Civic Intelligence

Kandi Racing Association

990 • Fiscal year 2019 • EIN 41-1993665

Jan 01, 2019 to Dec 31, 2019 • Filed on Sep 01, 2020

Organization Profilekraspeedwaymn.com
P O Box 1723Willmar, MN 56201

(320) 220-7401

Siviq Scores

Precomputed percentiles for this filing year versus similar nonprofits in the same peer cohort.

Liabilities / Assets

100th percentile

13.72x

Higher debt load relative to assets than 100% of similar nonprofits.

2019 filings • 501(c)7 • <$500k nonprofits • Source year 2019

Liabilities / Revenue

74th percentile

0.08x

Higher debt load relative to revenue than 74% of similar nonprofits.

2019 filings • 501(c)7 • <$500k nonprofits • Source year 2019

Net Margin

47th percentile

1.4%

Higher net margin than 47% of similar nonprofits.

2019 filings • 501(c)7 • <$500k nonprofits • Source year 2019

Top Officer Pay

93rd percentile

$0

Higher top officer pay than 93% of similar nonprofits.

Top officer pay equals 0.0% of source-year revenue.

2019 filings • 501(c)7 • <$500k nonprofits • Source year 2019

Asset Growth

3rd percentile

-63%

Faster asset growth than 3% of similar nonprofits.

2019 filings • 501(c)7 • <$500k nonprofits • Annualized from 2018 to 2019

Revenue Growth

17th percentile

-18%

Faster revenue growth than 17% of similar nonprofits.

2019 filings • 501(c)7 • <$500k nonprofits • Annualized from 2018 to 2019

Balance Sheet
Liabilities / Assets100th percentile

Assets

Down

$1,130

Down $1,959 (-63%) from 2018

Net Assets

Up

-$14,370

Up $2,041 (+12%) from 2018

Liabilities

Down

$15,500

Down $4,000 (-21%) from 2018

Revenue And Expenses
Liabilities / Revenue74th percentileNet Margin47th percentile

Revenue

Down

$198,584

Down $43,133 (-18%) from 2018

Expenses

Down

$195,892

Down $64,999 (-25%) from 2018

Net Income

Up

$2,692

Up $21,866 (+114%) from 2018

Historical Trend

Balance Sheet Trend

Asset Growth3rd percentile

The highlighted filing sits inside the broader history for assets, liabilities, and net assets.

$40K$20K$0-$20K-$40KAssets 2010: $3,966Liabilities 2010: $5,070Net Assets 2010: -$1,1042010Assets 2011: $4,651Liabilities 2011: $5,889Net Assets 2011: -$1,2382011Assets 2012: $4,652Liabilities 2012: $9,516Net Assets 2012: -$4,8642012Assets 2013: $2,440Liabilities 2013: $9,357Net Assets 2013: -$6,9172013Assets 2014: $776Liabilities 2014: $26,475Net Assets 2014: -$25,6992014Assets 2015: $8,127Liabilities 2015: $0Net Assets 2015: $8,1272015Assets 2016: $4,222Liabilities 2016: $0Net Assets 2016: $4,2222016Assets 2017: $2,112Liabilities 2017: $0Net Assets 2017: $2,1122017Assets 2018: $3,089Liabilities 2018: $19,500Net Assets 2018: -$16,4112018Assets 2019: $1,130Liabilities 2019: $15,500Net Assets 2019: -$14,3702019Assets 2020: $8,894Liabilities 2020: $947Net Assets 2020: $7,9472020Assets 2021: $30,360Liabilities 2021: $1,011Net Assets 2021: $29,3492021Assets 2022: $20,857Liabilities 2022: $20,857Net Assets 2022: $02022Assets 2023: $9,234Liabilities 2023: $9,234Net Assets 2023: $02023Assets 2024: $7,794Liabilities 2024: $7,794Net Assets 2024: $02024Assets 2025: $8,392Liabilities 2025: $8,392Net Assets 2025: $02025

Highlighted filing

2019

Assets$1,130
Liabilities$15,500
Net Assets-$14,370
Open 2019 Filing

Operations Trend

Revenue Growth17th percentile

Revenue, expenses, and net income across loaded years, with this filing highlighted.

$400K$300K$200K$100K$0-$100KExpenses 2010: $315,8972010Expenses 2011: $260,7612011Expenses 2012: $264,3292012Revenue 2013: $260,367Expenses 2013: $262,420Net Income 2013: -$2,0532013Revenue 2014: $260,544Expenses 2014: $279,326Net Income 2014: -$18,7822014Revenue 2015: $319,136Expenses 2015: $285,310Net Income 2015: $33,8262015Revenue 2016: $278,630Expenses 2016: $282,535Net Income 2016: -$3,9052016Revenue 2017: $220,328Expenses 2017: $222,438Net Income 2017: -$2,1102017Revenue 2018: $241,717Expenses 2018: $260,891Net Income 2018: -$19,1742018Revenue 2019: $198,584Expenses 2019: $195,892Net Income 2019: $2,6922019Revenue 2020: $188,248Expenses 2020: $165,931Net Income 2020: $22,3172020Revenue 2021: $325,041Expenses 2021: $303,639Net Income 2021: $21,4022021Revenue 2022: $307,281Expenses 2022: $307,281Net Income 2022: $02022Revenue 2023: $376,894Expenses 2023: $376,894Net Income 2023: $02023Revenue 2024: $265,032Expenses 2024: $265,032Net Income 2024: $02024Revenue 2025: $297,105Expenses 2025: $297,105Net Income 2025: $02025

