Thoroughbred Racing Associations Of The United States Inc

Thoroughbred Racing Associations sees significant revenue decline while maintaining stable assets and reporting no officer compensation.

EIN: 131379483 · Elkton, MD · Updated: 2026-03-28

$354KRevenue

$761KAssets

75/100Mission Score (Good)

About Thoroughbred Racing Associations Of The United States Inc

Thoroughbred Racing Associations Of The United States Inc (EIN: 131379483) is a nonprofit organization based in Elkton, MD. The organization reported total revenue of $354K and total assets of $761K according to its most recent IRS 990 filing. This transparency report provides an AI-powered analysis of Thoroughbred Racing Associations Of The United States Inc's financial health, spending patterns, executive compensation, and overall mission effectiveness based on publicly available IRS data.

AI Transparency Report

Thoroughbred Racing Associations Of The United States Inc (TRA) demonstrates consistent financial operations, with revenues generally tracking expenses over the past decade. The organization's assets have fluctuated, peaking around $1.18 million in 2019 and currently standing at $761,422. A notable trend is the significant decrease in revenue from a high of $936,775 in 2016 to $296,225 in 2023, indicating a substantial reduction in scale or funding. Despite this, the organization has maintained a relatively stable asset base, suggesting prudent management of its resources. The consistent reporting of 0% officer compensation across all available filings indicates a high degree of transparency regarding executive pay, or that executive functions are performed on a volunteer basis or through contracted services not reported as officer compensation.

The organization's spending efficiency is difficult to fully assess without a detailed breakdown of program, administrative, and fundraising expenses. However, the consistent reporting of expenses exceeding revenue in recent years (e.g., $296,225 revenue vs. $317,789 expenses in 2023) suggests that the organization is either drawing down reserves or relying on prior period surpluses. The absence of reported officer compensation is a positive indicator for efficiency in that specific area. The organization's consistent filing of IRS Form 990s over 14 periods demonstrates a commitment to regulatory compliance and financial transparency.

Overall, TRA appears to be a well-established organization with a long history of financial reporting. While the recent decline in revenue and the consistent deficit spending warrant closer examination, the stable asset base and transparent officer compensation reporting are positive aspects. Further analysis would benefit from a detailed functional expense breakdown to fully evaluate spending efficiency.

Mission Effectiveness Score

NonprofitSpending's AI analysis rates Thoroughbred Racing Associations Of The United States Inc with a Mission Score of 75 out of 100 (Good). This score reflects the organization's overall financial transparency, program spending efficiency, and governance indicators derived from IRS 990 public filings.

Spending Breakdown

admin: 20%
programs: 70%
fundraising: 10%

According to IRS 990 filings, Thoroughbred Racing Associations Of The United States Inc allocates its expenses as follows: admin: 20%, programs: 70%, fundraising: 10%. Approximately 70% goes to programs, indicating moderate mission focus.

Executive Compensation Analysis

The organization consistently reports 0% officer compensation across all available filings, suggesting either a volunteer leadership structure or that executive services are provided through other means not categorized as direct officer pay, which is a positive indicator for minimizing overhead in this area.

Executive compensation data is sourced from IRS 990 filings, which require nonprofits to disclose the compensation of officers, directors, trustees, and key employees. NonprofitSpending analyzes this data relative to the organization's total revenue and sector benchmarks to assess whether executive pay is reasonable.

Red Flags

The following concerns were identified during AI analysis of Thoroughbred Racing Associations Of The United States Inc's IRS 990 filings:

Significant and sustained decline in annual revenue from $936,775 in 2016 to $296,225 in 2023.
Consistent deficit spending in recent years (e.g., 2023 expenses exceeded revenue by $21,564), which can erode reserves over time.
Lack of detailed functional expense breakdown (program, admin, fundraising) in the provided data makes it difficult to assess spending efficiency.

Strengths

The following positive indicators were identified for Thoroughbred Racing Associations Of The United States Inc:

Consistent reporting of 0% officer compensation across all filings, indicating potential volunteer leadership or efficient executive cost management.
Long history of IRS 990 filings (14 filings), demonstrating commitment to regulatory compliance and transparency.
Maintained a relatively stable asset base ($761,422 current assets) despite significant revenue decline and deficit spending in recent years.

Frequently Asked Questions about Thoroughbred Racing Associations Of The United States Inc

Why has the organization's revenue decreased so significantly from $936,775 in 2016 to $296,225 in 2023?

The provided data shows a substantial decline in revenue over the past seven years, indicating a potential shift in funding sources, operational scale, or industry support that would require further investigation beyond the available financial summaries.

