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Nonprofiteer
← PRAIRIE MEADOWS RACE TRACK & CASINO INC

Form 990 for tax year 2024

Filed by PRAIRIE MEADOWS RACE TRACK & CASINO INC.

Totals

Total revenue
$2,532,959,229
Total expenses
$2,509,985,876
Contributions and grants received
$0
Grants paid
$33,306,360
Program service revenue
$2,529,461,183
Investment income
$3,498,046
Other revenue
$0
Total assets, end of year
$327,636,033
Total liabilities, end of year
$76,883,939
Net assets or fund balances, end of year
$250,752,094
Program services expenses (Part IX)
$2,491,817,015
Management and general expenses
$18,168,861
Fundraising expenses
$0
Program service expenses (Part III)
$2,491,817,015

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 $2,447,217,934 · related or exempt $2,447,217,934

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

    total $53,000,235 · related or exempt $53,000,235

  • 2c · Program service revenue: FOOD & BEVERAGE

    total $19,396,319 · related or exempt $19,396,319

  • 2d · Program service revenue: SPORTSBOOK

    total $6,741,480 · related or exempt $6,741,480

  • 2e · Program service revenue: GIFT SHOP

    total $450,406 · related or exempt $450,406

  • 2f · All other program service revenue

    total $2,654,809 · related or exempt $2,654,809

  • 3 · Investment income

    total $3,400,712 · excluded $3,400,712

  • 7a · Gross sales of assets other than inventory

    securities $448,710 · other assets $88,500

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

    securities $439,876 · other assets $0

  • 7c · Gain or loss

    securities $8,834 · other assets $88,500

  • 7d · Net gain or loss

    total $97,334 · excluded $97,334

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $33,306,360 · program services $33,306,360

  • 5 · Compensation of officers, directors and key employees

    total $2,677,124 · management and general $2,677,124

  • 6 · Compensation of disqualified persons

    total $239,503 · management and general $239,503

  • 7 · Other salaries and wages

    total $41,702,518 · program services $41,702,518

  • 8 · Pension plan contributions

    total $4,048,569 · program services $3,960,633 · management and general $87,936

  • 9 · Other employee benefits

    total $5,116,832 · program services $4,901,677 · management and general $215,155

  • 10 · Payroll taxes

    total $4,420,168 · program services $4,344,387 · management and general $75,781

  • 11b · Fees: legal

    total $227,808 · management and general $227,808

  • 11c · Fees: accounting

    total $139,750 · management and general $139,750

  • 11f · Fees: investment management

    total $23,059 · management and general $23,059

  • 12 · Advertising and promotion

    total $3,726,892 · program services $3,726,892

  • 13 · Office expenses

    total $1,561,470 · program services $1,411,863 · management and general $149,607

  • 14 · Information technology

    total $1,472,687 · management and general $1,472,687

  • 16 · Occupancy

    total $18,179,148 · program services $18,155,172 · management and general $23,976

  • 17 · Travel

    total $296,492 · program services $13,438 · management and general $283,054

  • 19 · Conferences, conventions and meetings

    total $48,658 · program services $803 · management and general $47,855

  • 20 · Interest

    total $9,225 · management and general $9,225

  • 22 · Depreciation, depletion and amortization

    total $7,977,561 · program services $7,977,561

  • 23 · Insurance

    total $2,373,680 · management and general $2,373,680

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

    total $2,249,006,228 · program services $2,249,006,228

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

    total $54,287,388 · program services $54,287,388

  • 24c · Other expenses: OTHER EXPENSES

    total $41,439,301 · program services $31,316,640 · management and general $10,122,661

  • 24d · Other expenses: PURSE & SUPPLEMENT

    total $24,164,245 · program services $24,164,245

  • 24e · All other expenses

    total $13,541,210 · program services $13,541,210

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $100,291,769 · end of year $136,356,563

  • 2 · Savings and temporary cash investments

    beginning of year $132,601,939 · end of year $122,937,663

  • 4 · Accounts receivable

    beginning of year $2,946,792 · end of year $2,202,031

  • 8 · Inventories for sale or use

    beginning of year $457,243 · end of year $540,959

  • 9 · Prepaid expenses and deferred charges

    beginning of year $2,654,657 · end of year $2,471,261

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

    $94,369,454

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

    $73,346,541

  • 10c · Land, buildings and equipment, net

    beginning of year $22,360,977 · end of year $21,022,913

  • 11 · Investments: publicly traded securities

    beginning of year $10,181,064 · end of year $10,733,006

  • 15 · Other assets

    beginning of year $45,920,976 · end of year $31,371,637

  • 17 · Accounts payable and accrued expenses

    beginning of year $25,252,294 · end of year $26,629,009

  • 25 · Other liabilities

    beginning of year $64,432,916 · end of year $50,254,930

  • 27 · Net assets without donor restrictions

    beginning of year $227,730,207 · end of year $250,752,094

Mission and programs · 2024

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 2024, $11.5 MILLION OF PMRC'S PROFITS WERE DISTRIBUTED TO POLK COUNTY, $4.9 MILLION TO THE CITY OF DES MOINES, $16.8 MILLION WAS DISTRIBUTED TO ORGANIZATIONS SUCH AS THE POLK COUNTY SCHOOL DISTRICTS ($874,000), AND THE GREATER DES MOINES PARTNERSHIP ($350,000).

