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Nonprofiteer
← PRAIRIE MEADOWS RACE TRACK & CASINO INC

Form 990 for tax year 2023

Filed by PRAIRIE MEADOWS RACE TRACK & CASINO INC.

Totals

Total revenue
$2,595,228,457
Total expenses
$2,555,217,612
Contributions and grants received
$0
Grants paid
$32,345,729
Program service revenue
$2,592,637,508
Investment income
$2,415,949
Other revenue
$175,000
Total assets, end of year
$317,415,417
Total liabilities, end of year
$89,685,210
Net assets or fund balances, end of year
$227,730,207
Program services expenses (Part IX)
$2,538,009,534
Management and general expenses
$17,208,078
Fundraising expenses
$0
Program service expenses (Part III)
$2,538,009,534

Program services were 99.3% of total expenses calculated — Part IX's program-services column over total expenses, both as filed.

Line items

Every line the filer filed in Parts VIII, IX and X, as filed and in filed order. Blank columns are left out, and the lines are not forced to add up to the totals above.

Revenue

Part VIII, the statement of revenue.

  • 2a · Program service revenue: CASINO & HOTEL

    total $2,512,750,223 · related or exempt $2,512,750,223

  • 2b · Program service revenue: PARI-MUTUEL REVENUE

    total $49,972,654 · related or exempt $49,972,654

  • 2c · Program service revenue: SPORTSBOOK

    total $18,640,059 · related or exempt $18,640,059

  • 2d · Program service revenue: FOOD & BEVERAGE

    total $7,887,247 · related or exempt $7,887,247

  • 2e · Program service revenue: GIFT SHOP

    total $407,124 · related or exempt $407,124

  • 2f · All other program service revenue

    total $2,980,201 · related or exempt $2,980,201

  • 3 · Investment income

    total $2,335,599 · excluded $2,335,599

  • 7a · Gross sales of assets other than inventory

    securities $448,354 · other assets $83,602

  • 7b · Less cost or other basis and sales expenses

    securities $450,033 · other assets $1,573

  • 7c · Gain or loss

    securities -$1,679 · other assets $82,029

  • 7d · Net gain or loss

    total $80,350 · excluded $80,350

  • 11a · Other revenue: RETURNED GRANTS

    total $175,000 · related or exempt $175,000

  • 11e · Other revenue, total

    $175,000

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $32,345,729 · program services $32,345,729

  • 5 · Compensation of officers, directors and key employees

    total $3,195,066 · management and general $3,195,066

  • 7 · Other salaries and wages

    total $39,673,627 · program services $39,673,627

  • 8 · Pension plan contributions

    total $3,349,383 · program services $3,231,915 · management and general $117,468

  • 9 · Other employee benefits

    total $5,142,683 · program services $4,961,319 · management and general $181,364

  • 10 · Payroll taxes

    total $4,204,219 · program services $4,126,112 · management and general $78,107

  • 11b · Fees: legal

    total $200,298 · management and general $200,298

  • 11c · Fees: accounting

    total $132,350 · management and general $132,350

  • 11f · Fees: investment management

    total $10,527 · management and general $10,527

  • 12 · Advertising and promotion

    total $3,746,534 · program services $3,746,534

  • 13 · Office expenses

    total $1,884,369 · program services $1,725,113 · management and general $159,256

  • 14 · Information technology

    total $1,336,560 · management and general $1,336,560

  • 16 · Occupancy

    total $15,925,903 · program services $15,900,000 · management and general $25,903

  • 17 · Travel

    total $96,268 · program services $34,151 · management and general $62,117

  • 19 · Conferences, conventions and meetings

    total $3,051 · program services $1,401 · management and general $1,650

  • 20 · Interest

    total $6,349 · management and general $6,349

  • 22 · Depreciation, depletion and amortization

    total $6,425,356 · program services $6,425,356

  • 23 · Insurance

    total $2,093,285 · management and general $2,093,285

  • 24a · Other expenses: CASINO/PARI-MUTUEL EXPE

    total $2,303,205,443 · program services $2,303,205,443

  • 24b · Other expenses: STATE TAX GAMING/WAGER

    total $57,158,514 · program services $57,158,514

  • 24c · Other expenses: OTHER EXPENSES

    total $38,708,518 · program services $29,100,740 · management and general $9,607,778

