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Nonprofiteer
← DUBUQUE RACING ASSOCIATION LTD

Form 990 for tax year 2023

Filed by DUBUQUE RACING ASSOCIATION LTD.

Totals

Total revenue
$42,364,391
Total expenses
$38,488,548
Contributions and grants received
$0
Grants paid
$4,081,812
Program service revenue
$11,075,270
Investment income
$1,029,821
Other revenue
$30,259,300
Total assets, end of year
$72,291,767
Total liabilities, end of year
$31,990,726
Net assets or fund balances, end of year
$40,301,041
Program services expenses (Part IX)
$37,489,797
Management and general expenses
$998,751
Fundraising expenses
$0
Program service expenses (Part III)
$37,489,797

Program services were 97.4% 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: HOTEL REVENUE

    total $4,226,088 · related or exempt $4,226,088

  • 2b · Program service revenue: ADMISSION FEE

    total $3,898,853 · related or exempt $3,898,853

  • 2c · Program service revenue: TICKET SALES - ENTERTAINMENT

    total $2,889,724 · related or exempt $2,889,724

  • 2d · Program service revenue: CASH ADVANCE COMMISSION

    total $60,605 · related or exempt $60,605

  • 3 · Investment income

    total $984,771 · excluded $984,771

  • 7a · Gross sales of assets other than inventory

    other assets $45,050

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

    other assets $0

  • 7c · Gain or loss

    other assets $45,050

  • 7d · Net gain or loss

    total $45,050 · related or exempt $45,050

  • 9a · Gaming: gross income

    $47,394,239

  • 9b · Gaming: direct expenses

    $19,962,728

  • 9c · Net income from gaming

    total $27,431,511 · related or exempt $27,431,511

  • 10a · Gross sales of inventory

    $4,694,525

  • 10b · Cost of goods sold

    $2,825,653

  • 10c · Net income from sales of inventory

    total $1,868,872 · related or exempt $1,868,872

  • 11a · Other revenue: MISC

    total $652,496 · related or exempt $652,496

  • 11b · Other revenue: ATM SURCHARGE

    total $434,725 · related or exempt $434,725

  • 11c · Other revenue: HGA LOAN VALUATION

    total -$128,304 · related or exempt -$128,304

  • 11e · Other revenue, total

    $958,917

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $4,081,812 · program services $4,081,812

  • 7 · Other salaries and wages

    total $14,683,421 · program services $14,683,421

  • 8 · Pension plan contributions

    total $494,012 · program services $494,012

  • 9 · Other employee benefits

    total $2,027,968 · program services $2,027,968

  • 10 · Payroll taxes

    total $1,232,683 · program services $1,232,683

  • 11b · Fees: legal

    total $58,414 · management and general $58,414

  • 11c · Fees: accounting

    total $65,616 · management and general $65,616

  • 11g · Fees: other

    total $874,721 · management and general $874,721

  • 12 · Advertising and promotion

    total $1,178,004 · program services $1,178,004

  • 13 · Office expenses

    total $114,934 · program services $114,934

  • 14 · Information technology

    total $280,774 · program services $280,774

  • 16 · Occupancy

    total $2,443,521 · program services $2,443,521

  • 17 · Travel

    total $91,852 · program services $91,852

  • 20 · Interest

    total $421,838 · program services $421,838

  • 22 · Depreciation, depletion and amortization

    total $4,139,440 · program services $4,139,440

  • 23 · Insurance

    total $690,916 · program services $690,916

  • 24a · Other expenses: ENTERTAINMENT

    total $2,638,160 · program services $2,638,160

  • 24b · Other expenses: SUPPLIES

    total $696,735 · program services $696,735

  • 24c · Other expenses: LEASE EXPENSE

    total $535,307 · program services $535,307

  • 24d · Other expenses: DCI FEES

    total $445,762 · program services $445,762

  • 24e · All other expenses

    total $1,292,658 · program services $1,292,658

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $9,064,512 · end of year $5,960,167