    Expenses $2,491,817,015 · Grants $33,306,360 · Revenue $2,529,461,183

As filed on the 2024 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

  • COPLEY TODD

    BOARD MEMBER (END 10/24)

    Total calculated
    $0
    Hours/week
    4

  • COSTA CHRIS

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    4

  • GORSCHE JIM

    BOARD MEMBER (START 11/24)

    Total calculated
    $0
    Hours/week
    4

  • GRANDQUIST LINDA

    SECRETARY

    Total calculated
    $0
    Hours/week
    4

  • LEECH DEB

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    4

  • LIN DR IAN

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    4

  • LINDERBAUM DENNY

    BOARD MEMBER (START 11/24)

    Total calculated
    $0
    Hours/week
    4

  • MARTIN MARTY

    BOARD MEMBER (END 11/24)

    Total calculated
    $0
    Hours/week
    4

  • MAURO JOHN

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    4

  • MORSE ANDREA

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    4

  • NEHRING JOE

    BOARD MEMBER (START 10/24)

    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

  • VOSS SUSAN

    BOARD MEMBER (END 11/24)

    Total calculated
    $0
    Hours/week
    4

  • WANGSNESS JEFF

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    4

  • PALMER GARY E

    PRESIDENT, CEO

    Total calculated
    $1,873,454
    From this org
    $1,819,142
    From related orgs
    $0
    Other
    $54,312
    Hours/week
    55

    Schedule J breakdown matched by us

    Base
    $720,191
    Bonus
    $996,129
    Other
    $102,822
    Deferred
    $37,950
    Nontaxable benefits
    $16,362
    Filer's total
    $1,873,454

  • WILKIE MICHELE

    EXECUTIVE VP

    Total calculated
    $651,706
    From this org
    $585,561
    From related orgs
    $0
    Other
    $66,145
    Hours/week
    55

    Schedule J breakdown matched by us

    Base
    $373,145
    Bonus
    $186,631
    Other
    $25,785
    Deferred
    $37,950
    Nontaxable benefits
    $28,195
    Filer's total
    $651,706

  • CASTELLINE ELAINE M

    VP OF FINANCE, CFO

    Total calculated
    $292,054
    From this org
    $272,421
    From related orgs
    $0
    Other
    $19,633
    Hours/week
    55

    Schedule J breakdown matched by us

    Base
    $84,898
    Bonus
    $96,975
    Other
    $90,548
    Deferred
    $12,036
    Nontaxable benefits
    $7,597
    Filer's total
    $292,054

  • STEWART JULIE

    SR VP OF BUSINESS DEVELOPMENT

    Total calculated
    $416,551
    From this org
    $342,698
    From related orgs
    $0
    Other
    $73,853
    Hours/week
    55

    Schedule J breakdown matched by us

    Base
    $239,161
    Bonus
    $82,443
    Other
    $21,094
    Deferred
    $37,904
    Nontaxable benefits
    $35,949
    Filer's total
    $416,551

  • PURSLEY CLINTON W

    SR VP OF SECURITY

    Total calculated
    $413,161
    From this org
    $366,910
    From related orgs
    $0
    Other
    $46,251
    Hours/week
    55

    Schedule J breakdown matched by us

    Base
    $248,609
    Bonus
    $100,119
    Other
    $18,182
    Deferred
    $37,950
    Nontaxable benefits
    $8,301
    Filer's total
    $413,161

  • HELDT DERRON D

    VP OF RACING

    Total calculated
    $355,971
    From this org
    $299,296
    From related orgs
    $0
    Other
    $56,675
    Hours/week
    55

    Schedule J breakdown matched by us

    Base
    $199,338
    Bonus
    $82,852
    Other
    $17,106
    Deferred
    $32,999
    Nontaxable benefits
    $23,676
    Filer's total
    $355,971

  • OHORILKO BRIAN J

    SR VP OF ADMINISTRATION

    Total calculated
    $308,158
    From this org
    $254,765
    From related orgs
    $0
    Other
    $53,393
    Hours/week
    55

    Schedule J breakdown matched by us

    Base
    $237,801
    Bonus
    $0
    Other
    $16,964
    Deferred
    $27,899
    Nontaxable benefits
    $25,494
    Filer's total
    $308,158

  • GUZMAN ANTONIO S

    DIRECTOR OF IT

    Total calculated
    $290,900
    From this org
    $245,324
    From related orgs
    $0
    Other
    $45,576
    Hours/week
    55

    Schedule J breakdown matched by us

    Base
    $178,847
    Bonus
    $53,044
    Other
    $13,433
    Deferred
    $27,214
    Nontaxable benefits
    $18,362
    Filer's total
    $290,900

  • ATKIN ANN M

    FORMER OFFICER

    Total calculated
    $239,503
    From this org
    $239,503
    From related orgs
    $0
    Other
    $0
    Hours/week
    0

    Schedule J breakdown matched by us

    Base
    $0
    Bonus
    $32,098
    Other
    $207,405
    Deferred
    $0
    Nontaxable benefits
    $0
    Filer's total
    $239,503

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
  • 4a · Severance or change-of-control payment
  • 7 · Other non-fixed payments

Answered no

  • 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 4A
ANN ATKIN RECEIVED SEVERANCE OF $144,037
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
2024
Filed
31 October 2025
IRS schema version
2024v5.2
Source object
202503049349300225

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

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