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← NATIONAL CORVETTE MUSEUM FOUNDATION INC

Form 990 for tax year 2022

Filed by NATIONAL CORVETTE MUSEUM FOUNDATION INC.

Totals

Total revenue
$20,794,905
Total expenses
$13,564,882
Contributions and grants received
$6,301,294
Grants paid
$0
Program service revenue
$5,989,079
Investment income
$268,519
Other revenue
$8,236,013
Total assets, end of year
$82,060,290
Total liabilities, end of year
$10,209,297
Net assets or fund balances, end of year
$71,850,993
Program services expenses (Part IX)
$10,356,872
Management and general expenses
$2,848,028
Fundraising expenses
$359,982
Program service expenses (Part III)
$10,356,872

Program services were 76.4% of total expenses calculated — Part IX's program-services column over total expenses, both as filed.

Line items

Every line the filer filed in Parts VIII, IX and X, as filed and in filed order. Blank columns are left out, and the lines are not forced to add up to the totals above.

Revenue

Part VIII, the statement of revenue.

  • 1b · Membership dues

    $1,109,822

  • 1e · Government grants (contributions)

    $4,005,464

  • 1f · All other contributions, gifts and grants

    $1,186,008

  • 2a · Program service revenue: TOURS & ADMISSIONS

    total $3,012,638 · related or exempt $3,012,638

  • 2b · Program service revenue: DELIVERY PROGRAM

    total $1,783,612 · related or exempt $1,783,612

  • 2c · Program service revenue: SPECIAL EVENTS PROGRAMS

    total $949,764 · related or exempt $949,764

  • 2d · Program service revenue: LIBRARY & ARCHIVES RESOURCE CENTE

    total $181,712 · related or exempt $181,712

  • 2e · Program service revenue: AMERICA'S SPORTS CAR PUBLICATION

    total $61,353 · related or exempt $44,583 · unrelated business $16,770

  • 3 · Investment income

    total $268,519 · excluded $268,519

  • 6a · Gross rents

    real property $839,616

  • 6b · Less rental expenses

    real property $86,880

  • 6c · Rental income or loss

    real property $752,736

  • 6d · Net rental income or loss

    total $752,736 · unrelated business $546,169 · excluded $206,567

  • 9a · Gaming: gross income

    $4,947,390

  • 9b · Gaming: direct expenses

    $2,027,975

  • 9c · Net income from gaming

    total $2,919,415 · excluded $2,919,415

  • 10a · Gross sales of inventory

    $5,928,395

  • 10b · Cost of goods sold

    $2,978,428

  • 10c · Net income from sales of inventory

    total $2,949,967 · related or exempt $2,849,315 · unrelated business $100,652

  • 11a · Other revenue: NET GAIN INVOLUNTARY CONVERSION

    total $1,313,655 · excluded $1,313,655

  • 11b · Other revenue: MGMT SERVICES - MOTORSPORTS PARK

    total $220,902 · unrelated business $220,902

  • 11c · Other revenue: OTHER REVENUE

    total $79,338 · related or exempt $79,338

  • 11e · Other revenue, total

    $1,613,895

Functional expenses

Part IX, the statement of functional expenses.

  • 5 · Compensation of officers, directors and key employees

    total $566,159 · program services $198,900 · management and general $303,380 · fundraising $63,879

  • 7 · Other salaries and wages

    total $4,061,675 · program services $3,548,444 · management and general $382,794 · fundraising $130,437

  • 8 · Pension plan contributions

    total $138,556 · program services $125,209 · management and general $9,756 · fundraising $3,591

  • 9 · Other employee benefits

    total $392,878 · program services $314,410 · management and general $61,081 · fundraising $17,387

  • 10 · Payroll taxes

    total $341,768 · program services $288,320 · management and general $40,423 · fundraising $13,025

  • 11b · Fees: legal

    total $104,790 · management and general $104,790

  • 11c · Fees: accounting

    total $125,837 · management and general $125,837

  • 11g · Fees: other

    total $396,618 · program services $285,355 · management and general $111,263

  • 12 · Advertising and promotion

    total $520,954 · program services $519,630 · management and general $1,324

  • 13 · Office expenses

    total $781,755 · program services $628,615 · management and general $118,740 · fundraising $34,400

