Civic Intelligence

Multi-State Lottery Association

990 • Fiscal year 2023 • EIN 42-1302701

Jul 01, 2022 to Jun 30, 2023 • Filed on May 14, 2024

8101 Birchwood Court Suite RJohnston, IA 50131

(515) 453-1409

Siviq Scores

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

Liabilities / Assets

89th percentile

0.96x

Higher debt load relative to assets than 89% of similar nonprofits.

2023 filings • 501(c)3 • $250M-$1B nonprofits • Source year 2023

Liabilities / Revenue

99th percentile

26.59x

Higher debt load relative to revenue than 99% of similar nonprofits.

2023 filings • 501(c)3 • $250M-$1B nonprofits • Source year 2023

Net Margin

98th percentile

79%

Higher net margin than 98% of similar nonprofits.

2023 filings • 501(c)3 • $250M-$1B nonprofits • Source year 2023

Top Officer Pay

18th percentile

$387,058

Higher top officer pay than 18% of similar nonprofits.

Top officer pay equals 1.3% of source-year revenue.

2023 filings • 501(c)3 • $250M-$1B nonprofits • Source year 2023

Asset Growth

76th percentile

12%

Faster asset growth than 76% of similar nonprofits.

2023 filings • 501(c)3 • $250M-$1B nonprofits • Annualized from 2022 to 2023

Revenue Growth

99th percentile

799%

Faster revenue growth than 99% of similar nonprofits.

2023 filings • 501(c)3 • $250M-$1B nonprofits • Annualized from 2022 to 2023

Assets

Up

$857,187,900

Up $90,163,895 (+12%) from 2022

Net Assets

Up

$34,653,665

Up $24,578,035 (+244%) from 2022

Liabilities

Up

$822,534,235

Up $65,585,860 (+8.7%) from 2022

Revenue

Up

$30,929,483

Up $27,487,381 (+799%) from 2022

Expenses

Up

$6,353,212

Up $772,882 (+14%) from 2022

Net Income

Up

$24,576,271

Up $26,714,499 (+1249%) from 2022

Historical Trend

Balance Sheet Trend

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

$1.0B$500M$0Assets 2011: $641,434,915Liabilities 2011: $641,193,712Net Assets 2011: $241,2032011Assets 2012: $583,164,841Liabilities 2012: $583,009,618Net Assets 2012: $155,2232012Assets 2013: $554,027,997Liabilities 2013: $542,003,961Net Assets 2013: $12,024,0362013Assets 2014: $706,151,292Liabilities 2014: $695,948,414Net Assets 2014: $10,202,8782014Assets 2015: $401,081,678Liabilities 2015: $392,621,479Net Assets 2015: $8,460,1992015Assets 2016: $566,835,947Liabilities 2016: $559,893,543Net Assets 2016: $6,942,4042016Assets 2017: $561,369,336Liabilities 2017: $556,225,199Net Assets 2017: $5,144,1372017Assets 2018: $486,935,976Liabilities 2018: $477,887,537Net Assets 2018: $9,048,4392018Assets 2019: $507,711,452Liabilities 2019: $486,742,374Net Assets 2019: $20,969,0782019Assets 2020: $534,266,385Liabilities 2020: $519,555,696Net Assets 2020: $14,710,6892020Assets 2021: $848,609,729Liabilities 2021: $836,395,871Net Assets 2021: $12,213,8582021Assets 2022: $767,024,005Liabilities 2022: $756,948,375Net Assets 2022: $10,075,6302022Assets 2023: $857,187,900Liabilities 2023: $822,534,235Net Assets 2023: $34,653,6652023Assets 2024: $782,441,843Liabilities 2024: $719,604,118Net Assets 2024: $62,837,7252024Assets 2025: $923,899,374Liabilities 2025: $855,888,626Net Assets 2025: $68,010,7482025

