TY 2024 Form 990

- TIN:

Form990

Department of the TreasuryInternal Revenue Service

Return of Organization Exempt From Income Tax

Under section 501(c), 527, or 4947(a)(1) of the Internal Revenue Code (except private foundations)

Do not enter social security numbers on this form as it may be made public.

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

OMB No. 1545-0047

2024

Open to Public Inspection

A For the 2024 calendar year, or tax year beginning 01-01-2024 , and ending 12-31-2024

BCheck if applicable: Address change Name change Initial return Final return/terminated Amended return Application pending

CName of organization
DUBUQUE RACING ASSOCIATION LTD

Doing business as

Number and street (or P.O. box if mail is not delivered to street address)
1855 GREYHOUND PARK DRIVE

Room/suite

City or town, state or province, country, and ZIP or foreign postal code
DUBUQUE, IA52001

D Employer identification number

42-1235183

E Telephone number

G Gross receipts $ 59,390,346

F Name and address of principal officer:
BRIAN RAKESTRAW
1855 GREYHOUND PARK DRIVE
DUBUQUE,IA52001

Tax-exempt status: 501(c)(3) 501(c) ( 4 ) (insert no.) 4947(a)(1) or 527

Website:

WWW.DRADUBUQUE.COM

H(a)

Is this a group return for
subordinates? Yes No

H(b)

Are all subordinates
included?

Yes No

If "No," attach a list. See instructions.

H(c)

Group exemption number

K Form of organization: Corporation Trust Association Other

L Year of formation: 1985

M State of legal domicile: IA

Part I

Summary

1	Briefly describe the organization’s mission or most significant activities: OPERATION OF A CASINO GAMING FACILITY WITH PROFITS DISTRIBUTED TO THE CITY AND COUNTY OF DUBUQUE AND LOCAL NONPROFIT ORGANIZATIONS TO LESSEN THE BURDEN OF GOVERNMENT AND PROMOTE SOCIAL WELFARE
2	Check this box
3	Number of voting members of the governing body (Part VI, line 1a) ........	3	21
4	Number of independent voting members of the governing body (Part VI, line 1b) .....	4	21
5	Total number of individuals employed in calendar year 2024 (Part V, line 2a) ......	5	565
6	Total number of volunteers (estimate if necessary) .............	6	21
7a	Total unrelated business revenue from Part VIII, column (C), line 12 ........	7a	0
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) .........	11,075,270	10,588,761
10	Investment income (Part VIII, column (A), lines 3, 4, and 7d ) ....	1,029,821	-1,199,377
11	Other revenue (Part VIII, column (A), lines 5, 6d, 8c, 9c, 10c, and 11e)	30,259,300	25,899,832
12	Total revenue—add lines 8 through 11 (must equal Part VIII, column (A), line 12)	42,364,391	35,289,216
13	Grants and similar amounts paid (Part IX, column (A), lines 1–3 )...	4,081,812	3,777,654
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)	18,438,084	19,118,941
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)....	15,968,652	18,030,852
18	Total expenses. Add lines 13–17 (must equal Part IX, column (A), line 25)	38,488,548	40,927,447
19	Revenue less expenses. Subtract line 18 from line 12.......	3,875,843	-5,638,231
		Beginning of Current Year	End of Year
20	Total assets (Part X, line 16).............	72,291,767	93,840,154
21	Total liabilities (Part X, line 26).............	31,990,726	54,477,344
22	Net assets or fund balances. Subtract line 21 from line 20.....	40,301,041	39,362,810

Part II

Signature Block

Under penalties of perjury, I declare that I have examined this return, including accompanying schedules and statements, and to the best of my knowledge and belief, it is true, correct, and complete. Declaration of preparer (other than officer) is based on all information of which preparer has any knowledge.

Sign Here

	Signature of officer	Date

	Type or print name and title

Paid Preparer Use Only

Print/Type preparer's name

Preparer's signature

Date

Check if
self-employed

PTIN

Firm's name

Firm's EIN

Firm's address

Phone no.

May the IRS discuss this return with the preparer shown above? See Instructions. ..........YesNo

For Paperwork Reduction Act Notice, see the separate instructions.

Cat. No. 11282Y Form 990 (2024)

Form 990 (2024)

Page 2

Part III

Statement of Program Service Accomplishments

Check if Schedule O contains a response or note to any line in this Part III..............

Briefly describe the organization’s 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.

Did the organization undertake any significant program services during the year which were not listed on
the prior Form 990 or 990-EZ? ..................... Yes No

If "Yes," describe these new services on Schedule O.

Did the organization cease conducting, or make significant changes in how it conducts, any program
services? ........................... Yes No

If "Yes," describe these changes on Schedule O.

Describe the organization’s program service accomplishments for each of its three largest program services, as measured by expenses. Section 501(c)(3) and 501(c)(4) organizations are required to report the amount of grants and allocations to others, the total expenses, and revenue, if any, for each program service reported.


4a	(Code: ) (Expenses $ 0 including grants of $ ) (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 DISTRIBUTED TO THE CITY OF DUBUQUE AND LOCAL NONPROFIT ORGANIZATIONS.

4b	(Code: ) (Expenses $ 34,377,103 including grants of $ 3,777,654 ) (Revenue $ 25,253,738 )
	OPERATION OF A CASINO GAMING FACILITY WITH PROFITS DISTRIBUTED TO THE CITY OF DUBUQUE AND LOCAL NONPROFIT ORGANIZATIONS.

4c	(Code: ) (Expenses $ 5,317,236 including grants of $ ) (Revenue $ 5,193,049 )
	OPERATION OF A HOTEL AND RESTAURANT FACILITY ADJACENT TO ASSOCIATION'S CASINO.

4d	Other program services (Describe in Schedule O.)
	(Expenses $ including grants of $ ) (Revenue $ )
4e	Total program service expenses39,694,339

Form 990 (2024)

Page 3

Part IV

Checklist of Required Schedules

Yes

Is the organization described in section 501(c)(3) or 4947(a)(1) (other than a private foundation)? If "Yes," complete Schedule A.....................

Is the organization required to complete Schedule B, Schedule of Contributors? See instructions. ...

Did the organization engage in direct or indirect political campaign activities on behalf of or in opposition to candidates for public office? If "Yes," complete Schedule C, Part I.............

Section 501(c)(3) organizations. Did the organization engage in lobbying activities, or have a section 501(h) election in effect during the tax year? If "Yes," complete Schedule C, Part II.........

Is the organization a section 501(c)(4), 501(c)(5), or 501(c)(6) organization that receives membership dues, assessments, or similar amounts as defined in Rev. Proc. 98-19? If "Yes," complete Schedule C, Part III..

Did the organization maintain any donor advised funds or any similar funds or accounts for which donors have the right to provide advice on the distribution or investment of amounts in such funds or accounts? If "Yes," complete Schedule D, Part I Click to see attachment

List of Attached Documents:

// Content

.........................

Did the organization receive or hold a conservation easement, including easements to preserve open space,
the environment, historic land areas, or historic structures? If "Yes," complete Schedule D, Part II Click to see attachment

List of Attached Documents:

// Content

....

Did the organization maintain collections of works of art, historical treasures, or other similar assets? If "Yes,"
complete Schedule D, Part III Click to see attachment

List of Attached Documents:

// Content

..............

Did the organization report an amount in Part X, line 21 for escrow or custodial account liability; serve as a custodian for amounts not listed in Part X; or provide credit counseling, debt management, credit repair, or debt negotiation services? If "Yes," complete Schedule D, Part IV Click to see attachment

List of Attached Documents:

// Content

..............

Did the organization, directly or through a related organization, hold assets in temporarily restricted endowments, permanent endowments, or quasi endowments? If "Yes," complete Schedule D, Part V......

If the organization’s answer to any of the following questions is "Yes," then complete Schedule D, Parts VI, VII, VIII, IX, or X, as applicable.

Did the organization report an amount for land, buildings, and equipment in Part X, line 10? If "Yes," complete
Schedule D, Part VI. Click to see attachment

List of Attached Documents:

// Content

...................

