Board of Directors Meeting Agenda Hard Rock Hotel San Diego Monday, March 30, 2026 5:00 p.m. PDT
Call to Order
Chairman David Bean
1. Invocation
Tribal Leader or Board Member
2. Roll Call
Deputy Executive Director will announce when a quorum is achieved
3. Approval of Minutes
September 2025 IGA Midyear Board Meeting Minutes
4. Chairman’s Report
a. Tradeshow Welcome and Overview b. Highlights for Upcoming IGA Membership Meeting & Luncheon c. New Vision for IGA Meetings and Conferences: Implementing Regional Meetings d. Outreach and Communication to IGA Tribal Members e. Highlights from 2025:
1. Improving On Record Tribal Membership Numbers $1.7 million 2. Prediction Market Battle: Working with all of Indian Country 3. 2026 Election: Working with IGA Tribes
5. Executive Director’s Report a. Legislative Update
i. Congressional Update ii. Tribal Casino Issues for 2026
1. Commodities Futures Trading Commission (CFTC) Proposed Rule
b. The Path Forward on Prediction Markets
Page 1 of 2
7. IGA FY2025 Auditor’s Report
a. FY2025 Audit Report and Current Financial Update b. Wipfli Audit Presentation - Grant Eve
8. Old Business 9. New Business
a. Consideration of Resolutions Opposing the CFTC’s Proposal to Regulate Futures Gaming Contracts
10. Announcements 11. Date of Next Board Meeting
a. Thursday, April 2, 2026, 8:30 a.m., Room 7AB, San Diego Convention Center Adjourn
Page 2 of 2
Board of Directors
Bylaws
Minutes
Audit/Budget
Indian Gaming Association
Audited Financial Statements
For the Years Ended December 31, 2025 and 2024
Indian Gaming Association Years Ended December 31, 2025 and 2024
Table of Contents
I.n..d..e..p..e..n..d..e..n..t...A..u..d..i.t.o..r..'.s..R..e..p..o...r.t......................................................................................................................................................... 2
Financial Statements ......S..t.a..t..e..m...e..n..t.s...o..f..F..i.n..a..n..c.i.a..l..P..o..s..i.t.i.o..n................................................................................................................................................ 5 ......S..t.a..t..e..m...e..n..t.s...o..f..A..c..t.i.v..i.t.i.e..s............................................................................................................................................................. 6 ......S..t.a..t..e..m...e..n..t..o..f..F..u..n..c..t.i.o..n..a..l..E..x..p..e..n..s.e..s...-..F..o..r..t..h..e...Y..e.a..r...E..n..d..e..d...D..e..c..e..m...b..e..r..3..1..,..2..0..2..5........................................................................... 7 ......S..t.a..t..e..m...e..n..t..o..f..F..u..n..c..t.i.o..n..a..l..E..x..p..e..n..s.e..s...-..F..o..r..t..h..e...Y..e.a..r...E..n..d..e..d...D..e..c..e..m...b..e..r..3..1..,..2..0..2..4........................................................................... 8 Statements of Cash Flows ........................................................................................................................................................................................................ 9 ......N...o..t.e..s...t.o...F..i.n..a..n..c.i.a..l..S..t.a..t..e..m...e..n..t.s................................................................................................................................................... 11
Supplementary Information ......S..c..h..e..d..u..l.e..s..o..f...I.n..c.o..m....e.................................................................................................................................................................. 24
Independent Auditor's Report Members of the Executive Committee Indian Gaming Association Washington, D.C.
Opinion We have audited the financial statements of Indian Gaming Association (the "IGA"), a nonprofit organization which comprise the statements of financial position as of December 31, 2025 and 2024, and the related statements of activities, functional expenses, and cash flows for the years then ended, and the related notes to the financial statements. In our opinion, the accompanying financial statements referred to above present fairly, in all material respects, the financial position of Indian Gaming Association as of December 31, 2025 and 2024, and the changes in its net assets and its cash flows for the years then ended in accordance with accounting principles generally accepted in the United States of America (''GAAP''). Basis for Opinion We conducted our audits in accordance with auditing standards generally accepted in the United States of America ("GAAS"). Our responsibilities under those standards are further described in the Auditor’s Responsibilities for the Audit of the Financial Statements section of our report. We are required to be independent of Indian Gaming Association and to meet our other ethical responsibilities, in accordance with the relevant ethical requirements relating to our audits. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. Emphasis of Matter - Change in Accounting Principle As discussed in Note 1 to the financial statements, Indian Gaming Association elected to early adopt Financial Accounting Standards Board (FASB) Accounting Standards Update (ASU) No. 2025-05, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets , effective January 1, 2025. In connection with this adoption, Indian Gaming Association elected a practical expedient to estimate expected credit losses by assuming that current economic conditions at the statement of net position date will persist through the remaining life of its current accounts receivable and contract assets. Our opinion is not modified with respect to this matter.
