TY 2023 Form 990

(A) Name and title	(B) Average hours per week (list any hours for related organizations below dotted line)	(C) Position (do not check more than one box, unless person is both an officer and a director/trustee)	(E) Reportable compensation from related organizations (W-2/1099-MISC/1099-NEC)
(1) J Bret Toyne...................................................................... Executive Director	40.00 ................. 0.00		X		373,463	34,435
(2) Wayne Dolezal...................................................................... Deputy Executive Director	40.00 ................. 0.00			X	206,548	50,082
(3) Robert Nitz...................................................................... Director of Information Security	40.00 ................. 0.00			X	188,191	39,069
(4) Patricia Lantz...................................................................... General Counsel	40.00 ................. 0.00			X	174,305	43,025
(5) Dallas Beek...................................................................... Senior Developer	40.00 ................. 0.00			X	153,300	37,748
(6) Shannon Underwood...................................................................... Director of Finance	40.00 ................. 0.00			X	161,490	17,021
(7) Sue Dooley...................................................................... Director of Draws and Production	40.00 ................. 0.00			X	126,812	14,061
(8) Sharon Strong...................................................................... Board Member	0.00 ................. 40.00	X			0	0
(9) Alec Esteban Thomson...................................................................... Board Member	0.00 ................. 40.00	X			0	0
(10) Tom Seaver...................................................................... Board Member	0.00 ................. 40.00	X			0	0
(11) Frank Suarez...................................................................... Board Member	0.00 ................. 40.00	X			0	0
(12) Eugene Vlasenko...................................................................... Board Member	0.00 ................. 40.00	X			0	0
(13) Helene Keeley...................................................................... Board Member	0.00 ................. 40.00	X			0	0
(14) John Davis...................................................................... Board Member	0.00 ................. 40.00	X			0	0
(15) Matt Strawn...................................................................... Board Member	0.00 ................. 40.00	X			0	0
(16) Andrew Arulandandam...................................................................... Board Member	0.00 ................. 40.00	X			0	0
(17) Sarah Taylor...................................................................... Board Member	0.00 ................. 40.00	X			0	0

(A) Name and title	(B) Average hours per week (list any hours for related organizations below dotted line)	(C) Position (do not check more than one box, unless person is both an officer and a director/trustee)
(18) Stephen Durrell........................................................................ Board Member	0.00 .......................40.00	X
(19) Mary Harville........................................................................ Board Member	0.00 .......................40.00	X
(20) Rose Hudson........................................................................ Board Member	0.00 .......................40.00	X
(21) Michael Boardman........................................................................ Board Member	0.00 .......................40.00	X
(22) Adam Prock........................................................................ Board Member	0.00 .......................40.00	X
(23) Lester Elder........................................................................ Board Member	0.00 .......................40.00	X
(24) Jeff Hewitt........................................................................ Board Member	0.00 .......................40.00	X
(25) Bob Brown........................................................................ Board Member	0.00 .......................40.00	X
(26) Mark Michalko........................................................................ Board Member	0.00 .......................40.00	X
(27) Lance Gaebe........................................................................ Board Member	0.00 .......................40.00	X
(28) Brian Rockey........................................................................ Board Member	0.00 .......................40.00	X
(29) Charlie McIntyre........................................................................ Board Member	0.00 .......................40.00	X
(30) David Barden........................................................................ Board Member	0.00 .......................40.00	X
(31) Gweneth Dean........................................................................ Board Member	0.00 .......................40.00	X
(32) Jay Finks........................................................................ Board Member	0.00 .......................40.00	X
(33) Mike Wells........................................................................ Board Member	0.00 .......................40.00	X
(34) Drew Svitko........................................................................ Board Member	0.00 .......................40.00	X
(35) John Martin........................................................................ Board Member	0.00 .......................40.00	X
(36) Jayson Torres........................................................................ Board Member	0.00 .......................40.00	X
(37) Mark Furcolo........................................................................ Board Member	0.00 .......................40.00	X
(38) Dolly Garfield........................................................................ Board Member	0.00 .......................40.00	X
(39) Norm Lingle........................................................................ Board Member	0.00 .......................40.00	X
(40) Rebecca Paul........................................................................ Board Member	0.00 .......................40.00	X
(41) Ryan Mindell........................................................................ Board Member	0.00 .......................40.00	X
(42) Raymond Williams........................................................................ Board Member	0.00 .......................40.00	X
(43) Andrew Collier........................................................................ Board Member	0.00 .......................40.00	X
(44) Cindy Polzin........................................................................ Board Member	0.00 .......................40.00	X
(45) John Myers........................................................................ Board Member	0.00 .......................40.00	X
(46) Jon Clontz........................................................................ Board Member	0.00 .......................40.00	X

(A) Name and business address	(B) Description of services	(C) Compensation
PMA Asset Management LLC 2135 City Gate Drive 7th Floor Naperville,IL60563	Investment management services	458,273
Mike Vasilinda Productions Inc 311 N Adams St Tallahassee,FL32301	Studio production services	355,168
Lotto Research 60 Mohr Rd Burlington,NJ08016	Market research	279,900
Faegre Drinker Biddle & Reath LLP NW 6139 Minneapolis,MN55485	Legal services	125,877
Dorsey & Whitney LLP 801 Grand Suite 4100 Des Moines,IA50309	Legal services	123,275
2 Total number of independent contractors (including but not limited to those listed above) who received more than $100,000 of compensation from the organization 6

- TIN:

SCHEDULE A
(Form 990)

Department of the Treasury
Internal Revenue Service

Public Charity Status and Public Support

Complete if the organization is a section 501(c)(3) organization or a section 4947(a)(1) nonexempt charitable trust.
right arrow

Attach to Form 990 or Form 990-EZ.
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Go to www.irs.gov/Form990 for instructions and the latest information.

OMB No. 1545-0047

2023

Open to Public
Inspection

Name of the organization

MULTI-STATE LOTTERY ASSOCIATION

Employer identification number

42-1302701

Part I

Reason for Public Charity Status (All organizations must complete this part.) See instructions.

The organization is not a private foundation because it is: (For lines 1 through 12, check only one box.)

A church, convention of churches, or association of churches described in section 170(b)(1)(A)(i).

A school described in section 170(b)(1)(A)(ii). (Attach Schedule E (Form 990).)

A hospital or a cooperative hospital service organization described in section 170(b)(1)(A)(iii).

A medical research organization operated in conjunction with a hospital described in section 170(b)(1)(A)(iii). Enter the hospital's name, city, and state:

An organization operated for the benefit of a college or university owned or operated by a governmental unit described in section 170(b)(1)(A)(iv). (Complete Part II.)

A federal, state, or local government or governmental unit described in section 170(b)(1)(A)(v).

An organization that normally receives a substantial part of its support from a governmental unit or from the general public described in section 170(b)(1)(A)(vi). (Complete Part II.)

A community trust described in section 170(b)(1)(A)(vi). (Complete Part II.)

An agricultural research organization described in 170(b)(1)(A)(ix) operated in conjunction with a land-grant college or university or a non-land grant college of agriculture. See instructions. Enter the name, city, and state of the college or university:

An organization that normally receives: (1) more than 33 1/3% of its support from contributions, membership fees, and gross receipts from activities related to its exempt functions—subject to certain exceptions, and (2) no more than 33 1/3% of its support from gross investment income and unrelated business taxable income (less section 511 tax) from businesses acquired by the organization after June 30, 1975. See section 509(a)(2). (Complete Part III.)

An organization organized and operated exclusively to test for public safety. See section 509(a)(4).

An organization organized and operated exclusively for the benefit of, to perform the functions of, or to carry out the purposes of one or more publicly supported organizations described in section 509(a)(1) or section 509(a)(2). See section 509(a)(3). Check the box on lines 12a through 12d that describes the type of supporting organization and complete lines 12e, 12f, and 12g.

Type I. A supporting organization operated, supervised, or controlled by its supported organization(s), typically by giving the supported organization(s) the power to regularly appoint or elect a majority of the directors or trustees of the supporting organization. You must complete Part IV, Sections A and B.

Type II. A supporting organization supervised or controlled in connection with its supported organization(s), by having control or management of the supporting organization vested in the same persons that control or manage the supported organization(s). You must complete Part IV, Sections A and C.

Type III functionally integrated. A supporting organization operated in connection with, and functionally integrated with, its supported organization(s) (see instructions). You must complete Part IV, Sections A, D, and E.

Type III non-functionally integrated. A supporting organization operated in connection with its supported organization(s) that is not functionally integrated. The organization generally must satisfy a distribution requirement and an attentiveness requirement (see instructions). You must complete Part IV, Sections A and D, and Part V.

Check this box if the organization received a written determination from the IRS that it is a Type I, Type II, Type III functionally integrated, or Type III non-functionally integrated supporting organization.

Enter the number of supported organizations ...............................

Provide the following information about the supported organization(s).

(i) Name of supported organization	(ii) EIN	(iv) Is the organization listed in your governing document?		(v) Amount of monetary support (see instructions)	(vi) Amount of other support (see instructions)
(i) Name of supported organization	(ii) EIN	Yes	No	(v) Amount of monetary support (see instructions)	(vi) Amount of other support (see instructions)


Total

For Paperwork Reduction Act Notice, see the Instructions for
Form 990 or 990-EZ.

Cat. No. 11285F

Schedule A (Form 990) 2023

Page 2

Part II

Support Schedule for Organizations Described in Sections 170(b)(1)(A)(iv) and 170(b)(1)(A)(vi)
(Complete only if you checked the box on line 5, 7, or 8 of Part I or if the organization failed to qualify under Part III. If the organization failed to qualify under the tests listed below, please complete Part III.)

Section A. Public Support

Calendar year (or fiscal year beginning in)		(a) 2019	(b) 2020	(c) 2021	(d) 2022	(e) 2023	(f) Total
1	Gifts, grants, contributions, and membership fees received. (Do not include any "unusual grant.") ..	0	1,141,993	0	4,244,014	96,778	5,482,785
2	Tax revenues levied for the organization's benefit and either paid to or expended on its behalf ....	0	0	0	0	0	0
3	The value of services or facilities furnished by a governmental unit to the organization without charge..	0	0	0	0	0	0
4	Total. Add lines 1 through 3	0	1,141,993	0	4,244,014	96,778	5,482,785
5	The portion of total contributions by each person (other than a governmental unit or publicly supported organization) included on line 1 that exceeds 2% of the amount shown on line 11, column (f) ..
6	Public support. Subtract line 5 from line 4.						5,482,785

Section B. Total Support

Calendar year (or fiscal year beginning in)		(a) 2019	(b) 2020	(c) 2021	(d) 2022	(e) 2023	(f) Total
7	Amounts from line 4..	0	1,141,993	0	4,244,014	96,778	5,482,785
8	Gross income from interest, dividends, payments received on securities loans, rents, royalties and income from similar sources...	7,044,561	818,386	1,621,131	25,411,137	44,030,567	78,925,782
9	Net income from unrelated business activities, whether or not the business is regularly carried on..	104,828	94,128	332,225	859,557	1,014,202	2,404,940
10	Other income. Do not include gain or loss from the sale of capital assets (Explain in Part VI.)..	355,378	411,726	678,978	414,775	456,734	2,317,591
11	Total support. Add lines 7 through 10						89,131,098

Gross receipts from related activities, etc. (see instructions) ..................

