2016-11-11T13:57:13-06:00 2015-12-31 861065772 Deloitte Tax LLP 50 South Sixth Street Minneapolis MN 55402 990 2015-01-01 421244913 Prairie Meadows Race Track and Casino Inc PRAI 5159671000 PO Box 1000 Altoona IA 50009 Brian Wessels VP of Finance/CFO 5159671000 2016-11-11 0 Chris Meskimen P01314196 6123974000 2015 2017-02-10 21:41:12Z Brian Wessels PO Box 1000 Altoona IA 50009 2148316327 0 X www.prairiemeadows.com X 1984 IA Operated exclusively for the promotion of social welfare in central Iowa. 13 13 1739 0 9311487 -2188468 0 0 2105814273 2147982557 -81344 60536 12091 224143 2105745020 2148267236 20261646 15751269 0 0 58106207 58740989 0 0 0 2030434620 2072828818 2108802473 2147321076 -3057453 946160 116526924 112160757 35096955 29799058 81429969 82361699 X See Schedule O.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. The promotion of social welfare includes providing a source of recreation for the community, and providing a generally positive economic impact on central Iowa. 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. 0 0 2136289932 15751269 2148206699 Prairie Meadows Race Track and Casino, Inc. (PMRC) is a not-for-profit corporation made up of members who live and work in central Iowa. 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 O.In 2015, approximately $9.1 million of PMRC's profits were distributed to Polk County, $3.9 million to the City of Des Moines, and approximately $2.9 million was distributed to organizations such as the Community Foundation of Greater Des Moines ($750,000), City of Altoona ($500,000), YMCA ($400,000), Des Moines Partnership ($300,000), Polk County School Districts ($685,701) and Iowa College Foundation ($90,275). 2136289932 0 0 0 0 0 0 0 0 0 1 0 0 0 1 1 1 0 0 0 0 0 0 0 0 0 0 1 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 29230 27905 1 1739 1 1 1 0 0 0 0 0 X 13 13 0 0 0 0 0 1 1 1 1 0 0 1 1 1 1 1 1 1 1 1 0 X Brian Wessels 5159671000 PO Box 1000 Altoona IA 50009 Robert Myers Chairman 4.00 0.00 X 0 0 0 Jack Peters Past Chair 4.00 0.00 X 300 0 0 Mark Hedberg Immediate Vice-Chair 4.00 0.00 X 150 0 0 Linda Grandquist Vice Chair 4.00 0.00 X 300 0 0 R Michael Knapp Secretary 4.00 0.00 X 0 0 0 Mark Cooper Board Director 4.00 0.00 X 0 0 0 Diana Ewing Board Director 4.00 0.00 X 0 0 0 EJ Giovannetti Board Director 4.00 0.00 X 0 0 0 Lisa Moody-Tunks Board Director 4.00 0.00 X 300 0 0 Kurt Rasmussen Start 1115 Board Director 4.00 0.00 X 0 0 0 Paul Rogness Board Director 4.00 0.00 X 300 0 0 John Rowen End 1115 Board Director 4.00 0.00 X 300 0 0 Karen Novak Swalwell Board Director 4.00 0.00 X 0 0 0 Martha Willits Board Director 4.00 0.00 X 0 0 0 Gary Palmer President/CEO 55.00 0.00 X 674011 0 39833 Ann Atkin VP of Operations/COO 55.00 0.00 X 355901 0 30543 Brian Wessels VP Finance/CFO 55.00 0.00 X 328826 0 47850 Hector Morales Director of Table Games 55.00 0.00 X 190661 0 36521 Clinton Pursley Director of Security 55.00 0.00 X 184924 0 32317 Paul Johnson Director of Slots 55.00 0.00 X 185484 0 24244 Elaine Castelline Director of Accounting 55.00 0.00 X 185723 0 33257 Clay Willey Director of Hospitality 55.00 0.00 X 185746 0 34703 2292926 0 279268 19 0 1 0 Global Payments 10 Glenlake Parkway North Tower Atlanta GA 30328 Check Processing 620812 Sportech 1095 Wndwrd Ridge Pkwy Bldg 300 Alpharetta GA 30005 Totasilator Services 370689 Roberts Communication Network LLC 4175 Cameron St Ste B-10 Las Vegas NV 89103 Transmission Processing 269303 Paycom Payroll LLC 7501 West Memorial Road Oklahoma City OK 73142 Payroll Processing 229406 Brick Gentry ET AL PC 6701 Westown Pkwy West Des Moines IA 50266 Legal Fees 224563 12 Casino & Hotels 721120 2077895805 2073103628 4792177 Pari-Mutuel Revenue 721120 50046911 50046911 Food and Beverage 722320 16795999 12331349 4464650 Gift Shop 453220 280513 280513 Equibase Pub Inc. 900099 12322 12322 2951007 2896347 54660 2147982557 12094 12094 97533 49091 48442 48442 48442 Returned Grants 900099 224143 224143 224143 2148267236 2138895213 9311487 60536 15751269 15751269 1487493 1487493 42087450 42087450 2906127 2906127 7976798 7976798 4283121 4233890 49231 161527 161527 85016 85016 3210300 3210300 1268614 1092001 176613 922992 922992 15476132 15449949 26183 71878 32817 39061 5316 5316 38961 38961 19079413 19079413 