“Wipfli" is the brand name under which Wipfli LLP and Wipfli Advisory LLC and its respective subsidiary entities provide professional services. Wipfli LLP and Wipfli Advisory LLC (and its respective subsidiary entities) practice in an alternative practice structure in accordance with the AICPA Code of Professional Conduct and applicable law, regulations, and professional standards. Wipfli LLP is a licensed independent CPA firm that provides attest services to its clients, and Wipfli Advisory LLC provides tax and business consulting services to its clients. Wipfli Advisory LLC and its subsidiary entities are not licensed CPA firms. 2
Responsibilities of Management for the Financial Statements Management is responsible for the preparation and fair presentation of the financial statements in accordance with accounting principles generally accepted in the United States of America, and for the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, management is required to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about Indian Gaming Association's ability to continue as a going concern for one year after the date the financial statements are available to be issued. Auditor's Responsibilities for the Audit of the Financial Statements Our objectives are to obtain reasonable assurance whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not absolute assurance and therefore is not a guarantee that an audit conducted in accordance with GAAS will always detect a material misstatement when it exists. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Misstatements are considered material if there is a substantial likelihood that, individually or in the aggregate, they would influence the judgment made by a reasonable user based on the financial statements.
In performing an audit in accordance with GAAS , we:
Exercise professional judgment and maintain professional skepticism throughout the audit. Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and design and perform audit procedures responsive to those risks. Such procedures include examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of Indian Gaming Association’s internal control. Accordingly, no such opinion is expressed. Evaluate the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluate the overall presentation of the financial statements. Conclude whether, in our judgment, there are conditions or events, considered in the aggregate, that raise substantial doubt about Indian Gaming Association's ability to continue as a going concern for a reasonable period of time. We are required to communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit, significant audit findings, and certain internal control–related matters that we identified during the audit.
“Wipfli" is the brand name under which Wipfli LLP and Wipfli Advisory LLC and its respective subsidiary entities provide professional services. Wipfli LLP and Wipfli Advisory LLC (and its respective subsidiary entities) practice in an alternative practice structure in accordance with the AICPA Code of Professional Conduct and applicable law, regulations, and professional standards. Wipfli LLP is a licensed independent CPA firm that provides attest services to its clients, and Wipfli Advisory LLC provides tax and business consulting services to its clients. Wipfli Advisory LLC and its subsidiary entities are not licensed CPA firms. 3
Supplementary Information Our audits were conducted for the purpose of forming an opinion on the financial statements as a whole. The Schedules of Income are presented for purposes of additional analysis and are not a required part of the financial statements. Such information is the responsibility of management and was derived from and relates directly to the underlying accounting and other records used to prepare the financial statements. The information has been subjected to the auditing procedures applied in the audits of the financial statements and certain additional procedures, including comparing and reconciling such information directly to the underlying accounting and other records used to prepare the financial statements or to the financial statements themselves, and other additional procedures in accordance with auditing standards generally accepted in the United States of America. In our opinion, the information is fairly stated in all material respects in relation to the financial statements as a whole.
Wipfli LLP St. Louis, Missouri
“Wipfli" is the brand name under which Wipfli LLP and Wipfli Advisory LLC and its respective subsidiary entities provide professional services. Wipfli LLP and Wipfli Advisory LLC (and its respective subsidiary entities) practice in an alternative practice structure in accordance with the AICPA Code of Professional Conduct and applicable law, regulations, and professional standards. Wipfli LLP is a licensed independent CPA firm that provides attest services to its clients, and Wipfli Advisory LLC provides tax and business consulting services to its clients. Wipfli Advisory LLC and its subsidiary entities are not licensed CPA firms. 4
Indian Gaming Association Statements of Financial Position
As of December 31, 2025 and 2024
2025
2024
Assets Current assets: Cash
$ 395,599 $ 821,899
Restricted cash
250,116
126,000
Deposits held by others Accounts receivable, net
2,112,962 2,115,493
144,950 259,068 359,361
40,015 259,068 293,827
Inventories
Prepaid expenses
Total current assets
3,522,056 3,656,302
Operating lease ROU asset Property and equipment, net
24,080
38,994
5,991,041 6,101,571
Total assets
$ 9,537,177 $ 9,796,867
Liabilities and net assets Current liabilities: Accounts payable Accrued expenses Interest payable Deferred revenue Refundable deposits
$ 280,956 $ 260,837
149,111 16,901
159,636 17,516
2,300,263 2,323,383
2,450
2,450
Current portion of long-term debt Current portion of lease liability
130,497 15,382
126,279 15,926
Total current liabilities
2,895,560 2,906,027
Long-term liabilities :
Long-term debt, less current portion Operating lease liability, less current portion
3,749,550 3,880,047
8,698
23,068
Total long-term liabilities
3,758,248 3,903,115 6,653,808 6,809,142
Total liabilities
Net assets Without donor restrictions: Undesignated
2,633,253 2,861,725
Net assets with donor restrictions
250,116
126,000
Total net assets
2,883,369 $ 2,987,725
Total liabilities and net assets
$ 9,537,177 $ 9,796,867
See accompanying notes to financial statements.
