 990 shared with the board: Pass
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Missing
    • Independent financial-statement audit: Fail

Sustainability

  • Operating margin: 75.8%; rating input score 98; 98th percentile among comparable filings
  • Total-asset coverage ratio: 0.13; rating input score 7; 7th percentile among comparable filings
  • Liabilities to assets ratio: 0; rating input score 84; 84th percentile among comparable filings
  • Officer compensation ratio: 0%; rating input score 71; 71st percentile among comparable filings

Growth

  • Program expense growth: -155.8% per year; rating input score 0; 0th percentile among comparable filings
  • Revenue growth: -8.4% per year; rating input score 0; 10th percentile among comparable filings
  • Asset growth: -65.8% per year; rating input score 0; 1st percentile among comparable filings

Details

  • Where the money goes: 22.6% of revenue deployed · 93.1% of spending went to programs
  • Governance: 3 of 3 board members independent · 2 of 7 filing controls reported
  • Programs: 1 filed program accomplishment · $100K in reported program spending
  • Leadership: top reported pay $0 · 3 people listed
  • Consistency: 13 of 13 current checks pass
  • Schedules: 3 filed schedules · includes major donors
  • Filing history: 2 filing years from 2018 to 2019
  • Contacts: How to reach this organization
  • People: Everyone the filings name, and which of them the filings identify by more than a name.

Key Signals

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

  • High — Financial Efficiency: Mission deployment rate scored 23/100.
  • High — Accountability: Governance controls: 4 of 6 not reported.
  • High — Growth: Program expense growth scored 0/100.
  • High — Growth: Revenue growth scored 0/100.
  • High — Sustainability: Total-asset coverage ratio scored 7/100.
  • High — Growth: Asset growth scored 0/100.