Highlighted filing

2023

Assets$857,187,900
Liabilities$822,534,235
Net Assets$34,653,665

Operations Trend

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

$60M$40M$20M$0-$20MExpenses 2011: $4,363,8662011Expenses 2012: $4,869,3142012Expenses 2013: $5,389,9272013Revenue 2014: $3,170,118Expenses 2014: $4,991,276Net Income 2014: -$1,821,1582014Revenue 2015: $3,513,813Expenses 2015: $5,256,492Net Income 2015: -$1,742,6792015Revenue 2016: $4,617,665Expenses 2016: $6,135,460Net Income 2016: -$1,517,7952016Revenue 2017: $4,345,404Expenses 2017: $6,143,671Net Income 2017: -$1,798,2672017Revenue 2018: $10,421,784Expenses 2018: $6,517,482Net Income 2018: $3,904,3022018Revenue 2019: $18,637,167Expenses 2019: $6,716,528Net Income 2019: $11,920,6392019Revenue 2020: $7,523,146Expenses 2020: $13,781,535Net Income 2020: -$6,258,3892020Revenue 2021: $1,324,240Expenses 2021: $4,832,262Net Income 2021: -$3,508,0222021Revenue 2022: $3,442,102Expenses 2022: $5,580,330Net Income 2022: -$2,138,2282022Revenue 2023: $30,929,483Expenses 2023: $6,353,212Net Income 2023: $24,576,2712023Revenue 2024: $45,604,280Expenses 2024: $17,420,220Net Income 2024: $28,184,0602024Revenue 2025: $40,627,021Expenses 2025: $35,453,998Net Income 2025: $5,173,0232025

Highlighted filing

2023

Revenue$30,929,483
Expenses$6,353,212
Net Income$24,576,271
Jump To
Filing Snapshot
Filing Period
Jul 1, 2022 to Jun 30, 2023
Signed
May 14, 2024
Return Version
2022v5.0
Gross Receipts
$30,929,483
Mission and Program Overview

Mission

Assist lotteries in connection with these lotteries' operation of lottery games.

The Multi-State Lottery Association MUSL is a non-profit government benefit voluntary association that is entirely owned and operated by its 38 member lotteries. Each MUSL member lottery offers one or more multi-jurisdictional lottery games administered with the assistance of MUSL. All profits are retained by the individual lotteries and are used to fund projects or purposes approved by their authorizing legislatures. Among the services offered to member and licensee lotteries MUSL conducts drawings; performs game development and research; provides central accounting including multi-jurisdictional prize fund holdings and transfer; and purchases government securities and annuities to fund prize payments.

Balance Sheet Detail
LineBeginningEndChange
Assets
Investments Other Securities$119,555,211$484,080,783▲ $364,525,572
Savings and Temporary Cash Investments$600,150,986$313,709,362▼ $286,441,624
Accounts Receivable$45,561,493$57,891,384▲ $12,329,891
Land, Buildings, and Equipment, Net$1,418,105$1,224,226▼ $193,879
Intangible Assets$235,259$212,989▼ $22,270
Prepaid Expenses and Deferred Charges$102,951$69,156▼ $33,795
Cash and Non-Interest-Bearing Accounts$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 Program Related$0$0→ $0
Investments in Publicly Traded Securities$0$0→ $0
Inventories for Sale or Use$0$0→ $0
Loans From Officers Directors$0$0→ $0
Total Assets$767,024,005$857,187,900▲ $90,163,895
Other Assets Total$0$0→ $0
Liabilities
Other Liabilities$750,915,043$813,919,695▲ $63,004,652
Deferred Revenue$5,501,709$8,116,495▲ $2,614,786
Accounts Payable and Accrued Expenses$531,623$498,045▼ $33,578
Grants Payable$0$0→ $0
Mortgage Notes Payable Secured by Investment Property$0$0→ $0
Unsecured Notes Loans Payable$0$0→ $0
Escrow Account Liability$0$0→ $0
Tax Exempt Bond Liabilities$0$0→ $0
Total Liabilities$756,948,375$822,534,235▲ $65,585,860
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$10,075,630$34,653,665▲ $24,578,035
Net Assets With Donor Restrictions$0$0→ $0
Total Net Assets Fund Balance$10,075,630$34,653,665▲ $24,578,035
Total Liabilities and Net Assets / Fund Balance$767,024,005$857,187,900▲ $90,163,895

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$0$0$0
Land$0-$0
Equipment$335,375$2,432,979$0
Leasehold Improvements$888,851$163,996$0
Financial Derivatives$484,080,783--
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseOtherTotal
J Bret ToyneExecutive DirectorFT$330,599$56,460$387,059
Wayne DolezalDeputy Executive DirectorFT$197,145$48,466$245,611
Robert NitzDirector of Information SecurityFT$173,843$37,732$211,575
Charles PhillipsChief Ethics OfficerFT$180,500$22,947$203,447
Dallas BeekSenior DeveloperFT$146,234$31,847$178,081
Patricia LantzGeneral CounselFT$150,409$21,321$171,730
Shannon UnderwoodDirector of FinanceFT$150,738$16,682$167,420

