Prairie Meadows Race Track & Casino Inc
- Assets
- $181.5m
- Revenue
- $2.5b
- Investments
- $0.0
- Employees
- 1,273
- Location
- Altoona, IA
- Founding
- 03/1989
- Data as of
- 12/2021
- EIN
- 42-1244913
Organization Overview
Prairie Meadows Race Track & Casino Inc is located in Altoona, IA. The organization was established in 1989. According to its NTEE Classification (N03) the organization is classified as: Professional Societies & Associations, under the broad grouping of Recreation & Sports and related organizations. As of 12/2021, Prairie Meadows Race Track & Casino Inc employed 1,273 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Prairie Meadows Race Track & Casino Inc is a 501(c)(4) and as such, is described as a "Civic League, Social Welfare Organization, and Local Association of Employees" by the IRS.
For the year ending 12/2021, Prairie Meadows Race Track & Casino Inc generated $2.5b in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 2.0% each year. All expenses for the organization totaled $2.4b during the year ending 12/2021. While expenses have increased by 1.7% per year over the past 7 years. They've been increasing with an increasing level of total revenue. You can explore the organizations financials more deeply in the financial statements section below.
Since 2014, Prairie Meadows Race Track & Casino Inc has awarded 1,292 individual grants totaling $156,864,122. If you would like to learn more about the grant giving history of this organization, scroll down to the grant profile section of this page.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2021
Describe the Organization's Mission:
Part 3 - Line 1
OPERATED EXCLUSIVELY FOR THE PROMOTION OF SOCIAL WELFARE IN CENTRAL IOWA IN CLOSE CONJUNCTION WITH STATE AND LOCAL GOVERNMENT.
Describe the Organization's Program Activity:
Part 3 - Line 4a
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. SEE CONTINUATION ON SCHEDULE OIN 2021, $11.3 MILLION OF PMRC'S PROFITS WERE DISTRIBUTED TO POLK COUNTY, $4.9 MILLION TO THE CITY OF DES MOINES, AND $5.7 MILLION WAS DISTRIBUTED TO ORGANIZATIONS SUCH AS THE POLK COUNTY SCHOOL DISTRICTS ($862,000), AND THE GREATER DES MOINES PARTNERSHIP ($330,000).
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Palmer Gary E President, CEO | Officer | 55 | $864,954 |
Rhines Bradley Christopher Executive Vice President | Officer | 55 | $561,487 |
Atkin Ann M Sr Vp-Chief Operating Officer | Officer | 55 | $466,494 |
Wilkie Michele VP Of Human Resources | Officer | 55 | $274,196 |
Castelline Elaine M Vice President Of Finance, CFO | Officer | 55 | $269,052 |
Pursley Clinton W VP Of Security | 55 | $256,967 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Data Business Equipment Equipment Repair/maintenance | 12/30/21 | $523,555 |
The Waldinger Corporation Project Management/engineering | 12/30/21 | $344,863 |
Global Payments Gaming Services Inc Check Processing | 12/30/21 | $390,873 |
United Tote Company Totalisator | 12/30/21 | $456,216 |
The Weitz Company Llc Construction Contractor | 12/30/21 | $645,734 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $0 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $0 |
| Total Program Service Revenue | $2,466,429,185 |
| Investment income | $43,582 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $179,523 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $2,466,655,375 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $21,897,750 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $2,436,183 |
| Compensation of current officers, directors, key employees. | $2,436,183 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $34,343,365 |
| Pension plan accruals and contributions | $3,026,287 |
| Other employee benefits | $4,326,027 |
| Payroll taxes | $3,576,039 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $109,282 |
| Fees for services: Accounting | $101,597 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $2,691,670 |
| Office expenses | $1,263,163 |
| Information technology | $1,205,502 |
| Royalties | $0 |
| Occupancy | $15,925,634 |
| Travel | $51,449 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $2,928 |
| Interest | $4,549 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $4,519,927 |
| Insurance | $1,961,192 |
| All other expenses | $14,599,763 |
| Total functional expenses | $2,411,904,482 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $54,596,445 |
| Savings and temporary cash investments | $111,348,733 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $1,199,553 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $459,393 |
| Prepaid expenses and deferred charges | $2,549,221 |
| Net Land, buildings, and equipment | $11,339,555 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $181,492,900 |
| Accounts payable and accrued expenses | $20,710,022 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $17,353,909 |
| Total liabilities | $38,063,931 |
| Net assets without donor restrictions | $143,428,969 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $0 |
| Total liabilities and net assets/fund balances | $181,492,900 |
Grants Awarded
Over the last fiscal year, Prairie Meadows Race Track & Casino Inc has awarded $21,730,240 in support to 121 organizations.
| Grant Recipient | Amount |
|---|---|
POLK COUNTY IOWA PURPOSE: Net Receipts Contribution | $11,350,521 |
CITY OF DES MOINES PURPOSE: Tax Rate Sharing Contribution | $4,883,908 |
Des Moines, IA PURPOSE: MercyOne Richard Deming Cancer Center | $400,000 |
DES MOINES INDEPENDENT SCHOOL DISTRICT PURPOSE: Prairie Meadows Polk County Joint Donation to the Students of Polk County | $374,255 |
Des Moines, IA PURPOSE: 2022 Investor Commitment (Year 3 of 5) | $330,000 |
Ankeny, IA PURPOSE: Modernization and Renovation of the DMACC Urban Campus | $300,000 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that Prairie Meadows Race Track & Casino Inc has recieved totaling $78,844.
| Awarding Organization | Amount |
|---|---|
American Quarter Horse Association Amarillo, TX PURPOSE: RACING CHALLENGE | $78,844 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
National Marine Manufacturers Association Inc Chicago, IL | $24,852,893 | $19,298,889 |
Crandon International Off-Road Raceway Association Inc Crandon, WI | $1,048,368 | $3,340,258 |
National Association Of Sports Officials Inc Racine, WI | $1,356,401 | $2,334,833 |
Professional Golfers Association Of America Inc Coon Rapids, MN | $1,332,396 | $1,758,310 |
Nebraska Section Professional Golfers Association Of America Inc Lincoln, NE | $808,117 | $1,402,090 |
American Camping Association Illinois Section Evanston, IL | $1,134,307 | $1,483,779 |
Professional Skaters Association Rochester, MN | $3,084,415 | $1,613,851 |
Professional Golfers Association Of America Iowa Section Riverside, IA | $1,857,898 | $1,108,691 |
Clinton County Gaming Association Ltd Clinton, IA | $2,643,623 | $1,588,934 |
Nebraska Sports Council Lincoln, NE | $383,576 | $1,207,530 |
Gateway Section Of Professional Golfers Association Of America Chesterfield, MO | $1,114,758 | $931,647 |
Naiop Chicago Inc Chicago, IL | $889,139 | $903,757 |