11a

Yes

Did the organization report an amount for investments—other securities in Part X, line 12 that is 5% or more of its total assets reported in Part X, line 16? If "Yes," complete Schedule D, Part VII Click to see attachment

List of Attached Documents:

// Content

.......

11b

Did the organization report an amount for investments—program related in Part X, line 13 that is 5% or more of its total assets reported in Part X, line 16? If "Yes," complete Schedule D, Part VIII Click to see attachment

List of Attached Documents:

// Content

.......

11c

Did the organization report an amount for other assets in Part X, line 15 that is 5% or more of its total assets reported in Part X, line 16? If "Yes," complete Schedule D, Part IX Click to see attachment

List of Attached Documents:

// Content

............

11d

Yes

Did the organization report an amount for other liabilities in Part X, line 25? If "Yes," complete Schedule D, Part X Click to see attachment

List of Attached Documents:

// Content

11e

Yes

Did the organization’s separate or consolidated financial statements for the tax year include a footnote that addresses the organization’s liability for uncertain tax positions under FIN 48 (ASC 740)? If "Yes," complete Schedule D, Part X Click to see attachment

List of Attached Documents:

// Content

11f

Yes

12a

Did the organization obtain separate, independent audited financial statements for the tax year? If "Yes," complete
Schedule D, Parts XI and XII Click to see attachment

List of Attached Documents:

// Content

......................

12a

Was the organization included in consolidated, independent audited financial statements for the tax year? If "Yes," and if the organization answered "No" to line 12a, then completing Schedule D, Parts XI and XII is optional Click to see attachment

List of Attached Documents:

// Content

12b

Is the organization a school described in section 170(b)(1)(A)(ii)? If "Yes," complete Schedule E

14a

Did the organization maintain an office, employees, or agents outside of the United States? .....

14a

Did the organization have aggregate revenues or expenses of more than $10,000 from grantmaking, fundraising, business, investment, and program service activities outside the United States, or aggregate foreign investments valued at $100,000 or more? If "Yes," complete Schedule F, Parts I and IV.........

14b

Did the organization report on Part IX, column (A), line 3, more than $5,000 of grants or other assistance to or for any foreign organization? If “Yes,” complete Schedule F, Parts II and IV.....

Did the organization report on Part IX, column (A), line 3, more than $5,000 of aggregate grants or other assistance to or for foreign individuals? If “Yes,” complete Schedule F, Parts III and IV...

Did the organization report a total of more than $15,000 of expenses for professional fundraising services on Part IX, column (A), lines 6 and 11e? If "Yes," complete Schedule G, Part I. See instructions. ....

Did the organization report more than $15,000 total of fundraising event gross income and contributions on Part VIII, lines 1c and 8a? If "Yes," complete Schedule G, Part II............

Did the organization report more than $15,000 of gross income from gaming activities on Part VIII, line 9a? If "Yes," complete Schedule G, Part III...................

20a

Did the organization operate one or more hospital facilities? If "Yes," complete Schedule H....

20a

If "Yes" to line 20a, did the organization attach a copy of its audited financial statements to this return?

20b

Did the organization report more than $5,000 of grants or other assistance to any domestic organization or domestic government on Part IX, column (A), line 1? If “Yes,” complete Schedule I, Parts I and II..... Click to see attachment

List of Attached Documents:

// Content

Yes

Form 990 (2024)

Page 4

Part IV

Checklist of Required Schedules (continued)

Yes

Did the organization report more than $5,000 of grants or other assistance to or for domestic individuals on Part IX, column (A), line 2? If “Yes,” complete Schedule I, Parts I and III........ Click to see attachment

List of Attached Documents:

// Content

Did the organization answer "Yes" to Part VII, Section A, line 3, 4, or 5, about compensation of the organization’s current and former officers, directors, trustees, key employees, and highest compensated employees? If "Yes," complete Schedule J....................... Click to see attachment

List of Attached Documents:

// Content

Yes

24a

Did the organization have a tax-exempt bond issue with an outstanding principal amount of more than $100,000 as of the last day of the year, that was issued after December 31, 2002? If “Yes,” answer lines 24b through 24d and complete Schedule K. If “No,” go to line 25a...............

24a

Did the organization invest any proceeds of tax-exempt bonds beyond a temporary period exception?...

24b

Did the organization maintain an escrow account other than a refunding escrow at any time during the year
to defease any tax-exempt bonds? ...............

24c

Did the organization act as an "on behalf of" issuer for bonds outstanding at any time during the year?...

24d

25a

Section 501(c)(3), 501(c)(4), and 501(c)(29) organizations. Did the organization engage in an excess benefit transaction with a disqualified person during the year? If "Yes," complete Schedule L, Part I ....

25a

Is the organization aware that it engaged in an excess benefit transaction with a disqualified person in a prior year, and that the transaction has not been reported on any of the organization’s prior Forms 990 or 990-EZ? If "Yes," complete Schedule L, Part I.......................

25b

Did the organization report any amount on Part X, line 5 or 22 for receivables from or 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? If "Yes," complete Schedule L, Part II...........

Did the organization provide a grant or other assistance to any current or former officer, director, trustee, key employee, creator or founder, substantial contributor, or employee thereof, a grant selection committee member, or to a 35% controlled entity (including an employee thereof) or family member of any of these persons?

If "Yes," complete

Schedule L, Part III.........................

Was the organization a party to a business transaction with one of the following parties (see the Schedule L, Part IV instructions for applicable filing thresholds, conditions, and exceptions):

A current or former officer, director, trustee, key employee, creator or founder, or substantial contributor? If "Yes," complete Schedule L, Part IV......................

28a

A family member of any individual described in line 28a? If "Yes," complete Schedule L, Part IV.....

28b

A 35% controlled entity of one or more individuals and/or organizations described in line 28a or 28b? If "Yes," complete Schedule L, Part IV.....................

28c

Did the organization receive more than $25,000 in non-cash contributions? If "Yes," complete Schedule M..

Did the organization receive contributions of art, historical treasures, or other similar assets, or qualified conservation contributions? If "Yes," complete Schedule M .................

Did the organization liquidate, terminate, or dissolve and cease operations? If "Yes," complete Schedule N, Part I

Did the organization sell, exchange, dispose of, or transfer more than 25% of its net assets? If "Yes," complete Schedule N, Part II........................

Did the organization own 100% of an entity disregarded as separate from the organization under Regulations sections 301.7701-2 and 301.7701-3? If "Yes," complete Schedule R, Part I............

Was the organization related to any tax-exempt or taxable entity? If "Yes," complete Schedule R, Part II, III, or IV, and Part V, line 1.........................

35a

Did the organization have a controlled entity within the meaning of section 512(b)(13)?

35a

If ‘Yes’ to line 35a, did the organization receive any payment from or engage in any transaction with a controlled entity within the meaning of section 512(b)(13)? If "Yes," complete Schedule R, Part V, line 2 ...

35b

Section 501(c)(3) organizations. Did the organization make any transfers to an exempt non-charitable related organization? If "Yes," complete Schedule R, Part V, line 2.............

Did the organization conduct more than 5% of its activities through an entity that is not a related organization and that is treated as a partnership for federal income tax purposes? If "Yes," complete Schedule R, Part VI

Did the organization complete Schedule O and provide explanations on Schedule O for Part VI, lines 11b and 19? Note. All Form 990 filers are required to complete Schedule O. ............

Yes

Part V

Statements Regarding Other IRS Filings and Tax Compliance
Check if Schedule O contains a response or note to any line in this Part V...........

Yes

Enter the number reported in box 3 of Form 1096. Enter -0- if not applicable ..

256

Enter the number of Forms W-2G included on line 1a. Enter -0- if not applicable .

6,168

Did the organization comply with backup withholding rules for reportable payments to vendors and reportable gaming (gambling) winnings to prize winners? ..................