Board Members and Trustees

NameTitle
Sarah TaylorBoard President
Adam ProckBoard Member
Alec Esteban ThomsonBoard Member
Andrew CollierBoard Member
Brian RockeyBoard Member
Charlie McIntyreBoard Member
Cindy PolzinBoard Member
David BardenBoard Member
Dolly GarfieldBoard Member
Drew SvitkoBoard Member
Eric HaglerBoard Member
Frank SuarezBoard Member
Gary GriefBoard Member
Greg SmithBoard Member
Gwenneth DeanBoard Member
Helene KeeleyBoard Member
Jay FinksBoard Member
Jayson TorresBoard Member
Jeff AndersonBoard Member
Jeff HewittBoard Member
John DavisBoard Member
John MartinBoard Member
John MyersBoard Member
Jon ClontzBoard Member
Lance GaebeBoard Member
Lester ElderBoard Member
Mark FurcoloBoard Member
Mark MichalkoBoard Member
Mary HarvilleBoard Member
Matt StrawnBoard Member
Michael BoardmanBoard Member
Michael WellsBoard Member
Norman LingleBoard Member
Raymond WilliamsBoard Member
Rebecca PaulBoard Member
Rose HudsonBoard Member
Scott SalesBoard Member
Stephen DurrellBoard Member
Tom SeaverBoard Member

Highest Paid Contractors

ContractorServicesLocationCompensation
PMA Asset Management LLCInvestment services2135 City Gate Drive, 7th Floor, Naperville, IL 60563$400,292
Mike Vasilinda ProductionsStudio production services311 N Adams St, Suite 4100, Tallahassee, FL 32301$364,471
Dorsey & Whitney LLPLegal services801 Grand, Des Moines, IA 50309$158,910
Faegre Drinker Biddle & Reath LLPLegal servicesNW 6139, Minneapolis, MN 55485$144,006
ProCircular IncSecurity testing2451 Oakdale Blvd, Coralville, IA 52241$136,020
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$4,244,014
Investment Income
$25,411,137
Other Revenue
$1,274,332
All Other Contributions
$0
Change in Net Assets
$24,576,271

Audited Revenue Reconciliation

Revenue per Audited Statements
$30,929,483
Revenue Not Reported on Financial Statements
$0
Revenue Not Reported on Form 990
$0
Other Revenue Adjustments
$0
Total Revenue per Audited Statements
$30,929,483
Total Revenue per Form 990
$30,929,483
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$3,275,332
Salaries, Compensation, and Employee Benefits$3,077,880
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$0$2,080,124$0$2,080,124
Fees for Services Other$0$657,586$0$657,586
Fees for Service Investment Mgmnt Fees$0$435,723$0$435,723
Current Officers, Directors, Trustees, and Key Employees$0$355,387$0$355,387
Fees for Services Legal$0$351,114$0$351,114
Depreciation Depletion$0$274,850$0$274,850
Insurance$0$264,645$0$264,645
Payment Travel Entrtnmnt Publicly Ofcl$0$262,743$0$262,743
Other Employee Benefits$0$261,576$0$261,576
Pension Plan Contributions$0$215,328$0$215,328
Information Technology$0$191,668$0$191,668
Travel$0$185,475$0$185,475
Payroll Taxes$0$165,465$0$165,465
Conferences and Meetings$0$137,884$0$137,884
Occupancy$0$134,442$0$134,442
Fees for Services Accounting$0$107,999$0$107,999
Office Expenses$0$30,942$0$30,942
Total Functional Expenses$0$6,353,212$0$6,353,212

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$6,353,212
Total Expenses per Audited Statements$6,353,212
Total Expenses per Form 990$6,353,212
Expenses Not Reported on Financial Statements$0
Expenses Not Reported on Form 990$0
Other Expense Adjustments$0
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
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Future prize liability$813,246,088
Operating lease liability$673,607
Governance and Compliance

Governance Checklist

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

Governance Explanations

Part VI, Line 4

Changes to Bylaws: Proxies must be provided to another Board Member who is a member of the Board or the respective Group or Committee. Responsibilities related to personnel and human resource matters moved to the Executive Committee from the Audit Committee.