  • 24d · Other expenses: PURSE & SUPPLEMENT

    total $23,081,981 · program services $23,081,981

  • 24e · All other expenses

    total $13,291,599 · program services $13,291,599

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $77,931,896 · end of year $100,291,769

  • 2 · Savings and temporary cash investments

    beginning of year $128,574,632 · end of year $132,601,939

  • 4 · Accounts receivable

    beginning of year $2,602,114 · end of year $2,946,792

  • 8 · Inventories for sale or use

    beginning of year $469,302 · end of year $457,243

  • 9 · Prepaid expenses and deferred charges

    beginning of year $2,132,625 · end of year $2,654,657

  • 10a · Land, buildings and equipment: cost or other basis

    $89,394,212

  • 10b · Land, buildings and equipment: accumulated depreciation

    $67,033,235

  • 10c · Land, buildings and equipment, net

    beginning of year $18,485,249 · end of year $22,360,977

  • 11 · Investments: publicly traded securities

    end of year $10,181,064

  • 15 · Other assets

    beginning of year $60,351,580 · end of year $45,920,976

  • 17 · Accounts payable and accrued expenses

    beginning of year $24,594,699 · end of year $25,252,294

  • 25 · Other liabilities

    beginning of year $78,212,003 · end of year $64,432,916

  • 27 · Net assets without donor restrictions

    beginning of year $187,740,696 · end of year $227,730,207

Mission and programs · 2023

Mission

PURSUANT TO INTERNAL REVENUE CODE SECTION 501(C)(4), PRAIRIE MEADOWS RACE TRACK AND CASINO IS NOT ORGANIZED FOR PROFIT BUT IS OPERATED EXCLUSIVELY FOR THE PROMOTION OF SOCIAL WELFARE AND ECONOMIC DEVELOPMENT. THE PROMOTION OF SOCIAL WELFARE AND ECONOMIC DEVELOPMENT INCLUDES PROVIDING A SOURCE OF RECREATION FOR THE COMMUNITY AND PROVIDING A GENERALLY POSITIVE ECONOMIC IMPACT ON CENTRAL IOWA IN CONJUNCTION WITH THE CITIZENS AND LOCAL GOVERNMENT IN THE AREA. PURSUANT TO SECTION 99F.6(4)(A) OF THE IOWA CODE, PRAIRIE MEADOWS RACE TRACK AND CASINO IS REQUIRED TO DISTRIBUTE AND DOES DISTRIBUTE ITS PROFITS FOR "EDUCATIONAL, CIVIC, PUBLIC, CHARITABLE, PATRIOTIC, OR RELIGIOUS" USES AS DEFINED IN SECTION 99B.7(3)(B) OF THE IOWA CODE.

Activities or mission (Part I)

OPERATED EXCLUSIVELY FOR THE PROMOTION OF SOCIAL WELFARE IN CENTRAL IOWA IN CLOSE CONJUNCTION WITH STATE AND LOCAL GOVERNMENT.

  • PRAIRIE MEADOWS RACE TRACK AND CASINO, INC. (PMRC) IS A NOT-FOR-PROFIT CORPORATION WHOSE MEMBERS CONSIST OF GOVERNMENT, CIVIC AND BUSINESS REPRESENTATIVES IN CENTRAL IOWA AND WHICH OPERATES A RACE TRACK, CASINO AND RELATED FACILITIES IN FURTHERANCE OF ITS MISSION TO PROMOTE SOCIAL WELFARE AND ECONOMIC DEVELOPMENT. AS A NOT-FOR-PROFIT CORPORATION, AND PURSUANT TO SECTION 99F.6(4)(A) OF THE IOWA CODE, PMRC IS REQUIRED TO DISTRIBUTE ITS PROFITS FOR "EDUCATIONAL, CIVIC, PUBLIC, CHARITABLE, PATRIOTIC, OR RELIGIOUS" USES AS DEFINED IN SECTION 99B.7(3) (B) OF THE IOWA CODE. ACCORDINGLY, PMRC'S PROFITS HAVE BEEN DISTRIBUTED AS REQUIRED BY IOWA CODE. IN 2023, $12.3 MILLION OF PMRC'S PROFITS WERE DISTRIBUTED TO POLK COUNTY, $5.3 MILLION TO THE CITY OF DES MOINES, $14.6 MILLION WAS DISTRIBUTED TO ORGANIZATIONS SUCH AS THE POLK COUNTY SCHOOL DISTRICTS ($929,000), AND THE GREATER DES MOINES PARTNERSHIP ($350,000).