61,021,137

First 5 years. If the Form 990 is for the organization's first, second, third, fourth, or fifth tax year as a section 501(c)(3) organization, check this box and stop here ........................................ right arrow

Section C. Computation of Public Support Percentage

Public support percentage for 2023 (line 6, column (f) divided by line 11, column (f)) .........

6.15 %

Public support percentage for 2022 Schedule A, Part II, line 14 ...............

9.40 %

16a

33 1/3% support test—2023. If the organization did not check the box on line 13, and line 14 is 33 1/3% or more, check this box
and stop here. The organization qualifies as a publicly supported organization ....................... right arrow

33 1/3% support test—2022. If the organization did not check a box on line 13 or 16a, and line 15 is 33 1/3% or more, check this
box and stop here. The organization qualifies as a publicly supported organization ..................... right arrow

17a

10%-facts-and-circumstances test—2023. If the organization did not check a box on line 13, 16a, or 16b, and line 14 is 10% or more, and if the organization meets the "facts-and-circumstances" test, check this box and stop here. Explain in Part VI how the organization meets the "facts-and-circumstances" test. The organization qualifies as a publicly supported organization ............ right arrow

10%-facts-and-circumstances test—2022. If the organization did not check a box on line 13, 16a, 16b, or 17a, and line 15 is 10% or more, and if the organization meets the "facts-and-circumstances" test, check this box and stop here. Explain in Part VI how the organization meets the "facts-and-circumstances" test. The organization qualifies as a publicly supported organization ............ right arrow

Private foundation. If the organization did not check a box on line 13, 16a, 16b, 17a, or 17b, check this box and see
instructions ..................................................... right arrow

Schedule A (Form 990) 2023

Page 3

Part III

Support Schedule for Organizations Described in Section 509(a)(2)
(Complete only if you checked the box on line 10 of Part I or if the organization failed to qualify under Part II. If the organization fails to qualify under the tests listed below, please complete Part II.)

Section A. Public Support

Calendar year (or fiscal year beginning in)		(a) 2019	(b) 2020	(c) 2021	(d) 2022	(e) 2023	(f) Total
1	Gifts, grants, contributions, and membership fees received. (Do not include any "unusual grants.") .
2	Gross receipts from admissions, merchandise sold or services performed, or facilities furnished in any activity that is related to the organization's tax-exempt purpose
3	Gross receipts from activities that are not an unrelated trade or business under section 513 .....
4	Tax revenues levied for the organization's benefit and either paid to or expended on its behalf...
5	The value of services or facilities furnished by a governmental unit to the organization without charge
6	Total. Add lines 1 through 5
7a	Amounts included on lines 1, 2, and 3 received from disqualified persons
b	Amounts included on lines 2 and 3 received from other than disqualified persons that exceed the greater of $5,000 or 1% of the amount on line 13 for the year.
c	Add lines 7a and 7b..
8	Public support. (Subtract line 7c from line 6.)

Section B. Total Support

Calendar year (or fiscal year beginning in)		(a) 2019	(b) 2020	(c) 2021	(d) 2022	(e) 2023	(f) Total
9	Amounts from line 6...
10a	Gross income from interest, dividends, payments received on securities loans, rents, royalties and income from similar sources..
b	Unrelated business taxable income (less section 511 taxes) from businesses acquired after June 30, 1975.
c	Add lines 10a and 10b.
11	Net income from unrelated business activities not included on line 10b, whether or not the business is regularly carried on.
12	Other income. Do not include gain or loss from the sale of capital assets (Explain in Part VI.) ..
13	Total support. (Add lines 9, 10c, 11, and 12.)..

First 5 years. If the Form 990 is for the organization's first, second, third, fourth, or fifth tax year as a section 501(c)(3) organization, check this box and stop here................................................. right arrow

Section C. Computation of Public Support Percentage

Public support percentage for 2023 (line 8, column (f) divided by line 13, column (f)) .........

Public support percentage from 2022 Schedule A, Part III, line 15 ...............

Section D. Computation of Investment Income Percentage

Investment income percentage for 2023 (line 10c, column (f) divided by line 13, column (f)) ......

Investment income percentage from 2022 Schedule A, Part III, line 17 .............

19a

33 1/3% support tests-2023. If the organization did not check the box on line 14, and line 15 is more than 33 1/3%, and line 17 is not more than 33 1/3%, check this box and stop here. The organization qualifies as a publicly supported organization ....... right arrow

33 1/3 % support tests—2022. If the organization did not check a box on line 14 or line 19a, and line 16 is more than 33 1/3% and line 18 is not more than 33 1/3%, check this box and stop here. The organization qualifies as a publicly supported organization ..... right arrow

Private foundation. If the organization did not check a box on line 14, 19a, or 19b, check this box and see instructions .... right arrow

Schedule A (Form 990) 2023

Page 4

Part IV

Supporting Organizations

(Complete only if you checked a box on line 12 of Part I. If you checked box 12a, of Part I, complete Sections A and B. If you checked box 12b, of Part I, complete Sections A and C. If you checked box 12c, of Part I, complete Sections A, D, and E. If you checked box12d, of Part I, complete Sections A and D, and complete Part V.)

Section A. All Supporting Organizations

Yes

Are all of the organization’s supported organizations listed by name in the organization’s governing documents?
If "No," describe in Part VI how the supported organizations are designated. If designated by class or purpose,
describe the designation. If historic and continuing relationship, explain.

Did the organization have any supported organization that does not have an IRS determination of status under section 509(a)(1) or (2)? If "Yes," explain in Part VI how the organization determined that the supported organization was described in section 509(a)(1) or (2).

Did the organization have a supported organization described in section 501(c)(4), (5), or (6)? If "Yes," answer lines 3b and 3c below.

Did the organization confirm that each supported organization qualified under section 501(c)(4), (5), or (6) and satisfied the public support tests under section 509(a)(2)? If "Yes," describe in Part VI when and how the organization made the determination.

Did the organization ensure that all support to such organizations was used exclusively for section 170(c)(2)(B) purposes? If "Yes," explain in Part VI what controls the organization put in place to ensure such use.

Was any supported organization not organized in the United States ("foreign supported organization")? If “Yes” and if you checked box 12a or 12b in Part I, answer lines 4b and 4c below.

Did the organization have ultimate control and discretion in deciding whether to make grants to the foreign supported organization? If “Yes,” describe in Part VI how the organization had such control and discretion despite being controlled or supervised by or in connection with its supported organizations.

Did the organization support any foreign supported organization that does not have an IRS determination under sections 501(c)(3) and 509(a)(1) or (2)? If “Yes,” explain in Part VI what controls the organization used to ensure that all support to the foreign supported organization was used exclusively for section 170(c)(2)(B) purposes.

Did the organization add, substitute, or remove any supported organizations during the tax year? If “Yes,” answer lines 5b and 5c below (if applicable). Also, provide detail in Part VI, including (i) the names and EIN numbers of the supported organizations added, substituted, or removed; (ii) the reasons for each such action; (iii) the authority under the organization's organizing document authorizing such action; and (iv) how the action was accomplished (such as by amendment to the organizing document).

Type I or Type II only. Was any added or substituted supported organization part of a class already designated in the organization's organizing document?

Substitutions only. Was the substitution the result of an event beyond the organization's control?

Did the organization provide support (whether in the form of grants or the provision of services or facilities) to anyone other than (i) its supported organizations, (ii) individuals that are part of the charitable class benefited by one or more of its supported organizations, or (iii) other supporting organizations that also support or benefit one or more of the filing organization’s supported organizations? If “Yes,” provide detail in Part VI.

Did the organization provide a grant, loan, compensation, or other similar payment to a substantial contributor (defined in section 4958(c)(3)(C)), a family member of a substantial contributor, or a 35% controlled entity with regard to a substantial contributor? If “Yes,” complete Part I of Schedule L (Form 990) .

Did the organization make a loan to a disqualified person (as defined in section 4958) not described on line 7? If “Yes,” complete Part I of Schedule L (Form 990).

Was the organization controlled directly or indirectly at any time during the tax year by one or more disqualified persons, as defined in section 4946 (other than foundation managers and organizations described in section 509(a)(1) or (2))? If “Yes,” provide detail in Part VI.

Did one or more disqualified persons (as defined on line 9a) hold a controlling interest in any entity in which the supporting organization had an interest? If “Yes,” provide detail in Part VI.

Did a disqualified person (as defined on line 9a) have an ownership interest in, or derive any personal benefit from, assets in which the supporting organization also had an interest? If “Yes,” provide detail in Part VI.

10a

Was the organization subject to the excess business holdings rules of section 4943 because of section 4943(f) (regarding certain Type II supporting organizations, and all Type III non-functionally integrated supporting organizations)? If “Yes,” answer line 10b below.

10a

Did the organization have any excess business holdings in the tax year? (Use Schedule C, Form 4720, to determine whether the organization had excess business holdings).

10b

Schedule A (Form 990) 2023

Page 5

Part IV

Supporting Organizations (continued)

Yes

Has the organization accepted a gift or contribution from any of the following persons?

A person who directly or indirectly controls, either alone or together with persons described on lines 11b and 11c below, the governing body of a supported organization?

11a

A family member of a person described on 11a above?

11b

A 35% controlled entity of a person described on line 11a or 11b above? If “Yes” to 11a, 11b, or 11c, provide detail in Part VI.

11c

Section B. Type I Supporting Organizations

Yes

Did the officers, directors, trustees, or membership of one or more supported organizations have the power to regularly appoint or elect at least a majority of the organization’s directors or trustees at all times during the tax year? If “No,” describe in Part VI how the supported organization(s) effectively operated, supervised, or controlled the organization’s activities. If the organization had more than one supported organization, describe how the powers to appoint and/or remove directors or trustees were allocated among the supported organizations and what conditions or restrictions, if any, applied to such powers during the tax year.

