DUBUQUE RACING ASSOCIATION LTD

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Financial Vulnerability Assessment (Tuckman-Chang)

4 risk indicators measuring financial stability and operational resilience

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Financial Trends

Organization Details

Formation Year

1985

Legal Domicile

Principal Officer

BRIAN RAKESTRAW

Phone

5635823647

Tax Period

2024-01-01 to 2024-12-31

DUBUQUE RACING ASSOCIATION LTD, founded in 1985, is a mid-sized nonprofit that reported $35.3M in total revenue in fiscal year 2024. Revenue decreased 17% compared to the prior year. Expenses of $40.9M exceeded revenue, resulting in a 16% operating deficit.

Mission

OPERATION OF A CASINO GAMING FACILITY WITH PROFITS DISTRIBUTED TO THE CITY OF DUBUQUE AND LOCAL NONPROFIT ORGANIZATIONS TO LESSEN THE BURDEN OF GOVERNMENT AND PROMOTE SOCIAL WELFARE.

Program Service Accomplishments

Program 1

Expenses: $0 Revenue: $4,010,991

SPONSORSHIP OF A CASINO GAMBLING OPERATION AND SUPPORT, INCLUDING MAINTENANCE OF GROUNDS AND FACILITY, OF A PARI-MUTUEL DOG RACING FACILITY OWNED AND OPERATED BY ANOTHER PARTY, WITH PROFITS...

SPONSORSHIP OF A CASINO GAMBLING OPERATION AND SUPPORT, INCLUDING MAINTENANCE OF GROUNDS AND FACILITY, OF A PARI-MUTUEL DOG RACING FACILITY OWNED AND OPERATED BY ANOTHER PARTY, WITH PROFITS DISTRIBUTED TO THE CITY OF DUBUQUE AND LOCAL NONPROFIT ORGANIZATIONS.

Program 2

Expenses: $34,377,103 Revenue: $25,253,738

OPERATION OF A CASINO GAMING FACILITY WITH PROFITS DISTRIBUTED TO THE CITY OF DUBUQUE AND LOCAL NONPROFIT ORGANIZATIONS.

Program 3

Expenses: $5,317,236 Revenue: $5,193,049

OPERATION OF A HOTEL AND RESTAURANT FACILITY ADJACENT TO ASSOCIATION'S CASINO.

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Trantor Score

Financial Health Score (300–850) · Liquidity · Solvency · Sustainability · Efficiency

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Liquidity (40%) • Solvency (30%) • Sustainability (20%) • Efficiency (10%)

Financial Overview (2024)

Revenue Breakdown

Contributions & Grants $0

Program Service Revenue $10,588,761

Investment Income $-1,199,377

Other Revenue $25,899,832

TOTAL REVENUE $35,289,216

Expense Breakdown

Grants Paid $3,777,654

Salaries & Benefits $19,118,941

Fundraising Expenses $0

Program Expenses $39,694,339

Other Expenses $18,030,852

TOTAL EXPENSES $40,927,447

Year-over-Year Comparison

	2024	2023	Change
Revenue	$35,289,216	$42,364,391	-0.2%
Expenses	$40,927,447	$38,488,548	+0.1%
Net Income	$-5,638,231	$3,875,843	-2.5%

Key Indicators

✓ Grants to Organizations ✗ Grants to Individuals ✗ Lobbying ✗ Political Activity ✗ Foreign Activities ✗ Donor Advised Fund ✗ Schedule B Required

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Financial Health Indicators

Comprehensive financial analysis: Altman Z-Score, liquidity, solvency, sustainability, efficiency, and growth metrics

Financial Distress Indicator

Liquidity & Cash Position

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Altman Z-Score • Liquidity Ratios • Solvency Analysis • Growth Indicators • Efficiency Metrics