  • 2 · Savings and temporary cash investments

    beginning of year $12,565,467 · end of year $20,470,209

  • 4 · Accounts receivable

    beginning of year $563,311 · end of year $783,054

  • 8 · Inventories for sale or use

    beginning of year $168,063 · end of year $157,472

  • 9 · Prepaid expenses and deferred charges

    beginning of year $679,821 · end of year $749,533

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

    $99,358,361

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

    $67,576,972

  • 10c · Land, buildings and equipment, net

    beginning of year $34,582,799 · end of year $31,781,389

  • 12 · Investments: other securities

    beginning of year $5,661 · end of year $5,661

  • 14 · Intangible assets

    beginning of year $1,220,051 · end of year $1,029,031

  • 15 · Other assets

    beginning of year $4,174,359 · end of year $11,355,251

  • 17 · Accounts payable and accrued expenses

    beginning of year $4,050,758 · end of year $6,456,577

  • 19 · Deferred revenue

    beginning of year $77,224 · end of year $76,516

  • 23 · Secured mortgages and notes payable

    beginning of year $11,803,615 · end of year $14,830,028

  • 25 · Other liabilities

    beginning of year $10,667,249 · end of year $10,627,605

  • 27 · Net assets without donor restrictions

    beginning of year $36,425,198 · end of year $40,301,041

Mission and programs · 2023

Mission

OPERATION OF A CASINO GAMING FACILITY WITH PROFITS DISTRIBUTED TO THE CITY OF DUBUQUE AND LOCAL NONPROFIT ORGANIZATIONS TO LESSEN THE BURDEN OF GOVERNMENT AND PROMOTE SOCIAL WELFARE.

Activities or mission (Part I)

OPERATION OF A CASINO GAMING FACILITY WITH PROFITS DISTRIBUTED TO THE CITY AND COUNTY OF DUBUQUE AND LOCAL NONPROFIT ORGANIZATIONS TO LESSEN THE BURDEN OF GOVERNMENT AND PROMOTE SOCIAL WELFARE

  • SPONSORSHIP OF A CASINO GAMBLING OPERATION AND SUPPORT, INCLUDING MAINTENANCE OF GROUNDS AND FACILITY, OF A PARI-MUTUEL DOG RACING FACILITY OWNED AND OPERATED BY ANOTHER PARTY, WITH PROFITS DISTRIBUTED TO THE CITY OF DUBUQUE AND LOCAL NONPROFIT ORGANIZATIONS.

    Revenue $3,864,054

  • OPERATION OF A CASINO GAMING FACILITY WITH PROFITS DISTRIBUTED TO THE CITY OF DUBUQUE AND LOCAL NONPROFIT ORGANIZATIONS.

    Expenses $32,175,472 · Grants $4,081,812 · Revenue $32,183,788

  • OPERATION OF A HOTEL AND RESTAURANT FACILITY ADJACENT TO ASSOCIATION'S CASINO.

    Expenses $5,314,325 · Revenue $5,331,778

As filed on the 2023 return.

