Civic Intelligence

Kandi Racing Association

990 • Fiscal year 2023 • EIN 41-1993665

Jan 01, 2023 to Dec 31, 2023 • Filed on Mar 21, 2024

Organization Profilekraspeedway.com
PO Box 1723Willmar, MN 56201

(320) 295-1976

Siviq Scores

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

Liabilities / Assets

97th percentile

1.00x

Higher debt load relative to assets than 97% of similar nonprofits.

2023 filings • 501(c)7 • <$500k nonprofits • Source year 2023

Liabilities / Revenue

67th percentile

0.02x

Higher debt load relative to revenue than 67% of similar nonprofits.

2023 filings • 501(c)7 • <$500k nonprofits • Source year 2023

Net Margin

43rd percentile

0.0%

Higher net margin than 43% of similar nonprofits.

2023 filings • 501(c)7 • <$500k nonprofits • Source year 2023

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.

2023 filings • 501(c)7 • <$500k nonprofits • Source year 2023

Asset Growth

5th percentile

-56%

Faster asset growth than 5% of similar nonprofits.

2023 filings • 501(c)7 • <$500k nonprofits • Annualized from 2022 to 2023

Revenue Growth

75th percentile

23%

Faster revenue growth than 75% of similar nonprofits.

2023 filings • 501(c)7 • <$500k nonprofits • Annualized from 2022 to 2023

Balance Sheet
Liabilities / Assets97th percentile

Assets

Down

$9,234

Down $11,623 (-56%) from 2022

Net Assets

Flat

$0

Flat from 2022

Liabilities

Down

$9,234

Down $11,623 (-56%) from 2022

Revenue And Expenses
Liabilities / Revenue67th percentileNet Margin43rd percentile

Revenue

Up

$376,894

Up $69,613 (+23%) from 2022

Expenses

Up

$376,894

Up $69,613 (+23%) from 2022

Net Income

Flat

$0

Flat from 2022

Historical Trend

Balance Sheet Trend

Asset Growth5th 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

2023

Assets$9,234
Liabilities$9,234
Net Assets$0
Open 2023 Filing

Operations Trend

Revenue Growth75th 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

2023

Revenue$376,894
Expenses$376,894
Net Income$0
Open 2023 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2023 to Dec 31, 2023
Signed
Mar 21, 2024
Return Version
2023v5.0
Gross Receipts
$376,894
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

Balance Sheet Detail
LineBeginningEndChange
Assets
Cash and Non-Interest-Bearing Accounts$20,857$9,234▼ $11,623
Savings and Temporary Cash Investments$0$0→ $0
Accounts Receivable$0$0→ $0
Other Notes and Loans Receivable, Net$0$0→ $0
Pledges and Grants Receivable$0$0→ $0
Receivable From Disqualified Prsn$0$0→ $0
Receivables From Officers Etc$0$0→ $0
Investments Other Securities$0$0→ $0
Investments Program Related$0$0→ $0
Investments in Publicly Traded Securities$0$0→ $0
Land, Buildings, and Equipment, Net$0$0→ $0
Intangible Assets$0$0→ $0
Inventories for Sale or Use$0$0→ $0
Loans From Officers Directors$0$0→ $0
Prepaid Expenses and Deferred Charges$0$0→ $0
Total Assets$20,857$9,234▼ $11,623
Other Assets Total$0$0→ $0
Liabilities
Accounts Payable and Accrued Expenses$20,857$9,234▼ $11,623
Grants Payable$0$0→ $0
Mortgage Notes Payable Secured by Investment Property$0$0→ $0
Unsecured Notes Loans Payable$0$0→ $0
Other Liabilities$0$0→ $0
Deferred Revenue$0$0→ $0
Escrow Account Liability$0$0→ $0
Tax Exempt Bond Liabilities$0$0→ $0
Total Liabilities$20,857$9,234▼ $11,623
Net Assets / Fund Balance
Total Net Assets Fund Balance$0$0→ $0
Total Liabilities and Net Assets / Fund Balance$20,857$9,234▼ $11,623
Compensation and Service Providers
Top Officer Pay93rd percentile