  • 16 · Occupancy

    total $460,901 · program services $322,460 · management and general $138,441

  • 20 · Interest

    total $229,271 · management and general $229,271

  • 22 · Depreciation, depletion and amortization

    total $1,913,494 · program services $1,535,584 · management and general $377,910

  • 23 · Insurance

    total $327,187 · program services $327,187

  • 24a · Other expenses: INCOME TAX EXPENSE

    total $113,931 · management and general $113,931

  • 24b · Other expenses: MISCELLANOUS

    total $788,081 · program services $555,965 · management and general $161,543 · fundraising $70,573

  • 24c · Other expenses: CAR TRANSPORTATION

    total $762,492 · program services $671,223 · management and general $89,754 · fundraising $1,515

  • 24d · Other expenses: FEES AND LICENSES

    total $647,731 · program services $338,522 · management and general $309,209

  • 24e · All other expenses

    total $890,804 · program services $697,048 · management and general $168,581 · fundraising $25,175

Balance sheet

Part X, book values.

  • 2 · Savings and temporary cash investments

    beginning of year $13,050,939 · end of year $13,690,147

  • 4 · Accounts receivable

    beginning of year $2,786,336 · end of year $549,747

  • 8 · Inventories for sale or use

    beginning of year $684,079 · end of year $649,127

  • 9 · Prepaid expenses and deferred charges

    beginning of year $422,197 · end of year $341,811

  • 10a · Land, buildings and equipment: cost or other basis

    $64,825,030

  • 10b · Land, buildings and equipment: accumulated depreciation

    $21,088,202

  • 10c · Land, buildings and equipment, net

    beginning of year $40,067,027 · end of year $43,736,828

  • 11 · Investments: publicly traded securities

    beginning of year $14,613,963 · end of year $13,089,388

  • 15 · Other assets

    beginning of year $8,605,449 · end of year $10,003,242

  • 17 · Accounts payable and accrued expenses

    beginning of year $1,547,664 · end of year $1,588,911

  • 19 · Deferred revenue

    beginning of year $567,258 · end of year $550,455

  • 23 · Secured mortgages and notes payable

    beginning of year $10,581,225 · end of year $6,517,950

  • 25 · Other liabilities

    beginning of year $723,020 · end of year $1,551,981

  • 27 · Net assets without donor restrictions

    beginning of year $66,313,813 · end of year $71,081,726

  • 28 · Net assets with donor restrictions

    beginning of year $497,010 · end of year $769,267

Mission and programs · 2022

Mission

THE MUSEUM'S MISSION IS TO PRESERVE THE HISTORY AND HERITAGE OF THE CORVETTE, TO OPERATE AS A REPOSITORY FOR HISTORICAL CORVETTE DOCUMENTS, AND TO EDUCATE THE PUBLIC ON THE DESIGN, DEVELOPMENT, ASSEMBLY, AND HISTORY OF THE CORVETTE AND THE AUTOMOTIVE INDUSTRY.

Activities or mission (Part I)

THE NATIONAL CORVETTE MUSEUM FOUNDATION, INC'S PRIMARY MISSION IS TO PRESERVE THE HISTORY AND HERITAGE OF THE CORVETTE AUTOMOBILE AND TO EDUCATE THE PUBLIC AND SERVE ALL VISITORS.

  • TOURS AND EXHIBITS: THE NCM PROVIDED EDUCATIONAL TOURS TO 218,474 PEOPLE DURING 2022. 3,191 STUDENTS PARTICIPATED IN THE EDUCATIONAL TOURS. TOURS INCLUDE A 13-MINUTE VIDEO ON THE HISTORY OF THE CORVETTE AND EDUCATIONAL PERIOD-ERA EXHIBITS. ONE EXHIBIT INCLUDES A SCENE FROM THE CORVETTE ASSEMBLY PLANT AS WORKERS TALK FIRST-HAND ABOUT THEIR CAREER OF BUILDING AUTOMOBILES.