5
Indian Gaming Association Statements of Activities
2025
2024
Without Donor Restrictions
Without Donor Restrictions
Years Ended December 31, 2025 and 2024
With Donor Restrictions
With Donor Restrictions
Total
Total
Support and revenue Public support
Contributions - other Contributions - Tribes
$ 235,500 $
- $ 235,500 $ 350,000 $
- $ 350,000
-
200,000
200,000
-
-
-
Revenues
Conference and trade shows Membership dues - Tribes Membership dues - Associates
6,133,830 1,679,300 205,500 232,577 94,338 101,197
- - - - - -
6,133,830 6,140,286 1,679,300 1,746,900
- - - - - -
6,140,286 1,746,900 249,499 239,048 110,236 93,392
205,500 232,577 94,338 101,197
249,499 239,048 110,236 93,392
Educational seminars
Interest income
Other
Net assets released from restrictions
Restrictions satisfied by book project Restrictions satisfied by tribal leaders lounge project
-
-
-
5,500
(5,500)
-
75,884
(75,884)
-
-
-
-
Total support and revenue 8,758,126 124,116 8,882,242 8,934,861
(5,500)
8,929,361
Expenses Program services Trade shows
3,318,127 188,509
- -
3,318,127 3,211,164
- -
3,211,164 349,087
Conferences
188,509
349,087
Member services
Legislative and public policy advocacy Media and public relations Educational seminars
850,343 348,298 250,153 71,967 61,487
- - - - -
850,343 348,298 250,153 71,967 61,487
908,600 503,674 263,058 48,127 62,500
- - - - -
908,600 503,674 263,058 48,127 62,500
Research services
Regulatory
Supporting services
General and administrative Governance/membership development
2,494,526
-
2,494,526 2,622,928
-
2,622,928
1,403,188 8,986,598
- -
1,403,188 1,169,370 8,986,598 9,138,508
- -
1,169,370 9,138,508
Total expenses
Changes in net assets
(228,472)
124,116 (104,356)
(203,647)
(5,500)
(209,147)
Net assets, beginning of year
2,861,725 126,000 2,987,725 3,065,372 131,500 3,196,872 $ 2,633,253 $ 250,116 $ 2,883,369 $ 2,861,725 $ 126,000 $ 2,987,725
Net assets, end of year
See accompanying notes to financial statements.
6
Indian Gaming Association Statement of Functional Expenses
Program Services
Member Services
Supporting Services
Legislative and Public Policy Advocacy
Governance/ Membership Development
Year Ended December 31, 2025
Media and Public Relations
Education Seminars
Research Services
General and Admin.
Trade Shows
Conferences
Regulatory
Total
Salaries and wages
$
- $
- $
238,925 $
- $
- $
- $
- $ 1,563,251 $
513,795 $ 2,315,971
Travel Training Meetings Direct cost
202,340
51,816
118,571 1,149 16,125 5,122 443,175
19,747 4,800
39,547
- - - -
1,487
30,073 13,904 3,385
259,752 4,595 40,872 47,162 123,792
723,333 24,448 60,817 2,701,468 1,514,887
- -
- -
- -
- - -
435
2,490,636 269,211
106,801 10,168
6,061
45,300 137,775
386
Contractual Advertising/fax broadcast
160,500
56,950
60,000
253,316
150,929
8,073
-
-
-
-
-
-
-
159,002
Facility and equipment rental Copying/duplicating
82,075 1,243
11,476
-
-
- - - - -
- - - - - - - - - -
- - - - - - - - - - -
14,485
56,897
164,933
30
324
424
-
108
2,129
Depreciation and amortization
- -
- - - - - - - -
- - -
- - - - - - -
183,775 36,141 112,345 21,115 33,839 71,265 7,588 131,371 18,287
-
183,775 49,805 120,111 87,234 95,244 115,105 23,485 131,371 513,480
Repairs and maintenance Taxes and insurance Dues/fees/subscriptions
13,664 4,509 26,161 47,599 38,047 4,675
3,257
-
16,438 2,094 5,607
2,494
6,009 11,098
15,017
Supplies Utilities Postage
614
-
186 377
10,680
145
20
Interest expense Miscellaneous
-
-
-
-
107,142
2,793
153,837
9,861
221,560
Total expenses
$ 3,318,127 $
188,509 $
850,343 $
348,298 $
250,153 $
71,967 $ 61,487 $ 2,494,526 $ 1,403,188 $ 8,986,598
See accompanying notes to financial statements.