Did the organization operate for the benefit of any supported organization other than the supported organization(s) that operated, supervised, or controlled the supporting organization? If “Yes,” explain in Part VI how providing such benefit carried out the purposes of the supported organization(s) that operated, supervised or controlled the supporting organization.

Section C. Type II Supporting Organizations

Yes

Were a majority of the organization’s directors or trustees during the tax year also a majority of the directors or trustees of each of the organization’s supported organization(s)? If “No,” describe in Part VI how control or management of the supporting organization was vested in the same persons that controlled or managed the supported organization(s).

Section D. All Type III Supporting Organizations

Yes

Did the organization provide to each of its supported organizations, by the last day of the fifth month of the organization’s tax year, (i) a written notice describing the type and amount of support provided during the prior tax year, (ii) a copy of the Form 990 that was most recently filed as of the date of notification, and (iii) copies of the organization’s governing documents in effect on the date of notification, to the extent not previously provided?

Were any of the organization’s officers, directors, or trustees either (i) appointed or elected by the supported organization(s) or (ii) serving on the governing body of a supported organization? If "No," explain in Part VI how the organization maintained a close and continuous working relationship with the supported organization(s).

By reason of the relationship described in line 2 above, did the organization’s supported organizations have a significant voice in the organization’s investment policies and in directing the use of the organization’s income or assets at all times during the tax year? If "Yes," describe in Part VI the role the organization’s supported organizations played in this regard.

Section E. Type III Functionally-Integrated Supporting Organizations

Check the box next to the method that the organization used to satisfy the Integral Part Test during the year (see instructions):

The organization satisfied the Activities Test. Complete line 2 below.

The organization is the parent of each of its supported organizations. Complete line 3 below.

The organization supported a governmental entity. Describe in Part VI how you supported a government entity (see instructions)

Activities Test. Answer lines 2a and 2b below.

Yes

Did substantially all of the organization’s activities during the tax year directly further the exempt purposes of the supported organization(s) to which the organization was responsive? If "Yes," then in Part VI identify those supported organizations and explain how these activities directly furthered their exempt purposes, how the organization was responsive to those supported organizations, and how the organization determined that these activities constituted substantially all of its activities.

Did the activities described on line 2a, above constitute activities that, but for the organization’s involvement, one or more of the organization’s supported organization(s) would have been engaged in? If "Yes," explain in Part VI the reasons for the organization’s position that its supported organization(s) would have engaged in these activities but for the organization’s involvement.

Parent of Supported Organizations. Answer lines 3a and 3b below.

Did the organization have the power to regularly appoint or elect a majority of the officers, directors, or trustees of each of the supported organizations?If "Yes" or "No", provide details in Part VI.

Did the organization exercise a substantial degree of direction over the policies, programs and activities of each of its supported organizations? If "Yes," describe in Part VI. the role played by the organization in this regard.

Schedule A (Form 990) 2023

Page 6

Part V

Type III Non-Functionally Integrated 509(a)(3) Supporting Organizations

Check here if the organization satisfied the Integral Part Test as a qualifying trust on Nov. 20, 1970 (explain in Part VI). See instructions. All other Type III non-functionally integrated supporting organizations must complete Sections A through E.

	Section A - Adjusted Net Income		(A) Prior Year	(B) Current Year (optional)
1	Net short-term capital gain	1
2	Recoveries of prior-year distributions	2
3	Other gross income (see instructions)	3
4	Add lines 1 through 3	4
5	Depreciation and depletion	5
6	Portion of operating expenses paid or incurred for production or collection of gross income or for management, conservation, or maintenance of property held for production of income (see instructions)	6
7	Other expenses (see instructions)	7
8	Adjusted Net Income (subtract lines 5, 6 and 7 from line 4)	8

	Section B - Minimum Asset Amount		(A) Prior Year	(B) Current Year (optional)
1	Aggregate fair market value of all non-exempt-use assets (see instructions for short tax year or assets held for part of year):	1
a	Average monthly value of securities	1a
b	Average monthly cash balances	1b
c	Fair market value of other non-exempt-use assets	1c
d	Total (add lines 1a, 1b, and 1c)	1d
e	Discount claimed for blockage or other factors (explain in detail in Part VI):
2	Acquisition indebtedness applicable to non-exempt use assets	2
3	Subtract line 2 from line 1d	3
4	Cash deemed held for exempt use. Enter 0.015 of line 3 (for greater amount, see instructions).	4
5	Net value of non-exempt-use assets (subtract line 4 from line 3)	5
6	Multiply line 5 by 0.035	6
7	Recoveries of prior-year distributions	7
8	Minimum Asset Amount (add line 7 to line 6)	8

	Section C - Distributable Amount		Current Year
1	Adjusted net income for prior year (from Section A, line 8, Column A)	1
2	Enter 85% of line 1	2
3	Minimum asset amount for prior year (from Section B, line 8, Column A)	3
4	Enter greater of line 2 or line 3	4
5	Income tax imposed in prior year	5
6	Distributable Amount. Subtract line 5 from line 4, unless subject to emergency temporary reduction (see instructions)	6

Check here if the current year is the organization's first as a non-functionally-integrated Type III supporting organization (see instructions)

Schedule A (Form 990) 2023

Page 7

Part V

Type III Non-Functionally Integrated 509(a)(3) Supporting Organizations(continued)

Section D - Distributions		Current Year
1 Amounts paid to supported organizations to accomplish exempt purposes	1
2 Amounts paid to perform activity that directly furthers exempt purposes of supported organizations, in excess of income from activity	2
3 Administrative expenses paid to accomplish exempt purposes of supported organizations	3
4 Amounts paid to acquire exempt-use assets	4
5 Qualified set-aside amounts (prior IRS approval required - provide details in Part VI)	5
6 Other distributions (describe in Part VI). See instructions	6
7Total annual distributions. Add lines 1 through 6.	7
8 Distributions to attentive supported organizations to which the organization is responsive (provide details in Part VI). See instructions	8
9 Distributable amount for 2023 from Section C, line 6	9
10 Line 8 amount divided by Line 9 amount	10

Section E - Distribution Allocations (see instructions)		(i) Excess Distributions	(ii) Underdistributions Pre-2023	(iii) Distributable Amount for 2023
1 Distributable amount for 2023 from Section C, line 6
2 Underdistributions, if any, for years prior to 2023 (reasonable cause required-- explain in Part VI). See instructions.
3 Excess distributions carryover, if any, to 2023:
a From 2018.......
b From 2019.......
c From 2020.......
d From 2021.......
e From 2022.......
fTotal of lines 3a through e
g Applied to underdistributions of prior years
h Applied to 2023 distributable amount
i Carryover from 2018 not applied (see instructions)
j Remainder. Subtract lines 3g, 3h, and 3i from line 3f.
4Distributions for 2023 from Section D, line 7:
$
a Applied to underdistributions of prior years
b Applied to 2023 distributable amount
c Remainder. Subtract lines 4a and 4b from line 4.
5 Remaining underdistributions for years prior to 2023, if any. Subtract lines 3g and 4a from line 2. If the amount is greater than zero, explain in Part VI. See instructions.
6 Remaining underdistributions for 2023. Subtract lines 3h and 4b from line 1. If the amount is greater than zero, explain in Part VI. See instructions.
7 Excess distributions carryover to 2024. Add lines 3j and 4c.
8 Breakdown of line 7:
a Excess from 2019.....
b Excess from 2020.....
c Excess from 2021.....
d Excess from 2022.....
e Excess from 2023.....

Schedule A (Form 990) (2023)

Schedule A (Form 990) 2023

Page 8

Part VI

Supplemental Information. Provide the explanations required by Part II, line 10; Part II, line 17a or 17b; Part III, line 12; Part IV, Section A, lines 1, 2, 3b, 3c, 4b, 4c, 5a, 6, 9a, 9b, 9c, 11a, 11b, and 11c; Part IV, Section B, lines 1 and 2; Part IV, Section C, line 1; Part IV, Section D, lines 2 and 3; Part IV, Section E, lines 1c, 2a, 2b, 3a and 3b; Part V, line 1; Part V, Section B, line 1e; Part V Section D, lines 5, 6, and 8; and Part V, Section E, lines 2, 5, and 6. Also complete this part for any additional information. (See instructions).

Facts And Circumstances Test

Return Reference	Explanation
Part II - Line 10	\| Year:, Amount:, Description:\| 2019, 355378, Miscellaneous revenue from related contracted services\| 2020, 411726Miscellaneous revenue from related contracted services.\| 2021, 678978Miscellaneous revenue from related contracted services\| 2022, 414775Miscellaneous revenue from related contracted services\| 2023, 456734Miscellaneous revenue from related contracted services\|

Schedule A (Form 990) 2023

Additional Data

Software ID:
Software Version:

- TIN:

SCHEDULE D
(Form 990)

Department of the Treasury
Internal Revenue Service

Supplemental Financial Statements

Complete if the organization answered "Yes," on Form 990,
Part IV, line 6, 7, 8, 9, 10, 11a, 11b, 11c, 11d, 11e, 11f, 12a, or 12b.
right arrow

Attach to Form 990.
right arrow

Go to www.irs.gov/Form990 for instructions and the latest information.

OMB No. 1545-0047

2022

Open to Public Inspection

Name of the organization

MULTI-STATE LOTTERY ASSOCIATION

Employer identification number

42-1302701

Part I

Organizations Maintaining Donor Advised Funds or Other Similar Funds or Accounts. Complete if the organization answered "Yes" on Form 990, Part IV, line 6.

		(a) Donor advised funds	(b) Funds and other accounts
1	Total number at end of year .........
2	Aggregate value of contributions to (during year)
3	Aggregate value of grants from (during year)
4	Aggregate value at end of year ........

Did the organization inform all donors and donor advisors in writing that the assets held in donor advised funds are the organization’s property, subject to the organization’s exclusive legal control? ............

Yes No

Did the organization inform all grantees, donors, and donor advisors in writing that grant funds can be used only for charitable purposes and not for the benefit of the donor or donor advisor, or for any other purpose conferring impermissible private benefit? ...................................

Yes No

Part II

Conservation Easements.
Complete if the organization answered "Yes" on Form 990, Part IV, line 7.

Purpose(s) of conservation easements held by the organization (check all that apply).

Preservation of land for public use (e.g., recreation or education) Preservation of an historically important land area

Protection of natural habitat Preservation of a certified historic structure

Preservation of open space

Complete lines 2a through 2d if the organization held a qualified conservation contribution in the form of a conservation easement on the last day of the tax year.


a	Total number of conservation easements ......................	2a
b	Total acreage restricted by conservation easements ....................	2b
c	Number of conservation easements on a certified historic structure included in (a) .....	2c
d	Number of conservation easements included in (c) acquired after July 25, 2006, and not on a historic structure listed in the National Register ...	2d

Number of conservation easements modified, transferred, released, extinguished, or terminated by the organization during the
tax year right arrow

Number of states where property subject to conservation easement is located right arrow

Does the organization have a written policy regarding the periodic monitoring, inspection, handling of violations, and enforcement of the conservation easements it holds? ............