Yes

Form 990 (2024)

Page 5

Part V

Statements Regarding Other IRS Filings and Tax Compliance (continued)

Enter the number of employees reported on Form W-3, Transmittal of Wage and
Tax Statements, filed for the calendar year ending with or within the year covered by this return ..................

565

If at least one is reported on line 2a, did the organization file all required federal employment tax returns?

Yes

Did the organization have unrelated business gross income of $1,000 or more during the year?...

If “Yes,” has it filed a Form 990-T for this year? If “No” to line 3b, provide an explanation in Schedule O...

At any time during the calendar year, did the organization have an interest in, or a signature or other authority over, a financial account in a foreign country (such as a bank account, securities account, or other financial account)? ..

If "Yes," enter the name of the foreign country:
See instructions for filing requirements for FinCEN Form 114, Report of Foreign Bank and Financial Accounts (FBAR).

Was the organization a party to a prohibited tax shelter transaction at any time during the tax year? ..

Did any taxable party notify the organization that it was or is a party to a prohibited tax shelter transaction?

If "Yes," to line 5a or 5b, did the organization file Form 8886-T? ............

Does the organization have annual gross receipts that are normally greater than $100,000, and did the organization solicit any contributions that were not tax deductible as charitable contributions? ...

If "Yes," did the organization include with every solicitation an express statement that such contributions or gifts were not tax deductible? ......................

Organizations that may receive deductible contributions under section 170(c).

Did the organization receive a payment in excess of $75 made partly as a contribution and partly for goods and services provided to the payor? ....................

If "Yes," did the organization notify the donor of the value of the goods or services provided? .....

Did the organization sell, exchange, or otherwise dispose of tangible personal property for which it was required to file Form 8282? .........................

If "Yes," indicate the number of Forms 8282 filed during the year ....

Did the organization receive any funds, directly or indirectly, to pay premiums on a personal benefit contract?

Did the organization, during the year, pay premiums, directly or indirectly, on a personal benefit contract? ..

If the organization received a contribution of qualified intellectual property, did the organization file Form 8899 as required? ......................

If the organization received a contribution of cars, boats, airplanes, or other vehicles, did the organization file a Form 1098-C? ..........................

Sponsoring organizations maintaining donor advised funds. Did a donor advised fund maintained by the sponsoring organization have excess business holdings at any time during the year? ........

Sponsoring organizations maintaining donor advised funds.

Did the sponsoring organization make any taxable distributions under section 4966?........

Did the sponsoring organization make a distribution to a donor, donor advisor, or related person?...

Section 501(c)(7) organizations. Enter:

Initiation fees and capital contributions included on Part VIII, line 12 ...

10a

Gross receipts, included on Form 990, Part VIII, line 12, for public use of club facilities

10b

Section 501(c)(12) organizations. Enter:

Gross income from members or shareholders .........

11a

Gross income from other sources. (Do not net amounts due or paid to other sources against amounts due or received from them.) ..........

11b

12a

Section 4947(a)(1) non-exempt charitable trusts. Is the organization filing Form 990 in lieu of Form 1041?

12a

If "Yes," enter the amount of tax-exempt interest received or accrued during the year.

12b

Section 501(c)(29) qualified nonprofit health insurance issuers.

Is the organization licensed to issue qualified health plans in more than one state? .........
Note. See the instructions for additional information the organization must report on Schedule O.

13a

Enter the amount of reserves the organization is required to maintain by the states in which the organization is licensed to issue qualified health plans ....

13b

Enter the amount of reserves on hand ............

13c

14a

Did the organization receive any payments for indoor tanning services during the tax year?.....

14a

If "Yes," has it filed a Form 720 to report these payments? If "No," provide an explanation in Schedule O..

14b

Is the organization subject to the section 4960 tax on payment(s) of more than $1,000,000 in remuneration or excess parachute payment(s) during the year? ....................
If "Yes," see the instructions and file Form 4720, Schedule N.

Is the organization an educational institution subject to the section 4968 excise tax on net investment income? ..
If "Yes," complete Form 4720, Schedule O.

Section 501(c)(21) organizations. Did the trust, or any disqualified or other person engage in any activities that would result in the imposition of an excise tax under section 4951, 4952, or 4953? ..
If "Yes," complete Form 6069.

Form 990 (2024)

Page 6

Part VI

Governance, Management, and Disclosure. For each "Yes" response to lines 2 through 7b below, and for a "No" response to lines 8a, 8b, or 10b below, describe the circumstances, processes, or changes in Schedule O. See instructions.

Check if Schedule O contains a response or note to any line in this Part VI..............

Section A. Governing Body and Management

Yes

Enter the number of voting members of the governing body at the end of the tax year

If there are material differences in voting rights among members of the governing body, or if the governing body delegated broad authority to an executive committee or similar committee, explain in Schedule O.

Enter the number of voting members included in line 1a, above, who are independent

Did any officer, director, trustee, or key employee have a family relationship or a business relationship with any other officer, director, trustee, or key employee? .................

Did the organization delegate control over management duties customarily performed by or under the direct supervision of officers, directors or trustees, or key employees to a management company or other person? .

Yes

Did the organization make any significant changes to its governing documents since the prior Form 990 was filed? .

Did the organization become aware during the year of a significant diversion of the organization’s assets? .

Did the organization have members or stockholders? ................

Did the organization have members, stockholders, or other persons who had the power to elect or appoint one or more members of the governing body? ....................

Are any governance decisions of the organization reserved to (or subject to approval by) members, stockholders, or persons other than the governing body? ...................

Did the organization contemporaneously document the meetings held or written actions undertaken during the year by the following:

The governing body? .......................

Yes

Each committee with authority to act on behalf of the governing body? ............

Yes

Is there any officer, director, trustee, or key employee listed in Part VII, Section A, who cannot be reached at the organization’s mailing address? If "Yes," provide the names and addresses in Schedule O.......

Section B. Policies (This Section B requests information about policies not required by the Internal Revenue Code.)

Yes

10a

Did the organization have local chapters, branches, or affiliates? ............

10a

If "Yes," did the organization have written policies and procedures governing the activities of such chapters, affiliates, and branches to ensure their operations are consistent with the organization's exempt purposes?

10b

11a

Has the organization provided a complete copy of this Form 990 to all members of its governing body before filing the form? ............................

11a

Describe on Schedule O the process, if any, used by the organization to review this Form 990. .....

12a

Did the organization have a written conflict of interest policy? If "No," go to line 13.......

12a

Yes

Were officers, directors, or trustees, and key employees required to disclose annually interests that could give rise to conflicts? ..........................

12b

Did the organization regularly and consistently monitor and enforce compliance with the policy? If "Yes," describe on Schedule O how this was done...................

12c

Yes

Did the organization have a written whistleblower policy? ...............

Yes

Did the organization have a written document retention and destruction policy? .........

Yes

Did the process for determining compensation of the following persons include a review and approval by independent persons, comparability data, and contemporaneous substantiation of the deliberation and decision?

The organization’s CEO, Executive Director, or top management official ...........

15a

Yes

Other officers or key employees of the organization ................

15b

Yes

If "Yes" to line 15a or 15b, describe the process on Schedule O. See instructions.

16a

Did the organization invest in, contribute assets to, or participate in a joint venture or similar arrangement with a taxable entity during the year? ......................

16a

If "Yes," did the organization follow a written policy or procedure requiring the organization to evaluate its participation in joint venture arrangements under applicable federal tax law, and take steps to safeguard the organization’s exempt status with respect to such arrangements? ............

16b

Section C. Disclosure

List the states with which a copy of this Form 990 is required to be filed

Section 6104 requires an organization to make its Form 1023 (1024 or 1024-A, if applicable), 990, and 990-T (section 501(c)(3)s only) available for public inspection. Indicate how you made these available. Check all that apply.

Own website Another's website Upon request Other (explain in Schedule O)

Describe in Schedule O whether (and if so, how) the organization made its governing documents, conflict of interest policy, and financial statements available to the public during the tax year.

