Nonprofit · EIN 42-1244913
PRAIRIE MEADOWS RACE TRACK & CASINO INC
Tax-exempt · ALTOONA, IA 50009
Financials
| Year ended | Form | Revenue | Expenses | Net income | Total assets | Liabilities | Net assets |
|---|---|---|---|---|---|---|---|
| December 31, 2024 | 990 | $2,532,959,229 | $2,509,985,876 | $22,973,353 | $327,636,033 | $76,883,939 | $250,752,094 |
| December 31, 2023 | 990 | $2,595,228,457 | $2,555,217,612 | $40,010,845 | $317,415,417 | $89,685,210 | $227,730,207 |
Financial details: 990 for the year ended December 31, 2024
Revenue
- Contributions, gifts and grants
- $0
- Program service revenue
- $2,529,461,183
- Investment income
- $3,498,046
- Net gain from sales of assets
- $97,334
- Other revenue
- $0
Expenses
- Grants and similar amounts paid
- $33,306,360
- Compensation of officers, directors and key employees
- $2,677,124
- Other salaries and wages
- $41,702,518
- Salaries, compensation and benefits (total)
- $58,204,714
- Professional fundraising fees
- $0
- Legal fees
- $227,808
- Accounting fees
- $139,750
- Occupancy
- $18,179,148
- Travel
- $296,492
- Depreciation
- $7,977,561
- Program services (functional)
- $2,491,817,015
- Management and general (functional)
- $18,168,861
Balance sheet and other
- Total assets, start of year
- $317,415,417
- Total assets, end of year
- $327,636,033
- Total liabilities, end of year
- $76,883,939
- Net assets, end of year
- $250,752,094
- Land, buildings and equipment
- $21,022,913
- Publicly traded securities
- $10,733,006
- Net assets without donor restrictions
- $250,752,094
- Gross receipts
- $2,533,399,105
- Employees
- 1,365
- Volunteers
- 16
- Year formed
- 1984
- State of legal domicile
- IA
From the e-filed returns the IRS publishes as XML (latest three processing years; amended returns replace the original). PDF copies at the IRS.
Officers, directors and key employees
As listed on the 990 for the year ended December 31, 2024, highest compensation first.
| Name | Title | Hours / week | Compensation | Other / benefits |
|---|---|---|---|---|
| PALMER GARY E | PRESIDENT, CEO Officer | 55 | $1,819,142 | $54,312 |
| WILKIE MICHELE | EXECUTIVE VP Officer | 55 | $585,561 | $66,145 |
| STEWART JULIE | SR VP OF BUSINESS DEVELOPMENT Highest-paid employee | 55 | $342,698 | $73,853 |
| PURSLEY CLINTON W | SR VP OF SECURITY Highest-paid employee | 55 | $366,910 | $46,251 |
| HELDT DERRON D | VP OF RACING Highest-paid employee | 55 | $299,296 | $56,675 |
| OHORILKO BRIAN J | SR VP OF ADMINISTRATION Highest-paid employee | 55 | $254,765 | $53,393 |
| CASTELLINE ELAINE M | VP OF FINANCE, CFO Officer | 55 | $272,421 | $19,633 |
| GUZMAN ANTONIO S | DIRECTOR OF IT Highest-paid employee | 55 | $245,324 | $45,576 |
| ATKIN ANN M | FORMER OFFICER Former | 0 | $239,503 | $0 |
| COPLEY TODD | BOARD MEMBER (END 10/24) Trustee or director | 4 | $0 | $0 |
| COSTA CHRIS | BOARD MEMBER Trustee or director | 4 | $0 | $0 |
| GORSCHE JIM | BOARD MEMBER (START 11/24) Trustee or director | 4 | $0 | $0 |
| GRANDQUIST LINDA | SECRETARY Trustee or director | 4 | $0 | $0 |
| LEECH DEB | BOARD MEMBER Trustee or director | 4 | $0 | $0 |
| LIN DR IAN | BOARD MEMBER Trustee or director | 4 | $0 | $0 |