    Expenses $8,412,270 · Revenue $6,167,586

  • SPECIAL EVENTS PROGRAMS: 1,947 PEOPLE PARTICIPATED IN THE SPECIAL EVENTS PROGRAMS IN 2022. THIS INCLUDED EDUCATIONAL SEMINARS, PANEL DISCUSSIONS AND PRESENTATIONS FROM ENGINEERS, DESIGNERS AND OTHER EXPERTS IN THEIR FIELDS. THIS PROGRAM USES A SIGNIFICANT NUMBER OF VOLUNTEERS ALSO TO ASSIST IN RUNNING THE ACTIVITIES AND SEMINARS.

    Expenses $1,015,412 · Revenue $949,764

  • DELIVERY: THE DELIVERY PROGRAM BRINGS NEW CORVETTE OWNERS TO THE MUSEUM SO THAT THEY CAN LEARN ABOUT THE HISTORY OF THE CORVETTE, AND LEARN ABOUT THE PROPER OPERATION OF THEIR VEHICLE. THEY ARE GIVEN A TOUR OF THE CORVETTE ASSEMBLY PLANT (WHEN AVAILABLE) TO EDUCATE THEM ON THE MANUFACTURING PROCESS AND ALSO GIVEN A HANDS-ON DEMONSTRATION OF THE FEATURES OF THE CORVETTE. THOSE INVOLVED IN THE DELIVERY PROGRAM INCLUDE THE STAFF WHO PREPARE THE CAR (PDI) AND THE STAFF WHO PROVIDE THE TOURS AND DEMONSTRATIONS.

