Dubuque Racing Association
Legal name: Dubuque Racing Association Ltd
Nonprofit profile at a glance
- EIN
- 421235183
- IRS 990 coverage
- 2010–2025
- Official website data refreshed
- Sep 2026
- Forms available
- Form 990 2025
- Location
- Dubuque, IA, US
- Phone
- 5635823647
- Rating
- 86
- Verdict
- STRONG
- Rating confidence
- Moderate
Reported finances
- Revenue
- $40,501,642
- Expenses
- $45,376,028
- Assets
- $132,039,970
- Liabilities
- $97,551,546
Source: IRS Form 990. Selected filing: tax year 2025. Amounts in USD.
Leadership & pay
30 people listed
Executive titles in this filing
- ALEX DIXON (CEO & PRESIDENT (1/1-1/13/25))
- ANTHONY WILLIAMS (CEO & PRESIDENT (7/1- 12/31/25))
- LANCE CARNAHAN (VICE PRESIDENT OF OPERATIONS)
Highest reported compensation
- BRIAN RAKESTRAW (CFO & COO): $627,547 total reported compensation
- STACY KANSKY (CCO): $429,138 total reported compensation
- ANTHONY WILLIAMS (CEO & PRESIDENT (7/1- 12/31/25)): $361,791 total reported compensation
Source: IRS Form 990. Selected filing: tax year 2025. Names and roles reflect this filing, not necessarily current officeholders.
Overview
Mission
The DRA, through its gaming and entertainment facilities provides for social, economic and community betterment and lessens the burden of Dubuque city and area government, while contributing to the growth and viability of Dubuque area tourism.
What it reported doing in 2025
Sponsorship of a casino gambling operation with profits distributed to the city of dubuque and local nonprofit organizations.
Operating model
- Revenue model
- Other-operating. 72% of the money available for current operations came from other operating revenue.
- Distribution model
- Direct operator. The filing allocates 92% of reported program-service expenses outside its grant, affiliate-payment, and member-benefit lines. This expense classification does not rule out separately announced grant awards.
The verdict
STRONG - A large share of available resources goes toward mission work and the filed numbers largely add up. Expenses are high relative to revenue and some filing-based governance responses are negative or unanswered.
Rating breakdown
- Financial Efficiency: 89
- Transparency & Controls: 83
- Accountability: 95
- Sustainability: 29
- Growth: 100
Detailed rating inputs
Financial Efficiency
- Mission deployment rate: 100%; rating input score 100
- Program expense ratio: 99.6%; rating input score 100
- Fundraising efficiency: Limited
Transparency & Controls
- Consistency checks: 92.9%; rating input score 93; 13th percentile among comparable filings
- Pay-setting controls: 4 of 6 controls in place; rating input score 67
- Compensation committee: Pass
- Independent consultant: Missing
- Other Form 990s reviewed: Missing
- Written employment contract: Pass
- Compensation survey or study: Pass
- Board or committee approval: Pass
- Foreign activity oversight: Limited
- Grant itemization coverage: 100%; rating input score 100; 76th percentile among comparable filings
- Major donor itemization: Limited
- Related-party transparency: Limited
Accountability
- Independent voting board: 100%; rating input score 100; 64th percentile among comparable filings
- Governance controls: 8 of 9 controls in place; rating input score 89
- Conflict-of-interest policy: Pass
- Whistleblower policy: Pass
- Document-retention policy: Pass
- CEO compensation review process: Pass
- Other executive compensation review process: Pass
- Form 990 shared with the board: Fail
- Board meeting minutes documented: Pass
- Audit committee oversight: Pass
- Independent financial-statement audit: Pass
Sustainability
- Operating margin: -12%; rating input score 5; 5th percentile among comparable filings
- Total-asset coverage ratio: 2.91; rating input score 65; 65th percentile among comparable filings
- Liabilities to assets ratio: 0.74; rating input score 13; 13th percentile among comparable filings
- Officer compensation ratio: 5.8%; rating input score 51; 51st percentile among comparable filings
Growth
- Program expense growth: 2.2% per year; rating input score 100; 19th percentile among comparable filings
- Revenue growth: 0.4% per year; rating input score 100; 7th percentile among comparable filings
- Asset growth: 5% per year; rating input score 100; 34th percentile among comparable filings
Details
- What they do: 2 programs and campaigns described on the official site · 2 operating locations identified
- Where the money goes: 100% of revenue deployed · 99.6% of spending went to programs
- Governance: 21 of 21 board members independent · 8 of 9 filing controls reported
- Programs: 3 filed program accomplishments · $45.2M in reported program spending
- Leadership: top reported pay $628K · 30 people listed · 4 of 6 pay-setting controls reported
- Highest-paid contractors: 5 contractors listed · $29.3M reported
- Consistency: 33 of 34 current checks pass · 1 finding to review
- Schedules: 4 filed schedules · includes grants and executive pay
- Filing history: 15 filing years from 2010 to 2025
- Contacts: How to reach this organization
- Money network: 47 filed money-flow records
- Related organizations: 38 filed related-organization links
- Grant readiness: Federal tax and exclusion status, award history, and grant-maker relationships.
- People: Everyone the filings name, and which of them the filings identify by more than a name.
- Staff and benefit plans: Retirement and health plans the organization files with the Department of Labor, and the people in them.
Key Signals
Signals prioritize questions for review. They are not findings of misconduct.
- High — Sustainability: Operating margin scored 5/100.
- Review — Accountability: Governance controls: Form 990 shared with the board not reported.
- High — Sustainability: Liabilities to assets ratio scored 13/100.
- Review — Transparency & Controls: Domestic grant itemization did not reconcile in the filed values.
- Review — Sustainability: Officer compensation ratio scored 51/100.