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Florida Thoroughbred Breeders Assoc Inc

Public charity · Grantmaker Ocala, FL EIN: 59-0944678 Website

Florida Thoroughbred Breeders Assoc Inc is a public charity based in Ocala, Florida. The FTBOA describes itself as a non-profit association representing Florida Thoroughbred breeders; it says it represents the industry legislatively, serves as Florida’s breed registrar, and administers breeding and racing incentives.

Key facts about Florida Thoroughbred Breeders Assoc Inc

In short: Florida Thoroughbred Breeders Assoc Inc gave $3.1M across 79 grants in 2025 (avg $40K), mostly in Florida. Source: 2025 IRS Form 990.

EIN
59-0944678
Latest 990 filing
Form 990, 2025
Annual giving (2025)
$3,124,528
Grants made (2025)
79
Average grant
$39,551
Median grant
$13,563
Total assets
$7,343,952
Primary geography
Florida (87% of itemized 2025 grant dollars)

Data from IRS Form 990, 2025; updated October 2026.

Financial Overview

From 2025 IRS Form 990 · View filing

Total Assets

$7.3M

-9.8% YoY

Annual Giving

$3.1M

+25.2% YoY

Grant Count

79

+41.1% YoY

Avg Grant Size

$40K

-11.2% YoY

How Florida Thoroughbred Breeders Assoc Inc gives

  • 48% of 2025 grantees were also funded in 2024. Method
  • Giving grew 409% from 2022 to 2025. Method

Estimate from itemized grant lists in IRS Form 990 filings (2025). Recipient names are matched across years, so a renamed or misspelled grantee can look new; grants to individuals are left out. Methodology.

Research compiled by Grantable AI from public sources. Last updated October 2026.

Mission & Focus Areas

The organization’s stated mission is to promote the Thoroughbred horse industry in Florida. Its filing describes award payments to breeders of Florida-bred horses that win or place at Florida racetracks, with awards calculated using a state-approved plan. The filing also describes Florida-bred foal and Florida stallion registration.

The FTBOA website describes breeder and stallion awards, Florida Sire Racing Incentives, and export incentives. It also describes purse incentive programs at Florida racetracks. These are industry incentives and awards; the available information does not describe an application process for outside grant applicants.

Grantmaking

The 2025 filing reports 79 grants totaling $3,124,528. Grant amounts ranged from $5,031 to $917,000, with a median of $13,563. The largest reported grants included $917,000 to Gulfstream Park and $466,800 to Tampa Bay Downs Inc., both for purse supplements. Other large awards included $211,144 to an individual recipient for breeder/stallion awards, $99,950 to Arindel for breeder awards, and $90,703 to Stonehedge LLC for breeder awards.

The filing also lists awards to individual recipients for breeder/stallion awards and to farms and other recipients for breeder awards. It states that the association has memoranda of understanding with Gulfstream Park and Tampa Bay Downs describing the process for purse supplements, including criteria that must be met before an award is given.

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Geographic Focus

Where this funder awards grants

The filing’s 2025 grant dollars went primarily to Florida recipients (87%). Other recipient states were Massachusetts (5%), New York (3%), California (2%), and Kentucky (1%). The FTBOA website describes its incentives and registration programs as supporting Florida’s Thoroughbred breeding and racing industry.

Grant Distribution by State

10states

Share of 2025 grant dollars across all 79 itemized grants.

Cities

OcalaMorristonTampaHallandale BeachNorth Palm BeachCrystal RiverPembroke PinesReddickBrooksvilleCarsonFt LauderdaleLaguna NiguelNew YorkNorth AndoverPeabodyPlantationSouthwest RanchesTyngsboroWestonWinter Graden

Giving Over Time

Total grant dollars and number of grants per year

$0$1M$2M$3M$4M3 grants2019 2 grants2020 2 grants2021 2 grants2022 2 grants2023 56 grants2024 79 grants2025

From 2019 to 2025, annual grant giving ranged from $383K (2021) to $3.1M (2025). In 2025 it made 79 grants totaling $3.1M.