7
Indian Gaming Association Statement of Functional Expenses
Program Services
Member Services
Supporting Services
Legislative and Public Policy Advocacy
Governance/ Membership Development
Year Ended December 31, 2024
Media and Public Relations
Education Seminars
Research Services
General and Admin.
Trade Shows
Conferences
Regulatory
Total
Salaries and wages
$
- $
- $
238,823 $
- $
- $
- $
- $ 1,726,354 $
541,934 $ 2,507,111
Travel Training Meetings Direct cost
107,311
36,375 1,127
135,154 11,111 10,967 17,182 468,968
32,332 16,267
34,220
- - - -
2,500
16,412 10,322 5,732
269,428 7,687 38,274 42,373 94,075
633,732 46,514 55,175 2,942,928 1,452,719
- -
- -
- - -
-
202
2,578,483 233,416
238,829 14,523
3,720
62,149 127,476
192
Contractual Advertising/fax broadcast
156,250
48,127
60,000
249,884
63,844
24,147
-
8,000
-
-
-
-
-
95,991
Facility and equipment rental Copying/duplicating
105,940
30,000
-
-
22,465
- - - - - - - - - - -
- - - - - - - - - - -
15,926
17,939
192,270
27
-
1,681
2,204
-
70
78
4,060
Depreciation and amortization
- -
- - - -
- - -
- - -
- -
181,911 53,708 114,495 15,955 14,436 58,413 3,369 135,470 20,279
-
181,911 59,103 130,695 47,846 89,633 85,910 32,850 135,470 444,590
Repairs and maintenance Taxes and insurance Dues/fees/subscriptions
5,395 4,577 11,019 43,694 21,275 5,899
11,430
193
-
10,872 3,895 6,036
4,502 27,074
5,498
Supplies Utilities Postage
356
77
101
-
-
186
-
8,556
4,009
347
10,644
26
Interest expense Miscellaneous
-
- -
-
-
-
-
101,801
3,564
242,293
10,930
65,723
Total expenses
$ 3,211,164 $
349,087 $
908,600 $
503,674 $ 263,058 $
48,127 $
62,500 $ 2,622,928 $ 1,169,370 $ 9,138,508
See accompanying notes to financial statements.
8
Indian Gaming Association Statements of Cash Flows
Years Ended December 31, 2025 and 2024
2025
2024
Cash flows from operating activities: Change in net assets
$ (104,356) $ (209,147)
Adjustments to reconcile change in net assets to cash flows from operating activities: Depreciation and amortization
183,775
181,911
Loss on disposal of property and equipment
2,637
-
Changes in assets and liabilities: (Increase) in accounts receivable
(104,935)
(6,578) (5,500)
(Increase) in inventories
-
(Increase) decrease in prepaid expenses Increase (decrease) in accounts payable (Decrease) increase in accrued expenses
(65,534) 20,122 (10,525)
119,405 (124,903)
17,906
(Decrease) in interest payable
(615)
(597)
(Decrease) increase in deferred revenue
(23,121)
314,086
Net cash from operating activities
(102,552)
286,583
Cash flows from investing activities:
Purchases of property and equipment
(75,884)
(250,936)
Net cash flows from investing activities
(75,884)
(250,936)
Cash flows from financing activities:
Principal payments on long-term debt
(126,279)
(122,199)
Net cash flows from financing activities
(126,279)
(122,199)
Net changes in cash
(304,715)
(86,552)
Cash, beginning of year
3,063,392 3,149,944
Cash, end of year
$ 2,758,677 $ 3,063,392
9
Indian Gaming Association Statements of Cash Flows (Continued)
Years Ended December 31, 2025 and 2024
2025
2024
Supplemental Information:
Cash paid for interest
$
82,350 $
92,596
Reconciliation of cash to statements of financial position:
Cash
$ 395,599 $ 821,899
Restricted cash
250,116
126,000
Deposits held by others
2,112,962 2,115,493 $ 2,758,677 $ 3,063,392
Total
See accompanying notes to financial statements.