Part VI, Line 6

The Multi-State Lottery Association is owned and operated by its 38 member lotteries. Each of the 38 member lottery directors hold positions on the Multi-State Lottery Association's Board of Directors. All decisions are made by the governing Board of Directors. All members are a function of the State Government in support of their individual state programs. Each member has equal voting rights.

Part VI, Line 7A

The Multi-State Lottery Association is owned and operated by its 38 member lotteries. Each of the 38 member lottery directors hold positions on the Multi-State Lottery Association's Board of Directors.

Part VI, Line 7B

All decisions of the Multi-State Lottery Association are made by the governing Board of Directors. Each member is given a vote.

Part VI, Line 11B

The 990 is completed by the Director of Finance and reviewed by the Executive Director. Copies of the 990 are provided to Directors as requested.

Part VI, Line 12C

CONFLICT OF INTEREST

Part VI, Line 15

The Multi-State Lottery Association Board of Directors which is comprised of independent persons review comparable data in determining the compensation of the Executive Director. Independent firms are contracted on a regular basis to review employee salaries. Compensation increases for employees are reviewed and approved by the Board.

Part VI, line 9

| Name of the person:, Address of the person:| Eric Hagler, 124 West Capitol Avenue, Suite 1400, Little Rock, AR, 72201| Alec Thomson, 4740 East University Drive, Phoenix, , , 85034| Tom Seaver, 225 N Main Street, Pueblo, , , 81003| Greg Smith, 777 Brook Street, Rocky Hill, , , 06067| Frank Suarez, 2235 Shannon Place SE, Washington, , , 20020| Helene Keeley, 1575 McKee Road, Suite 102, Dover, , , 19904| John Davis, 250 Marriott Drive, Tallahassee, , , 32399| Matt Strawn, 13001 University Avenue, Clive, , , 50325| Jeff Anderson, 1199 Shoreline Lane, Suite 100, Boise, , , 83702| Sarah Taylor, 1302 N Meridian, Suite 100, Indianapolis, , , 46202| Stephen Durrell, 128 North Kansas Ave, Topeka, , , 66603| Mary Harville, 1011 West Main Street, Louisville, , , 40202-2623| Rose Hudson, 555 Laurel Street, Baton Rouge, , , 70801| John Martin, 1800 Washington Blvd, Baltimore, , , 21224| Mickey Boardman, 10 Water Street, Augusta, , , 04333| Adam Prock, 2645 Long Lake Road, Roseville, , , 55113-2533| Lester Elder, 1823 Southridge Drive, Jefferson City, , , 65109| Jeff Hewitt, 1080 River Oaks Drive, Bldg B-204, Flowood, , , 39232| Scott Sales, 2525 North Montana Avenue, Helena, , , 59601| Mark Michalko, 2728 Capital Blvd, Raleigh, , , 27604| Lance Gaebe, 1050 East Interstate Avenue, Suite 200, Bismarck, , , 58503-5574| Brian Rockey, 137 NW 17th St, Lincoln, , , 68528| Charlie McIntyre, 14 Integra Drive, Concord, , , 03301| David Barden, 4511 Osuna Road NE, Albuquerque, , , 87199| Gweneth Dean, 1 Broadway Center, Schenectady, , , 12305| Jay Finks, 3817 N Santa Fe, Oklahoma City, , , 73118-8508| Mike Wells, 500 Airport Rd SE, Salem, , , 97301| Drew Svitko, 2850 Turnpike Industrial Drive, Middletown, , , 17057| Jayson Torres, 383 FD Roosevelt Avenue, Suite 107, San Juan, , , 00918| Mark Furcolo, 1425 Pontiac Avenue, Cranston, , , 02920| Dolly Garfield, 1333 Main Street, Suite 400, Columbia, , , 29201| Norm Lingle, 207 East Capitol, Suite 200, Pierre, , , 57501| Rebecca Paul, One Century Place, 26 Century Blvd, Suite 200, Nashville, , , 37214| Gary Grief, 611 E 6th St, Austin, , , 78701| Raymond Williams, 3801 Kronprindsens Gade, St. Thomas, , , 00802-6430| Andrew Collier, 379 S Barre Rd, South Barre, , , 05670| Cindy Polzin, 2135 Rimrock Road, Madison, , , 53713| John Myers, 900 Pennsylvania Avenue, Charleston, , , 25302| Jon Clontz, 1620 Central Avenue, Suite 100, Cheyenne, , , 82001|

