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Virginia · Nonprofit
MIDDLEBURG SPRING RACE ASSOCIATION INC (Virginia) is funded by 12 grantmakers whose IRS filings report $638,308 in grants to it, the largest being SCHWAB CHARITABLE FUND ($174,502). 6 of them have funded it in more than one year.
Against its field
MIDDLEBURG SPRING RACE ASSOCIATION INC runs a healthier operating margin than three-quarters of the 4,218 recreation & sports nonprofits its size.
this organization peer median middle 50% of peers· 4,218 recreation & sports nonprofits $100k–$1M, FY2025
Revenue, expenses and net assets — each indexed to 100 at its first filing year, so you read the trajectory, not the magnitude. The shaded band is where the middle 50% of its peers' revenue would sit, given their growth.
The funding model — what share of revenue comes from contributions, programs, investments and other sources — and whether it's shifting.
49% of MIDDLEBURG SPRING RACE ASSOCIATION INC’s revenue is contributions — more donation-reliant than the typical peer (17% for the typical peer).
Operating surplus or deficit each year, and months of liquidity in hand. 1 of the last 8 reported years ran a deficit.
$6k from 1 funders in 2025, up from $120k and 4 in 2017.
3 of 12 of your funders are donor-advised or pass-through sponsors (tagged DAF) — 40% of grant dollars received. That money is really individual donors directing a sponsor; the institutions to cultivate are the non-DAF funders.
From the IRS filings of MIDDLEBURG SPRING RACE ASSOCIATION INC’s funders (the co-funder graph). Association, not causation.
MIDDLEBURG SPRING RACE ASSOCIATION INC has a broad base — no single funder exceeds 27% of grant income, and it takes 3 funders to reach half.
the vertical line marks half of all grant income — 3 funders to its left
Largest funder’s share by year: 2017 42% · 2018 64% · 2019 43% · 2020 49% · 2021 36% · 2022 72% · 2023 60% · 2024 77% · 2025 100% — growing more concentrated.
“Effective funders” = inverse Herfindahl index (1 / Σ shareᵢ²) — the number of equal-sized funders that would give the same concentration.
36% of MIDDLEBURG SPRING RACE ASSOCIATION INC's funders are still giving 3 years after their first grant; 50% give in more than one year at all.
Share of funders still giving k years after their first recorded grant, pooled across every acquisition cohort. A funder counts as retained in a year only if it made a grant that year.
MIDDLEBURG SPRING RACE ASSOCIATION INC draws 76% of its grant income from funders outside Virginia — its reputation reaches beyond the state, across 8 states in all.
In-state vs out-of-state, by year
Grantmakers that don’t fund you yet, surfaced two ways: they back organizations that share your funders, or their grantees resemble your mission. The ones both signals agree on come first. Your 12 funders put you under-funded among the 400 organizations that share them.
From the co-funder graph (funders backing at least two comparable organizations, shrunk for grantee count, donor-advised and mega-funds excluded) and the universe embeddings. A research starting point; overlap is association, not a guarantee of fit.
Nonprofits whose mission and program text most resemble this one, by semantic similarity over the universe of US filings — the closest peers, and often the clearest route to shared or prospective funders.
Read directly from this organization’s own Form 990, as neutral context.
85% of spending goes to programs.
94%
Share of support from the public (Schedule A) — the basis for its public-charity status.
Every figure is read directly from IRS Form 990 / 990-PF e-file XML — this organization’s own return for FY2025 (financials across 2018–2025), and the filings of 12funders that report grants to it. “On record” means captured in the filings we have parsed — a funder that does not e-file, or whose grant detail is not itemized, will not appear. Filings run roughly 12–24 months behind. view filing