State the name, address, and telephone number of the person who possesses the organization's books and records:
EMILY HELBING1855 GREYHOUND PARK DRIVE DUBUQUE,IA52001 (563) 582-3647

Form 990 (2024)

Page 7

Part VII

Compensation of Officers, Directors,Trustees, Key Employees, Highest Compensated Employees, and Independent Contractors

Check if Schedule O contains a response or note to any line in this Part VII..............

Section A. Officers, Directors, Trustees, Key Employees, and Highest Compensated Employees

1a Complete this table for all persons required to be listed. Report compensation for the calendar year ending with or within the organization’s tax year.
RoundBullet

List all of the organization’s current officers, directors, trustees (whether individuals or organizations), regardless of amount
of compensation. Enter -0- in columns (D), (E), and (F) if no compensation was paid.

List all of the organization’s current key employees, if any. See the instructions for definition of "key employee."

List the organization’s five current highest compensated employees (other than an officer, director, trustee or key employee)
who received reportable compensation (box 5 of Form W-2, box 6 of Form 1099-MISC, and/or box 1 of Form 1099-NEC) of more than $100,000 from the organization and any related organizations.

List all of the organization’s former officers, key employees, or highest compensated employees who received more than $100,000
of reportable compensation from the organization and any related organizations.

List all of the organization’s former directors or trustees that received, in the capacity as a former director or trustee of the
organization, more than $10,000 of reportable compensation from the organization and any related organizations.

See the instructions for the order in which to list the persons above.

Check this box if neither the organization nor any related organization compensated any current officer, director, or trustee.

(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)		(D) Reportable compensation from the organization (W-2/1099-MISC/1099-NEC)	(E) Reportable compensation from related organizations (W-2/1099-MISC/1099-NEC)	(F) Estimated amount of other compensation from the organization and related organizations
(A) Name and title
(1) BARBARA O'HEA...................................................................... MEMBER	1.00 .................	X		0	0	0
(2) BRAD CAVANAGH...................................................................... MEMBER	1.00 .................	X		0	0	0
(3) CHAD WOLBERS...................................................................... MEMBER	1.00 .................	X		0	0	0
(4) DANNY SPRANK...................................................................... MEMBER	1.00 .................	X		0	0	0
(5) EMILY MCCREADY...................................................................... TREASURER	5.00 .................	X	X	0	0	0
(6) GARY DOLPHIN...................................................................... MEMBER AT LARGE	5.00 .................	X		0	0	0
(7) HARLEY POTHOFF...................................................................... MEMBER	1.00 .................	X		0	0	0
(8) HERBER RIEDEL...................................................................... MEMBER	1.00 .................	X		0	0	0
(9) JAN POWER...................................................................... MEMBER	1.00 .................	X		0	0	0
(10) KAY TAKES...................................................................... SECRETARY	5.00 .................	X	X	0	0	0
(11) KEVIN LYNCH...................................................................... PAST CHAIR	5.00 .................	X	X	0	0	0
(12) LORI THIELEN...................................................................... 1ST VICE CHAIR	5.00 .................	X	X	0	0	0
(13) MICHAEL VAN MILLIGEN...................................................................... CITY MANAGER	1.00 .................	X	X	0	0	0
(14) MIKE DONOHUE...................................................................... CHAIR	5.00 .................	X	X	0	0	0
(15) MIKE FITZPATRICK...................................................................... MEMBER	1.00 .................	X		0	0	0
(16) NICOLE GANTZ...................................................................... MEMBER	1.00 .................	X		0	0	0
(17) PAULA WOLFE...................................................................... MEMBER	1.00 .................	X		0	0	0

Form 990 (2024)

Page 8

Part VII

Section A. Officers, Directors, Trustees, Key Employees, and Highest Compensated Employees (continued)

(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)			(D) Reportable compensation from the organization (W-2/1099-MISC/1099-NEC)	(E) Reportable compensation from related organizations (W-2/1099-MISC/1099-NEC)	(F) Estimated amount of other compensation from the organization and related organizations
(A) Name and title
(18) RIC JONES........................................................................ MEMBER	1.00 .......................	X			0	0	0
(19) RICHARD DICKINSON........................................................................ MEMBER AT LARGE	5.00 .......................	X			0	0	0
(20) RON HERRIG........................................................................ MEMBER	1.00 .......................	X			0	0	0
(21) TYSON LEYENDECKER........................................................................ 2ND VICE CHAIR	5.00 .......................	X	X		0	0	0
(22) ALEX DIXON........................................................................ CEO & PRESIDENT	60.00 .......................		X		865,819	0	29,216
(23) BRIAN RAKESTRAW........................................................................ CFO & COO	60.00 .......................		X		547,486	0	49,902
(24) STACY KANSKY........................................................................ CCO	50.00 .......................		X		368,516	0	28,997
(25) KATHY BUHR........................................................................ DIRECTOR OF PHILANTHROPY &	50.00 .......................			X	179,583	0	29,130
(26) KEN HAUGEN........................................................................ DIRECTOR OF HOTEL OPERATIONS	50.00 .......................			X	143,715	0	7,518
(27) LANCE CARNAHAN........................................................................ VICE PRESIDENT OF OPERATIONS	50.00 .......................			X	159,987	0	22,943
(28) MILES BREED........................................................................ DIRECTOR OF F&B	50.00 .......................			X	163,901	0	0
(29) TRESA HEBER........................................................................ DIRECTOR OF FINANCE (TERMED 2024)	1.00 .......................			X	202,710	0	0

1b	Sub-Total..............
c	Total from continuation sheets to Part VII, Section A..
d	Total (add lines 1b and 1c).........	2,631,717	0	167,706

Total number of individuals (including but not limited to those listed above) who received more than $100,000 of reportable compensation from the organization 8

Yes

Did the organization list any former officer, director or trustee, key employee, or highest compensated employee on line 1a? If "Yes," complete Schedule J for such individual ..............

For any individual listed on line 1a, is the sum of reportable compensation and other compensation from the organization and related organizations greater than $150,000? If "Yes," complete Schedule J for such
individual...........................

Yes

Did any person listed on line 1a receive or accrue compensation from any unrelated organization or individual for services rendered to the organization? If "Yes," complete Schedule J for such person ........

Section B. Independent Contractors

Complete this table for your five highest compensated independent contractors that received more than $100,000 of compensation from the organization. Report compensation for the calendar year ending with or within the organization’s tax year.

(A) Name and business address	(B) Description of services	(C) Compensation
ARISTOCRAT TECHNOLOGIES INC 10220 ARISTOCRAT WAY LAS VEGAS,NV89135	GAMING	1,347,076
DLR GROUP 1430 LOCUST ST STE 200 DES MOINES,IA50309	ARCHITECTURE	793,576
LNW GAMING INC LOCKBOX 749335 LOS ANGELES,CA900749335	GAMING	772,311
LANGE SIGN GROUP 1780 IL ROUTE 35 N EAST DUBUQUE,IA52001	COMMERCIAL SIGNAGE	754,759
SYSCO FOOD SERVICES OF IOWA ONE SYSCO PLACE ANKENY,IA50021	FOOD SERVICES	604,948
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 5

Form 990 (2024)

Page 9

Part VIII

Statement of Revenue

Check if Schedule O contains a response or note to any line in this Part VIII.............