Listed in Part VII

  • Kay Takes

    SECRETARY

    Total calculated
    $0
    Hours/week
    5

  • Ron Herrig

    MEMBER

    Total calculated
    $0
    Hours/week
    1

  • Richard Dickinson

    TREASURER

    Total calculated
    $0
    Hours/week
    5

  • Ric Jones

    MEMBER

    Total calculated
    $0
    Hours/week
    1

  • Paula Wolfe

    MEMBER

    Total calculated
    $0
    Hours/week
    1

  • Nicole Gantz

    MEMBER

    Total calculated
    $0
    Hours/week
    1

  • Mike Fitzpatrick

    MEMBER

    Total calculated
    $0
    Hours/week
    1

  • Mike Donohue

    CHAIR

    Total calculated
    $0
    Hours/week
    5

  • Michael Van Milligen

    CITY MANAGER

    Total calculated
    $0
    Hours/week
    1

  • Lori Thielen

    1ST VICE CHAIR

    Total calculated
    $0
    Hours/week
    5

  • Harley Pothoff

    MEMBER

    Total calculated
    $0
    Hours/week
    1

  • Tyson Leyendecker

    2ND VICE CHAIR

    Total calculated
    $0
    Hours/week
    5

  • Harold Knutsen

    MEMBER

    Total calculated
    $0
    Hours/week
    1

  • Gary Dolphin

    MEMBER AT LARGE

    Total calculated
    $0
    Hours/week
    5

  • Emily McCready

    MEMBER AT LARGE

    Total calculated
    $0
    Hours/week
    5

  • Dr Herber Riedel

    MEMBER

    Total calculated
    $0
    Hours/week
    1

  • Danny Sprank

    MEMBER

    Total calculated
    $0
    Hours/week
    1

  • Mayor Brad Cavanagh

    MEMBER

    Total calculated
    $0
    Hours/week
    1

  • Barbara O'Hea

    MEMBER

    Total calculated
    $0
    Hours/week
    1

  • Kevin Lynch

    PAST CHAIR

    Total calculated
    $0
    Hours/week
    5

  • Jan Power

    MEMBER

    Total calculated
    $0
    Hours/week
    1

  • Brian Rakestraw

    CFO & COO

    Total calculated
    $597,049
    From this org
    $553,838
    From related orgs
    $0
    Other
    $43,211
    Hours/week
    60

    Schedule J breakdown matched by us

    Base
    $369,688
    Bonus
    $183,463
    Other
    $687
    Deferred
    $16,500
    Nontaxable benefits
    $26,711
    Filer's total
    $597,049

  • Alex Dixon

    CEO & PRESIDENT

    Total calculated
    $732,544
    From this org
    $694,199
    From related orgs
    $0
    Other
    $38,345
    Hours/week
    60

    Schedule J breakdown matched by us

    Base
    $517,500
    Bonus
    $176,400
    Other
    $299
    Deferred
    $11,634
    Nontaxable benefits
    $26,711
    Filer's total
    $732,544

  • Stacy Kansky

    CCO

    Total calculated
    $350,968
    From this org
    $324,350
    From related orgs
    $0
    Other
    $26,618
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $275,000
    Bonus
    $48,732
    Other
    $618
    Deferred
    $0
    Nontaxable benefits
    $26,618
    Filer's total
    $350,968

  • Chris Kolle

    VP OF HR & CONTINUOUS IMPROVEMENT

    Total calculated
    $257,897
    From this org
    $240,466
    From related orgs
    $0
    Other
    $17,431
    Hours/week
    60

    Schedule J breakdown matched by us

    Base
    $189,667
    Bonus
    $50,726
    Other
    $73
    Deferred
    $0
    Nontaxable benefits
    $17,431
    Filer's total
    $257,897

  • Tresa Heber

    DIRECTOR OF FINANCE

    Total calculated
    $186,095
    From this org
    $158,345
    From related orgs
    $0
    Other
    $27,750
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $133,575
    Bonus
    $24,340
    Other
    $430
    Deferred
    $7,917
    Nontaxable benefits
    $19,833
    Filer's total
    $186,095

  • Kathy Buhr

    DIRECTOR OF PHILANTHROPY &

    Total calculated
    $154,520
    From this org
    $122,571
    From related orgs
    $0
    Other
    $31,949
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $104,708
    Bonus
    $17,800
    Other
    $63
    Deferred
    $0
    Nontaxable benefits
    $31,949
    Filer's total
    $154,520

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

  • 2 · Substantiation required before reimbursing expenses
  • 3 · Compensation committee
  • 3 · Written employment contract
  • 3 · Compensation survey or study
  • 3 · Approval by the board or compensation committee
  • 6a · Pay contingent on this organization's net earnings

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
  • 6b · Pay contingent on a related organization's net earnings
  • 7 · Other non-fixed payments
  • 8 · Paid under the initial-contract exception

The filer's explanations (Part III)

PART I, LINE 1A
THE ORGANIZATION PAID COUNTRY CLUB DUES IN THE AMOUNT OF $220 FOR THE YEAR TO THE DUBUQUE GOLF & COUNTRY CLUB FOR THE CEO.
PART I, LINE 6
THE CEO'S BONUS FOR THE YEAR IS BASED ON A PERCENTAGE OF ADJUSTED EARNINGS BEFORE TAX, INTEREST, DEPRECIATION AND AMORTIZATION (EBTIDA), AS DEFINED IN HIS WRITTEN EMPLOYMENT AGREEMENT.

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
18 June 2024
IRS schema version
2023v5.1
Source object
202401929349301850

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

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