Board Members and Trustees

NameTitle
Justin HedtkePresident
Brandon SchultzDirector
Brayden HedtkeDirector
Chuck DiederichDirector
Kent WillmsDirector
Brett HedtkeSecretary
Brian Van EpsTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$376,894
Investment Income
$0
Other Revenue
$0
All Other Contributions
$0
Change in Net Assets
$0
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$376,894
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
All Other Expenses$0$0$0$173,930
Other Expenses$0$0$0$30,354
Occupancy$0$0$0$10,500
Fees for Services Accounting$0$0$0$4,305
Advertising$0$0$0$2,597
Total Functional Expenses$0$0$0$376,894
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Fundraising Direct Expenses$0
Fundraising Gross Income$0
Gaming Direct Expenses$0
Gaming Gross Income$0
Professional Fundraising Fees$0
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
No
Subject to proxy tax
No
Insider Transactions and Loans

Loans and Receivables

Line ItemBeginningEndChange
Loans from Officers, Directors, Trustees, and Key Employees$0$0→ $0
Receivables from Disqualified Persons$0$0→ $0
Receivables from Officers, Directors, Trustees, and Key Employees$0$0→ $0
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

Part VI, Line 11A

“Organization reviews profit and loss and other financial activity regularly.”

Filing and Contact Details

Filer

Filer Name
Kandi Racing Association
EIN
41-1993665
In Care Of
% Justin Hedtke
Phone
3202951976
Address
PO Box 1723, Willmar, MN 56201
Doing Business As
KRA Speedway

Signing Officer

Name
Jacklin Hedtke
Title
Treasurer
Signed
2024-03-21

Organization Details

Formed
1999
Legal Domicile
Mn
Voting Board Members
6
Independent Board Members
0
Employees
0
Volunteers
0
Supplemental Narrative

Additional Explanations

Part IX, Line 24E

“Bank and Business Fees $13,989 Fuel Equipment Repairs $27,223 Parts Trailer $72,660 Trophies $3590 Insurance $13,760 Other Advertising $14,750 Administrative Fees $2,013 Facility Improvements $25,945”

