Kentucky Derby Festival Inc
- Assets
- $6.6m
- Revenue
- $3.8m
- Investments
- $367.7k
- Employees
- 24
- Location
- Louisville, KY
- Founding
- 11/1957
- Data as of
- 09/2021
- EIN
- 61-0713833
Organization Overview
Kentucky Derby Festival Inc is located in Louisville, KY. The organization was established in 1957. According to its NTEE Classification (N52) the organization is classified as: Fairs, under the broad grouping of Recreation & Sports and related organizations. As of 09/2021, Kentucky Derby Festival Inc employed 24 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Kentucky Derby Festival Inc is a 501(c)(4) and as such, is described as a "Civic League, Social Welfare Organization, and Local Association of Employees" by the IRS.
For the year ending 09/2021, Kentucky Derby Festival Inc generated $3.8m in total revenue. This represents a relatively dramatic decline in revenue. Over the past 6 years, the organization has seen revenues fall by an average of (9.5%) each year. All expenses for the organization totaled $3.5m during the year ending 09/2021. As we would expect to see with falling revenues, expenses have declined by (10.8%) per year over the past 6 years. 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
PROVIDE KENTUCKY DERBY FESTIVAL EVENTS TO PROMOTE SOCIAL WELFARE IN THE GREATER LOUISVILLE AREA.
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROVIDED KENTUCKY DERBY FESTIVAL EVENTS, INCLUDING THUNDER OVER LOUISVILLE, PEGASUS PARADE, BASKETBALL GAME, STEAMBOAT RACE, ETC. TO PROMOTE SOCIAL WELFARE IN THE GREATER LOUISVILLE AREA AND THROUGHOUT THE STATE.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Matt Gibson President & CEO | Officer | 35 | $174,320 |
April Zik Marketing Manager | 40 | $135,628 | |
Timothy Whitten Chief Financial Officer | Officer | 35 | $79,061 |
Michael Berry Former President & CEO | Officer | 35 | $15,000 |
Marita Willis Chair | OfficerTrustee | 3 | $0 |
Ken Selvaggi Treasurer | OfficerTrustee | 3 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Vimarc Advertising | 9/29/21 | $395,675 |
Synergism Inc Technology Consulting | 9/29/21 | $177,273 |
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 | $3,122,802 |
| Investment income | $79,646 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $6,365 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $126,737 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | -$87 |
| Net Income from Sales of Inventory | $10,005 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $3,844,478 |
| 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. | $271,687 |
| Compensation of current officers, directors, key employees. | $145,406 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $1,140,762 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $161,772 |
| Payroll taxes | $112,300 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $21,185 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $32,375 |
| Fees for services: Other | $168,835 |
| Advertising and promotion | $349,848 |
| Office expenses | $59,677 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $117,190 |
| Travel | $19,961 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $5,535 |
| Interest | $5,396 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $50,584 |
| Insurance | $53,257 |
| All other expenses | $299,081 |
| Total functional expenses | $3,505,199 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $142,713 |
| Savings and temporary cash investments | $1,793,469 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $161,050 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $12,701 |
| Prepaid expenses and deferred charges | $101,966 |
| Net Land, buildings, and equipment | $544,962 |
| Investments—publicly traded securities | $2,636,495 |
| Investments—other securities | $367,695 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $864,238 |
| Total assets | $6,625,289 |
| Accounts payable and accrued expenses | $73,208 |
| Grants payable | $0 |
| Deferred revenue | $1,596,121 |
| 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 | $924,599 |
| Total liabilities | $2,593,928 |
| Net assets without donor restrictions | $4,031,361 |
| 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 | $6,625,289 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that Kentucky Derby Festival Inc has recieved totaling $11,900.
| Awarding Organization | Amount |
|---|---|
Norton Healthcare Inc Louisville, KY PURPOSE: Promoting local festival | $11,900 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Liberty Bowl Festival Assn Memphis, TN | $2,194,602 | $10,839,086 |
Printing United Alliance Fairfax, VA | $29,361,359 | $6,023,644 |
American Royal Association Kansas City, MO | $28,283,023 | $7,000,256 |
National Automatic Merchandising Association Arlington, VA | $9,038,730 | $6,619,737 |
500 Festival Inc Indianapolis, IN | $6,763,861 | $5,772,745 |
American Peanut Council Inc Alexandria, VA | $2,565,849 | $4,863,109 |
Friends Of The Festival Inc Chattanooga, TN | $2,789,360 | $3,355,227 |
Kentucky Derby Festival Inc Louisville, KY | $6,625,289 | $3,844,478 |
Lorain County Agricultural Society Wellington, OH | $4,929,165 | $4,841,309 |
Norfolk Festevents Ltd Norfolk, VA | $2,813,598 | $4,090,710 |
National D-Day Memorial Foundation Ltd Bedford, VA | $18,908,429 | $4,372,645 |
Virginia Beach Events Unlimited Inc Virginia Beach, VA | $1,283,401 | $2,894,814 |