Governance

Voting Members

Independent Members

Employees

565

Volunteers

Governance Policies

✓ Conflict of Interest Policy

✓ Whistleblower Policy

✓ Document Retention Policy

Special Practices & Reported Activities

✗ Operated a School

✗ Operated a Hospital

✗ Provided First Class Travel

✗ Reported Conflict of Interest

✗ Reported Asset Diversion

✗ Excess Benefit Transaction

✗ Made Political Expenditures

✗ Engaged in Lobbying

✗ Operated Donor Advised Fund

✗ Maintained Art Collections

✗ Filed Form 720

Compensation of Officers, Directors & Key Employees

Total Officers

$1,889,936

Total Directors

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
BARBARA O'HEA	MEMBER	1.00	Director	$0	$0	$0
BRAD CAVANAGH	MEMBER	1.00	Director	$0	$0	$0
CHAD WOLBERS	MEMBER	1.00	Director	$0	$0	$0
DANNY SPRANK	MEMBER	1.00	Director	$0	$0	$0
EMILY MCCREADY	TREASURER	5.00	Officer Director	$0	$0	$0
GARY DOLPHIN	MEMBER AT LARGE	5.00	Director	$0	$0	$0
HARLEY POTHOFF	MEMBER	1.00	Director	$0	$0	$0
HERBER RIEDEL	MEMBER	1.00	Director	$0	$0	$0
JAN POWER	MEMBER	1.00	Director	$0	$0	$0
KAY TAKES	SECRETARY	5.00	Officer Director	$0	$0	$0
KEVIN LYNCH	PAST CHAIR	5.00	Officer Director	$0	$0	$0
LORI THIELEN	1ST VICE CHAIR	5.00	Officer Director	$0	$0	$0
MICHAEL VAN MILLIGEN	CITY MANAGER	1.00	Officer Director	$0	$0	$0
MIKE DONOHUE	CHAIR	5.00	Officer Director	$0	$0	$0
MIKE FITZPATRICK	MEMBER	1.00	Director	$0	$0	$0
NICOLE GANTZ	MEMBER	1.00	Director	$0	$0	$0
PAULA WOLFE	MEMBER	1.00	Director	$0	$0	$0
RIC JONES	MEMBER	1.00	Director	$0	$0	$0
RICHARD DICKINSON	MEMBER AT LARGE	5.00	Director	$0	$0	$0
RON HERRIG	MEMBER	1.00	Director	$0	$0	$0
TYSON LEYENDECKER	2ND VICE CHAIR	5.00	Officer Director	$0	$0	$0
ALEX DIXON	CEO & PRESIDENT	60.00	Officer	$865,819	$29,216	$895,035
BRIAN RAKESTRAW	CFO & COO	60.00	Officer	$547,486	$49,902	$597,388
STACY KANSKY	CCO	50.00	Officer	$368,516	$28,997	$397,513
KATHY BUHR	DIRECTOR OF PHILANTHROPY &	50.00	Highest	$179,583	$29,130	$208,713
KEN HAUGEN	DIRECTOR OF HOTEL OPERATIONS	50.00	Highest	$143,715	$7,518	$151,233
LANCE CARNAHAN	VICE PRESIDENT OF OPERATIONS	50.00	Highest	$159,987	$22,943	$182,930
MILES BREED	DIRECTOR OF F&B	50.00	Highest	$163,901	$0	$163,901
TRESA HEBER	DIRECTOR OF FINANCE (TERMED 2024)	1.00	Highest	$202,710	$0	$202,710

Note: Compensation data is self-reported by the organization on their Form 990. "Reportable Comp" includes salary, bonuses, and other reportable compensation from the organization and related organizations. "Other Comp" includes benefits, deferred compensation, and non-taxable benefits.

Historical Data

Year	Revenue	Expenses	Assets	Net Income
2025	No data	No data	No data	No data
2024	$35,289,216	$40,927,447	$93,840,154	$-5,638,231
2023	$42,364,391	$38,488,548	$72,291,767	$3,875,843
2022	$43,273,258	$37,044,411	$63,024,044	$6,228,847
2021	$44,438,133	$43,170,438	$61,524,340	$1,267,695
2020	$29,067,241	$28,366,159	$56,519,036	$701,082
2019	$39,382,122	$37,710,795	$57,787,455	$1,671,327
2018	$38,478,705	$36,803,206	$57,889,927	$1,675,499