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IRS990/MiscellaneousRevenueGrp/ExclusionAmt00
IRS990/MiscellaneousRevenueGrp/RelatedOrExemptFuncIncomeAmt00
IRS990/MiscellaneousRevenueGrp/TotalRevenueColumnAmt00
IRS990/MiscellaneousRevenueGrp/UnrelatedBusinessRevenueAmt00
IRS990/MissionDesc0AUTO RACING RECREATION FOR DRIVERS FROM KANDIYOHI COUNTY AND SURROUNDING COMMUNITIES ALONG WITH ENTERTAINMENT FOR RESIDENTS OF WILLMAR AND SURROUNDING COMMUNITITES
IRS990/MoreThan5000KToIndividualsInd0false
IRS990/MoreThan5000KToOrgInd0false
IRS990/MortgNotesPyblScrdInvstPropGrp/BOYAmt00
IRS990/MortgNotesPyblScrdInvstPropGrp/EOYAmt00
IRS990/NetAssetsOrFundBalancesBOYAmt00
IRS990/NetAssetsOrFundBalancesEOYAmt00
IRS990/NetGainOrLossInvestmentsGrp/ExclusionAmt00
IRS990/NetGainOrLossInvestmentsGrp/RelatedOrExemptFuncIncomeAmt00
IRS990/NetGainOrLossInvestmentsGrp/TotalRevenueColumnAmt00
IRS990/NetGainOrLossInvestmentsGrp/UnrelatedBusinessRevenueAmt00
IRS990/NetIncmFromFundraisingEvtGrp/ExclusionAmt00
IRS990/NetIncmFromFundraisingEvtGrp/TotalRevenueColumnAmt00
IRS990/NetIncmFromFundraisingEvtGrp/UnrelatedBusinessRevenueAmt00
IRS990/NetIncomeFromGamingGrp/ExclusionAmt00
IRS990/NetIncomeFromGamingGrp/RelatedOrExemptFuncIncomeAmt00
IRS990/NetIncomeFromGamingGrp/TotalRevenueColumnAmt00
IRS990/NetIncomeFromGamingGrp/UnrelatedBusinessRevenueAmt00
IRS990/NetIncomeOrLossGrp/ExclusionAmt00
IRS990/NetIncomeOrLossGrp/RelatedOrExemptFuncIncomeAmt00
IRS990/NetIncomeOrLossGrp/TotalRevenueColumnAmt00
IRS990/NetIncomeOrLossGrp/UnrelatedBusinessRevenueAmt00
IRS990/NetRentalIncomeOrLossGrp/ExclusionAmt00
IRS990/NetRentalIncomeOrLossGrp/RelatedOrExemptFuncIncomeAmt00
IRS990/NetRentalIncomeOrLossGrp/TotalRevenueColumnAmt00
IRS990/NetRentalIncomeOrLossGrp/UnrelatedBusinessRevenueAmt00
IRS990/NetUnrelatedBusTxblIncmAmt00
IRS990/NetUnrlzdGainsLossesInvstAmt00
IRS990/NoncashContributionsAmt00
IRS990/NondeductibleContributionsInd0false
IRS990/OccupancyGrp/FundraisingAmt00
IRS990/OccupancyGrp/ManagementAndGeneralAmt00
IRS990/OccupancyGrp/ProgramServicesAmt00
IRS990/OccupancyGrp/TotalAmt010500
IRS990/OfficeExpensesGrp/FundraisingAmt00
IRS990/OfficeExpensesGrp/ManagementAndGeneralAmt00
IRS990/OfficeExpensesGrp/ProgramServicesAmt00
IRS990/OfficeExpensesGrp/TotalAmt00
IRS990/OfficerMailingAddressInd0false
IRS990/OperateHospitalInd0false
IRS990/Organization501cInd0X
IRS990/OtherAssetsTotalGrp/BOYAmt00
IRS990/OtherAssetsTotalGrp/EOYAmt00
IRS990/OtherChangesInNetAssetsAmt00
IRS990/OtherEmployeeBenefitsGrp/FundraisingAmt00
IRS990/OtherEmployeeBenefitsGrp/ManagementAndGeneralAmt00
IRS990/OtherEmployeeBenefitsGrp/ProgramServicesAmt00
IRS990/OtherEmployeeBenefitsGrp/TotalAmt00
IRS990/OtherExpensesGrp/Desc0Driver Payout
IRS990/OtherExpensesGrp/Desc1Supplies
IRS990/OtherExpensesGrp/Desc2Operation Expenses
IRS990/OtherExpensesGrp/Desc3Concession Expenses
IRS990/OtherExpensesGrp/FundraisingAmt00
IRS990/OtherExpensesGrp/FundraisingAmt10
IRS990/OtherExpensesGrp/FundraisingAmt20
IRS990/OtherExpensesGrp/FundraisingAmt30
IRS990/OtherExpensesGrp/ManagementAndGeneralAmt00
IRS990/OtherExpensesGrp/ManagementAndGeneralAmt10