Yes No

Staff and volunteer hours devoted to monitoring, inspecting, handling of violations, and enforcing conservation easements during the year
right arrow

Amount of expenses incurred in monitoring, inspecting, handling of violations, and enforcing conservation easements during the year
right arrow

Does each conservation easement reported on line 2(d) above satisfy the requirements of section 170(h)(4)(B)(i) and section 170(h)(4)(B)(ii)? .............................

Yes No

In Part XIII, describe how the organization reports conservation easements in its revenue and expense statement, and
balance sheet, and include, if applicable, the text of the footnote to the organization’s financial statements that describes
the organization’s accounting for conservation easements.

Part III

Organizations Maintaining Collections of Art, Historical Treasures, or Other Similar Assets.
Complete if the organization answered "Yes" on Form 990, Part IV, line 8.

If the organization elected, as permitted under FASB ASC 958, not to report in its revenue statement and balance sheet works of art, historical treasures, or other similar assets held for public exhibition, education, or research in furtherance of public service, provide, in Part XIII, the text of the footnote to its financial statements that describes these items.

If the organization elected, as permitted under FASB ASC 958, to report in its revenue statement and balance sheet works of art, historical treasures, or other similar assets held for public exhibition, education, or research in furtherance of public service, provide the following amounts relating to these items:

(i)

Revenue included on Form 990, Part VIII, line 1 ......................... right arrow

(ii)

Assets included in Form 990, Part X ............................... right arrow

If the organization received or held works of art, historical treasures, or other similar assets for financial gain, provide the
following amounts required to be reported under FASB ASC 958 relating to these items:

Revenue included on Form 990, Part VIII, line 1 .......................... right arrow

Assets included in Form 990, Part X ............................... right arrow

For Paperwork Reduction Act Notice, see the Instructions for Form 990.

Cat. No. 52283D

Schedule D (Form 990) 2022

Page 2

Part III

Organizations Maintaining Collections of Art, Historical Treasures, or Other Similar Assets (continued)

Using the organization’s acquisition, accession, and other records, check any of the following that are a significant use of its collection items (check all that apply):

Public exhibition

Loan or exchange programs

Scholarly research

Other

Preservation for future generations

Provide a description of the organization’s collections and explain how they further the organization’s exempt purpose in
Part XIII.

During the year, did the organization solicit or receive donations of art, historical treasures or other similar
assets to be sold to raise funds rather than to be maintained as part of the organization’s collection?...

Yes No

Part IV

Escrow and Custodial Arrangements. Complete if the organization answered "Yes" on Form 990, Part IV, line 9, or reported an amount on Form 990, Part X, line 21.

Is the organization an agent, trustee, custodian or other intermediary for contributions or other assets not
included on Form 990, Part X? ....................................

Yes No


b	If "Yes," explain the arrangement in Part XIII and complete the following table:		Amount
c	Beginning balance .............................	1c
d	Additions during the year ............................	1d
e	Distributions during the year ..........................	1e
f	Ending balance ................................	1f

Did the organization include an amount on Form 990, Part X, line 21, for escrow or custodial account liability? ...

Yes No

If "Yes," explain the arrangement in Part XIII. Check here if the explanation has been provided in Part XIII ....

Part V

Endowment Funds.
Complete if the organization answered "Yes" on Form 990, Part IV, line 10.

		(a) Current year	(b) Prior year	(c) Two years back	(d) Three years back	(e) Four years back

1a	Beginning of year balance ....
b	Contributions ...
c	Net investment earnings, gains, and losses
d	Grants or scholarships ...
e	Other expenditures for facilities and programs ...
f	Administrative expenses ....
g	End of year balance ......

Provide the estimated percentage of the current year end balance (line 1g, column (a)) held as:

Board designated or quasi-endowment right arrow

Permanent endowment right arrow

Term endowment right arrow

The percentages on lines 2a, 2b, and 2c should equal 100%.

Are there endowment funds not in the possession of the organization that are held and administered for the
organization by:

Yes

(i) Unrelated organizations .................

3a(i)

(ii) Related organizations .................

3a(ii)

If "Yes" on 3a(ii), are the related organizations listed as required on Schedule R? .........

Describe in Part XIII the intended uses of the organization's endowment funds.

Part VI

Land, Buildings, and Equipment.
Complete if the organization answered "Yes" on Form 990, Part IV, line 11a. See Form 990, Part X, line 10.

Description of property		(a) Cost or other basis (investment)	(b) Cost or other basis (other)	(c) Accumulated depreciation	(d) Book value

1a	Land .....	0	0		0
b	Buildings ....	0	0	0	0
c	Leasehold improvements	1,052,847	0	225,456	827,391
d	Equipment ....	2,700,658	0	2,696,246	4,412
e	Other .....	0	0	0	0
Total. Add lines 1a through 1e. (Column (d) must equal Form 990, Part X, column (B), line 10(c).)..					831,803

Schedule D (Form 990) 2022

Page 3

Part VII

Investments - Other Securities.
Complete if the organization answered "Yes" on Form 990, Part IV, line 11b. See Form 990, Part X, line 12.

(a) Description of security or category (including name of security)	(b) Book value	(c) Method of valuation: Cost or end-of-year market value
(1) Financial derivatives.........	395,636,404	F
(2) Closely-held equity interests........	0	C
(3)Other
(A)
(B)
(C)
(D)
(E)
(F)
(G)
(H)
Total. (Column (b) must equal Form 990, Part X, col. (B) line 12.)	395,636,404

Part VIII

Investments - Program Related. Complete if the organization answered 'Yes' on Form 990, Part IV, line 11c. See Form 990, Part X, line 13.

(a) Description of investment	(b) Book value	(c) Method of valuation: Cost or end-of-year market value

(1)
(2)
(3)
(4)
(5)
(6)
(7)
(8)
(9)
Total. (Column (b) must equal Form 990, Part X, col.(B) line 13.)

Part IX

Other Assets.
Complete if the organization answered 'Yes' on Form 990, Part IV, line 11d. See Form 990, Part X, line 15.

(a) Description				(b) Book value

(1)
(2)
(3)
(4)
(5)
(6)
(7)
(8)
(9)
Total. (Column (b) must equal Form 990, Part X, col.(B) line 15.)...........

Part X

Other Liabilities.
Complete if the organization answered 'Yes' on Form 990, Part IV, line 11e or 11f. See Form 990, Part X, line 25.

1.(a) Description of liability	(b) Book value
(1) Federal income taxes
Future prize liability	707,020,344
Operating lease liability	593,610







Total. (Column (b) must equal Form 990, Part X, col.(B) line 25.)	707,613,954
2. Liability for uncertain tax positions. In Part XIII, provide the text of the footnote to the organization's financial statements that reports the organization's liability for uncertain tax positions under FIN 48 (ASC 740). Check here if the text of the footnote has been provided in Part XIII

Schedule D (Form 990) 2022

Page 4

Part XI Reconciliation of Revenue per Audited Financial Statements With Revenue per Return. Complete if the organization answered 'Yes' on Form 990, Part IV, line 12a.
1	Total revenue, gains, and other support per audited financial statements .......			1	45,604,280
2	Amounts included on line 1 but not on Form 990, Part VIII, line 12:
a	Net unrealized gains (losses) on investments ....	2a	0
b	Donated services and use of facilities .........	2b	0
c	Recoveries of prior year grants ...........	2c	0
d	Other (Describe in Part XIII.) ...........	2d	0
e	Add lines 2a through 2d .....................			2e	0
3	Subtract line 2e from line 1..................			3	45,604,280
4	Amounts included on Form 990, Part VIII, line 12, but not on line 1:
a	Investment expenses not included on Form 990, Part VIII, line 7b .	4a	0
b	Other (Describe in Part XIII.) ...........	4b	0
c	Add lines 4a and 4b....................			4c	0
5	Total revenue. Add lines 3 and 4c. (This must equal Form 990, Part I, line 12.) ......			5	45,604,280

Part XII Reconciliation of Expenses per Audited Financial Statements With Expenses per Return. Complete if the organization answered 'Yes' on Form 990, Part IV, line 12a.
1	Total expenses and losses per audited financial statements ...........			1	17,420,220
2	Amounts included on line 1 but not on Form 990, Part IX, line 25:
a	Donated services and use of facilities .........	2a	0
b	Prior year adjustments ............	2b	0
c	Other losses ................	2c	0
d	Other (Describe in Part XIII.) ...........	2d	0
e	Add lines 2a through 2d....................			2e	0
3	Subtract line 2e from line 1...................			3	17,420,220
4	Amounts included on Form 990, Part IX, line 25, but not on line 1:
a	Investment expenses not included on Form 990, Part VIII, line 7b ..	4a	0
b	Other (Describe in Part XIII.) ...........	4b	0
c	Add lines 4a and 4b.....................			4c	0
5	Total expenses. Add lines 3 and 4c. (This must equal Form 990, Part I, line 18.) ......			5	17,420,220

Part XIII

Supplemental Information

Provide the descriptions required for Part II, lines 3, 5, and 9; Part III, lines 1a and 4; Part lV, lines 1b and 2b; Part V, line 4; Part X, line 2; Part XI, lines 2d and 4b; and Part XII, lines 2d and 4b. Also complete this part to provide any additional information.

Return Reference	Explanation
Part X, line 2	The IRS has determined that MUSL qualifies under Section 501c3 of the Internal Revenue Code and is therefore not subject to tax under present income tax laws. In accordance with FASB ASC740 Income Taxes MUSL assesses its tax positions and determines if any positions are uncertain. MUSL has analyzed its filing positions open to review and believes all significant positions have a "more-likely-than-not" likelihood of being upheld based on their technical merits.

Return Reference

Explanation

Part X, line 2

The IRS has determined that MUSL qualifies under Section 501c3 of the Internal Revenue Code and is therefore not subject to tax under present income tax laws. In accordance with FASB ASC740 Income Taxes MUSL assesses its tax positions and determines if any positions are uncertain. MUSL has analyzed its filing positions open to review and believes all significant positions have a "more-likely-than-not" likelihood of being upheld based on their technical merits.