1697073 1697073 Casino and Pari-Mutuel 1930371107 1930371107 State Gaming Taxes 43352332 43352332 Purse & Purse Supplemen 18550048 18550048 Simulcast & Satellite 6605180 6605180 31932929 25585935 6346994 2147321076 2136289932 11031144 0 1983869 21756398 50373084 35347315 1378645 768342 336315 428651 1693079 1260705 141640420 89105465 60692541 52534955 69391 64391 116526924 112160757 19613653 15989417 15483302 13809641 35096955 29799058 X 81429969 82361699 81429969 82361699 116526924 112160757 X 946160 -14430 X 0 1 X 1 0 72500364 34059417 38440947 59631263 47198580 12432683 9508793 7847468 1661325 52534955 Polk County Payable 9876876 City of Des Moines Payable 3885640 Current Notes Payable 47125 13809641 X 211095576 0 211095576 1937171660 1937171660 2148267236 210163846 0 210163846 1937157230 1937157230 2147321076 Part X, Line 2: As of December 31, 2015 and 2014, the Non-profit has determined that there are currently no tax benefits or liabilities associated with uncertain tax positions. No interest or penalties have been accrued in the statements of activities and change in net assets. The Non-profit's calendar years 2012 through 2014 remain subject to examination by the governing tax authorities. Part XI, Line 4b - Other Adjustments: Adjustment of Casino, Pari-Mutuel, Food and Beverage, Banquet, Gift Shop Revenues from Net Revenues to Gross Revenues 1,936,874,659. Equibase Income, Misc. Income - Coin Float, Returned Grant 248,559. Reclass gain on sale of fixed assets 48,442. Part XII, Line 4b - Other Adjustments: Adjustment of Casino, Pari-Mutuel, Food and Beverage, Banquet, Gift Shop Revenues from Net Revenues to Gross Revenues 1,936,874,658. Equibase Income, Misc. Income - Coin Float, Returned Grant 234,130. Reclass gain on sale of fixed assets 48,442. 1 Branstad-Reynolds Scholarship Fund 1601 - 22nd St West Des Moines IA 50266 273956456 501(c)(3) 10000 Scholarship Program Iowa College Foundation 505 5th Ave Suite 1034 Des Moines IA 50309 420745995 501(c)(3) 90275 Scholarship Program Community Foundation of Des Moines 1915 Grand Ave Des Moines IA 50309 426139033 501(c)(3) 750000 Grand View University Student Center City of Altoona 407 8th St SE Altoona IA 50009 426004210 Gov't 500000 Economic Development Contribution Young Mens Christian Association 501 Grand Ave Des Moines IA 50309 420680438 501(c)(3) 400000 YMCA Capital Campaign Greater Des Moines Partnership 601 Locust St Suite 700 Des Moines IA 50309 421489668 501(c)(6) 300000 Partnership 2017 Invested Campaign City of Des Moines 25 East First St Des Moines IA 50309 426004514 Gov't 3885640 Tax Rate Sharing Contribution Polk County 5885 NE 14th St Des Moines IA 50313 426004519 Gov't 9129652 Net Receipts Contribution Ankeny Community School District 306 SW School St Ankeny IA 50023 426021919 Gov't 91489 2015 School District Grant Ballard Community School District 509 North Main Avenue Huxley IA 50124 426025573 Gov't 46 2015 School District Grant Bondurant Farrar Community School District 300 Garfield St SW Bondurant IA 50035 426037271 Gov't 14699 2015 School District Grant Carlisle Community School District 430 School Street Carlisle IA 50047 420898003 Gov't 5314 2015 School District Grant Collins Maxwell Community School District 14142 NE 112th St Maxwell IA 50161 426036681 Gov't 111 2015 School District Grant Dallas Center Grimes School District 1414 Walnet St Suite 200 Dallas Center IA 50063 426001334 Gov't 16722 2015 School District Grant Des Moines Independent Schools 901 Walnut St Des Moines IA 50309 426001433 Gov't 297757 2015 School District Grant Johnston Community School District 5608 Merle Hay Rd Johnston IA 50131 426002176 Gov't 59216 2015 School District Grant Madrid Community School District 201 North Main Madrid IA 50156 426002506 Gov't 222 2015 School District Grant North Polk Community School District 13930 NE 6th St Alleman IA 50007 426023656 Gov't 12883 2015 School District Grant PCM Community School District PO Box 610 Monroe IA 50170 421358436 Gov't 67 2015 School District Grant Saydel Community School District 5740 NE 14th St Des Moines IA 50313 426017814 Gov't 10739 2015 School District Grant Southeast Polk Community School District PO Box 391 Altoona IA 50009 420863054 Gov't 60832 2015 School District Grant Urbandale