IRS990/OtherExpensesGrp/ManagementAndGeneralAmt20
IRS990/OtherExpensesGrp/ManagementAndGeneralAmt30
IRS990/OtherExpensesGrp/ProgramServicesAmt00
IRS990/OtherExpensesGrp/ProgramServicesAmt10
IRS990/OtherExpensesGrp/ProgramServicesAmt20
IRS990/OtherExpensesGrp/ProgramServicesAmt30
IRS990/OtherExpensesGrp/TotalAmt0121791
IRS990/OtherExpensesGrp/TotalAmt16212
IRS990/OtherExpensesGrp/TotalAmt227205
IRS990/OtherExpensesGrp/TotalAmt330354
IRS990/OtherLiabilitiesGrp/BOYAmt00
IRS990/OtherLiabilitiesGrp/EOYAmt00
IRS990/OtherRevenueMiscGrp/Desc00
IRS990/OtherRevenueMiscGrp/Desc10
IRS990/OtherRevenueMiscGrp/Desc20
IRS990/OtherRevenueMiscGrp/ExclusionAmt00
IRS990/OtherRevenueMiscGrp/ExclusionAmt10
IRS990/OtherRevenueMiscGrp/ExclusionAmt20
IRS990/OtherRevenueMiscGrp/RelatedOrExemptFuncIncomeAmt00
IRS990/OtherRevenueMiscGrp/RelatedOrExemptFuncIncomeAmt10
IRS990/OtherRevenueMiscGrp/RelatedOrExemptFuncIncomeAmt20
IRS990/OtherRevenueMiscGrp/TotalRevenueColumnAmt00
IRS990/OtherRevenueMiscGrp/TotalRevenueColumnAmt10
IRS990/OtherRevenueMiscGrp/TotalRevenueColumnAmt20
IRS990/OtherRevenueMiscGrp/UnrelatedBusinessRevenueAmt00
IRS990/OtherRevenueMiscGrp/UnrelatedBusinessRevenueAmt10
IRS990/OtherRevenueMiscGrp/UnrelatedBusinessRevenueAmt20
IRS990/OtherRevenueTotalAmt00
IRS990/OtherSalariesAndWagesGrp/FundraisingAmt00
IRS990/OtherSalariesAndWagesGrp/ManagementAndGeneralAmt00
IRS990/OtherSalariesAndWagesGrp/ProgramServicesAmt00
IRS990/OtherSalariesAndWagesGrp/TotalAmt00
IRS990/OthNotesLoansReceivableNetGrp/BOYAmt00
IRS990/OthNotesLoansReceivableNetGrp/EOYAmt00
IRS990/PartialLiquidationInd0false
IRS990/PaymentsToAffiliatesGrp/FundraisingAmt00
IRS990/PaymentsToAffiliatesGrp/ManagementAndGeneralAmt00
IRS990/PaymentsToAffiliatesGrp/ProgramServicesAmt00
IRS990/PaymentsToAffiliatesGrp/TotalAmt00
IRS990/PayPremiumsPrsnlBnftCntrctInd0false
IRS990/PayrollTaxesGrp/FundraisingAmt00
IRS990/PayrollTaxesGrp/ManagementAndGeneralAmt00
IRS990/PayrollTaxesGrp/ProgramServicesAmt00
IRS990/PayrollTaxesGrp/TotalAmt00
IRS990/PensionPlanContributionsGrp/FundraisingAmt00
IRS990/PensionPlanContributionsGrp/ManagementAndGeneralAmt00
IRS990/PensionPlanContributionsGrp/ProgramServicesAmt00
IRS990/PensionPlanContributionsGrp/TotalAmt00
IRS990/PledgesAndGrantsReceivableGrp/BOYAmt00
IRS990/PledgesAndGrantsReceivableGrp/EOYAmt00
IRS990/PoliticalCampaignActyInd0false
IRS990/PrepaidExpensesDefrdChargesGrp/BOYAmt00
IRS990/PrepaidExpensesDefrdChargesGrp/EOYAmt00
IRS990/PrincipalOfcrBusinessName/BusinessNameLine1Txt0Justin Hedtke
IRS990/PriorPeriodAdjustmentsAmt00
IRS990/ProfessionalFundraisingInd0false
IRS990/ProgramServiceRevenueGrp/Desc0Race Track Income
IRS990/ProgramServiceRevenueGrp/ExclusionAmt00
IRS990/ProgramServiceRevenueGrp/ExclusionAmt10
IRS990/ProgramServiceRevenueGrp/ExclusionAmt20
IRS990/ProgramServiceRevenueGrp/ExclusionAmt30

Document Assets

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Filings

Displayed year

2023 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$9,234
Liabilities
$9,234
Net assets
$0
Revenue
$376,894
Expenses
$376,894
Net income
$0
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