Schedule D (Form 990) 2022

Additional Data

Software ID:
Software Version:

- TIN:

Schedule J
(Form 990)

Department of the Treasury
Internal Revenue Service

Compensation Information

For certain Officers, Directors, Trustees, Key Employees, and Highest
Compensated Employees
medium right arrow graphic

Complete if the organization answered "Yes" on Form 990, Part IV, line 23.
medium right arrow graphic

Attach to Form 990.
medium right arrow graphic

Go to www.irs.gov/Form990 for instructions and the latest information.

OMB No. 1545-0047

2023

Open to Public Inspection

Name of the organization

MULTI-STATE LOTTERY ASSOCIATION

Employer identification number

42-1302701

Part I

Questions Regarding Compensation

Yes

Check the appropiate box(es) if the organization provided any of the following to or for a person listed on Form
990, Part VII, Section A, line 1a. Complete Part III to provide any relevant information regarding these items.

First-class or charter travel Housing allowance or residence for personal use

Travel for companions Payments for business use of personal residence

Tax idemnification and gross-up payments Health or social club dues or initiation fees

Discretionary spending account Personal services (e.g., maid, chauffeur, chef)

If any of the boxes on Line 1a are checked, did the organization follow a written policy regarding payment or reimbursement or provision of all of the expenses described above? If "No," complete Part III to explain .....

Yes

Did the organization require substantiation prior to reimbursing or allowing expenses incurred by all
directors, trustees, officers, including the CEO/Executive Director, regarding the items checked on Line 1a? ....

Yes

Indicate which, if any, of the following the filing organization used to establish the compensation of the
organization's CEO/Executive Director. Check all that apply. Do not check any boxes for methods
used by a related organization to establish compensation of the CEO/Executive Director, but explain in Part III.

Compensation committee Written employment contract

Independent compensation consultant Compensation survey or study

Form 990 of other organizations Approval by the board or compensation committee

During the year, did any person listed on Form 990, Part VII, Section A, line 1a, with respect to the filing organization or a related organization:

Receive a severance payment or change-of-control payment? .............

Participate in, or receive payment from, a supplemental nonqualified retirement plan? .........

Participate in, or receive payment from, an equity-based compensation arrangement? .........

If "Yes" to any of lines 4a-c, list the persons and provide the applicable amounts for each item in Part III.

Only 501(c)(3), 501(c)(4), and 501(c)(29) organizations must complete lines 5-9.

For persons listed on Form 990, Part VII, Section A, line 1a, did the organization pay or accrue any
compensation contingent on the revenues of:

The organization? ....................

Any related organization? .......................

If "Yes," on line 5a or 5b, describe in Part III.

For persons listed on Form 990, Part VII, Section A, line 1a, did the organization pay or accrue any
compensation contingent on the net earnings of:

The organization? ..................

Any related organization? ......................

If "Yes," on line 6a or 6b, describe in Part III.

For persons listed on Form 990, Part VII, Section A, line 1a, did the organization provide any nonfixed
payments not described in lines 5 and 6? If "Yes," describe in Part III ............

Were any amounts reported on Form 990, Part VII, paid or accured pursuant to a contract that was
subject to the initial contract exception described in Regulations section 53.4958-4(a)(3)? If "Yes," describe
in Part III ..........................

If "Yes" on line 8, did the organization also follow the rebuttable presumption procedure described in Regulations section 53.4958-6(c)? .........................

For Paperwork Reduction Act Notice, see the Instructions for Form 990.

Cat. No. 50053T

Schedule J (Form 990) 2023

Page 2

Part II

Officers, Directors, Trustees, Key Employees, and Highest Compensated Employees. Use duplicate copies if additional space is needed.

For each individual whose compensation must be reported on Schedule J, report compensation from the organization on row (i) and from related organizations, described in the
instructions, on row (ii). Do not list any individuals that are not listed on Form 990, Part VII.
Note. The sum of columns (B)(i)-(iii) for each listed individual must equal the total amount of Form 990, Part VII, Section A, line 1a, applicable column (D) and (E) amounts for that individual.

(A) Name and Title		(B) Breakdown of W-2, 1099-MISC compensation, and/or 1099-NEC			(C) Retirement and other deferred compensation	(D) Nontaxable benefits	(E) Total of columns (B)(i)-(D)	(F) Compensation in column (B) reported as deferred on prior Form 990
(A) Name and Title		(i) Base compensation	(ii) Bonus & incentive compensation	(iii) Other reportable compensation	(C) Retirement and other deferred compensation	(D) Nontaxable benefits	(E) Total of columns (B)(i)-(D)
1J Bret Toyne Executive Director	(i) (ii)	349,135 ------------- 0	0 ------------- 0	24,329 ------------- 0	31,310 ------------- 0	3,125 ------------- 0	407,899 ------------- 0	330,599 ------------- 0
2Wayne Dolezal Deputy Executive Director	(i) (ii)	205,827 ------------- 0	0 ------------- 0	720 ------------- 0	47,682 ------------- 0	2,400 ------------- 0	256,629 ------------- 0	197,145 ------------- 0
3Robert Nitz Director of Information Security	(i) (ii)	188,037 ------------- 0	0 ------------- 0	154 ------------- 0	39,069 ------------- 0	0 ------------- 0	227,260 ------------- 0	173,943 ------------- 0
4Patricia Lantz General Counsel	(i) (ii)	173,442 ------------- 0	0 ------------- 0	863 ------------- 0	43,025 ------------- 0	0 ------------- 0	217,330 ------------- 0	150,409 ------------- 0
5Shannon Underwood Director of Finance	(i) (ii)	161,299 ------------- 0	0 ------------- 0	191 ------------- 0	14,261 ------------- 0	2,760 ------------- 0	178,511 ------------- 0	150,738 ------------- 0
6Dallas Beek Senior Developer	(i) (ii)	153,134 ------------- 0	0 ------------- 0	167 ------------- 0	36,098 ------------- 0	1,650 ------------- 0	191,049 ------------- 0	146,234 ------------- 0
7Sue Dooley Director of Draws and Production	(i) (ii)	126,386 ------------- 0	0 ------------- 0	426 ------------- 0	14,061 ------------- 0	0 ------------- 0	140,873 ------------- 0	0 ------------- 0

Schedule J (Form 990) 2023

Page 3

Part III

Supplemental Information

Provide the information, explanation, or descriptions required for Part I, lines 1a, 1b, 3, 4a, 4b, 4c, 5a, 5b, 6a, 6b, 7, and 8, and for Part II. Also complete this part for any additional information.

Return Reference	Explanation

Schedule J (Form 990) 2023

Additional Data

Software ID:
Software Version:

- TIN:

SCHEDULE O
(Form 990)

Department of the Treasury
Internal Revenue Service

Supplemental Information to Form 990 or 990-EZ

Complete to provide information for responses to specific questions on
Form 990 or 990-EZ or to provide any additional information.
Attach to Form 990 or 990-EZ.
Go to www.irs.gov/Form990 for the latest information.