Community School District 11152 Aurora Ave Urbandale IA 50322 426039212 Gov't 31189 2015 School District Grant West Des Moines Community School District 1480 NW 108th St Clive IA 50325 421355170 Gov't 83029 2015 School District Grant Woodward Granger School District 306 West 3rd St Woodward IA 50276 420888438 Gov't 1387 2015 School District Grant 23 1 Part I, Line 2: Site visits are done with selected grantees. All grantees are required to sign a grant agreement and return a completed grant evaluation report at the conclusion of the year or the project. Reports are reviewed and logged. Appropriate action is taken if a grantee has not completed their proposed project or if funds were left over and not spent. Any unused funds are returned to us. X 1 1 X X X X 0 0 0 0 0 0 0 1 0 Gary Palmer President/CEO 463439 0 158973 0 51599 0 21602 0 18231 0 713844 0 0 0 Ann Atkin VP of Operations/COO 268664 0 58907 0 28330 0 21917 0 8626 0 386444 0 0 0 Brian Wessels VP Finance/CFO 256616 0 57212 0 14998 0 22040 0 25810 0 376676 0 0 0 Hector Morales Director of Table Games 156318 0 31595 0 2748 0 16290 0 20231 0 227182 0 0 0 Clinton Pursley Director of Security 150885 0 30065 0 3974 0 15561 0 16756 0 217241 0 0 0 Paul Johnson Director of Slots 151187 0 29613 0 4684 0 15268 0 8976 0 209728 0 0 0 Elaine Castelline Director of Accounting 146633 0 29244 0 9846 0 15450 0 17807 0 218980 0 0 0 Clay Willey Director of Hospitality 147733 0 29151 0 8862 0 14058 0 20645 0 220449 0 0 0 Part I, Line 1a PMRC occasionally provides tax gross-up payments for small prizes won during the year. Part I, Line 7 Board of Directors set criteria and goals based on the business strategic plan. The formula is set prior to or early in the tax year, and based on the formula is paid, if due. Form 990, Part VI, Section A, line 7a A thirteen-member board composition is based on the bylaws. The board is comprised of five at-large representatives that have been selected from the community, four members appointed by Polk County, one member appointed by the Greater Des Moines Partnership, one member appointed by the Polk-Des Moines Taxpayers Association, one member appointed by the South Central Iowa Federation of Labor, and the five at-large representatives nominate one member affiliated with the horse industry and the full board votes on the nomination. The Greater Des Moines Partnership has the right to appoint two additional non-voting consultants to the board. None of the members received compensation for their services to the Non-Profit and they must meet IRGC Licensing requirements. Form 990, Part VI, Section A, line 7b The Iowa Racing and Gaming Commission (IRGC) has oversight of our gaming and racing activities. Form 990, Part VI, Section B, line 11 Form 990 is prepared by an external tax accounting firm and then reviewed by the accounting staff including the VP/CFO. The final review is done by the executive committee made up of board members before it is submitted to the federal government. A copy is given to each board member prior to the filing of the Form 990. Form 990, Part VI, Section B, line 12c A conflict of interest letter is sent each year to members of the board and staff along with the conflict of interest policy, asking members to disclose any potential conflict of interest. The members are asked to update the conflict of interest memo any time during the year. The board chair or board counsel reminds members before an item that requires deliberations and decision making that they are to disclose any conflict and abstain from voting. Form 990, Part VI, Section B, line 15 The compensation for the officers and CEO are determined using a compensation committee, an ad hoc committee of the Executive Committee. Data is based on industry surveys, documented compensation of persons holding similar positions in similar organizations, expert compensation studies or other comparable data. Any decision is documented as well as any action is taken by the decision making body. Form 990, Part VI, Section C, line 19 The governing documents are available on request as are the financial statements. The conflict of interest policy is accessible on our website and on request. Form 990, Part XI, line 9: Additional K-1 Income/(Expenses) -14,430.