Highlighted filing

2019

Revenue$198,584
Expenses$195,892
Net Income$2,692
Open 2019 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2019 to Dec 31, 2019
Signed
Sep 1, 2020
Return Version
2019v5.0
Gross Receipts
$198,584
Mission and Program Overview

Mission

Auto racing recreation for drivers from kandiyohi county and surrounding communities along with entertainment for residents of willmar and surrounding communitites

The association was organized to provide auto racing recreation for drivers from kandiyohi county and surronding communities along with entertainment for residents of willmar and suuronding communities

Balance Sheet Detail
LineBeginningEndChange
Assets
Cash and Non-Interest-Bearing Accounts$3,089$1,130▼ $1,959
Rtn Earn Endowment Incm Other Fnds$-16,411$-14,370▲ $2,041
Total Assets$3,089$1,130▼ $1,959
Liabilities
Other Liabilities$19,500$15,500▼ $4,000
Total Liabilities$19,500$15,500▼ $4,000
Net Assets / Fund Balance
Total Net Assets Fund Balance$-16,411$-14,370▲ $2,041
Total Liabilities and Net Assets / Fund Balance$3,089$1,130▼ $1,959

Asset Categories

AssetBook ValueDepreciationBasis
Other Land Buildings-$5,492$5,492
Compensation and Service Providers
Top Officer Pay93rd percentile

Board Members and Trustees

NameTitle
Justin HedtkePresident &
Chuck DiederichDirector
Steven BeachDirector
Stacy HillerudSecretary
Ashley ZieskeTreasurer
Greg OvermanVice Preside
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$198,584
Investment Income
$0
Other Revenue
$0
Change in Net Assets
$2,692
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$195,892
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Salaries, Compensation, and Employee Benefits$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Occupancy---$16,438
Other Expenses---$16,024
All Other Expenses---$15,899
Advertising---$10,188
Insurance---$7,877
Fees for Services Other---$180
Total Functional Expenses$0$0$0$195,892
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Professional Fundraising Fees$0
Political and Lobbying Activity
Political campaign activity
No
Subject to proxy tax
No
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Home State Bank$13,000
Justin Hedtke$2,500
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Backup withholding compliance
No
Business relationship with 35% controlled entity
No
Business relationship with family members
No
Business relationship with organization members
No
Material changes to governing documents
No
Compensation from other sources disclosed
No
CEO compensation reviewed
No
Other officer compensation reviewed
No
Conflict-of-interest policy
No
Audited financial statements prepared
No
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

Form 990, Page 6, Part VI, Line 11B

“No review was or will be conducted.”

Form 990, Page 6, Part VI, Line 19

“No documents available to the public”

Filing and Contact Details

Filer

Filer Name
Kandi Racing Association
EIN
41-1993665
Phone
3202207401
Address
P O BOX 1723, WILLMAR, MN 56201

Signing Officer

Name
Justin Hedtke
Title
President & CEO
Phone
3202951976
Signed
2020-09-01
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Justin Hedtke
Voting Board Members
6
Independent Board Members
0
Employees
0

Preparer

Firm
Christianson Pllp
Address
302 5TH ST SW, WILLMAR, MN 56201-3214
Preparer
Keith R Cooreman
Phone
3202355937
Raw XML Appendix255 raw XML fields

This appendix keeps the raw XML leaves available for debugging and edge-case review. The human report above is the primary experience.

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ReturnHeader/ReturnTs02020-11-13T11:18:51-06:00
ReturnHeader/ReturnTypeCd0990
ReturnHeader/TaxPeriodBeginDt02019-01-01
ReturnHeader/TaxPeriodEndDt02019-12-31
ReturnHeader/TaxYr02019

Document Assets

No mirrored PDF or thumbnail assets are attached yet.

Filings

Displayed year

2019 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$1,130
Liabilities
$15,500
Net assets
-$14,370
Revenue
$198,584
Expenses
$195,892
Net income
$2,692
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2025Detailed filing. Detailed filing data is available for this year.$0.08$0.08$0.00$2.97$2.97$0.00
2024Detailed filing. Detailed filing data is available for this year.$0.08$0.08$0.00$2.65$2.65$0.00
2023Detailed filing. Detailed filing data is available for this year.$0.09$0.09$0.00$3.77$3.77$0.00
2022Detailed filing. Detailed filing data is available for this year.$0.21$0.21$0.00$3.07$3.07$0.00
2021Detailed filing. Detailed filing data is available for this year.$0.30$0.01$0.29$3.25$3.04$0.21
2020Detailed filing. Detailed filing data is available for this year.$0.09$0.01$0.08$1.88$1.66$0.22
2019Detailed filing. Detailed filing data is available for this year.$0.01$0.16$0.14$1.99$1.96$0.03
2018Detailed filing. Detailed filing data is available for this year.$0.03$0.20$0.16$2.42$2.61$0.19
2017Detailed filing. Detailed filing data is available for this year.$0.02$0.00$0.02$2.20$2.22$0.02
2016Detailed filing. Detailed filing data is available for this year.$0.04$0.00$0.04$2.79$2.83$0.04
2015Detailed filing. Detailed filing data is available for this year.$0.08$0.00$0.08$3.19$2.85$0.34
2014Detailed filing. Detailed filing data is available for this year.$0.01$0.26$0.26$2.61$2.79$0.19
2013Detailed filing. Detailed filing data is available for this year.$0.02$0.09$0.07$2.60$2.62$0.02
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$0.05$0.10$0.05$2.64
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$0.05$0.06$0.01$2.61
2010Facts available. Structured filing facts are available, but richer extracted sections are limited.$0.04$0.05$0.01$3.16