OMB No. 1545-0047

2023

Open to Public
Inspection

Name of the organization

MULTI-STATE LOTTERY ASSOCIATION

Employer identification number

42-1302701

Return Reference	Explanation
Part VI, Line 6	The Multi-State Lottery Association is owned and operated by its 39 member lotteries. Each of the 39 member lottery directors hold positions on the Multi-State Lottery Associations Board of Directors. All decisions are made by the governing Board of Directors. All members are a function of the State Government in support of their individual state programs. Each member has equal voting rights.
Part VI, Line 7a	The Multi-State Lottery Association is owned and operated by its 39 member lotteries. Each of the 39 member lottery directors hold positions on the Multi-State Lottery Associations Board of Directors.
Part VI, Line 7b	All decisions of the Multi-State Lottery Association are made by the governing Board of Directors. Each member is given a vote.
Part VI, Line 11b	The 990 is completed by the Director of Finance and reviewed by the Executive Director. Copies of the 990 are provided to Directors as requested.
Part VI, Line 12c	A formal conflict of interest policy is included in the Employee Handbook and the MUSL Bylaws. Employees are required to read and acknowledge the Employee Handbook annually and at such time report any conflicts. Board members are expected to self-identify and report potential and existing conflicts of interests.
Part VI, Line 15	The Multi-State Lottery Association Board of Directors which is comprised of independent persons review comparable data in determining the compensation of the Executive Director. Independent firms are contracted on a regular basis to review employee salaries. Compensation increases for employees are reviewed and approved by the Board.
Part VI, Line 19	Public documents are made available upon request.
Part VI, line 9	\| Name of the person:, Address of the person:\| Eric Hagler, 124 West Capitol Avenue, Suite 1400, Little Rock, AR, 72201\| Alec Thomson, 4740 East University Drive, Phoenix, , , 85034\| Tom Seaver, 225 N Main Street, Pueblo, , , 81003\| Greg Smith, 777 Brook Street, Rocky Hill, , , 06067\| Frank Suarez, 2235 Shannon Place SE, Washington, , , 20020\| Helene Keeley, 1575 McKee Road, Suite 102, Dover, , , 19904\| John Davis, 250 Marriott Drive, Tallahassee, , , 32399\| Matt Strawn, 13001 University Avenue, Clive, , , 50325\| Jeff Anderson, 1199 Shoreline Lane, Suite 100, Boise, , , 83702\| Sarah Taylor, 1302 N Meridian, Suite 100, Indianapolis, , , 46202\| Stephen Durrell, 128 North Kansas Ave, Topeka, , , 66603\| Mary Harville, 1011 West Main Street, Louisville, , , 40202-2623\| Rose Hudson, 555 Laurel Street, Baton Rouge, , , 70801\| John Martin, 1800 Washington Blvd, Baltimore, , , 21224\| Mickey Boardman, 10 Water Street, Augusta, , , 04333\| Adam Prock, 2645 Long Lake Road, Roseville, , , 55113-2533\| Lester Elder, 1823 Southridge Drive, Jefferson City, , , 65109\| Jeff Hewitt, 1080 River Oaks Drive, Bldg B-204, Flowood, , , 39232\| Scott Sales, 2525 North Montana Avenue, Helena, , , 59601\| Mark Michalko, 2728 Capital Blvd, Raleigh, , , 27604\| Lance Gaebe, 1050 East Interstate Avenue, Suite 200, Bismarck, , , 58503-5574\| Brian Rockey, 137 NW 17th St, Lincoln, , , 68528\| Charlie McIntyre, 14 Integra Drive, Concord, , , 03301\| David Barden, 4511 Osuna Road NE, Albuquerque, , , 87199\| Gweneth Dean, 1 Broadway Center, Schenectady, , , 12305\| Jay Finks, 3817 N Santa Fe, Oklahoma City, , , 73118-8508\| Mike Wells, 500 Airport Rd SE, Salem, , , 97301\| Drew Svitko, 2850 Turnpike Industrial Drive, Middletown, , , 17057\| Jayson Torres, 383 FD Roosevelt Avenue, Suite 107, San Juan, , , 00918\| Mark Furcolo, 1425 Pontiac Avenue, Cranston, , , 02920\| Dolly Garfield, 1333 Main Street, Suite 400, Columbia, , , 29201\| Norm Lingle, 207 East Capitol, Suite 200, Pierre, , , 57501\| Rebecca Paul, One Century Place, 26 Century Blvd, Suite 200, Nashville, , , 37214\| Gary Grief, 611 E 6th St, Austin, , , 78701\| Raymond Williams, 3801 Kronprindsens Gade, St. Thomas, , , 00802-6430\| Andrew Collier, 379 S Barre Rd, South Barre, , , 05670\| Cindy Polzin, 2135 Rimrock Road, Madison, , , 53713\| John Myers, 900 Pennsylvania Avenue, Charleston, , , 25302\| Jon Clontz, 1620 Central Avenue, Suite 100, Cheyenne, , , 82001\| Eric Hagler, 124 West Capitol Avenue, Suite 1400, Little Rock, AR, 72201\| Alec Thomson, 4740 East University Drive, Phoenix, , , 85034\| Tom Seaver, 225 N Main Street, Pueblo, , , 81003\| Greg Smith, 777 Brook Street, Rocky Hill, , , 06067\| Frank Suarez, 2235 Shannon Place SE, Washington, , , 20020\| Helene Keeley, 1575 McKee Road, Suite 102, Dover, , , 19904\| John Davis, 250 Marriott Drive, Tallahassee, , , 32399\| Matt Strawn, 13001 University Avenue, Clive, , , 50325\| Jeff Anderson, 1199 Shoreline Lane, Suite 100, Boise, , , 83702\| Sarah Taylor, 1302 N Meridian, Suite 100, Indianapolis, , , 46202\| Stephen Durrell, 128 North Kansas Ave, Topeka, , , 66603\| Mary Harville, 1011 West Main Street, Louisville, , , 40202-2623\| Rose Hudson, 555 Laurel Street, Baton Rouge, , , 70801\| John Martin, 1800 Washington Blvd, Baltimore, , , 21224\| Mickey Boardman, 10 Water Street, Augusta, , , 04333\| Adam Prock, 2645 Long Lake Road, Roseville, , , 55113-2533\| Lester Elder, 1823 Southridge Drive, Jefferson City, , , 65109\| Jeff Hewitt, 1080 River Oaks Drive, Bldg B-204, Flowood, , , 39232\| Scott Sales, 2525 North Montana Avenue, Helena, , , 59601\| Mark Michalko, 2728 Capital Blvd, Raleigh, , , 27604\| Lance Gaebe, 1050 East Interstate Avenue, Suite 200, Bismarck, , , 58503-5574\| Brian Rockey, 137 NW 17th St, Lincoln, , , 68528\| Charlie McIntyre, 14 Integra Drive, Concord, , , 03301\| David Barden, 4511 Osuna Road NE, Albuquerque, , , 87199\| Gweneth Dean, 1 Broadway Center, Schenectady, , , 12305\| Jay Finks, 3817 N Santa Fe, Oklahoma City, , , 73118-8508\| Mike Wells, 500 Airport Rd SE, Salem, , , 97301\| Drew Svitko, 2850 Turnpike Industrial Drive, Middletown, , , 17057\| Jayson Torres, 383 FD Roosevelt Avenue, Suite 107, San Juan, , , 00918\| Mark Furcolo, 1425 Pontiac Avenue, Cranston, , , 02920\| Dolly Garfield, 1333 Main Street, Suite 400, Columbia, , , 29201\| Norm Lingle, 207 East Capitol, Suite 200, Pierre, , , 57501\| Rebecca Paul, One Century Place, 26 Century Blvd, Suite 200, Nashville, , , 37214\| Gary Grief, 611 E 6th St, Austin, , , 78701\| Raymond Williams, 3801 Kronprindsens Gade, St. Thomas, , , 00802-6430\| Andrew Collier, 379 S Barre Rd, South Barre, , , 05670\| Cindy Polzin, 2135 Rimrock Road, Madison, , , 53713\| John Myers, 900 Pennsylvania Avenue, Charleston, , , 25302\| Jon Clontz, 1620 Central Avenue, Suite 100, Cheyenne, , , 82001\|

For Paperwork Reduction Act Notice, see the Instructions for Form 990 or 990-EZ.

Cat. No. 51056K

Schedule O (Form 990) 2023

Additional Data

Software ID:
Software Version:

- TIN:

SCHEDULE R
(Form 990)

Department of the Treasury
Internal Revenue Service

Related Organizations and Unrelated Partnerships

Complete if the organization answered "Yes" on Form 990, Part IV, line 33, 34, 35b, 36, or 37.
Attach to Form 990.
Go to www.irs.gov/Form990 for instructions and the latest information.

OMB No. 1545-0047

2023

Open to Public Inspection

Name of the organization

MULTI-STATE LOTTERY ASSOCIATION

Employer identification number

42-1302701

Part I

Identification of Disregarded Entities. Complete if the organization answered "Yes" on Form 990, Part IV, line 33.

(a) Name, address, and EIN (if applicable) of disregarded entity	(b) Primary activity	(c) Legal domicile (state or foreign country)	(d) Total income	(e) End-of-year assets	(f) Direct controlling entity

Part II

Identification of Related Tax-Exempt Organizations. Complete if the organization answered "Yes" on Form 990, Part IV, line 34 because it had one or more related tax-exempt organizations during the tax year.

(a) Name, address, and EIN of related organization	(b) Primary activity	(c) Legal domicile (state or foreign country)	(d) Exempt Code section	(e) Public charity status (if section 501(c)(3))	(f) Direct controlling entity	(g) Section 512(b)(13) controlled entity?
(a) Name, address, and EIN of related organization	(b) Primary activity	(c) Legal domicile (state or foreign country)	(d) Exempt Code section	(e) Public charity status (if section 501(c)(3))	(f) Direct controlling entity	Yes	No
(1)Arkansas Scholarship Lottery 124 West Capitol Avenue Suite 1400 Little Rock,AR72201 27-0693398	Administration of state lottery	AR	N/A		N/A		No
(2)Arizona Lottery 4740 East University Drive Phoenix,AZ85034 86-6004791	Administration of state lottery	AZ	N/A		N/A		No
(3)Colorado Lottery 225 N Main Street Pueblo,CO81003 84-0897311	Administration of state lottery	CO	N/A		N/A		No
(4)Connecticut Lottery Corporation 270 John Downey Drive New Britain,CT06051 06-1457386	Administration of state lottery	CT	N/A		N/A		No
(5)DC Lottery and Charitable Game Control Board 2101 Martin Luther King Jr Ave SE Washington,DC20020 53-6001131	Administration of state lottery	DC	N/A		N/A		No
(6)Delaware State Lottery 1575 McKee Road Suite 102 Dover,DE19904 51-0223731	Administration of state lottery	DE	N/A		N/A		No
(7)Florida Lottery 250 Marriott Drive Tallahassee,FL32399 59-2859478	Administration of state lottery	FL	N/A		N/A		No
(8)Iowa Lottery Authority 13001 University Ave Clive,IA50325 42-1255824	Administration of state lottery	IA	N/A		N/A		No
(9)Idaho Lottery 1199 Shoreline Lane Suite 100 Boise,ID83701 82-0428106	Administration of state lottery	ID	N/A		N/A		No
(10)Hoosier Indiana Lottery 201 S Capitol Ave Indianapolis,IN46206 35-1772892	Administration of state lottery	IN	N/A		N/A		No
(11)Kansas Lottery 128 North Kansas Ave Topeka,KS66603 48-1042982	Administration of state lottery	KS	N/A		N/A		No
(12)Kentucky Lottery Corporation 1011 West Main Street Louisville,KY40202 61-1154480	Administration of state lottery	KY	N/A		N/A		No
(13)Louisiana Lottery Corporation 555 Laurel Street Baton Rouge,LA70801 72-1185805	Administration of state lottery	LA	N/A		N/A		No
(14)Maryland Lottery 1800 Washington Boulevard Suite 330 Baltimore,MD21230 52-6140157	Administration of state lottery	MD	N/A		N/A		No
(15)Maine Lottery 10 Water Street Augusta,ME04333 01-6000001	Administration of state lottery	ME	N/A		N/A		No
(16)Minnesota State Lottery 2645 Long Lake Road Roseville,MN55113 41-1661767	Administration of state lottery	MN	N/A		N/A		No
(17)Missouri Lottery 1823 Southridge Drive Jefferson City,MO65109 43-1395846	Administration of state lottery	MO	N/A		N/A		No
(18)Mississippi Lottery 1080 River Oaks Drive Bldg B 204 Flowood,MS39232 83-4246760	Administration of state lottery	MS	N/A		N/A		No
(19)Montana Lottery 2525 North Montana Avenue Helena,MT59601 81-0302402	Administration of state lottery	MT	N/A		N/A		No
(20)North Carolina Education Lottery 2728 Capital Blvd Raleigh,NC27604 86-1154836	Administration of state lottery	NC	N/A		N/A		No
(21)North Dakota Lottery 1050 East Interstate Avenue Suite 200 Bismarch,ND58503 83-0379940	Administration of state lottery	ND	N/A		N/A		No
(22)Nebraska Lottery Charitable Gaming 137 NW 17th Street Lincoln,NE68509 47-0769221	Administration of state lottery	NE	N/A		N/A		No
(23)New Hampshire Lottery Commission 14 Integra Drive Concord,NH03301 02-0331435	Administration of state lottery	NH	N/A		N/A		No
(24)New Mexico Lottery Authority 4511 Osuna Road NE Albuquerque,NM87109 85-0434973	Administration of state lottery	NM	N/A		N/A		No
(25)New York State Gaming Commission 1 Broadway Center Schenectady,NY12305 14-6013200	Administration of state lottery	NY	N/A		N/A		No
(26)Oklahoma Lottery 3817 N Santa Fe Oklahoma City,OK73118 73-6017987	Administration of state lottery	OK	N/A		N/A		No
(27)Oregon Lottery 500 Airport Road SE Salem,OR97301 93-0877972	Administration of state lottery	OR	N/A		N/A		No
(28)Pennsylvania Lottery 2850 Turnpike Industrial Drive Middletown,PA17057 01-0661737	Administration of state lottery	PA	N/A		N/A		No
(29)Puerto Rico Lottery 383 FD Roosevelt Avenue Suite 107 San Juan,PR00918 66-0467082	Administration of state lottery	PR	N/A		N/A		No
(30)Rhode Island Lottery 1425 Pontiac Avenue Cranston,RI02920 05-0370882	Administration of state lottery	RI	N/A		N/A		No
(31)South Carolina Education Lottery 1333 Main Street Suite 400 Columbia,SC29201 57-1127598	Administration of state lottery	SC	N/A		N/A		No
(32)South Dakota Lottery 207 East Capitol Suite 200 Pierre,SD57501 46-6000364	Administration of state lottery	SD	N/A		N/A		No
(33)Tennessee Education Lottery Corporation One Century Place 26 Century Blvd Suite 200 Nashville,TN37214 90-0105857	Administration of state lottery	TN	N/A		N/A		No
(34)Texas Lottery 600 E 6th St Austin,TX78701 74-2630717	Administration of state lottery	TX	N/A		N/A		No
(35)Virgin Islands Lottery 5800 Kronprindsens Gade St Thomas,VI00802 06-6048314	Administration of state lottery	VI	N/A		N/A		No
(36)Vermont Lottery 379 S Barre Rd South Barre,VT05670 03-0329533	Administration of state lottery	VT	N/A		N/A		No
(37)Wisconsin Lottery 2135 Rimrock Road Madison,WI53713 39-1863764	Administration of state lottery	WI	N/A		N/A		No
(38)West Virginia Lottery 900 Pennsylvania Avenue Charleston,WV25327 55-0657219	Administration of state lottery	WV	N/A		N/A		No
(39)Wyoming Lottery 1620 Central Avenue Suite 100 Cheyenne,WY82001 46-3165539	Administration of state lottery	WY	N/A		N/A		No

For Paperwork Reduction Act Notice, see the Instructions for Form 990.

