Kentucky Colt Racing Association Inc

Nonprofit profile at a glance

EIN
611233565
IRS 990 coverage
2010–2018
Forms available
Form 990 2018, Form 990-EZ 2015
Location
Versailles, KY, USA
Phone
8596199384
Rating
67
Verdict
SUPPORTED
Rating confidence
Moderate
Sector
Amateur Sports

Official website

Reported finances

Revenue
$653,325
Expenses
$589,590
Assets
$0
Liabilities
$0

Source: IRS Form 990. Selected filing: tax year 2018. Amounts in USD.

Leadership & pay

8 people listed

Executive titles in this filing

  • RANDY JERRELL (President)

People named in this filing

  • RANDY JERRELL (President)
  • JANET NAPIER (Treasurer)
  • JACK GRAY (Director)

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 2018. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

The Kentucky colt association was established to promote the racing of two and three year old pacers and trotters at local county fairs and to promote public interest in the sport of standardbred racing.

What it reported doing in 2018

The purpose of providing pursese is to promote harness racing in the commonwealth of Kentucky by providing a source of money to local fairs so they will be able to conduct harness racing during their respective fair week. The promotion of racing at the county fair level and establing a racing series will serve to strengthen the harness racing industry n the commonwealth of Kentucky.

Operating model

Revenue model
Other-operating. 99% of the money available for current operations came from other operating 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 - A large share of available resources goes toward mission work and the filed numbers largely add up. A relatively small share of voting board members are independent and some filing-based governance responses are negative or unanswered.

Rating breakdown

  • Financial Efficiency: 83
  • Transparency & Controls: 90
  • Accountability: 6
  • Sustainability: 41
  • Growth: 80

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 89.8%; rating input score 90
  • Program expense ratio: 99.5%; rating input score 100
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 62nd percentile among comparable filings
  • Pay-setting controls: Limited
  • Foreign activity oversight: Limited
  • Grant itemization coverage: Limited
  • Major donor itemization: Limited
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 0%; rating input score 0; 4th percentile among comparable filings
  • Governance controls: 1 of 7 controls in place; rating input score 14
    • 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: Fail
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Missing
    • Independent financial-statement audit: Fail

Sustainability

  • Operating margin: 9.8%; rating input score 67; 67th percentile among comparable filings
  • Total-asset coverage ratio: 0; rating input score 0; 0th percentile among comparable filings
  • Liabilities to assets ratio: Limited
  • Officer compensation ratio: 0%; rating input score 84; 84th percentile among comparable filings

Growth

  • Program expense growth: 27.5% per year; rating input score 100; 90th percentile among comparable filings
  • Revenue growth: 8.6% per year; rating input score 100; 69th percentile among comparable filings
  • Asset growth: -29% per year; rating input score 0; 1st percentile among comparable filings

Details

  • Where the money goes: 89.8% of revenue deployed · 99.5% of spending went to programs
  • Governance: 0 of 8 board members independent · 1 of 7 filing controls reported
  • Programs: 1 filed program accomplishment
  • Leadership: top reported pay $0 · 8 people listed
  • Consistency: 12 of 12 current checks pass
  • Schedules: 2 filed schedules
  • Filing history: 6 filing years from 2010 to 2018
  • Contacts: How to reach this organization
  • 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.

Key Signals

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

  • High — Accountability: Independent voting board scored 0/100.
  • High — Accountability: Governance controls: 5 of 6 not reported.
  • High — Sustainability: Total-asset coverage ratio scored 0/100.
  • High — Growth: Asset growth scored 0/100.