    Expenses $2,538,009,534 · Grants $32,345,729 · Revenue $2,592,812,508

As filed on the 2023 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

  • Albaugh Dennis

    CHAIR (END 11/23)

    Total calculated
    $0
    Hours/week
    4

  • Copley Todd

    BOARD MEMBER (START 11/23)

    Total calculated
    $0
    Hours/week
    4

  • Costa Chris

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    4

  • Grandquist Linda

    SECRETARY

    Total calculated
    $0
    Hours/week
    4

  • Homan Danny

    BOARD MEMBER (END 11/23)

    Total calculated
    $0
    Hours/week
    4

  • Leech Deb

    BOARD MEMBER (START 11/23)

    Total calculated
    $0
    Hours/week
    4

  • Lin Dr Ian

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    4

  • Martin Marty

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    4

  • Mauro John

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    4

  • Morse Andrea

    BOARD MEMBER (START 11/23)

    Total calculated
    $0
    Hours/week
    4

  • Neville Dr Steven

    VICE CHAIR

    Total calculated
    $0
    Hours/week
    4

  • O'Hollearn Bob

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    4

  • Sagar Ken

    CHAIR

    Total calculated
    $0
    Hours/week
    4

  • Simon Mary

    VICE CHAIR (END 11/23)

    Total calculated
    $0
    Hours/week
    4

  • Voss Susan

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    4

  • Wangsness Jeff

    BOARD MEMBER (START 11/23)

    Total calculated
    $0
    Hours/week
    4

  • Palmer Gary E

    PRESIDENT, CEO

    Total calculated
    $1,740,077
    From this org
    $1,698,944
    From related orgs
    $0
    Other
    $41,133
    Hours/week
    55

    Schedule J breakdown matched by us

    Base
    $659,252
    Bonus
    $939,744
    Other
    $99,948
    Deferred
    $36,300
    Nontaxable benefits
    $4,833
    Filer's total
    $1,740,077

  • Atkin Ann M

    SR VP-CHIEF OPERATING OFFICER

    Total calculated
    $707,942
    From this org
    $693,268
    From related orgs
    $0
    Other
    $14,674
    Hours/week
    55

    Schedule J breakdown matched by us

    Base
    $124,520
    Bonus
    $188,821
    Other
    $379,927
    Deferred
    $14,490
    Nontaxable benefits
    $184
    Filer's total
    $707,942

  • Wilkie Michele

    EXECUTIVE VP OF ADMINISTRATION, CAO

    Total calculated
    $510,419
    From this org
    $466,272
    From related orgs
    $0
    Other
    $44,147
    Hours/week
    55

    Schedule J breakdown matched by us

    Base
    $314,665
    Bonus
    $125,810
    Other
    $25,797
    Deferred
    $30,639
    Nontaxable benefits
    $13,508
    Filer's total
    $510,419

  • Castelline Elaine M

    VP OF FINANCE, CFO

    Total calculated
    $377,366
    From this org
    $336,581
    From related orgs
    $0
    Other
    $40,785
    Hours/week
    55

    Schedule J breakdown matched by us

    Base
    $226,147
    Bonus
    $92,357
    Other
    $18,077
    Deferred
    $36,040
    Nontaxable benefits
    $4,745
    Filer's total
    $377,366

  • Pursley Clinton W

    SR VP OF SECURITY

    Total calculated
    $378,569
    From this org
    $338,707
    From related orgs
    $0
    Other
    $39,862
    Hours/week
    55

    Schedule J breakdown matched by us

    Base
    $233,953
    Bonus
    $87,351
    Other
    $17,403
    Deferred
    $36,207
    Nontaxable benefits
    $3,655
    Filer's total
    $378,569