Cat. No. 50135Y

Schedule R (Form 990) 2023

Page 2

Part III

Identification of Related Organizations Taxable as a Partnership. Complete if the organization answered "Yes" on Form 990, Part IV, line 34, because it had one or more related organizations treated as a partnership during the tax year.

(a) Name, address, and EIN of related organization	(b) Primary activity	(c) Legal domicile (state or foreign country)	(d) Direct controlling entity	(f) Share of total income	(g) Share of end-of-year assets	(h) Disproprtionate allocations?		(i) Code V-UBI amount in box 20 of Schedule K-1 (Form 1065)	(j) General or managing partner?		(k) Percentage ownership
(a) Name, address, and EIN of related organization	(b) Primary activity	(c) Legal domicile (state or foreign country)	(d) Direct controlling entity	(f) Share of total income	(g) Share of end-of-year assets	Yes	No	(i) Code V-UBI amount in box 20 of Schedule K-1 (Form 1065)	Yes	No	(k) Percentage ownership

Part IV

Identification of Related Organizations Taxable as a Corporation or Trust. Complete if the organization answered "Yes" on Form 990, Part IV, line 34 because it had one or more related organizations treated as a corporation or trust during the tax year.

(a) Name, address, and EIN of related organization	(b) Primary activity	(c) Legal domicile (state or foreign country)	(d) Direct controlling entity	(e) Type of entity (C corp, S corp, or trust)	(f) Share of total income	(g) Share of end-of-year assets	(h) Percentage ownership	(i) Section 512(b)(13) controlled entity?
(a) Name, address, and EIN of related organization	(b) Primary activity	(c) Legal domicile (state or foreign country)	(d) Direct controlling entity	(e) Type of entity (C corp, S corp, or trust)	(f) Share of total income	(g) Share of end-of-year assets	(h) Percentage ownership	Yes	No

Schedule R (Form 990) 2023

Page 3

Part V

Transactions With Related Organizations. Complete if the organization answered "Yes" on Form 990, Part IV, line 34, 35b, or 36.

Note. Complete line 1 if any entity is listed in Parts II, III, or IV of this schedule.

Yes

1 During the tax year, did the orgranization engage in any of the following transactions with one or more related organizations listed in Parts II-IV?

a Receipt of (i) interest, (ii) annuities, (iii) royalties, or (iv) rent from a controlled entity .....................

b Gift, grant, or capital contribution to related organization(s) ............................

c Gift, grant, or capital contribution from related organization(s) ............................

d Loans or loan guarantees to or for related organization(s) ............................

e Loans or loan guarantees by related organization(s) ............................

f Dividends from related organization(s) ............................

g Sale of assets to related organization(s) ............................

h Purchase of assets from related organization(s) ............................

i Exchange of assets with related organization(s) ............................

j Lease of facilities, equipment, or other assets to related organization(s) .......................

k Lease of facilities, equipment, or other assets from related organization(s) ......................

l Performance of services or membership or fundraising solicitations for related organization(s) .....................

Yes

m Performance of services or membership or fundraising solicitations by related organization(s) .................

Yes

n Sharing of facilities, equipment, mailing lists, or other assets with related organization(s) ...................

o Sharing of paid employees with related organization(s) ............................

p Reimbursement paid to related organization(s) for expenses ............................

q Reimbursement paid by related organization(s) for expenses ............................

Yes

r Other transfer of cash or property to related organization(s) ............................

Yes

s Other transfer of cash or property from related organization(s) ............................

If the answer to any of the above is "Yes," see the instructions for information on who must complete this line, including covered relationships and transaction thresholds.

(a) Name of related organization	(b) Transaction type (a-s)	(c) Amount involved	(d) Method of determining amount involved
(1) DC Lottery and Charitable Game Control Board	L	25,620	Actual costs
(2) Iowa Lottery	L	37,000	Actual costs
(3) South Dakota Lottery	L	13,252	Actual costs
(4) Florida Lottery	M	51,030	Actual costs
(5) DC Lottery and Charitable Game Control Board	Q	27,834	Actual costs
(6) Iowa Lottery	Q	90,690	Actual costs
(7) South Dakota Lottery	Q	5,835	Actual costs
(8) Arkansas Lottery	L	7,747	Actual costs
(9) Colorado Lottery	L	22,897	Actual costs
(10) Connecticut Lottery	L	28,615	Actual costs
(11) DC Lottery	L	2,740	Actual costs
(12) Delaware Lottery	L	4,748	Actual costs
(13) Iowa Lottery	L	8,276	Actual costs
(14) Idaho Lottery	L	5,086	Actual costs
(15) Kansas Lottery	L	7,430	Actual costs
(16) Kentucky Lottery	L	11,278	Actual costs
(17) Maine Lottery	L	6,096	Actual costs
(18) Montana Lottery	L	3,816	Actual costs
(19) North Carolina Lottery	L	38,669	Actual costs
(20) North Dakota Lottery	L	4,400	Actual costs
(21) Nebraska Lottery	L	7,727	Actual costs
(22) New Hampshire Lottery	L	12,017	Actual costs
(23) Oklahoma Lottery	L	6,978	Actual costs
(24) Rhode Island Lottery	L	7,454	Actual costs
(25) South Dakota Lottery	L	4,253	Actual costs
(26) Vermont Lottery	L	2,911	Actual costs
(27) Wyoming Lottery	L	2,632	Actual costs
(28) Arkansas Lottery	R	80,715	Actual costs
(29) Colorado Lottery	R	218,558	Actual costs
(30) Connecticut Lottery	R	214,240	Actual costs
(31) DC Lottery	R	22,848	Actual costs
(32) Delaware Lottery	R	66,577	Actual costs
(33) Idaho Lottery	R	72,362	Actual costs
(34) Hoosier Indiana Lottery	R	261,620	Actual costs
(35) Kansas Lottery	R	99,734	Actual costs
(36) Kentucky Lottery	R	198,676	Actual costs
(37) Louisiana Lottery	R	177,598	Actual costs
(38) Minnesota Lottery	R	209,679	Actual costs
(39) Missouri Lottery	R	256,018	Actual costs
(40) Mississippi Lottery	R	105,850	Actual costs
(41) New York Lottery	R	1,396,484	Actual costs
(42) North Carolina Lottery	R	502,545	Actual costs
(43) North Dakota Lottery	R	30,060	Actual costs
(44) Oregon Lottery	R	169,746	Actual costs
(45) Rhode Island Lottery	R	169,746	Actual costs
(46) South Carolina Lottery	R	256,853	Actual costs
(47) South Dakota Lottery	R	31,775	Actual costs
(48) Tennessee Lottery	R	264,027	Actual costs
(49) Texas Lottery	R	1,328,717	Actual costs
(50) Virgin Islands Lottery	R	5,823	Actual costs
(51) West Virginia Lottery	R	79,249	Actual costs
(52) Wyoming Lottery	R	25,488	Actual costs

Schedule R (Form 990) 2023

Page 4

Part VI

Unrelated Organizations Taxable as a Partnership. Complete if the organization answered "Yes" on Form 990, Part IV, line 37.

Provide the following information for each entity taxed as a partnership through which the organization conducted more than five percent of its activities (measured by total assets or gross revenue) that was not a related organization. See instructions regarding exclusion for certain investment partnerships.

(a) Name, address, and EIN of entity	(b) Primary activity	(c) Legal domicile (state or foreign country)	(e) Are all partners section 501(c)(3) organizations?		(f) Share of total income	(g) Share of end-of-year assets	(h) Disproprtionate allocations?		(i) Code V-UBI amount in box 20 of Schedule K-1 (Form 1065)	(j) General or managing partner?		(k) Percentage ownership
(a) Name, address, and EIN of entity	(b) Primary activity	(c) Legal domicile (state or foreign country)	Yes	No	(f) Share of total income	(g) Share of end-of-year assets	Yes	No	(i) Code V-UBI amount in box 20 of Schedule K-1 (Form 1065)	Yes	No	(k) Percentage ownership

Schedule R (Form 990) 2023

Page 5

Part VII

Supplemental Information

Provide additional information for responses to questions on Schedule R. See instructions.