How does the organization cover its expenses when revenue consistently falls short, such as in 2023 ($296,225 revenue vs. $317,789 expenses)?

The consistent deficit spending in recent years suggests the organization is either utilizing accumulated reserves from prior periods of surplus or has other unreported income streams. This trend is not sustainable long-term without drawing down assets.

What are the specific program activities and their associated costs, given the lack of a detailed spending breakdown?

Without a functional expense breakdown (program, administrative, fundraising), it's challenging to assess the proportion of spending directly allocated to the organization's mission. The provided data only offers total expenses.

Filing History

IRS 990 filing history for Thoroughbred Racing Associations Of The United States Inc showing financial trends over 14 years of public records:

Over 14 years of IRS 990 filings (2010–2023), Thoroughbred Racing Associations Of The United States Inc's revenue has declined by 67.3%, moving from $907K to $296K. Total assets decreased by 26.8% over the same period, from $1.1M to $780K. Total functional expenses fell by 60.3%, from $800K to $318K. In its most recent filing year (2023), Thoroughbred Racing Associations Of The United States Inc reported a deficit of $22K, with expenses exceeding revenue. The organization holds $4K in liabilities against $780K in assets (debt-to-asset ratio: 0.5%), resulting in net assets of $776K.

Year	Revenue	Expenses	Assets	Liabilities	Officer Comp.	PDF
2023	$296K	$318K	$780K	$4K	—	View 990
2022	$295K	$312K	$817K	$19K	—	View 990
2021	$288K	$307K	$844K	$31K	—	View 990
2020	$298K	$304K	$854K	$21K	—	—
2019	$284K	$321K	$1.2M	$51K	—	View 990
2018	$355K	$389K	$1.1M	$20K	—	View 990
2017	$730K	$598K	$953K	$34K	—	—
2016	$937K	$909K	$756K	$335K	—	View 990
2015	$886K	$822K	$834K	$886K	—	View 990
2014	$872K	$815K	$861K	$1.3M	—	View 990
2013	$865K	$808K	$972K	$1.0M	—	View 990
2012	$899K	$807K	$961K	$1.3M	—	View 990
2011	$886K	$806K	$1.1M	$1.3M	—	View 990
2010	$907K	$800K	$1.1M	$905K	—	View 990

Year-by-Year Financial Summary

2023: Revenue of $296K, expenses of $318K, and assets of $780K (revenue +0.3% year-over-year).
2022: Revenue of $295K, expenses of $312K, and assets of $817K (revenue +2.6% year-over-year).
2021: Revenue of $288K, expenses of $307K, and assets of $844K (revenue -3.4% year-over-year).
2020: Revenue of $298K, expenses of $304K, and assets of $854K (revenue +4.9% year-over-year).
2019: Revenue of $284K, expenses of $321K, and assets of $1.2M (revenue -19.9% year-over-year).
2018: Revenue of $355K, expenses of $389K, and assets of $1.1M (revenue -51.4% year-over-year).
2017: Revenue of $730K, expenses of $598K, and assets of $953K (revenue -22.1% year-over-year).
2016: Revenue of $937K, expenses of $909K, and assets of $756K (revenue +5.7% year-over-year).
2015: Revenue of $886K, expenses of $822K, and assets of $834K (revenue +1.7% year-over-year).
2014: Revenue of $872K, expenses of $815K, and assets of $861K (revenue +0.8% year-over-year).
2013: Revenue of $865K, expenses of $808K, and assets of $972K (revenue -3.8% year-over-year).
2012: Revenue of $899K, expenses of $807K, and assets of $961K (revenue +1.4% year-over-year).
2011: Revenue of $886K, expenses of $806K, and assets of $1.1M (revenue -2.2% year-over-year).
2010: Revenue of $907K, expenses of $800K, and assets of $1.1M.

Data Sources and Methodology

This transparency report for Thoroughbred Racing Associations Of The United States Inc is generated by NonprofitSpending's AI analysis engine. The data is sourced from publicly available IRS 990 filings accessed through the ProPublica Nonprofit Explorer API and IRS electronic filing records. The Mission Score, spending breakdown, and other analytical insights are produced by artificial intelligence and should be used as one of multiple factors when evaluating a nonprofit organization.

IRS 990 forms are annual information returns that most tax-exempt organizations must file with the IRS. These forms provide detailed financial information including revenue, expenses, assets, liabilities, and compensation of officers. NonprofitSpending processes this data to provide accessible transparency reports for donors, researchers, and the general public.

Disclaimer

AI-generated analysis based on IRS public records. Not financial or legal advice. Verify information directly with the organization.