  • Llambias Edward John Paul

    VP OF CASINO OPS

    Total calculated
    $341,493
    From this org
    $327,186
    From related orgs
    $0
    Other
    $14,307
    Hours/week
    55

    Schedule J breakdown matched by us

    Base
    $130,261
    Bonus
    $89,789
    Other
    $107,136
    Deferred
    $10,379
    Nontaxable benefits
    $3,928
    Filer's total
    $341,493

  • Heldt Derron D

    VP OF RACING

    Total calculated
    $326,634
    From this org
    $286,574
    From related orgs
    $0
    Other
    $40,060
    Hours/week
    55

    Schedule J breakdown matched by us

    Base
    $188,947
    Bonus
    $81,227
    Other
    $16,400
    Deferred
    $31,740
    Nontaxable benefits
    $8,320
    Filer's total
    $326,634

  • Stewart Julie

    SR VP OF BUSINESS DEVELOPMENT

    Total calculated
    $311,984
    From this org
    $271,877
    From related orgs
    $0
    Other
    $40,107
    Hours/week
    55

    Schedule J breakdown matched by us

    Base
    $185,781
    Bonus
    $70,517
    Other
    $15,579
    Deferred
    $30,365
    Nontaxable benefits
    $9,742
    Filer's total
    $311,984

  • Guzman Antonio S

    DIRECTOR OF IT

    Total calculated
    $268,937
    From this org
    $235,999
    From related orgs
    $0
    Other
    $32,938
    Hours/week
    55

    Schedule J breakdown matched by us

    Base
    $169,982
    Bonus
    $52,004
    Other
    $14,013
    Deferred
    $26,105
    Nontaxable benefits
    $6,833
    Filer's total
    $268,937

Compensation is as filed in Part VII: reportable pay from this organization and from related organizations, other compensation, and hours per week. The total, marked calculated, is our sum of the three dollar columns, with a blank column counted as $0; the form itself has no total. On a Form 990-EZ the columns are Part IV's instead, and on a Form 990-PF Part VIII's — compensation, contributions to benefit plans, and expense account — and the total sums those. A Schedule J breakdown is as filed: base pay, bonus, other, deferred compensation and nontaxable benefits from this organization, with any from related organizations beside each, and the filer's own total. It is shown with the Part VII listing of the same name on the same return. The form gives no key between the two, so that pairing is ours, and is marked matched by us.

Schedule J

Answered yes

  • 1a · Tax indemnification and gross-up payments
  • 1b · Written policy on the line-1a expenses
  • 2 · Substantiation required before reimbursing expenses
  • 3 · Compensation committee
  • 3 · Form 990 of other organizations
  • 3 · Compensation survey or study
  • 3 · Approval by the board or compensation committee
  • 7 · Other non-fixed payments

Answered no

  • 4a · Severance or change-of-control payment
  • 4b · Supplemental nonqualified retirement plan
  • 4c · Equity-based compensation arrangement
  • 5a · Pay contingent on this organization's revenues
  • 5b · Pay contingent on a related organization's revenues
  • 6a · Pay contingent on this organization's net earnings
  • 6b · Pay contingent on a related organization's net earnings
  • 8 · Paid under the initial-contract exception

The filer's explanations (Part III)

PART I, LINE 1A
PMRC OCCASIONALLY PROVIDES TAX GROSS-UP PAYMENTS FOR SMALL AWARDS PROVIDED DURING THE YEAR.
PART I, LINE 7
BOARD OF DIRECTORS SET CRITERIA AND GOALS BASED ON THE BUSINESS STRATEGIC PLAN. GOALS ARE ALSO SET ON AN INDIVIDUAL BASIS AND APPROVED. THE FORMULA IS SET PRIOR TO OR EARLY IN THE TAX YEAR, AND BASED ON THE FORMULA, THE INCENTIVE IS PAID, IF DUE.

Part I's answers as filed. A line not listed was left unanswered; on lines 1a and 3 that means the box was not checked.

Grants on this return

The 10 largest by cash amount. The API serves every itemized grant.

Provenance

Return type
form_990
Tax year
2023
Filed
1 November 2024
IRS schema version
2023v5.1
Source object
202433119349301213

Check it against the return as filed: the GivingTuesday Data Lake hosts a public copy of the original XML.

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