Filing and Contact Details

Filer

Filer Name
Multi-state Lottery Association
EIN
42-1302701
In Care Of
% J BRET TOYNE
Phone
5154531409
Address
8101 BIRCHWOOD COURT SUITE R, JOHNSTON, IA 50131

Signing Officer

Name
Shannon Underwood
Title
Director of Finance
Signed
2024-05-14

Organization Details

Formed
1988
Legal Domicile
Ia
Voting Board Members
39
Independent Board Members
39
Employees
30
Volunteers
0
Supplemental Narrative

Additional Explanations

Part IX, Line 11G

Studio production services and security consulting services

Part XI, Line 9

| Description:, Explanation:, Amount:| Expense occurred in prior fiscal year, Prior year adjustment to ending Net Assets, $1764|

Financial Statement Notes

Part X, line 2

The IRS has determined that MUSL qualifies under Section 501c3 of the Internal Revenue Code and is therefore not subject to tax under present income tax laws. In accordance with FASB ASC 740 Income Taxes MUSL assesses its tax positions and determines if any positions are uncertain. MUSL has analyzed its filing positions open to review and believes all significant positions have a "more-likely-than-not" likelihood of being upheld based on their technical merits.

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IRS990/Form990PartVIISectionAGrp/PersonNm17Stephen Durrell
IRS990/Form990PartVIISectionAGrp/PersonNm18Mary Harville
IRS990/Form990PartVIISectionAGrp/PersonNm19Rose Hudson
IRS990/Form990PartVIISectionAGrp/PersonNm20Michael Boardman
IRS990/Form990PartVIISectionAGrp/PersonNm21Adam Prock
IRS990/Form990PartVIISectionAGrp/PersonNm22Lester Elder
IRS990/Form990PartVIISectionAGrp/PersonNm23Jeff Hewitt
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IRS990/Form990PartVIISectionAGrp/PersonNm30Gwenneth Dean
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IRS990/Form990PartVIISectionAGrp/PersonNm32Drew Svitko
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IRS990/Form990PartVIISectionAGrp/PersonNm34Jayson Torres
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IRS990/Form990PartVIISectionAGrp/PersonNm36Dolly Garfield
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IRS990/Form990PartVIISectionAGrp/PersonNm38Rebecca Paul
IRS990/Form990PartVIISectionAGrp/PersonNm39Gary Grief
IRS990/Form990PartVIISectionAGrp/PersonNm40Raymond Williams
IRS990/Form990PartVIISectionAGrp/PersonNm41Andrew Collier
IRS990/Form990PartVIISectionAGrp/PersonNm42Cindy Polzin
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IRS990/Form990PartVIISectionAGrp/PersonNm44Jon Clontz
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Filings

Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2025Facts available. Structured filing facts are available, but richer extracted sections are limited.$924$856$68.0$40.6$35.5$5.17
2024Detailed filing. Detailed filing data is available for this year.$782$720$62.8$45.6$17.4$28.2
2023Detailed filing. Detailed filing data is available for this year.$857$823$34.7$30.9$6.35$24.6
2022Detailed filing. Detailed filing data is available for this year.$767$757$10.1$3.44$5.58$2.14
2021Detailed filing. Detailed filing data is available for this year.$849$836$12.2$1.32$4.83$3.51
2020Detailed filing. Detailed filing data is available for this year.$534$520$14.7$7.52$13.8$6.26
2019Detailed filing. Detailed filing data is available for this year.$508$487$21.0$18.6$6.72$11.9
2018Detailed filing. Detailed filing data is available for this year.$487$478$9.05$10.4$6.52$3.90
2017Detailed filing. Detailed filing data is available for this year.$561$556$5.14$4.35$6.14$1.80
2016Detailed filing. Detailed filing data is available for this year.$567$560$6.94$4.62$6.14$1.52
2015Detailed filing. Detailed filing data is available for this year.$401$393$8.46$3.51$5.26$1.74
2014Detailed filing. Detailed filing data is available for this year.$706$696$10.2$3.17$4.99$1.82
2013Facts available. Structured filing facts are available, but richer extracted sections are limited.$554$542$12.0$5.39
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$583$583$0.16$4.87
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$641$641$0.24$4.36