10
Indian Gaming Association Notes to Financial Statements
Note 1: Summary of Significant Accounting Policies The financial statements of the Indian Gaming Association (IGA) have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), as applied to non-profit organizations. IGA's significant accounting policies are described below: Organization The Indian Gaming Association is a non-profit corporation incorporated in the District of Columbia on October 23, 1993 to provide services for tribal governments, members, and associate members. An Executive Committee, which includes three officers, governs IGA. The Executive Committee consists of the Chairman, Secretary, and Treasurer, elected on a biannual basis by the eligible voting membership at the annual meeting. Basis of Accounting IGA prepares its financial statements on the accrual basis of accounting. Under this method of accounting, revenue is recognized when amounts are earned and when the amount and timing of the revenue can be reasonably estimated. Expenses are recognized when they occur. Clarion Events, Inc., manages and runs IGA's trade show and performs all the related activities and accounting functions. Accounting information related to the trade show is from Clarion Events, Inc. Basis of Presentation Net assets, revenues, gains, and losses are classified based on the existence or absence of donor or grantor imposed restrictions. Accordingly, net assets and changes therein are classified and reported as follows: Net Assets Without Donor Restrictions – net assets available for use in general operations and not subject to donor (or certain grantor) restrictions. Net Assets With Donor Restrictions – net assets subject to donor or certain grantor imposed restrictions. Some donor-imposed restrictions are temporary in nature, such as those that will be met by the passage of time or other events specified by the donor. Other donor-imposed restrictions are perpetual in nature, where the donor stipulates that resources be maintained in perpetuity. Donor-imposed restrictions are released when a restriction expires, that is, when the stipulated time has elapsed, when the stipulated purpose for which the resource was restricted has been fulfilled, or both. Cash and Cash Equivalents For purposes of reporting the statement of cash flows, IGA considers short-term, highly liquid investments with an original maturity of three months or less and money market mutual funds, if any, to be cash equivalents.
11
Indian Gaming Association Notes to Financial Statements Note 1: Summary of Significant Accounting Policies (Continued) Accounts Receivable and Allowance for Credit Losses
Accounts receivable and contract assets are recorded at the original invoice or earned amount. Effective January 1, 2025, IGA early adopted ASU 2025-05, which provides a practical expedient for estimating credit losses on short-term trade receivables. Under this expedient, IGA assumes that current economic conditions at the statement of financial position date will persist through the remaining life of the receivables, eliminating the need for separate macroeconomic forecasting. As a nonprofit organization, IGA has also elected an accounting policy to consider subsequent cash collections received after the balance sheet date through the date the financial statements are available to be issued (the "evaluation date") when determining the allowance. IGA generally expects collection within 30 days following its annual trade show and conferences. If an account remains uncollected after 30 days, it is evaluated for immediate write-off or referred to a collection agency, based on specific circumstances. Accounts referred to collections are typically written off if they remains unpaid after 60 days. Contributions Receivable Unconditional promises to give that are expected to be collected within a year are recorded at net realizable value. Unconditional promises to give that are expected to be collected in future years are recorded at the present value of their estimated future cash flows. The discounts on those amounts are computed using risk-free interest rates applicable to the years in which the promises are received. Amortization of the discounts is included in contribution revenue. Inventories Inventories are stated at the lower of cost or market. Cost is determined on a standard cost basis that approximates the first-in, first-out (FIFO) method. Market is determined based on net realizable value. Inventories consist of amounts expended for production of a book on the history and benefits of Indian gaming and specially designed pendants. IGA plans to publish and sell copies of this book and the pendants in the near future.
12
Indian Gaming Association Notes to Financial Statements Note 1: Summary of Significant Accounting Policies (Continued) Property and Equipment
Property and equipment is stated at cost if purchased, or fair market value if donated. Property, equipment and construction costs are capitalized if they exceed $5,000 and the asset has a useful life of at least three years. The cost of constructed assets may include labor, materials, certain general and administrative expenses, and interest incurred during construction. Improvements or refurbishments with aggregated costs that meet capitalization thresholds and that extend the useful life of an existing asset by at least 3 years are capitalized. Works of art are defined as collections or individual items of significance which are not held for financial gain, but rather for exhibition, education and preservation. Purchased works of art are recorded based on historical cost. Gifts of these types are recorded using the fair market value at the date of donation. Works of art where the economic benefit or service potential is used up so slowly that the estimated useful lives are extraordinarily long are not depreciated. Depreciation is computed using the straight-line method over the estimated useful lives as follows:
Assets
Years
Buildings and improvements Furniture, fixtures, and equipment
25 years 3-5 years
Deferred Revenue (Contract Liabilities) Trade show revenues and membership dues are recognized when services are performed and upon the renewal of the membership period. Amounts billed and collected before the services are performed and the renewal of membership are included in deferred revenues. Compensated Absences Vacation leave accrues at graduated rates set forth in IGA personnel policies depending on years of service. At December 31, 2025 and 2024, the value of accumulated vacation leave was $92,746 and $112,445, respectively, and is included in accrued expenses.