(A)
Total revenue

(B)
Related or
exempt
function
revenue

(D)
Revenue
excluded from
tax under sections
512 - 514

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

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

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

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

		Business Code
2a	HOTEL REVENUE	713200	4,048,085	4,048,085
b	ADMISSION FEE	713200	4,021,416	4,021,416
c	TICKET SALES - ENTERTAINMENT	713200	2,477,245	2,477,245
d	CASH ADVANCE COMMISSION	713200	42,015	42,015
e
f	All other program service revenue.
g	Total. Add lines 2a–2f .....		10,588,761

3 Investment income (including dividends, interest, and othersimilar amounts) ......			831,438			831,438
4 Income from investment of tax-exempt bond proceeds
5 Royalties...........
			(i) Real	(ii) Personal
6a	Gross rents	6a
b	Less: rental expenses	6b
c	Rental income or (loss)	6c
d	Net rental income or (loss).......
			(i) Securities	(ii) Other
7a	Gross amount from sales of assets other than inventory	7a
b	Less: cost or other basis and sales expenses	7b		2,030,815
c	Gain or (loss)	7c		-2,030,815
d	Net gain or (loss).........			-2,030,815	-2,030,815
8a	Gross income from fundraising events (not including $ of contributions reported on line 1c). See Part IV, line 18 ....
			8a
b	Less: direct expenses ...		8b
c	Net income or (loss) from fundraising events..
9a	Gross income from gaming activities. See Part IV, line 19 ...
			9a	44,460,686
b	Less: direct expenses ...		9b	19,184,433
c	Net income or (loss) from gaming activities..			25,276,253	25,276,253
10a	Gross sales of inventory, less returns and allowances ..
			10a	5,008,562
b	Less: cost of goods sold ..		10b	2,885,882
c	Net income or (loss) from sales of inventory..			2,122,680	2,122,680

Business Code
11a	MISC		713200	957,655	957,655
b	ATM SURCHARGE		713200	396,602	396,602
c	HGA LOAN VALUATION		713200	-2,853,358	-2,853,358
d	All other revenue ....
e	Total. Add lines 11a–11d ......			-1,499,101
12	Total revenue. See instructions.....			35,289,216	34,457,778	0	831,438

Form 990 (2024)

Page 10

Part IX

Statement of Functional Expenses

Section 501(c)(3) and 501(c)(4) organizations must complete all columns. All other organizations must complete column (A).Check if Schedule O contains a response or note to any line in this Part IX..............

Do not include amounts reported on lines 6b, 7b, 8b, 9b, and 10b of Part VIII.		(A) Total expenses	(B) Program service expenses	(C) Management and general expenses	(D) Fundraising expenses

1	Grants and other assistance to domestic organizations and domestic governments. See Part IV, line 21 ....	3,777,654	3,777,654
2	Grants and other assistance to domestic individuals. See Part IV, line 22 ...........
3	Grants and other assistance to foreign organizations, foreign governments, and foreign individuals. See Part IV, lines 15 and 16. .............
4	Benefits paid to or for members .......
5	Compensation of current officers, directors, trustees, and key employees ...........
6	Compensation not included above, to disqualified persons (as defined under section 4958(f)(1)) and persons described in section 4958(c)(3)(B) .........
7	Other salaries and wages........	15,280,766	15,280,766
8	Pension plan accruals and contributions (include section 401(k) and 403(b) employer contributions) ....	508,152	508,152
9	Other employee benefits .......	2,047,829	2,047,829
10	Payroll taxes ...........	1,282,194	1,282,194
11	Fees for services (non-employees):
a	Management ......
b	Legal .........	60,607		60,607
c	Accounting ...........	134,537		134,537
d	Lobbying ...........
e	Professional fundraising services. See Part IV, line 17
f	Investment management fees ......
g	Other (If line 11g amount exceeds 10% of line 25, column (A) amount, list line 11g expenses on Schedule O)	1,037,964		1,037,964
12	Advertising and promotion ....	1,894,008	1,894,008
13	Office expenses .......	82,583	82,583
14	Information technology ......	371,178	371,178
15	Royalties ..
16	Occupancy ...........	2,642,403	2,642,403
17	Travel ............	71,007	71,007
18	Payments of travel or entertainment expenses for any federal, state, or local public officials .
19	Conferences, conventions, and meetings ....
20	Interest ...........	511,454	511,454
21	Payments to affiliates .......
22	Depreciation, depletion, and amortization ..	4,482,395	4,482,395
23	Insurance ...	713,355	713,355
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	ENTERTAINMENT	2,555,398	2,555,398
b	SUPPLIES	843,157	843,157
c	LEASE EXPENSE	694,247	694,247
d	DCI FEES	550,312	550,312
e	All other expenses	1,386,247	1,386,247
25	Total functional expenses. Add lines 1 through 24e	40,927,447	39,694,339	1,233,108	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).

Form 990 (2024)

Page 11

Part X

Balance Sheet

Check if Schedule O contains a response or note to any line in this Part IX..............

				(A) Beginning of year		(B) End of year

1	Cash–non-interest-bearing ........			5,960,167	1	10,329,761
2	Savings and temporary cash investments .........			20,470,209	2	7,507,142
3	Pledges and grants receivable, net ......				3
4	Accounts receivable, net .............			783,054	4	762,516
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 .......
					5
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) ...
					6
7	Notes and loans receivable, net ...........				7
8	Inventories for sale or use ............			157,472	8	181,885
9	Prepaid expenses and deferred charges ......			749,533	9	748,478
10a	Land, buildings, and equipment: cost or other basis. Complete Part VI of Schedule D	10a	122,539,073
b	Less: accumulated depreciation	10b	61,972,046	31,781,389	10c	60,567,027
11	Investments—publicly traded securities .				11
12	Investments—other securities. See Part IV, line 11 .....			5,661	12	5,661
13	Investments—program-related. See Part IV, line 11 ..				13
14	Intangible assets ...............			1,029,031	14	838,012
15	Other assets. See Part IV, line 11 ...........			11,355,251	15	12,899,672
16	Total assets. Add lines 1 through 15 (must equal line 33)...			72,291,767	16	93,840,154

17	Accounts payable and accrued expenses .....	6,456,577	17	10,143,758
18	Grants payable ...		18
19	Deferred revenue .........	76,516	19	72,536
20	Tax-exempt bond liabilities .........		20
21	Escrow or custodial account liability. Complete Part IV of Schedule D		21
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 .........
			22
23	Secured mortgages and notes payable to unrelated third parties ..	14,830,028	23	38,456,162
24	Unsecured notes and loans payable to unrelated third parties ..		24
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	10,627,605	25	5,804,888
26	Total liabilities. Add lines 17 through 25..	31,990,726	26	54,477,344

	Organizations that follow FASB ASC 958, check here and complete lines 27, 28, 32, and 33.
27	Net assets without donor restrictions ..........	40,301,041	27	39,362,810
28	Net assets with donor restrictions ...........		28
	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 ...........	40,301,041	32	39,362,810
33	Total liabilities and net assets/fund balances ........	72,291,767	33	93,840,154

Form 990 (2024)

Page 12

Part XI

Reconcilliation of Net Assets

Check if Schedule O contains a response or note to any line in this Part XI..............

Total revenue (must equal Part VIII, column (A), line 12) ............

35,289,216

Total expenses (must equal Part IX, column (A), line 25) ............

40,927,447

Revenue less expenses. Subtract line 2 from line 1 ..............

-5,638,231

Net assets or fund balances at beginning of year (must equal Part X, line 32, column (A)) ..

40,301,041

Net unrealized gains (losses) on investments ...............

Donated services and use of facilities .................

Investment expenses .....................

Prior period adjustments .....................

Other changes in net assets or fund balances (explain in Schedule O) ........

4,700,000

Net assets or fund balances at end of year. Combine lines 3 through 9 (must equal Part X, line 32, column (B))

39,362,810

Part XII

Financial Statements and Reporting

Check if Schedule O contains a response or note to any line in this Part XII.............

Yes

Accounting method used to prepare the Form 990: Cash Accrual Other
If the organization changed its method of accounting from a prior year or checked "Other," explain on
Schedule O.

Were the organization’s financial statements compiled or reviewed by an independent accountant?

If ‘Yes,’ check a box below to indicate whether the financial statements for the year were compiled or reviewed on a separate basis, consolidated basis, or both:

Separate basis Consolidated basis Both consolidated and separate basis

Were the organization’s financial statements audited by an independent accountant?

Yes

If ‘Yes,’ check a box below to indicate whether the financial statements for the year were audited on a separate basis, consolidated basis, or both:

Separate basis Consolidated basis Both consolidated and separate basis

If "Yes," to line 2a or 2b, does the organization have a committee that assumes responsibility for oversight of the audit, review, or compilation of its financial statements and selection of an independent accountant?