Grant Insights

How this funder distributes its grants

Top Recipients

Top 10 recipients in 2025

Gulfstream Park: $917KGulfstream Park$917KTampa Bay Downs Inc: $467KTampa Bay Downs Inc$467KArindel: $100KArindel$100KStonehedge LLC: $91KStonehedge LLC$91KJust for Fun Stable Inc: $65KJust for Fun Stable Inc$65KBaoma Corp: $58KBaoma Corp$58KSt Elias Stable LLC: $57KSt Elias Stable LLC$57KShadybrook Farm Inc: $57KShadybrook Farm Inc$57KJacks or Better Farm Inc: $53KJacks or Better Farm Inc$53KCorporacion Martinez & Asociados Inc: $38KCorporacion Martinez &Asociados Inc$38K

The largest 2025 recipient was Gulfstream Park ($917K). Together the top 10 received $1.9M.

Organizations only. It also paid 26 grants to individuals ($614,349), which are not listed by name.

Grant Size Distribution

141 grants across all recorded years

118<$50K12$50–100K3$100–250K6$250–500K1$500K–1M1$1–5M$5M+

The most common grant size was under $50K: 118 grants of 141 (84%).

Giving History

Grant recipients and amounts by year

RecipientPurposeAmount
Gulfstream Park Hallandale Beach, FLPurse Supplement$917,000
Tampa Bay Downs Inc Tampa, FLPurse Supplement$466,800
15 grants to individuals Recipients not named —$540,472
Arindel Ocala, FLBreeder Awards$99,950
Stonehedge LLC Tyngsboro, MABreeder Awards$90,703
Just for Fun Stable Inc Southwest Ranches, FLBreeder Awards$65,116
Baoma Corp North Andover, MABreeder/Stallion Awards$57,769
St Elias Stable LLC New York, NYBreeder/Stallion Awards$57,175
Shadybrook Farm Inc Morriston, FLBreeder Awards$56,572
Jacks or Better Farm Inc Ocala, FLBreeder Awards$53,088

Financial History

Multi-year comparison from IRS filings

Filing year Assets Revenue Expenses Grants
2025 $7,343,952 $7,206,708 $7,853,376 $3,124,528 (79 grants)
2024 $8,140,154 $7,463,178 $6,370,227 $2,494,818 (56 grants)
2023 $6,512,648 $3,166,243 $2,914,097 $711,500 (2 grants)
Revenue
Expenses
Net Investment Income
$0$2.5M$5M$7.5M$10M2019 2020 2021 2022 2023 2024 2025
Metric202520242023
Total Assets$7,343,952$8,140,154$6,512,648
Revenue$7,206,708$7,463,178$3,166,243
Expenses$7,853,376$6,370,227$2,914,097
Net Investment Income$21,888$27,530—

Data update history

When this profile's IRS filing data changed on Grantable

  1. Updated Form 990 for fiscal year 2020 (received by the IRS April 23, 2021)
  2. Updated Form 990 for fiscal year 2021 (received by the IRS March 7, 2022)
  3. Updated Form 990 for fiscal year 2022 (received by the IRS February 7, 2023)
  4. Updated Form 990 for fiscal year 2023 (received by the IRS March 7, 2024)
  5. Updated Form 990 for fiscal year 2024 (received by the IRS April 23, 2025)
  6. Added Form 990 for fiscal year 2019 (received by the IRS March 10, 2020)
  7. Added Form 990 for fiscal year 2025 (received by the IRS May 11, 2026)
  8. IRS filings on file for fiscal years 2020–2024

Leadership & Key People

Leadership team and compensation from IRS filings

The 2025 filing lists George Isaacs as president, Francis VanLengendonck as second vice president, and Joseph M. O’Farrell III as treasurer. It also lists Brent Fernung, Marilyn Campbell, and Milan Kosanovich as directors. George Russell, T. Paul Bulmahn, Laurine Fuller-Vargas, and Nick De Meric are listed as directors through October 2024.

