Prairie Meadows Race Track & Casino Inc
- Assets
- $290.5m
- Revenue
- $2.5b
- Investments
- $0.0
- Employees
- 1,293
- Location
- Altoona, IA
- Founding
- 03/1989
- Data as of
- 12/2022
- 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 12/2022, Prairie Meadows Race Track & Casino Inc employed 1,293 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 12/2022, Prairie Meadows Race Track & Casino Inc generated $2.5b in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 1.9% each year. All expenses for the organization totaled $2.5b during the year ending 12/2022. While expenses have increased by 1.7% per year over the past 8 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 1,522 individual grants totaling $184,208,824. 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
2022
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. IN 2022, $11.7 MILLION OF PMRC'S PROFITS WERE DISTRIBUTED TO POLK COUNTY, $5.1 MILLION TO THE CITY OF DES MOINES, $9.9 MILLION WAS DISTRIBUTED TO ORGANIZATIONS SUCH AS THE POLK COUNTY SCHOOL DISTRICTS ($896,000), AND THE GREATER DES MOINES PARTNERSHIP ($330,000).
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Albaugh Dennis Chairman (start 11/22) | Trustee | 4 | $0 |
Chittenden Bob Board Member (end 11/22) | Trustee | 4 | $0 |
Costa Chris Board Member (start 11/22) | Trustee | 4 | $0 |
Grandquist Linda Board Member | Trustee | 5 | $0 |
Homan Danny Board Member | Trustee | 4 | $0 |
Lin Dr Ian Board Member (start 11/22) | Trustee | 4 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
The Weitz Company Llc Construction Contractor | 12/30/22 | $5,255,778 |
Global Payments Gaming Solutions Check Processing | 12/30/22 | $878,411 |
Wolf Construction Services Inc Roof Repair/replacement | 12/30/22 | $357,568 |
The Waldinger Corporation Construction Contractor | 12/30/22 | $357,930 |
Data Business Equipment Equipment Repair/maintenance | 12/30/22 | $316,545 |
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 | $2,498,900,568 |
| Investment income | $418,038 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $19,920 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $2,499,338,526 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $27,589,711 |
| 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. | $3,218,300 |
| Compensation of current officers, directors, key employees. | $3,218,300 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $36,328,982 |
| Pension plan accruals and contributions | $3,609,699 |
| Other employee benefits | $5,136,213 |
| Payroll taxes | $3,940,048 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $157,206 |
| Fees for services: Accounting | $100,300 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $3,531,453 |
| Office expenses | $2,155,403 |
| Information technology | $1,402,490 |
| Royalties | $0 |
| Occupancy | $15,925,424 |
| Travel | $100,075 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $2,735 |
| Interest | $1,199 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $4,409,374 |
| Insurance | $1,904,051 |
| All other expenses | $16,391,491 |
| Total functional expenses | $2,455,002,478 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $77,931,896 |
| Savings and temporary cash investments | $128,574,632 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $2,602,114 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $469,302 |
| Prepaid expenses and deferred charges | $2,132,625 |
| Net Land, buildings, and equipment | $18,485,249 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $60,351,580 |
| Total assets | $290,547,398 |
| Accounts payable and accrued expenses | $24,594,699 |
| 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 | $78,212,003 |
| Total liabilities | $102,806,702 |
| Net assets without donor restrictions | $187,740,696 |
| 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 | $290,547,398 |
Grants Awarded
Over the last fiscal year, Prairie Meadows Race Track & Casino Inc has awarded $27,344,702 in support to 230 organizations.
| Grant Recipient | Amount |
|---|---|
ALTOONA AREA CHAMBER OF COMMERCE PURPOSE: RVTV Comes to Altoona | $10,000 |
ALTOONA AREA CHAMBER OF COMMERCE PURPOSE: Olde Town Altoona Revitalization Segue Project | $20,000 |
ALTOONA ECONOMIC DEVELOPMENT CORPORATION PURPOSE: Destination Altoona | $50,000 |
ALTOONA ELEMENTARY PURPOSE: Altoona Elementary Playground Project | $50,000 |
ALTOONA PALOOZA INC PURPOSE: Altoona Palooza | $6,500 |
ANAWIM HOUSING PURPOSE: Monarch Apartments Permanent and Supportive | $350,000 |