Yes

If the organization changed either its oversight process or selection process during the tax year, explain in Schedule O.

As a result of a federal award, was the organization required to undergo an audit or audits as set forth in the Uniform Guidance, 2 C.F.R. Part 200, Subpart F?

If "Yes," did the organization undergo the required audit or audits? If the organization did not undergo the required audit or audits, explain why in Schedule O and describe any steps taken to undergo such audits.

Form 990 (2024)

Additional Data

Software ID:
Software Version:

Form 990, Special Condition Description:

Special Condition Description

- 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

Open to Public Inspection

Name of the organization

DUBUQUE RACING ASSOCIATION LTD

Employer identification number

42-1235183

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) (Rev. 1-2025)

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 .....
b	Buildings ....	12,919,738	4,700,953	8,218,785
c	Leasehold improvements	66,460,311	23,247,613	43,212,698
d	Equipment ....	21,872,408	15,965,142	5,907,266
e	Other .....	21,286,616	18,058,338	3,228,278
Total. Add lines 1a through 1e. (Column (d) must equal Form 990, Part X, column (B), line 10(c).)..				60,567,027

Schedule D (Form 990) (Rev. 1-2025)

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.........
(2) Closely-held equity interests........
(3)Other
(A)
(B)
(C)
(D)
(E)
(F)
(G)
(H)
Total. (Column (b) must equal Form 990, Part X, col. (B) line 12.)

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)CONSTRUCTION IN PROGRESS				10,886,097
(2)RIGHT OF USE ASSET				2,013,575
(2)
(3)
(4)
(5)
(6)
(7)
(8)
(9)
Total. (Column (b) must equal Form 990, Part X, col.(B) line 15.)...........				12,899,672

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
ACCRUED GRANTS	6,046,947
DEFERRED LOAN FEE	-242,059







Total. (Column (b) must equal Form 990, Part X, col.(B) line 25.)	5,804,888
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) (Rev. 1-2025)

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	55,898,555
2	Amounts included on line 1 but not on Form 990, Part VIII, line 12:
a	Net unrealized gains (losses) on investments ....	2a
b	Donated services and use of facilities .........	2b
c	Recoveries of prior year grants ...........	2c
d	Other (Describe in Part XIII.) ...........	2d	25,109,026
e	Add lines 2a through 2d .....................			2e	25,109,026
3	Subtract line 2e from line 1..................			3	30,789,529
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
b	Other (Describe in Part XIII.) ...........	4b	4,499,687
c	Add lines 4a and 4b....................			4c	4,499,687
5	Total revenue. Add lines 3 and 4c. (This must equal Form 990, Part I, line 12.) ......			5	35,289,216

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	56,836,786
2	Amounts included on line 1 but not on Form 990, Part IX, line 25:
a	Donated services and use of facilities .........	2a
b	Prior year adjustments ............	2b
c	Other losses ................	2c
d	Other (Describe in Part XIII.) ...........	2d	20,409,026
e	Add lines 2a through 2d....................			2e	20,409,026
3	Subtract line 2e from line 1...................			3	36,427,760
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
b	Other (Describe in Part XIII.) ...........	4b	4,499,687
c	Add lines 4a and 4b.....................			4c	4,499,687
5	Total expenses. Add lines 3 and 4c. (This must equal Form 990, Part I, line 18.) ......			5	40,927,447

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:	DUBUQUE RACING ASSOCIATION, LTD IS EXEMPT FROM INCOME TAXES OTHER THAN UNRELATED BUSINESS INCOME UNDER SECTION 501(C)(4) OF THE INTERNAL REVENUE CODE AND A SIMILAR SECTION OF THE STATE INCOME TAX LAW. THE ASSOCIATION IS ALSO EXEMPT FROM STATE INCOME TAX.
PART XI, LINE 2D - OTHER ADJUSTMENTS:	GAMING EXPENSES 19,184,433. COGS 1,131,410. OTHER ALLOWANCES / PROMOS 93,183. FORGIVENESS OF ACCRUED DISTRIBUTION TO SCHMITT ISLAND FUND 4,700,000.
PART XI, LINE 4B - OTHER ADJUSTMENTS:	PROMOTIONAL ALLOWANCE EXPENSE INCLUDED IN GAMING REVENUE 3,283,738. FOOD/BEVERAGE ALLOWANCE EXPENSE NETTED WITH REVENUE 1,215,949.
PART XII, LINE 2D - OTHER ADJUSTMENTS:	GAMING EXPENSES 19,184,433. COGS 1,131,410. OTHER ALLOWANCES / PROMOS 93,183.
PART XII, LINE 4B - OTHER ADJUSTMENTS:	PROMOTIONAL ALLOWANCE EXPENSE INCLUDED IN GAMING REVENUE 3,283,738. FOOD/BEVERAGE ALLOWANCE EXPENSE NETTED WITH REVENUE 1,215,949.

Schedule D (Form 990) (Rev. 1-2025)

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Schedule I
(Form 990)
(Rev. January 2025)

Department of the Treasury
Internal Revenue Service

Grants and Other Assistance to Organizations,
Governments and Individuals in the United States

Complete if the organization answered "Yes," on Form 990, Part IV, line 21 or 22.
lBullet

Attach to Form 990.
lBullet

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

OMB No. 1545-0047

Open to Public
Inspection

Name of the organization
DUBUQUE RACING ASSOCIATION LTD

Employer identification number
42-1235183

Part I

General Information on Grants and Assistance

Does the organization maintain records to substantiate the amount of the grants or assistance, the grantees' eligibility for the grants or assistance, and
the selection criteria used to award the grants or assistance? ........................

Yes No

Describe in Part IV the organization's procedures for monitoring the use of grant funds in the United States.

Part II

Grants and Other Assistance to Domestic Organizations and Domestic Governments. Complete if the organization answered "Yes" on Form 990, Part IV, line 21, for any recipient

that received more than $5,000. Part II can be duplicated if additional space is needed.