Florida Thoroughbred Breeders Assoc Inc is led by Lonny T. Powell, CEO & Executive Vice President since 2025 (on filings since 2019); 3 of 22 officers listed in 2025 are compensated.

Officers on the 2025 filing

  • Lonny T. Powell

    CEO & Executive Vice President

    CEO & Executive → CEO & Executive Vice President, 2025

    On filings since 2019

    40 hrs/week

    $280K (2019) → $351K (2025)

  • George Isaacs

    President

    Secretary → 1st Vice President, 2022

    1st Vice President → President, 2023

    On filings since 2019

    1 hr/week

    No compensation reported

  • Brent Fernung

    Director

    Treasurer → Treasurer Th, 2023

    Treasurer Th → Director, 2024

    On filings since 2019

    1 hr/week

    No compensation reported

  • George Russell

    Director

    2nd Vice President → 1st Vice President, 2023

    1st Vice President → Director, 2025

    On filings since 2019

    1 hr/week

    No compensation reported

  • Laurine Fuller-Vargas

    Director

    On filings since 2019

    1 hr/week

    No compensation reported

  • Milan Kosanovich

    Director

    On filings since 2019

    1 hr/week

    No compensation reported

  • Nick De Meric

    Director

    Director → Secretary, 2023

    Secretary → Director, 2025

    On filings since 2019

    1 hr/week

    No compensation reported

  • T. Paul Bulmahn

    Director

    On filings since 2019

    1 hr/week

    No compensation reported

  • Marilyn Campbell

    Director

    On filings since 2020

    1 hr/week

    No compensation reported

  • Jerry Campbell

    Director

    On filings since 2023

    1 hr/week

    No compensation reported

  • Mary Lightner

    Director

    On filings since 2023

    1 hr/week

    No compensation reported

  • Mike Hall

    Director

    On filings since 2023

    1 hr/week

    No compensation reported

  • Beth Bayer

    Director

    New on the 2025 filing

    1 hr/week

    No compensation reported

  • Colin Brennan

    Director

    New on the 2025 filing

    1 hr/week

    No compensation reported

  • Richard Heysek

    Director

    New on the 2025 filing

    1 hr/week

    No compensation reported

  • Tiffany Atteberry Dvm

    Director

    New on the 2025 filing

    1 hr/week

    No compensation reported

  • Peggy Yost

    CFO

    On filings since 2019

    40 hrs/week

    $85K (2019) → $149K (2025)

  • Stephen Koch

    Operations

    On filings since 2024

    40 hrs/week

    $101K (2024) → $128K (2025)

  • Francis Vanlengendonck

    2nd Vice President

    Director → 2nd Vice President, 2023

    On filings since 2019

    1 hr/week

    No compensation reported

  • Valerie Dailey

    First Vice President

    President → Director- Fr, 2024

    Director- Fr → First Vice President, 2025

    On filings since 2019

    1 hr/week

    No compensation reported

  • Joseph M. O'Farrell III

    Treasurer

    Director → Secretary, 2021

    Secretary → Treasurer, 2023

    On filings since 2020

    1 hr/week

    No compensation reported

  • Beckie Cantrell

    Secretary

    Director- Fr → Secretary, 2025

    On filings since 2024

    1 hr/week

    No compensation reported

Former officers (8)
  • Former: Bobby Jones (2019–2024) — Director Thr
  • Former: Fred Yutani (2019–2024) — Director Thr
  • Former: Richard Kent (2019–2024) — Director Thr
  • Former: Phil Matthews Dvm (2019–2023) — Past President T
  • Former: Fred Brei (2021–2023) — Director Thr
  • Former: Barry Berkelhammer (2019–2020) — Director
  • Former: Greg Wheeler (2019–2020) — President
  • Former: Caroline Davis (2019) — Exiting CFO

Data from IRS Form 990 filings, 2019–2025. "On filings since" is the earliest filing we hold that lists the person; hours are average hours per week as reported.