Return Reference	Explanation

Schedule R (Form 990) 2023

Additional Data

Software ID:
Software Version:

1	Briefly describe the organization’s mission or most significant activities: The Multi-State Lottery Association MUSL is a non-profit government benefit voluntary association that is entirely owned and operated by its 38 member lotteries. Each MUSL member lottery offers one or more multi-jurisdictional lottery games administered with the assistance of MUSL. All profits are retained by the individual lotteries and are used to fund projects or purposes approved by their authorizing legislatures. Among the services offered to member and licensee lotteries MUSL conducts drawings; performs game development and research; provides central accounting including multi-jurisdictional prize fund holdings and transfer; and purchases government securities and annuities to fund prize payments.
2	Check this box
3	Number of voting members of the governing body (Part VI, line 1a) ........	3	39
4	Number of independent voting members of the governing body (Part VI, line 1b) .....	4	39
5	Total number of individuals employed in calendar year 2023 (Part V, line 2a) ......	5	30
6	Total number of volunteers (estimate if necessary) .............	6	0
7a	Total unrelated business revenue from Part VIII, column (C), line 12 ........	7a	1,014,201
b	Net unrelated business taxable income from Form 990-T, Part I, line 11 .........	7b	0

		Prior Year	Current Year
8	Contributions and grants (Part VIII, line 1h) .........	0	0
9	Program service revenue (Part VIII, line 2g) .........	4,244,014	172,650
10	Investment income (Part VIII, column (A), lines 3, 4, and 7d ) ....	25,411,137	44,036,567
11	Other revenue (Part VIII, column (A), lines 5, 6d, 8c, 9c, 10c, and 11e)	1,274,332	1,395,063
12	Total revenue—add lines 8 through 11 (must equal Part VIII, column (A), line 12)	30,929,483	45,604,280
13	Grants and similar amounts paid (Part IX, column (A), lines 1–3 )...	0	0
14	Benefits paid to or for members (Part IX, column (A), line 4).....	0	0
15	Salaries, other compensation, employee benefits (Part IX, column (A), lines 5–10)	3,077,880	3,418,050
16a	Professional fundraising fees (Part IX, column (A), line 11e) .....	0	0
b	Total fundraising expenses (Part IX, column (D), line 25) 0
17	Other expenses (Part IX, column (A), lines 11a–11d, 11f–24e)....	3,275,332	14,002,170
18	Total expenses. Add lines 13–17 (must equal Part IX, column (A), line 25)	6,353,212	17,420,220
19	Revenue less expenses. Subtract line 18 from line 12.......	24,576,271	28,184,060
		Beginning of Current Year	End of Year
20	Total assets (Part X, line 16).............	857,187,900	782,441,843
21	Total liabilities (Part X, line 26).............	822,534,235	719,604,118
22	Net assets or fund balances. Subtract line 21 from line 20.....	34,653,665	62,837,725

Sign Here

	Signature of officer	Date

	Type or print name and title


4a	(Code: ) (Expenses $ 0 including grants of $ 0 ) (Revenue $ 0 )
	Not applicable

4b	(Code: ) (Expenses $ 0 including grants of $ 0 ) (Revenue $ 0 )












4c	(Code: ) (Expenses $ 0 including grants of $ 0 ) (Revenue $ 0 )












4d	Other program services (Describe in Schedule O.)
	(Expenses $ 0 including grants of $ 0 ) (Revenue $ 0 )
4e	Total program service expenses0

1b	Sub-Total..............
c	Total from continuation sheets to Part VII, Section A..
d	Total (add lines 1b and 1c).........	1,384,109	0	235,441

1a	Federated campaigns..		1a	0
b	Membership dues..		1b	0
c	Fundraising events..		1c	0
d	Related organizations		1d	0
e	Government grants (contributions)		1e	0

f	All other contributions, gifts, grants, and similar amounts not included above		1f	0

g	Noncash contributions included in lines 1a - 1f:$		1g	0

h Total. Add lines 1a-1f.......		0

		Business Code
2a	Operating allocations	541611	172,650	172,650	0	0
b			0	0	0	0
c			0	0	0	0
d			0	0	0	0
e			0	0	0	0
f	All other program service revenue.		0	0	0	0
g	Total. Add lines 2a–2f .....		172,650

3 Investment income (including dividends, interest, and othersimilar amounts) ......			44,030,567	44,030,567	0	0
4 Income from investment of tax-exempt bond proceeds			0	0	0	0
5 Royalties...........			762	762	0	0
			(i) Real	(ii) Personal
6a	Gross rents	6a	0	0
b	Less: rental expenses	6b	0	0
c	Rental income or (loss)	6c	0	0
d	Net rental income or (loss).......			0	0		0
			(i) Securities	(ii) Other
7a	Gross amount from sales of assets other than inventory	7a	6,000	0
b	Less: cost or other basis and sales expenses	7b	0	0
c	Gain or (loss)	7c	6,000	0
d	Net gain or (loss).........			6,000	6,000	0	0
8a	Gross income from fundraising events (not including $ 0of contributions reported on line 1c). See Part IV, line 18 ....
			8a	0
b	Less: direct expenses ...		8b	0
c	Net income or (loss) from fundraising events..			0		0	0
9a	Gross income from gaming activities. See Part IV, line 19 ...
			9a	0
b	Less: direct expenses ...		9b	0
c	Net income or (loss) from gaming activities..			0	0	0	0
10a	Gross sales of inventory, less returns and allowances ..
			10a	0
b	Less: cost of goods sold ..		10b	0
c	Net income or (loss) from sales of inventory..			0	0	0	0

Business Code
11a	Advertising and related services		541800	1,014,201	0	1,014,201	0
b	Non-member services		541990	380,100	380,100	0	0
c				0	0	0	0
d	All other revenue ....			0	0	0	0
e	Total. Add lines 11a–11d ......			1,394,301
12	Total revenue. See instructions.....			45,604,280	44,590,079	1,014,201	0

1	Grants and other assistance to domestic organizations and domestic governments. See Part IV, line 21 ....	0	0
2	Grants and other assistance to domestic individuals. See Part IV, line 22 ...........	0	0
3	Grants and other assistance to foreign organizations, foreign governments, and foreign individuals. See Part IV, lines 15 and 16. .............	0	0
4	Benefits paid to or for members .......	0	0
5	Compensation of current officers, directors, trustees, and key employees ...........	373,463	0	373,463	0
6	Compensation not included above, to disqualified persons (as defined under section 4958(f)(1)) and persons described in section 4958(c)(3)(B) .........	2,303,181	0	2,303,181	0
7	Other salaries and wages........	0	0	0	0
8	Pension plan accruals and contributions (include section 401(k) and 403(b) employer contributions) ....	245,157	0	245,157	0
9	Other employee benefits .......	311,299	0	311,299	0
10	Payroll taxes ...........	184,950	0	184,950	0
11	Fees for services (non-employees):
a	Management ......	0	0	0	0
b	Legal .........	286,458	0	286,458	0
c	Accounting ...........	138,000	0	138,000	0
d	Lobbying ...........	0	0	0	0
e	Professional fundraising services. See Part IV, line 17	0			0
f	Investment management fees ......	552,946	0	552,946	0
g	Other (If line 11g amount exceeds 10% of line 25, column (A) amount, list line 11g expenses on Schedule O)	0	0	0	0
12	Advertising and promotion ....	0	0	0	0
13	Office expenses .......	31,308	0	31,308	0
14	Information technology ......	333,812	0	333,812	0
15	Royalties ..	0	0	0	0
16	Occupancy ...........	135,110	0	135,110	0
17	Travel ............	158,800	0	158,800	0
18	Payments of travel or entertainment expenses for any federal, state, or local public officials .	271,940	0	271,940	0
19	Conferences, conventions, and meetings ....	61,270	0	61,270	0
20	Interest ...........	0	0	0	0
21	Payments to affiliates .......	10,655,688	0	10,655,688	0
22	Depreciation, depletion, and amortization ..	442,457	0	442,457	0
23	Insurance ...	209,693	0	209,693	0
24	Other expenses. Itemize expenses not covered above (List miscellaneous expenses in line 24e. If line 24e amount exceeds 10% of line 25, column (A) amount, list line 24e expenses on Schedule O.)
a	Maintenance-computers and equipment	286,820	0	286,820	0
b	Consulting services	437,868	0	437,868	0
c		0	0	0	0
d		0	0	0	0
e	All other expenses	0	0	0	0
25	Total functional expenses. Add lines 1 through 24e	17,420,220	0	17,420,220	0
26	Joint costs. Complete this line only if the organization reported in column (B) joint costs from a combined educational campaign and fundraising solicitation. Check here if following SOP 98-2 (ASC 958-720).	0	0	0	0

1	Cash–non-interest-bearing ........			0	1	0
2	Savings and temporary cash investments .........			313,709,362	2	341,226,761
3	Pledges and grants receivable, net ......			0	3	0
4	Accounts receivable, net .............			57,891,384	4	44,509,786
5	Loans and other receivables from any current or former officer, director, trustee, key employee, creator or founder, substantial contributor, or 35% controlled entity or family member of any of these persons .......
				0	5	0
6	Loans and other receivables from other disqualified persons (as defined under section 4958(f)(1)), and persons described in section 4958(c)(3)(B) ...
				0	6	0
7	Notes and loans receivable, net ...........			0	7	0
8	Inventories for sale or use ............			0	8	0
9	Prepaid expenses and deferred charges ......			69,156	9	47,560
10a	Land, buildings, and equipment: cost or other basis. Complete Part VI of Schedule D	10a	3,753,505
b	Less: accumulated depreciation	10b	2,921,702	1,224,226	10c	831,803
11	Investments—publicly traded securities .			0	11	0
12	Investments—other securities. See Part IV, line 11 .....			484,080,783	12	395,636,404
13	Investments—program-related. See Part IV, line 11 ..			0	13	0
14	Intangible assets ...............			212,989	14	189,529
15	Other assets. See Part IV, line 11 ...........			0	15	0
16	Total assets. Add lines 1 through 15 (must equal line 33)...			857,187,900	16	782,441,843

17	Accounts payable and accrued expenses .....	498,045	17	758,227
18	Grants payable ...	0	18	0
19	Deferred revenue .........	8,116,495	19	11,231,937
20	Tax-exempt bond liabilities .........	0	20	0
21	Escrow or custodial account liability. Complete Part IV of Schedule D	0	21	0
22	Loans and other payables to any current or former officer, director, trustee, key employee, creator or founder, substantial contributor, or 35% controlled entity or family member of any of these persons .........
		0	22	0
23	Secured mortgages and notes payable to unrelated third parties ..	0	23	0
24	Unsecured notes and loans payable to unrelated third parties ..	0	24	0
25	Other liabilities (including federal income tax, payables to related third parties, and other liabilities not included on lines 17 - 24). Complete Part X of Schedule D	813,919,695	25	707,613,954
26	Total liabilities. Add lines 17 through 25..	822,534,235	26	719,604,118

	Organizations that follow FASB ASC 958, check here and complete lines 27, 28, 32, and 33.
27	Net assets without donor restrictions ..........	34,653,665	27	62,837,725
28	Net assets with donor restrictions ...........	0	28	0
	Organizations that do not follow FASB ASC 958, check here and complete lines 29 through 33.
29	Capital stock or trust principal, or current funds .....		29
30	Paid-in or capital surplus, or land, building or equipment fund ...		30
31	Retained earnings, endowment, accumulated income, or other funds		31
32	Total net assets or fund balances ...........	34,653,665	32	62,837,725
33	Total liabilities and net assets/fund balances ........	857,187,900	33	782,441,843