(a) Name and address of organization or government	(b) EIN	(c) IRC section (if applicable)	(d) Amount of cash grant	(h) Purpose of grant or assistance
(1) BELL TOWER PRODUCTION & DINNER THEATER 2728 ASBURY ROAD SUITE 220 DUBUQUE,IA52001	87-0690005	501(C)(3)	15,000	NEW AUDIENCE INITIATIVE
(2) BENTON FIRE DEPARTMENT PO BOX 64 BENTON,WI53803	39-6089480	501(C)(3)	6,103	NEW GRILL SYSTEM UPGRADE
(3) CAMP COURAGEOUS OF IOWA PO BOX 418 MONTICELLO,IA52310	23-7210932	501(C)(3)	20,000	SOUTH CABIN REMODEL
(4) CARNEGIE STOUT PUBLIC LIBRARY FOUNDATION 360 W 11TH ST DUBUQUE,IA52001	42-1452704	501(C)(3)	10,500	LIBRARY SERVICES/SPACES EXPANSION FUNDRAISING FEASIBILITY STUDY
(5) CASCADE ECONOMIC DEVELOPMENT CORP PO BOX 695 CASCADE,IA52033	42-1288934	501(C)(6)	28,000	DOWNTOWN BEAUTIFICATION & AMENITIES ENHANCEMENT
(6) CENTRALLY ROOTED MISSION INC 230 CENTRAL AVE DUBUQUE,IA52001	88-3971688	501(C)(3)	20,000	BUILDING WORKFORCE & GROWING QUALITY OF LIFE
(7) CITY OF DUBUQUE 50 W 13TH STREET DUBUQUE,IA52001	42-6004596	CITY OF DUBUQUE	1,289,002	CHARITABLE CONTRIBUTION SET ASIDE FOR THE CITY OF DUBUQUE
(8) CITY OF MAQUOKETA 201 E PLEASANT ST MAQUOKETA,IA52060	42-6004922	501(C)(3)	30,000	GREEN SPACE REDEVELOPMENT
(9) CONVIVIUM URBAN FARMSTEAD 2811 JACKSON ST DUBUQUE,IA52001	47-2427763	501(C)(3)	30,000	CULINARY RESOURCE EXPANSION
(10) DBQ AIR 300 MAIN STREET SUITE 120 DUBUQUE,IA52001	99-0859434	501(C)(6)	100,000	FLIGHTS FOR ECONOMIC PROSPERITY
(11) DUBUQUE ARBORETUM ASSOCIATION INC 3800 ARBORETUM DRIVE DUBUQUE,IA52001	42-1160989	501(C)(3)	25,000	INCLUSIVE PATHWAYS
(12) DUBUQUE AREA CHAMBER OF COMMERCE 300 MAIN STREET SUITE 200 DUBUQUE,IA52001	42-0223700	501(C)(3)	35,000	YP PROGRAM & YP MENTORSHIP PROGRAM
(13) DUBUQUE AREA CONVENTION & VISITORS BUREAU 300 MAIN STREET SUITE 120 DUBUQUE,IA52001	46-3010125	501(C)(3)	28,809	SALES RECRUITMENT VIDEOS & WELCOME CENTER REFRESH
(14) DUBUQUE AREA LABOR HARVEST 2617 NEW HAVEN STREET DUBUQUE,IA52001	42-1321098	501(C)(3)	10,000	BUILDING SKILLED TRADES AWARENESS
(15) DUBUQUE AREA LABOR MANAGEMENT COUNCIL PO BOX 14 DUBUQUE,IA52004	42-1319578	501(C)(3)	20,000	BUILDING SKILLED TRADES AWARENESS
(16) DUBUQUE ARTS COUNCIL 2728 ASBURY ROAD SUITE 220 DUBUQUE,IA52001	42-1051941	501(C)(3)	20,000	DUBUQUE AS A DYNAMIC ARTS HUB & DESTINATION
(17) DUBUQUE CHORALE INC 900 JACKSON ST LL5-2D DUBUQUE,IA52001	20-5778500	501(C)(3)	10,668	SONGFEST25
(18) DUBUQUE COMMUNITY SCHOOL DISTRICT 2300 CHANEY ROAD DUBUQUE,IA52001	42-6001531	501(C)(3)	125,000	DUBUQUE COMMUNITY SCHOOLS STRATEGIC INITIATIVE FUND
(19) DUBUQUE ESPORTS LEAGUE 3220 DODGE ST STE 209 DUBUQUE,IA52002	88-4130087	501(C)(3)	10,000	ESPORTS DEVELOPMENT SPECIALIST
(20) DUBUQUE JAYCEES PO BOX 63 DUBUQUE,IA52004	42-1341284	501(C)(3)	20,000	3RD OF JULY FIREWORKS AND AIR SHOW
(21) DUBUQUE JR BASS CLUB 285 5TH ST EAST DUBUQUE,IL61025	86-1987726	501(C)(3)	15,500	WEIGH-IN TRAILER
(22) DUBUQUE MAIN STREET LTD 1069 MAIN ST DUBUQUE,IA52001	42-1260305	501(C)(3)	30,000	DOWNTOWN DUBUQUE COLLABORATIVE GROWTH
(23) DUBUQUE MUSEUM OF ART 701 LOCUST STREET DUBUQUE,IA52001	42-1071185	501(C)(3)	25,000	AN ICONIC NEW MUSEUM & CULTURAL ATTRACTION
(24) DUBUQUE SOCCER ALLIANCE 2478 HACIENDA DRIVE DUBUQUE,IA52002	42-1391025	501(C)(3)	45,000	EQUIPMENT OWNERSHIP
(25) DUCKS UNLIMITED INC 1 WATERFOWL WAY MEMPHIS,TN38120	13-5643799	501(C)(3)	45,000	DUBUQUE WETLAND REVITALIZATION
(26) DYERSVILLE AREA COMMUNITY FOUNDATION PO BOX 213 DYERSVILLE,IA52040	42-1323377	501(C)(3)	20,000	PLAYGROUND EQUIPMENT
(27) FLY BY NIGHT PRODUCTIONS PO BOX 1377 DUBUQUE,IA52004	42-1424538	501(C)(3)	11,046	LED THEATRICAL LIGHTING SYSTEM
(28) FOUR MOUNDS FOUNDATION 4900 PERU ROAD DUBUQUE,IA52001	42-1265303	501(C)(3)	25,000	SITE & STAFF EXPANSION
(29) FRATERNAL ORDER OF EAGLES 1102 E PLATT STREET MAQUOKETA,IA52060	42-1366413	501(C)(3)	5,570	2 BEVERAGE COOLERS FOR FUNDRAISING
(30) FRIENDS OF ST MARYS DBA STEEPLE SQUARE PO BOX 3188 DUBUQUE,IA52004	46-4898142	501(C)(3)	35,000	DESTINATION ENHANCEMENT & MARKETING
(31) GIRL SCOUTS OF EASTERN IOWA AND WESTERN ILLINOIS 2644 PENNSYLVANIA AVENUE DUBUQUE,IA52001	42-1008848	501(C)(3)	20,000	SHAGBARK CABIN RENOVATION
(32) GRAND OPERA HOUSE 135 WEST 8TH STREET DUBUQUE,IA52001	42-1133812	501(C)(3)	14,000	WEBSITE DEVELOPMENT & COMMUNITY ENGAGEMENT
(33) HERITAGE WORKS INC 489 W 4TH ST DUBUQUE,IA52001	47-4071538	501(C)(3)	40,000	CULTURAL DESTINATION & HUB FOR HERITAGE
(34) HOLY FAMILY SCHOOLS 2005 KANE DUBUQUE,IA52001	42-0792429	501(C)(3)	20,000	HOLY FAMILY STUDENT IMPACT FUND GROWTH
(35) HONOR FLIGHT OF DUBUQUE AND THE TRISTATES 1055 UNIVERSITY AVE DUBUQUE,IA52001	85-3203825	501(C)(3)	20,000	2025 DUBUQUE HONOR FLLIGHTS
(36) IOWA SPECIAL OLYMPICS INC 551 SE DOVETAIL ROAD GRIMES,IA50111	51-0176029	501(C)(3)	20,000	SPECIAL OLYMPICS IOWA WINTER GAMES
(37) KEY CITY CREATIVE CENTER 1781 WHITE ST DUBUQUE,IA52001	32-0538342	501(C)(3)	10,000	KCCC CNC ROUTER PROJECT
(38) MULTICULTURAL FAMILY CENTER 1157 CENTRAL AVENUE DUBUQUE,IA52001	27-0751743	501(C)(3)	25,000	CULTURAL EVENTS & TEEN PROGRAMMING
(39) NORTHEAST IOWA COUNCIL BOY SCOUTS OF AMERICA 10601 MILITARY ROAD DUBUQUE,IA52004	42-0680414	501(C)(3)	11,500	YOUTH CAREER EXPLORATION PROGRAMS
(40) OAS FOUNDATION 229 CAMPBELL ARDMORE,OK73401	27-0955100	501(C)(3)	45,000	ENHANCING COMMUNITY ENGAGEMENT THROUGH FACILITY IMPROVEMENTS
(41) OPENING DOORS 1561 JACKSON STREET DUBUQUE,IA52001	42-1490364	501(C)(3)	10,000	ON MY OWN - PERMANENT SUPPORTIVE HOUSING
(42) PRESENTATION LANTERN CENTER 1584 WHITE ST DUBUQUE,IA52001	13-4224124	501(C)(3)	40,000	NEW INITIATIVE HELPS DUBUQUE REFUGEES & IMMIGRANTS THRIVE
(43) PROSPERITY EASTERN IOWA INC 7600 COMMERCE PARK DUBUQUE,IA52002	26-1487858	501(C)(3)	40,000	FIELDS OF OPPORTUNITIES REGIONAL MARKETING
(44) RISING STAR THEATER COMPANY 1310 WHITE ST DUBUQUE,IA52001	27-3639305	501(C)(3)	10,000	RSTC NEW EDUCATION PROGRAM
(45) SAINT 4 LIFE FOUNDATION 1800 ADMIRAL SHEEHY DR DUBUQUE,IA52001	87-4200481	501(C)(3)	10,000	IMON ARENA FACILITIES ENHANCEMENTS
(46) SCHMITT ISLAND DEVELOPMENT CORPORATION 1800 ADMIRAL SHEEHY DR DUBUQUE,IA52001	92-0629253	501(C)(3)	1,594,594	SCHMITT ISLAND FUND
(47) THE DRIVER OPERA HOUSE RESTORATION INC PO BOX 62 DARLINGTON,WI53530	26-1812695	501(C)(3)	14,000	MARKETING FOR 2024-2025 SEASON
(48) THE FOUNTAIN OF YOUTH PROGRAM 220 W 7TH ST DUBUQUE,IA52001	81-3722764	501(C)(3)	25,000	ICARE FUNDING NEEDS
(49) TOGETHER WE BUILD INC 201 W PLATT ST MAQUOKETA,IA52060	99-0827561	501(C)(3)	15,000	JACKSON COUNTY FAIR & EXTENSION/4-H OUTREACH CENTER
(50) UW PLATTEVILLE FOUNDATION INC ULLSVIK HALL 1 UNIVERSITY PLAZA PLATTEVILLE,WI53818	39-6051705	501(C)(3)	25,000	UW-PLATTEVILLE ATTRACTING, RECRUITING, AND RETAINING DIVERSE POPULATIONS TO THE TRI-STATES
(51) VOICES PRODUCTIONS PO BOX 3095 DUBUQUE,IA52004	46-1571632	501(C)(3)	20,000	UPLIFTING VOICES THROUGH COMMUNITY ART

