Thoroughbred Breeders' Association

Nonprofit profile at a glance

EIN
216001631
IRS 990 coverage
2010–2025
Forms available
Form 990 2025, Form 990-N 2022
Location
West Long Branch, NJ, USA
Phone
7325428880
Rating
82
Verdict
STRONG
Rating confidence
Moderate

Reported finances

Revenue
$1,520,192
Expenses
$1,772,299
Assets
$549,245
Liabilities
$438,911

Source: IRS Form 990. Selected filing: tax year 2025. Amounts in USD.

Leadership & pay

10 people listed

Executive titles in this filing

  • JANET LASZLO (VICE PRESIDENT)
  • RORY HUSTON (PRESIDENT)
  • MICHAEL CAMBELL (EXECUTIVE DIRECTOR)

Highest reported compensation

  • MICHAEL CAMBELL (EXECUTIVE DIRECTOR): $100,000 total reported compensation

Source: IRS Form 990. Selected filing: tax year 2025. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

The association seeks to promote and further the thoroughbred breeding industry in New Jersey. The association is engaged in programs for the encouragement and improvement of the breeding of thoroughbred horses in the state of New Jersey

What it reported doing in 2025

Distribute breeder's awards to breeders, stallion owners and owners of registered New Jersey-bred horses finishing first, second or third in open or restricted races.

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

STRONG - A large share of available resources goes toward mission work and the filed numbers largely add up. Some related-organization disclosures are missing and expenses are high relative to revenue.

Rating breakdown

  • Financial Efficiency: 88
  • Transparency & Controls: 84
  • Accountability: 95
  • Sustainability: 15
  • Growth: 40

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 100%; rating input score 100
  • Program expense ratio: 95.8%; rating input score 96
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 92.9%; rating input score 93; 22nd percentile among comparable filings
  • Pay-setting controls: Limited
  • Foreign activity oversight: Limited
  • Grant itemization coverage: Limited
  • Major donor itemization: Limited
  • Related-party transparency: No; rating input score 0

Accountability

  • Independent voting board: 100%; rating input score 100; 64th percentile among comparable filings
  • Governance controls: 7 of 8 controls in place; rating input score 88
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Pass
    • Document-retention policy: Pass
    • 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: -16.6%; rating input score 8; 8th percentile among comparable filings
  • Total-asset coverage ratio: 0.31; rating input score 16; 16th percentile among comparable filings
  • Liabilities to assets ratio: 0.8; rating input score 7; 7th percentile among comparable filings
  • Officer compensation ratio: 5.6%; rating input score 49; 49th percentile among comparable filings

Growth

  • Program expense growth: 0.1% per year; rating input score 100; 15th percentile among comparable filings
  • Revenue growth: -5.4% per year; rating input score 0; 4th percentile among comparable filings
  • Asset growth: -5.1% per year; rating input score 0; 6th percentile among comparable filings

Details

  • Where the money goes: 100% of revenue deployed · 95.8% of spending went to programs
  • Governance: 8 of 8 board members independent · 7 of 8 filing controls reported
  • Programs: 1 filed program accomplishment · $1.7M in reported program spending
  • Leadership: top reported pay $100K · 10 people listed
  • Consistency: 29 of 30 current checks pass · 1 finding to review
  • Schedules: 5 filed schedules
  • Filing history: 16 filing years from 2010 to 2025
  • Contacts: How to reach this organization
  • Money network: 1 filed money-flow record
  • Related organizations: 1 filed related-organization link
  • 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 — Transparency & Controls: Related-party transparency scored 0/100.
  • High — Sustainability: Operating margin scored 8/100.
  • High — Growth: Revenue growth scored 0/100.
  • High — Sustainability: Total-asset coverage ratio scored 16/100.
  • Review — Accountability: Governance controls: Form 990 shared with the board not reported.
  • High — Growth: Asset growth scored 0/100.
  • Review — Transparency & Controls: Schedule R controlled transactions itemized did not reconcile in the filed values.
  • High — Sustainability: Liabilities to assets ratio scored 7/100.
  • Moderate — Sustainability: Officer compensation ratio scored 49/100.