Florida Thoroughbred Breeders Assoc Inc
Nonprofit profile at a glance
- EIN
- 590944678
- IRS 990 coverage
- 2010–2024
- Forms available
- Form 990 2024
- Location
- Ocala, FL, USA
- Phone
- 3526292160
- Rating confidence
- Limited
Reported finances
- Revenue
- $7,206,708
- Expenses
- $7,853,376
- Assets
- $7,343,952
- Liabilities
- $621,568
Source: IRS Form 990. Selected filing: tax year 2024. Amounts in USD.
Leadership & pay
22 people listed
Executive titles in this filing
- FRANCIS VANLENGENDONCK (2ND VICE PRESIDENT)
- GEORGE ISAACS (PRESIDENT)
- VALERIE DAILEY (FIRST VICE PRESIDENT)
- LONNY T POWELL (CEO & EXECUTIVE VP)
Highest reported compensation
- LONNY T POWELL (CEO & EXECUTIVE VP): $380,714 total reported compensation
- PEGGY YOST (CFO): $154,400 total reported compensation
- STEPHEN KOCH (OPERATIONS): $139,500 total reported compensation
Source: IRS Form 990. Selected filing: tax year 2024. Names and roles reflect this filing, not necessarily current officeholders.
Overview
Mission
To promote the thoroughbred horse industry in the state of Florida.
What it reported doing in 2024
Provides the administration for the payments of awards to breeders of Florida-bred horses that win or place at Florida race tracks. The awards are determined based on formulas established by a state approved breeders award plan.
Operating model
- Revenue model
- Earned-program. 96% 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: 72
- Accountability: 91
- Sustainability: 28
- Growth: 60
Detailed rating inputs
Financial Efficiency
- Mission deployment rate: Limited
- Program expense ratio: Limited
- Fundraising efficiency: Limited
Transparency & Controls
- Consistency checks: 90.9%; rating input score 91; 5th percentile among comparable filings
- Pay-setting controls: 2 of 6 controls in place; rating input score 33
- Compensation committee: Missing
- Independent consultant: Missing
- Other Form 990s reviewed: Missing
- Written employment contract: Pass
- Compensation survey or study: Missing
- Board or committee approval: Pass
- Foreign activity oversight: Limited
- Grant itemization coverage: 97.2%; rating input score 97; 33rd percentile among comparable filings
- Major donor itemization: Limited
- Related-party transparency: Scored; rating input score 0
Accountability
- Independent voting board: 100%; rating input score 100; 63rd percentile among comparable filings
- Governance controls: 7 of 9 controls in place; rating input score 78
- Conflict-of-interest policy: Pass
- Whistleblower policy: Pass
- Document-retention policy: Pass
- CEO compensation review process: Pass
- Other executive compensation review process: Fail
- Form 990 shared with the board: Fail
- Board meeting minutes documented: Pass
- Audit committee oversight: Pass
- Independent financial-statement audit: Pass
Sustainability
- Operating margin: -9%; rating input score 14; 14th percentile among comparable filings
- Total-asset coverage ratio: 0.94; rating input score 35; 35th percentile among comparable filings
- Liabilities to assets ratio: 0.08; rating input score 62; 62nd percentile among comparable filings
- Officer compensation ratio: 8.6%; rating input score 35; 35th percentile among comparable filings
Growth
- Program expense growth: Limited
- Revenue growth: 2% per year; rating input score 100; 21st percentile among comparable filings
- Asset growth: 5.5% per year; rating input score 100; 37th percentile among comparable filings
Details
- Where the money goes: Financial trends and filed revenue, expense, asset, and liability detail
- Governance: 15 of 15 board members independent · 7 of 9 filing controls reported
- Programs: 4 filed program accomplishments
- Leadership: top reported pay $381K · 22 people listed · 2 of 6 pay-setting controls reported
- Highest-paid contractors: 1 contractor listed · $128K reported
- Consistency: 12 of 13 current checks pass · 1 finding to review
- Schedules: 5 filed schedules · includes grants, executive pay, and related organizations
- Filing history: 15 filing years from 2010 to 2024
- Contacts: How to reach this organization
- Money network: 82 filed money-flow records
- Related organizations: 82 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 — Sustainability: Operating margin scored 14/100.
- Review — Accountability: Governance controls: 2 of 9 not reported.
- High — Transparency & Controls: Related-party transparency scored 0/100.
- Review — Transparency & Controls: Domestic grant itemization did not reconcile in the filed values.
- Moderate — Sustainability: Total-asset coverage ratio scored 35/100.
- Moderate — Sustainability: Officer compensation ratio scored 35/100.