Enter total number of section 501(c)(3) and government organizations listed in the line 1 table ................. Bullet Image

Enter total number of other organizations listed in the line 1 table ........................ . Bullet Image

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

Cat. No. 50055P

Schedule I (Form 990) Rev. 1-2025

Page 2

Part III

Grants and Other Assistance to Domestic Individuals. Complete if the organization answered "Yes" on Form 990, Part IV, line 22.
Part III can be duplicated if additional space is needed.

(a) Type of grant or assistance	(b) Number of recipients	(c) Amount of cash grant	(d) Amount of noncash assistance	(e) Method of valuation (book, FMV, appraisal, other)	(f) Description of noncash assistance

(1)
(2)
(3)
(4)
(5)
(6)
(7)

Part IV

Supplemental Information. Provide the information required in Part I, line 2; Part III, column (b); and any other additional information.

Return Reference	Explanation

Schedule I (Form 990) Rev. 1-2025

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Schedule J
(Form 990)
(Rev. January 2025)

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

Open to Public Inspection

Name of the organization

DUBUQUE RACING ASSOCIATION LTD

Employer identification number

42-1235183

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 .....

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? ..................

Yes

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) (Rev. 1-2025)

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)
1ALEX DIXON CEO & PRESIDENT	(i) (ii)	543,375 ------------- 0	322,144 ------------- 0	300 ------------- 0	0 ------------- 0	29,216 ------------- 0	895,035 ------------- 0	0 ------------- 0
2BRIAN RAKESTRAW CFO & COO	(i) (ii)	384,028 ------------- 0	162,768 ------------- 0	690 ------------- 0	26,304 ------------- 0	23,598 ------------- 0	597,388 ------------- 0	0 ------------- 0
3STACY KANSKY CCO	(i) (ii)	282,562 ------------- 0	85,313 ------------- 0	641 ------------- 0	5,472 ------------- 0	23,525 ------------- 0	397,513 ------------- 0	0 ------------- 0
4KATHY BUHR DIRECTOR OF PHILANTHROPY &	(i) (ii)	150,000 ------------- 0	29,463 ------------- 0	120 ------------- 0	6,164 ------------- 0	22,966 ------------- 0	208,713 ------------- 0	0 ------------- 0
5TRESA HEBER DIRECTOR OF FINANCE (TERMED 2024)	(i) (ii)	172,061 ------------- 0	30,424 ------------- 0	225 ------------- 0	0 ------------- 0	0 ------------- 0	202,710 ------------- 0	0 ------------- 0
6LANCE CARNAHAN VICE PRESIDENT OF OPERATIONS	(i) (ii)	138,039 ------------- 0	21,879 ------------- 0	69 ------------- 0	0 ------------- 0	22,943 ------------- 0	182,930 ------------- 0	0 ------------- 0
7MILES BREED DIRECTOR OF F&B	(i) (ii)	139,406 ------------- 0	24,334 ------------- 0	161 ------------- 0	0 ------------- 0	0 ------------- 0	163,901 ------------- 0	0 ------------- 0
8KEN HAUGEN DIRECTOR OF HOTEL OPERATIONS	(i) (ii)	125,552 ------------- 0	17,879 ------------- 0	284 ------------- 0	7,518 ------------- 0	0 ------------- 0	151,233 ------------- 0	0 ------------- 0

Schedule J (Form 990) (Rev. 1-2025)

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
PART I, LINE 1A	THE ORGANIZATION PAID COUNTRY CLUB DUES IN THE AMOUNT OF $220 FOR THE YEAR TO THE DUBUQUE GOLF & COUNTRY CLUB FOR THE CEO.
PART I, LINE 6	THE CEO'S BONUS FOR THE YEAR IS BASED ON A PERCENTAGE OF ADJUSTED EARNINGS BEFORE TAX, INTEREST, DEPRECIATION AND AMORTIZATION (EBTIDA), AS DEFINED IN HIS WRITTEN EMPLOYMENT AGREEMENT.

Schedule J (Form 990) (Rev. 1-2025)

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SCHEDULE O
(Form 990)
(Rev. January 2025)
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 instructions and the latest information.

OMB No. 1545-0047

Open to Public
Inspection

Name of the organization

DUBUQUE RACING ASSOCIATION LTD

Employer identification number

42-1235183

Return Reference	Explanation
FORM 990, PART VI, SECTION A, LINE 3	THE ORGANIZATION ENGAGED CORNERSTONE GOVERMENT AFFAIRS, INC. TO PROVIDE GOVERNMENTAL AND REGULATORY SERVICES TO THE ORGANIZATION.
FORM 990, PART VI, SECTION B, LINE 11B	THE FORM 990 IS REVIEWED FOR COMPLETENESS AND ACCURACY BY THE CHIEF FINANCIAL OFFICER AND THE DIRECTOR OF FINANCE PRIOR TO FILING.
FORM 990, PART VI, SECTION B, LINE 12C	OFFICERS, DIRECTORS AND KEY EMPLOYEES ARE INSTRUCTED TO BRING ANY CONFLICTS OF INTEREST TO THE ATTENTION OF MANAGEMENT IF THEY ARISE.
FORM 990, PART VI, SECTION B, LINE 15	MARKET BASED COMPENSATION STUDIES ARE PERFORMED BY AN OUTSIDE CONSULTANT. SUGGESTIONS ARE TAKEN INTO CONSIDERATION WHEN DETERMINING COMPENSATION.
FORM 990, PART VI, SECTION C, LINE 19	THE ORGANIZATION MAKES ITS GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, AND FINANCIAL STATEMENTS AVAILABLE FOR PUBLIC INSPECTION UPON REQUEST.
FORM 990, PART XI, LINE 9:	FORGIVENESS OF ACCRUED DISTRIBUTION TO SCHMITT ISLAND FUND 4,700,000.
FORM 990, PART XI, LINE 2C	THE AUDIT COMMITTEE'S PROCEDURES FOR OVERSIGHT OF THE AUDIT HAVE NOT CHANGED FROM THE PRIOR YEAR. THE AUDIT COMMITTEE MEETS WITH AUDITORS AND APPROVES THE AUDIT PRIOR TO PRESENTATION TO THE FULL BOARD.

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

Cat. No. 51056K

Schedule O (Form 990) (Rev. 1-2025)

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