Compensation Overview

From 2025 IRS filing

Lonny T Powell — CEO & Executive VP: $351KLonny T PowellCEO & Executive VP$351KPeggy Yost — CFO: $149KPeggy YostCFO$149KStephen Koch — Operations: $128KStephen KochOperations$128K

The highest reported compensation on the 2025 filing was $351K, to Lonny T Powell (CEO & Executive VP). 3 officers or directors reported compensation on that filing.

Contact

Mailing address: 801 Sw 60Th Avenue, Ocala, FL 34474
Phone: (352) 629-2160
Website: https://ftboa.com

Frequently asked questions about Florida Thoroughbred Breeders Assoc Inc

How much does Florida Thoroughbred Breeders Assoc Inc give each year?

Florida Thoroughbred Breeders Assoc Inc gave $3.1M across 79 grants in 2025, according to its 2025 IRS Form 990. In 2024 it gave $2.5M across 56 grants.

What is Florida Thoroughbred Breeders Assoc Inc's typical grant size?

Florida Thoroughbred Breeders Assoc Inc's median grant in 2025 was $13,563, and its average grant was $39,551, across 79 grants on its 2025 IRS Form 990.

Where does Florida Thoroughbred Breeders Assoc Inc give grants?

Florida Thoroughbred Breeders Assoc Inc gives mostly in Florida: 87% of the grant dollars itemized on its 2025 IRS Form 990 went to recipients there. The next largest state was Massachusetts (5%). The most frequent recipient cities were Ocala, FL (12 grants), Morriston, FL (6 grants), Tampa, FL (2 grants) and North Palm Beach, FL (2 grants).

Does Florida Thoroughbred Breeders Assoc Inc give general operating support?

Not in 2025: none of the 79 grants with a stated purpose on Florida Thoroughbred Breeders Assoc Inc's 2025 IRS Form 990 were described as general or operating support. Recurring purposes include "Breeder Awards" (68 grants), "Breeder/Stallion Awards" (5 grants) and "Stallion Awards" (4 grants).

Who are Florida Thoroughbred Breeders Assoc Inc's largest grantees?

Florida Thoroughbred Breeders Assoc Inc's largest 2025 grantees include Gulfstream Park ($917,000), Tampa Bay Downs Inc ($466,800) and Arindel ($99,950), according to its 2025 IRS Form 990. It also paid 26 grants to individuals ($614,349), which are not listed by name. Together they received 47% of its itemized 2025 grant dollars.

How large is Florida Thoroughbred Breeders Assoc Inc?

Florida Thoroughbred Breeders Assoc Inc reported $7.3M in total assets on its 2025 IRS Form 990. Its revenue that year was $7.2M.

What does Florida Thoroughbred Breeders Assoc Inc fund?

The organization’s stated mission is to promote the Thoroughbred horse industry in Florida. Its filing describes award payments to breeders of Florida-bred horses that win or place at Florida racetracks, with awards calculated using a state-approved plan. See mission & focus areas ↑

How do I apply for a grant from Florida Thoroughbred Breeders Assoc Inc?

Florida Thoroughbred Breeders Assoc Inc has no public application process in the sources Grantable reviewed. Check ftboa.com for current guidelines, or contact the foundation directly before submitting a request.

What is Florida Thoroughbred Breeders Assoc Inc's EIN?

Florida Thoroughbred Breeders Assoc Inc's EIN (Employer Identification Number) is 59-0944678. IRS Form 990 filing data is available on this page for 2019–2025.

Data last updated October 2026. Sourced from IRS Form 990 filings. Research dossier generated October 2026.

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