Minnesota Thoroughbred Association Inc
- Assets
- $30.5k
- Revenue
- $523.7k
- Investments
- $5.2k
- Employees
- 1
- Location
- Shakopee, MN
- Founding
- 01/1989
- Data as of
- 12/2021
- EIN
- 41-1476022
Organization Overview
Minnesota Thoroughbred Association Inc is located in Shakopee, MN. The organization was established in 1989. According to its NTEE Classification (S46) the organization is classified as: Boards of Trade, under the broad grouping of Community Improvement & Capacity Building and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Minnesota Thoroughbred Association Inc is a 501(c)(6) and as such, is described as a "Business League, Chambers of Commerce, or Real Estate Board" by the IRS.
For the year ending 12/2021, Minnesota Thoroughbred Association Inc generated $523.7k in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 1.5% each year. All expenses for the organization totaled $548.5k during the year ending 12/2021. While expenses have increased by 2.5% per year over the past 7 years. They've been increasing with an increasing level of total revenue. You can explore the organizations financials more deeply in the financial statements section below.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2021
Describe the Organization's Mission:
Part 3 - Line 1
PROMOTE INTEREST IN BREEDING AND RACING THOROUGHBRED HORSES IN MINNESOTA
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE MAJORITY OF THE MEMBERSHIP FEES COLLECTED PROVIDES FOR A SUBSCRIPTION TO THE INDUSTRY MAGAZINE, "THE MINNESOTA THOROUGHBRED JOURNAL." THE ASSOCIATION COLLECTS NOMINATION FEES AND ORGANIZES STAKE RACES FOR HORSE FOALS IN MINNESOTA AND YEARLING AUCTIONS.
90% OF THE NOMINATION FEES BECOME PART OF THE PURSES AND THE THE REMAINDER IS RETAINED BY THE ASSOCIATION TO PROMOTE INTEREST IN BREEDING AND RACING THOROUGHBRED HORSES IN MINNESOTA.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Richard Bremer Vice President | OfficerTrustee | 1 | $0 |
Cameron Mahlum President | OfficerTrustee | 5 | $0 |
Dan Flanigan Treasurer | OfficerTrustee | 2 | $0 |
Vicky Zoelle Secretary | OfficerTrustee | 2 | $0 |
Nicky Strohkirch Director | Trustee | 0.5 | $0 |
Jay Dailey Director | Trustee | 0.5 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $0 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $0 |
| Total Program Service Revenue | $519,991 |
| Investment income | $221 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $523,741 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $58,590 |
| Pension plan accruals and contributions | $1,758 |
| Other employee benefits | $1,550 |
| Payroll taxes | $2,629 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $5,556 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $30,830 |
| Office expenses | $5,588 |
| Information technology | $3,442 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $861 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $2,379 |
| All other expenses | $4,745 |
| Total functional expenses | $548,541 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $25,321 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $5,184 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $30,505 |
| Accounts payable and accrued expenses | $3,148 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $3,148 |
| Net assets without donor restrictions | $27,357 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $0 |
| Total liabilities and net assets/fund balances | $30,505 |
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