Prairie Meadows Race Track & Casino Inc

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.

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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Outside Vendors & Contractors

Vendor Name (Service)Compensation
The Weitz Company Llc
Construction Contractor
$645,734
Data Business Equipment
Equipment Repair/maintenance
$523,555
Global Payments Gaming Services Inc
Check Processing
$390,873
The Waldinger Corporation
Project Management/engineering
$344,863
United Tote Company
Totalisator
$456,216
View All Vendors

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

Grants Awarded

Over the last fiscal year, Prairie Meadows Race Track & Casino Inc has awarded $21,730,240 in support to 121 organizations.

Grant RecipientAmount

POLK COUNTY IOWA

PURPOSE: Net Receipts Contribution

$11,350,521

CITY OF DES MOINES

PURPOSE: Tax Rate Sharing Contribution

$4,883,908

MERCY FOUNDATION OF DES MOINES IOWA

Org PageRecipient Profile

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

GREATER DES MOINES PARTNERSHIP

Org PageRecipient Profile

Des Moines, IA

PURPOSE: 2022 Investor Commitment (Year 3 of 5)

$330,000

DES MOINES AREA COMMUNITY COLLEGE FOUNDATION

Org PageRecipient Profile

Ankeny, IA

PURPOSE: Modernization and Renovation of the DMACC Urban Campus

$300,000
View Grant Profile

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 OrganizationAmount
American Quarter Horse Association

Amarillo, TX

PURPOSE: RACING CHALLENGE

$78,844
View Grant Recipient Profile

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