Racing Medication and Testing Consortium

Nonprofit profile at a glance

EIN
721559413
IRS 990 coverage
2010–2024
Forms available
Form 990 2024
Location
Lexington, KY, USA
Phone
8592242844
Rating
75
Verdict
SUPPORTED
Rating confidence
Moderate
Sector
Fund Raising and/or Fund Distribution

Reported finances

Revenue
$522,255
Expenses
$887,587
Assets
$568,320
Liabilities
$105,122

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

Leadership & pay

26 people listed

Executive titles in this filing

  • MICHAEL D HARDY (EXECUTIVE DIRECTOR)

Highest reported compensation

  • MICHAEL D HARDY (EXECUTIVE DIRECTOR): $226,776 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 mission of the consortium is to engage in research, education, and advocacy for science-based initiatives that promote the health and safety of the racehorse and the integrity of competition.

What it reported doing in 2024

Research, education, and advocacy to ensure the integrity of the horse racing sport and the safety of its participants.rmtc goals: develop and recommend policies and prohibited practices, and enforcement strategies regarding the use of medications and methods in connection with training and racing horses.develop a durable working relationship with state and national racing regulatory authorities and stakeholder organizations by becoming a respected source of unbiased information on medication, testing, and research.stimulate, foster, and solicit research proposals to identify, detect, and deter the use of novel substances and methods representing integrity threats that enhance or diminish or otherwise have the potential to alter athletic performance.define the ethical and legitimate use of therapeutic medications and/or methods and formulate reasonable guidelines consistent with said use.develop and recommend uniform laboratory technical standards, procedures, and performance specifications for analytical methods and instrumentation used in the detection of controlled medications and/or banned substances.maintain oversight on laboratory capabilities and performance through the laboratory accreditation program, audits by independent experts, and external quality assurance program sample testing.identify and promote security, surveillance, and intelligence gathering practices and techniques to support enforcement of medication controls and anti-doping regulations.engage with state and federal regulatory agencies to prevent the synthesis and manufacture, importation, purchase and/or sale of illegal or prohibited substances intended for use in horses engaged in racing or training.develop and implement educational programs for industry stakeholder organizations responsible for maintaining the integrity of the sport and the health of its participants.engage and collaborate with other organizations regulating horseracing, other equine sporting disciplines, and other human and animal sport, both domestic and international, to accomplish our mission. Disseminate accurate and timely information to stakeholder organizations and the racing press via multiple communication channels.

Operating model

Revenue model
Mixed. Its operating money came from several sources; no one source provided a clear majority.
Distribution model
Hybrid. The nonprofit split its reported program spending across 75% for direct work, and 25% for grants.

The verdict

SUPPORTED - A large share of available resources goes toward mission work and the filed numbers largely add up. Some filing-based governance responses are negative or unanswered and expenses are high relative to revenue.

Rating breakdown

  • Financial Efficiency: 84
  • Transparency & Controls: 72
  • Accountability: 79
  • Sustainability: 14
  • Growth: 60

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 100%; rating input score 100
  • Program expense ratio: 84.7%; rating input score 85
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 92.9%; rating input score 93; 19th percentile among comparable filings
  • Pay-setting controls: 1 of 6 controls in place; rating input score 17
    • Compensation committee: Missing
    • Independent consultant: Missing
    • Other Form 990s reviewed: Missing
    • Written employment contract: Missing
    • Compensation survey or study: Missing
    • Board or committee approval: Pass
  • Foreign activity oversight: Limited
  • Grant itemization coverage: 99.9%; rating input score 100; 51st percentile among comparable filings
  • 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: 4 of 8 controls in place; rating input score 50
    • Conflict-of-interest policy: Fail
    • Whistleblower policy: Fail
    • Document-retention policy: Fail
    • CEO compensation review process: Pass
    • Other executive compensation review process: NotApplicable
    • Form 990 shared with the board: Fail
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Pass
    • Independent financial-statement audit: Pass

Sustainability

  • Operating margin: -70%; rating input score 2; 2nd percentile among comparable filings
  • Total-asset coverage ratio: 0.64; rating input score 29; 29th percentile among comparable filings
  • Liabilities to assets ratio: 0.18; rating input score 33; 33rd percentile among comparable filings
  • Officer compensation ratio: 25.5%; rating input score 9; 9th percentile among comparable filings

Growth

  • Program expense growth: 4.7% per year; rating input score 100; 40th percentile among comparable filings
  • Revenue growth: -0.9% per year; rating input score 0; 12th percentile among comparable filings
  • Asset growth: 0.8% per year; rating input score 100; 20th percentile among comparable filings

Details

  • Where the money goes: 100% of revenue deployed · 84.7% of spending went to programs
  • Governance: 25 of 25 board members independent · 4 of 8 filing controls reported
  • Programs: 1 filed program accomplishment · $752K in reported program spending
  • Leadership: top reported pay $227K · 26 people listed · 1 of 6 pay-setting controls reported
  • Consistency: 32 of 33 current checks pass · 1 finding to review
  • Schedules: 6 filed schedules · includes major donors, grants, and executive pay
  • Filing history: 14 filing years from 2010 to 2024
  • Contacts: How to reach this organization
  • Money network: 3 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.

Key Signals

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

  • Review — Accountability: Governance controls: 4 of 8 not reported.
  • High — Sustainability: Operating margin scored 2/100.
  • High — Growth: Revenue growth scored 0/100.
  • High — Sustainability: Total-asset coverage ratio scored 29/100.
  • High — Sustainability: Officer compensation ratio scored 9/100.
  • Moderate — Transparency & Controls: Schedule A contributions reconciliation did not reconcile in the filed values.
  • Moderate — Sustainability: Liabilities to assets ratio scored 33/100.