West Virginia Gaming & Racing Assoc

Nonprofit profile at a glance

EIN
550693035
IRS 990 coverage
2022–2022
Forms available
Form 990 2022
Location
Cross Lanes, WV, USA
Phone
3045468137
Rating
68
Verdict
SUPPORTED
Rating confidence
Moderate

Reported finances

Revenue
$407,500
Expenses
$356,082
Assets
$111,908
Liabilities
$125,000

Source: IRS Form 990. Selected filing: tax year 2022. Amounts in USD.

Leadership & pay

2 people listed

Executive titles in this filing

  • JOHN CAVACINI JR (PRESIDENT)

Highest reported compensation

  • JOHN CAVACINI JR (PRESIDENT): $160,000 total reported compensation

Source: IRS Form 990. Selected filing: tax year 2022. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

Develop and further racing and gaming activities in West Virginia

What it reported doing in 2022

Development and sustainability of racing and gaming activities in West Virginia

Operating model

Revenue model
Membership-supported. 100% of the money available for current operations came from membership dues.
Distribution model
Direct operator. The filing allocates 100% 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

SUPPORTED - A large share of available resources goes toward mission work and the filed numbers largely add up. Some filing-based governance responses are negative or unanswered and total assets are small relative to annual expenses; liquid coverage is unknown.

Rating breakdown

  • Financial Efficiency: 82
  • Transparency & Controls: 66
  • Accountability: 69
  • Sustainability: 36
  • Growth: NotEnoughData

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 87.4%; rating input score 87
  • Program expense ratio: 100%; rating input score 100
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 63rd percentile among comparable filings
  • Pay-setting controls: 1 of 6 controls in place; rating input score 17
    • Compensation committee: Missing
    • Independent consultant: Missing
    • Other Form 990s reviewed: Missing
    • Written employment contract: Missing
    • Compensation survey or study: Missing
    • Board or committee approval: Pass
  • Foreign activity oversight: Limited
  • Grant itemization coverage: Limited
  • Major donor itemization: Limited
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 100%; rating input score 100; 63rd percentile among comparable filings
  • Governance controls: 2 of 8 controls in place; rating input score 25
    • Conflict-of-interest policy: Fail
    • Whistleblower policy: Fail
    • Document-retention policy: Fail
    • CEO compensation review process: Fail
    • Other executive compensation review process: NotApplicable
    • Form 990 shared with the board: Pass
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Missing
    • Independent financial-statement audit: Fail

Sustainability

  • Operating margin: 12.6%; rating input score 65; 65th percentile among comparable filings
  • Total-asset coverage ratio: 0.31; rating input score 15; 15th percentile among comparable filings
  • Liabilities to assets ratio: 1.12; rating input score 4; 4th percentile among comparable filings
  • Officer compensation ratio: 44.9%; rating input score 5; 5th percentile among comparable filings

Growth

  • Program expense growth: Limited
  • Revenue growth: Limited
  • Asset growth: Limited

Details

  • Where the money goes: 87.4% of revenue deployed · 100% of spending went to programs
  • Governance: 2 of 2 board members independent · 2 of 8 filing controls reported
  • Programs: 1 filed program accomplishment · $356K in reported program spending
  • Leadership: top reported pay $160K · 2 people listed · 1 of 6 pay-setting controls reported
  • Consistency: 14 of 14 current checks pass
  • Schedules: 3 filed schedules · includes executive pay
  • Contacts: How to reach this organization
  • Money network: 1 filed money-flow record
  • 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.

Key Signals

Signals prioritize questions for review. They are not findings of misconduct.

  • High — Accountability: Governance controls: 5 of 7 not reported.
  • High — Sustainability: Total-asset coverage ratio scored 15/100.
  • High — Sustainability: Liabilities to assets ratio scored 4/100.
  • High — Sustainability: Officer compensation ratio scored 5/100.