Days of Vacation Benefits
Years of Continuous Services
0 through 2 3 through 4 5 or more
10 days 15 days 20 days
13
Indian Gaming Association Notes to Financial Statements Note 1: Summary of Significant Accounting Policies (Continued) Support and Revenue
Revenue is recognized when IGA satisfies a performance obligation by transferring a promised good to, or performing a service for, a customer. Revenue from non-exchange transactions (contributions) may be subject to conditions, in the form of both a barrier to entitlement and a refund of amounts paid (or release from obligation to make future payments). Revenues from exchange transactions are recognized as performance obligations are satisfied. Revenues from conditional non-exchange transactions are recognized when the barrier is satisfied. IGA's significant revenue recognition policies are outlined below: Contribution Revenue - contributions are recognized as revenue when cash, securities, or other assets; unconditional promises to give; or a notification of a beneficial interest is received. Conditional promises to give - that is, those with a measurable performance or other barrier and a right of return - are not recognized until the conditions on which they depend have been met. Contributions that are restricted by the donor are reported as increases in net assets without donor restrictions if the restrictions expire (that is, when a stipulated time restriction ends or purpose restriction is accomplished) in the reporting period in which the revenue is recognized. All other donor-restricted contributions are reported as increases in net assets with donor restrictions, depending on the nature of the restrictions. When a restriction expires, net assets with donor restrictions are reclassified to net assets without donor restrictions and reported in the statements of activities as net assets released from restrictions. Conferences, Trade Show and Educational Seminars - IGA generates revenue from conferences, trade shows and educational seminars. Receipts from conferences, trade shows, and educational seminars are recognized as revenue at a point in time when the related service or event has been completed or taken place. Membership Dues - Tribes - dues charged by IGA to members entitle the members to vote on the election of officers, disposition of all or substantially all of IGA's assets, any merger, dissolution and other business duly brought before the Tribal membership. Although IGA does not execute a contract with its members, management considers payment of annual dues, based on prices determined by IGA, to constitute member acceptance of the offered benefits. The membership period corresponds to IGA's fiscal year. Membership Dues - Associates - dues charged by IGA to associates members for the right to attend meetings of the Tribal membership on the invitation of the Tribal membership only, but may not vote. The membership period corresponds to IGA's fiscal year.
IGA recognizes the exchange of the membership dues over the membership period.
14
Indian Gaming Association Notes to Financial Statements Note 1: Summary of Significant Accounting Policies (Continued) Contributions of Services
Contributions of services shall be recognized if the services received (a) create or enhance nonfinancial assets or (b) require specialized skills, are provided by individuals possessing those skills, and would typically need to be purchased if not provided by donation. In-Kind Contributions - consist of donated professional services and donated goods and facilities. Donated personal services of volunteers are not reflected in the accompanying financial statements, because such services do not require specialized skills. There were no in-kind contributions for the years ended December 31, 2025 and 2024. Functional Allocation of Expenses The costs of providing the various programs and supporting activities of IGA have been summarized on a functional basis in the statements of activities. Accordingly, certain costs have been allocated among the programs and supporting services benefited. Salaries and wages consist of payroll and employee benefits expense. Trade show expenses include all costs associated with trade show operation and payroll cost of the trade show coordinator. General and administrative expenses consist of general overhead costs incurred by IGA for its operations including all employee benefits expense. Salaries and related benefits are allocated based on employees' direct time spent on program or support activities or the best of time spent. Expenses that are not directly incurred by a program are allocated between program and supporting services based on full time personnel equivalents. Income and Other Taxes IGA is exempt from income taxes under Section 501(c)(6) of the Internal Revenue Code for all activities except for all unrelated business income. IGA files a business income tax return but does not generate taxable income from the activity and, therefore, has no tax liability for the years presented in these financial statements. Although IGA is tax-exempt, IGA does not qualify as a "charity," and thus contributions to IGA are not deductible by the donor as a charitable contribution. This tax treatment is applicable to private businesses and does not restrict tribal governments from making contributions to IGA. IGA is also exempt from the District of Columbia Income and Franchise Tax as it meets the qualifications of the District of Columbia Income and Franchise Tax Act of 1947, as amended. IGA is not exempt from the District of Columbia Personal Property Tax or the Sales and Use Tax. Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Significant estimates include the allowance for credit losses and useful lives assigned to property and equipment.