10 more people on this return
| Name | Title | Hours / week | Compensation |
|---|---|---|---|
| LINDERBAUM DENNY | BOARD MEMBER (START 11/24) Trustee or director | 4 | $0 |
| MARTIN MARTY | BOARD MEMBER (END 11/24) Trustee or director | 4 | $0 |
| MAURO JOHN | BOARD MEMBER Trustee or director | 4 | $0 |
| MORSE ANDREA | BOARD MEMBER Trustee or director | 4 | $0 |
| NEHRING JOE | BOARD MEMBER (START 10/24) Trustee or director | 4 | $0 |
| NEVILLE DR STEVEN | VICE CHAIR Trustee or director | 4 | $0 |
| O'HOLLEARN BOB | BOARD MEMBER Trustee or director | 4 | $0 |
| SAGAR KEN | CHAIR Trustee or director | 4 | $0 |
| VOSS SUSAN | BOARD MEMBER (END 11/24) Trustee or director | 4 | $0 |
| WANGSNESS JEFF | BOARD MEMBER Trustee or director | 4 | $0 |
990 for the year ended December 31, 2023: 25 people
| Name | Title | Hours / week | Compensation | Other / benefits |
|---|---|---|---|---|
| PALMER GARY E | PRESIDENT, CEO Officer | 55 | $1,698,944 | $41,133 |
| ATKIN ANN M | SR VP-CHIEF OPERATING OFFICER Officer | 55 | $693,268 | $14,674 |
| WILKIE MICHELE | EXECUTIVE VP OF ADMINISTRATION, CAO Officer | 55 | $466,272 | $44,147 |
| PURSLEY CLINTON W | SR VP OF SECURITY Highest-paid employee | 55 | $338,707 | $39,862 |
| CASTELLINE ELAINE M | VP OF FINANCE, CFO Officer | 55 | $336,581 | $40,785 |
| LLAMBIAS EDWARD JOHN PAUL | VP OF CASINO OPS Highest-paid employee | 55 | $327,186 | $14,307 |
| HELDT DERRON D | VP OF RACING Highest-paid employee | 55 | $286,574 | $40,060 |
| STEWART JULIE | SR VP OF BUSINESS DEVELOPMENT Highest-paid employee | 55 | $271,877 | $40,107 |
| GUZMAN ANTONIO S | DIRECTOR OF IT Highest-paid employee | 55 | $235,999 | $32,938 |
| ALBAUGH DENNIS | CHAIR (END 11/23) Trustee or director | 4 | $0 | $0 |
| COPLEY TODD | BOARD MEMBER (START 11/23) Trustee or director | 4 | $0 | $0 |
| COSTA CHRIS | BOARD MEMBER Trustee or director | 4 | $0 | $0 |
| GRANDQUIST LINDA | SECRETARY Trustee or director | 4 | $0 | $0 |
| HOMAN DANNY | BOARD MEMBER (END 11/23) Trustee or director | 4 | $0 | $0 |
| LEECH DEB | BOARD MEMBER (START 11/23) Trustee or director | 4 | $0 | $0 |
| LIN DR IAN | BOARD MEMBER Trustee or director | 4 | $0 | $0 |
| MARTIN MARTY | BOARD MEMBER Trustee or director | 4 | $0 | $0 |
| MAURO JOHN | BOARD MEMBER Trustee or director | 4 | $0 | $0 |
| MORSE ANDREA | BOARD MEMBER (START 11/23) Trustee or director | 4 | $0 | $0 |
| NEVILLE DR STEVEN | VICE CHAIR Trustee or director | 4 | $0 | $0 |
| O'HOLLEARN BOB | BOARD MEMBER Trustee or director | 4 | $0 | $0 |
| SAGAR KEN | CHAIR Trustee or director | 4 | $0 | $0 |
| SIMON MARY | VICE CHAIR (END 11/23) Trustee or director | 4 | $0 | $0 |
| VOSS SUSAN | BOARD MEMBER Trustee or director | 4 | $0 | $0 |
| WANGSNESS JEFF | BOARD MEMBER (START 11/23) Trustee or director | 4 | $0 | $0 |
Address and contacts
- Address (IRS master file)
- 1 PRAIRIE MEADOWS DR, ALTOONA, IA 50009-2100
- Principal officer (990 for 2024)
- TROY SIGWARTH, PO BOX 1000, ALTOONA, IA 50009
- Signed the 990
- TROY SIGWARTH, DIRECTOR OF FINANCE
- Phone
- (515) 967-1000
- Website
- WWW.PRAIRIEMEADOWS.COM
- Return prepared by
- DELOITTE TAX LLP
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.