15
Indian Gaming Association Notes to Financial Statements Note 1: Summary of Significant Accounting Policies (Continued) ASC 842 Lease Accounting
IGA is a lessee in multiple noncancelable operating leases. If the contract provides IGA the right to substantially all the economic benefits and the right to direct the use of the identified asset, it is considered to be or contain a lease. Right-of-use (ROU) assets and lease liabilities are recognized at the lease commencement date based on the present value of the future lease payments over the expected lease term. The ROU asset is also adjusted for any lease prepayments made, lease incentives received, and initial direct costs incurred. The lease liability is initially and subsequently recognized based on the present value of its future lease payments. Variable payments are included in the future lease payments when those variable payments depend on an index or a rate. Increases (decreases) to variable lease payments due to subsequent changes in an index or rate are recorded as variable lease expense (income) in the future period in which they are incurred. IGA has elected to use a risk-free rate for a term similar to the underlying lease as the discount rate if the implicit rate in the lease contract is not readily determinable. The ROU asset for operating leases is subsequently measured throughout the lease term at the amount of the remeasured lease liability (i.e., present value of the remaining lease payments), plus unamortized initial direct costs, plus (minus) any prepaid (accrued) lease payments, less the unamortized balance of lease incentives received, and any impairment recognized. For all underlying classes of assets, IGA has elected to not recognize ROU assets and lease liabilities for short-term leases that have a lease term of 12 months or less at lease commencement and do not include an option to purchase the underlying asset that IGA is reasonably certain to exercise. Leases containing termination clauses in which either party may terminate the lease without cause and the notice period is less than 12 months are deemed short-term leases with lease costs included in short-term lease expense. IGA recognizes short-term lease cost on a straight-line basis over the lease term. Accounting Pronouncement Adopted In July 2025, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2025-05, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets . This update is intended to simplify the measurement of expected credit losses for current accounts receivable and contract assets by providing practical expedients and accounting policy elections for non- public business entities. IGA early adopted this guidance for the year ended December 31, 2025, with prospective application to January 1, 2025. In connection with the adoption, IGA has elected the practical expedient to assume that current economic conditions will remain unchanged over the short-term life of the assets and has further elected the accounting policy to consider subsequent cash collections received up to the date the financial statements are available to be issued in its estimate of expected credit losses. The adoption of this standard resulted in the recognition of $47,350 in credit losses for the year ended December 31, 2025.
16
Indian Gaming Association Notes to Financial Statements Note 1: Summary of Significant Accounting Policies (Continued) Subsequent Events
IGA has evaluated subsequent events and transactions for potential recognition or disclosure in the financial statements through , which is the date the financial statements were available to be issued. Note 2: Cash and Cash Equivalents
Cash consists of the following at December 31, 2025 and 2024:
2025
2024
Cash
$ 395,599 $ 821,899
1 Restricted cash
250,116
126,000
2 Deposits held by others
2,112,962 2,115,493
Total
$ 2,758,677 $ 3,063,392
1 Refer to Note 8 2 The bank account is under the name of Clarion Events, Inc.
As of December 31, 2025, the bank balance was $3,153,197 for the deposit accounts which are carried on the books at $2,758,677. The difference is timing and reconciling items. Of the $3,153,197 bank balance, $645,877 is under IGA's name. The remaining $2,507,320 is under Clarion Events, Inc. Of the $645,877 bank balance under IGA's name, $395,877 is uninsured by the financial institutions. Note 3: Liquidity and Availability of Financial Resources Financial assets available for general expenditure, that is, without donor or other restrictions or designations limiting their use, within twelve months of the statement of net position date, comprise the following as of December 31, 2025 and 2024:
2025
2024
Cash
$ 395,599 $ 821,899 2,112,962 2,115,493
Deposits held by others Accounts receivable
144,950
40,015
Total
$ 2,653,511 $ 2,977,407
IGA does not have a formal liquidity policy.
17
Indian Gaming Association Notes to Financial Statements
Note 4: Contract Balances Contract assets and liabilities from trade show, membership dues and fees for services are included in accounts receivable and deferred revenue. The timing of billings, cash collections, and revenue recognition result in contract assets and liabilities associated with revenue from exchange transactions. Contract assets are recognized only to the extent it is probable that IGA will collect substantially all of the consideration to which it is entitled in exchange for the goods or services that have been transferred. Contract liabilities consist entirely of deferred revenue that results when IGA receives trade show payments and membership dues before revenue is recognized. Such revenue is recognized when all criteria are subsequently met. Balances in these accounts as of the end (which equals the beginning of the prior year) of the years ended December 31, 2025 and 2024 are as follows:
2025
2024
Accounts receivable, gross Less: Allowance for credit losses
$
144,950 $
42,765 (2,750) 40,015
-
$
144,950 $
Accounts receivable, net
Contract assets, gross
$
47,350 $
- - -
Less: Allowance for credit losses
(47,350)
$
- $
Contract assets, net
$ 2,300,263 $ 2,323,383
Deferred revenue (Contract liabilities)
18
Indian Gaming Association Notes to Financial Statements
Note 5: Property and Equipment
Property and equipment at December 31, 2025 and 2024 consist of:
2025
2024
Property and equipment not being depreciated Construction in progress
$
89,399 $
17,039 59,084 76,123
Works of art
59,084 148,483
Total property and equipment not being depreciated
Property and equipment being depreciated Land improvements
565,003
565,003
Building
7,221,350 7,221,350
Building improvements
463,803 759,383
460,279 790,384
Furniture, fixtures, and equipment
Total property and equipment being depreciated
9,009,539 9,037,016
Less accumulated depreciation
(3,166,981)
(3,011,568)
Net property and equipment being depreciated
5,842,558 6,025,448
Net property and equipment
$ 5,991,041 $ 6,101,571
Right-of-use asset Equipment
$
24,080 $
38,994
Depreciation and amortization expense was $183,775 and $181,911 during the years ended December 31, 2025 and 2024, respectively.
The building is pledged as collateral for all borrowings, see Note 7.
Note 6: Leases IGA leases equipment under various terms under long-term non-cancelable operating lease arrangements. The leases expire at various dates through 2027. Operating leases with a term of 12 months or less are not recorded on the statements of financial position.
Operating leases
2025
2024
Current portion of lease liability
$
15,382 $
15,926 23,068
Operating lease liability
8,698
Total operating lease liabilities
$
24,080 $
38,994
19
Indian Gaming Association Notes to Financial Statements
Note 6: Leases (Continued)
Total lease expense for the years ended December 31, 2025 and 2024 are as follows:
2025
2024
Operating lease expense
$
15,382 $
15,926
Total lease expense
$
15,382 $
15,926
Supplemental cash flow information related to leases is as follows for the years ended December 31, 2025 and 2024:
2025
2024
Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases
$
15,382 $
15,926
Supplemental statement of financial position information related to leases is as follows as for the years ended December 31, 2025 and 2024:
2025
2024
Weighted-average discount rate - Operating leases Weighted-average remaining lease term (years) - Operating leases
3.1%
3.1%
1.9
2.9
Maturities of lease liabilities are as follows:
Operating Amounts
Years Ending December 31,
2026 2027
$
15,926 8,804
Total lease payment
24,730
Less imputed interest
(650)
Present value of liability
$
24,080
20
Indian Gaming Association Notes to Financial Statements
Note 7: Long-Term Debt
Long-term debt consists of the following at December 31, 2025 and 2024:
2025
2024
A mortgage note on IGA 's office building payable in monthly installments of $13,920 through August 1, 2027. The mortgage is secured by IGA's office building. The interest rate is 3.5% per annum and is fixed for the full term of the loan. There is $100,000 cash restricted for repayment of this loan. Refer to Note 8. On September 8, 2022, IGA entered into a loan agreement with Clarion Events, Inc. with the initial loan of $1,500,000. IGA may request up to $1,000,000 in additional loans, in minimum increments of $250,000. Principal and unpaid interest are due and payable in 23 equal annual increments, commencing in 2023, on or before the 90th day following the last day of the IGA trade show and convention conference. Interest on the amount of the loan is at 3.0% per annum, compounded monthly. The loan is secured by assets of IGA.
$ 2,527,950 $ 2,605,047
1,352,097 1,401,279
Total long-term debt
3,880,047 4,006,326
Less: current maturities
(130,497)
(126,279)
Total long-term portion of debt, net
$ 3,749,550 $ 3,880,047
Annual principal amounts due on the long-term debt are as follows:
Years Ending December 31,
Principal
2026 2027 2028 2029 2030
$ 130,497
2,500,289
53,743 55,355 302,705 350,919 406,811 79,728
2031 - 2035 2036 - 2040 2041 - 2045
Total
$ 3,880,047
21
Indian Gaming Association Notes to Financial Statements
Note 8: Net Assets with Donor Restriction
Donor imposed restricted net assets of IGA at December 31, 2025 and 2024 were available for the following purposes:
2025
2024
Building loan Book project
$ 100,000 $ 100,000
26,000 124,116
26,000
Tribal Leaders Lounge
-
Net assets with donor restrictions
$ 250,116 $ 126,000
Net assets released from restrictions of $75,884 and $5,500 during the years ended December 31, 2025 and 2024, respectively, represent amounts that satisfied specific purpose restrictions. Note 9: Revenue Concentration IGA is a non profit organization supported by trade show booth sales, workshop and seminar fees, membership fees, associated membership fees and contributions from various organizations and tribes. 69% of IGA's revenue is derived from its annual conferences and trade show booth sales. Note 10: Employee Retirement Plan IGA has established a 401(k) Profit Sharing Plan and Trust (the "Plan"). The plan covers substantially all full-time employees and regular part-time employees who work more than 1,000 hours per year. Under the plan, employees may contribute a portion of their compensation to the plan and, IGA, to the extent funds are available, will contribute a matching amount to the plan equal to 50% of an employee's contribution up to $10,000. IGA contributed $46,395 and $46,841 to the plan during the years ended December 31, 2025 and 2024, respectively. Employees are 100% vested in their contributions and are 100% vested in IGA's contributions over a two-year period. IGA has a qualified profit sharing plan that covers substantially all full-time employees meeting certain eligibility. The annual contributions is discretionary as determined by the Board, however, the contributions cannot exceed 7.5% of compensation for the eligible employees in any one year. No profit sharing has been declared for the year ended December 31, 2025. Note 11: Commitment IGA entered into a contract with Clarion Events, Inc. for 8 years effective 2022. Clarion Events, Inc., has been engaged to manage all aspect of the trade shows of IGA. In addition to the management fee, Clarion Events, Inc. is paid a percentage of the revenues from the events it manages.
22
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