Program accomplishments
- 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
What it must file and when
IRS records say it files Form 990 or 990-EZ. Based on its last return; a smaller organization may file the 990-N. Its accounting year ends in December, so each return is due on the 15th day of the 5th month after that.
| Tax year | Year ended | Due | IRS public records |
|---|---|---|---|
| 2025 | December 31, 2025 | May 15, 2026 | Not on file |
| 2024 | December 31, 2024 | May 15, 2025 | 990 on file |
| 2023 | December 31, 2023 | May 15, 2024 | 990 on file |
IRS record
- EIN
- 42-1244913
- Tax-exempt status
- 501(c)(4): Social welfare organization
- Donations deductible
- No
- Exempt since
- 1989
- Accounting year ends
- December
- Files
- Form 990 or 990-EZ
- Assets (IRS master file)
- $327,636,033
- Income (IRS master file)
- $2,533,399,105
Filing history
| Form | Year ended | Revenue | Expenses | Assets | Return |
|---|---|---|---|---|---|
| 990 | December 2024 | $2,532,959,229 | $2,509,985,876 | $327,636,033 | XML |
| 990 | December 2023 | $2,595,228,457 | $2,555,217,612 | $317,415,417 | XML |
| 990 | December 2022 | $2,499,338,526 | $2,455,002,478 | $290,547,398 | IRS |
| 990 | December 2021 | – | – | – | IRS |
| 990 | December 2020 | – | – | – | IRS |
| 990 | December 2018 | – | – | – | IRS |
| 990 | December 2017 | – | – | – | IRS |
990-N: the IRS bulk file holds only the latest e-Postcard per organization; earlier years come from archived copies of that file since 2020 and can have gaps (the IRS e-Postcard search lists every one). 990, 990-EZ, 990-PF, 990-T: every e-filed return in the IRS e-file index since 2019; XML for the latest three processing years, amounts from the IRS Statistics of Income extracts before that. PDF copies and determination letters at the IRS (search EIN 42-1244913).
Questions about PRAIRIE MEADOWS RACE TRACK & CASINO INC
- What is the EIN of PRAIRIE MEADOWS RACE TRACK & CASINO INC?
- The employer identification number (EIN) of PRAIRIE MEADOWS RACE TRACK & CASINO INC is 42-1244913.
- Is PRAIRIE MEADOWS RACE TRACK & CASINO INC tax-exempt?
- Yes. The IRS lists it as tax-exempt under section 501(c)(4) since 1989.
- Are donations to PRAIRIE MEADOWS RACE TRACK & CASINO INC tax-deductible?
- No. The IRS master file says contributions to it are not deductible.
- Which annual return does PRAIRIE MEADOWS RACE TRACK & CASINO INC file?
- Form 990 or 990-EZ. Based on its last return; a smaller organization may file the 990-N.
- When is the next return of PRAIRIE MEADOWS RACE TRACK & CASINO INC due?
- The return for tax year 2025 (the year ending December 31, 2025) is due May 15, 2026. Form 8868 extends it by six months; the 990-N cannot be extended.
- When did PRAIRIE MEADOWS RACE TRACK & CASINO INC last file with the IRS?
- The latest return in the IRS public files is the 990 for the year ended December 2024.
- Who is the principal officer of PRAIRIE MEADOWS RACE TRACK & CASINO INC?
- The 990 for the year ended December 31, 2024 names TROY SIGWARTH.
- Who are the officers and directors of PRAIRIE MEADOWS RACE TRACK & CASINO INC?
- The 990 for the year ended December 31, 2024 lists 25 people; 9 received compensation from the organization, the highest $1,819,142 (PALMER GARY E, PRESIDENT, CEO).
- How much revenue does PRAIRIE MEADOWS RACE TRACK & CASINO INC have?
- On its 990 for the year ended December 31, 2024 it reported revenue of $2,532,959,229, expenses of $2,509,985,876 and total assets of $327,636,033 at year end.
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