    Expenses $929,190 · Revenue $1,783,612

  • PLANT TOURS: PLANT TOURS RETURNED IN 2022 AFTER FIVE LONG YEARS OF ABSENCE FROM OUR TOUR OFFERINGS. FROM THE LAUNCH IN OCTOBER, THROUGH THE END OF THE YEAR, WE WELCOMED 2,769 GUESTS TO THE PLANT. NOT ONLY DOES THIS PROGRAM GENERATE ADDITIONAL REVENUE FOR THE MUSEUM, BUT IT ALSO HELPS FURTHER THE MISSION OF THE MUSEUM TO EDUCATE WORLD-WIDE AUDIENCES ABOUT THE CORVETTE AND HOW IT IS PRODUCED.THE DESIGN AND ENGINEERING AREA SHOWS HOW THE AUTOMOBILE DESIGN GOES FROM SKETCHES TO CLAY MODELS, AND A CUT-AWAY CHASSIS SHOWS THE INNER BACKBONE OF A VEHICLE. AN ACTUAL CRASH TEST CAR AND ACTIVE VIDEO DEMONSTRATES THE IMPORTANCE OF WEARING SEAT BELTS AND ENCOURAGES VEHICLE SAFETY. IN 2016, THE NEW SKYDOME SINKHOLE EXPERIENCE EXHIBIT OPENED THAT TELLS THE STORY OF THE SINKHOLE THAT COLLAPSED INSIDE THE MUSEUM, WHY IT HAPPENED, HOW THE BURIED CARS WERE RECOVERED, HOW THE BUILDING WAS REPAIRED, AND WHAT THE KARST AND CAVE LANDFORMS ARE.CORVETTE CAFE/CORVETTE STORE: WE OFFER A NUMBER OF CATERING OPTIONS FOR PRIVATE EVENTS AT THE MUSEUM, SCHOOL GROUP GUESTS, AND OTHER LARGE GROUPS OF GUESTS. THE CAFE IS LOCATED IN THE MUSEUM FOR THE CONVENIENCE OF GUESTS VISITING OUR ATTRACTIONS. THE CORVETTE STORE AT NCM IS THE IDEAL PLACE TO FIND ANYTHING CORVETTE. WE HAVE A WIDE SELECTION OF APPAREL, HOME ITEMS, ARTWORK AND ITEMS TO ALLOW YOU TO CUSTOMIZE YOUR CORVETTE.MARKETING AND COMMUNICATIONS: AMERICA'S SPORTS CAR MAGAZINE IS A QUARTERLY PUBLICATION MAILED TO 25,000 HOUSEHOLDS, CLUBS AND BUSINESSES THAT EDUCATES READERS ON HAPPENINGS AT THE NCM AND CORVETTE HISTORY, INCLUDING ARTICLES ON SPECIFIC EXHIBITS TO INFORM THOSE THAT CANNOT PHYSICALLY COME TO THE MUSEUM. NCM E-NEWS IS A WEEKLY EMAIL COMMUNICATION SENT TO OVER 80,000 SUBSCRIBERS WITH SHORTER EDUCATIONS STORIES/VIDEOS AND NEW ITEMS ON CORVETTE, THE MUSEUM AND UPCOMING CAR SHOWS AND EVENTS. THE MUSEUM ALSO HAS ACCOUNTS ON YOUTUBE AND VIMEO OFFERING REGULAR VIDEO CONTENT ON VARIOUS CORVETTE TOPICS. THE MUSEUM WEBSITE IS A RESOURCE FOR RESEARCHING CORVETTE, INCLUDING DETAILS ON EVERY MODEL YEAR.LIBRARY & ARCHIVES RESOURCE CENTER: THE RESOURCE CENTER IS THE REPOSITORY FOR ALL MATERIALS DOCUMENTING THE PAST, PRESENT AND FUTURE OF CORVETTE, CORVETTE ENTHUSIASTS AND THE CORVETTE MUSEUM. THE MATERIAL MANAGED AND PRESERVED INCLUDES AUDIO AND VISUAL MEDIA - BOTH DIGITAL (DVDS) AND MAGNETIC (VHS AND BETA TAPES), PERIODICALS, BOOKS, DRAWINGS, PAINTINGS, POSTERS, MEMORABILIA AND DOCUMENTS INCLUDING SOME IMPORTANT HISTORICAL MEMORABILIA PLUS BUILD SHEETS. MOST MATERIALS HAVE BEEN DONATED TO THE NCM FROM INDIVIDUAL ENTHUSIASTS, PUBLISHING COMPANIES, PRINT MEDIA, AFTERMARKET SUPPLIERS, CLUBS AND ORGANIZATIONS SUCH AS NCRS, AND FROM GM/CHEVROLET.OTHER PROGRAM SERVICES INCLUDE EDUCATIONAL INSTRUCTION SUCH AS THE TEEN DRIVING ACADEMY, VETTE CAMP AND TRAVELING TRUNKS AND VISITS TO SCHOOLS. ADDITIONAL PROGRAMS INCLUDE WEBSITE AND MAGAZINE OUTREACH, MEMBERSHIP SERVICES, AND ATTENDING SHOWS AROUND THE COUNTRY.THE GATEWAY EXHIBIT TELLS THE STORY BEHIND THE CREATION OF CORVETTE, LOOKING AT THE CULMINATION OF EUROPEAN SPORTS CARS BEING IMPORTED BY WWII VETERANS, SMALL AMERICAN AUTO MANUFACTURERS BUILDING LOW PRODUCTION SPORTS CARS, AND THE DEVELOPMENT OF FIBERGLASS. THE EXHIBIT DISCUSSES THE ROLE HARLEY EARL PLAYED AT GENERAL MOTORS TO BRING ALL OF THESE FACTORS TOGETHER TO CREATE CORVETTE AMERICA'S SPORTS CAR.

As filed on the 2022 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

  • SHARON BRAWNER

    CEO/PRESIDENT

    Total calculated
    $286,819
    From this org
    $264,725
    From related orgs
    $0
    Other
    $22,094
    Hours/week
    40 + 10 related

    Schedule J breakdown matched by us

    Base
    $230,225
    Bonus
    $34,500
    Other
    $0
    Deferred
    $13,236
    Nontaxable benefits
    $8,858
    Filer's total
    $286,819

  • KAI SPANDE

    BOARD CHAIR

    Total calculated
    $0
    Hours/week
    2

  • KAYE WAGNER

    CHAIR-ELECT

    Total calculated
    $0
    Hours/week
    2

  • MICHAEL LAROCCA

    SECRETARY

    Total calculated
    $0
    Hours/week
    2

  • NEIL WATANABE

    TREASURER

    Total calculated
    $0
    Hours/week
    2

  • GLENN JOHNSON

    IMMEDIATE PAST CHAIR

    Total calculated
    $0
    Hours/week
    2

  • HARLAN CHARLES

    DIRECTOR

    Total calculated
    $0
    Hours/week
    2

  • CHUCK FAST

    DIRECTOR

    Total calculated
    $0
    Hours/week
    2

  • LON HELTON

    DIRECTOR

    Total calculated
    $0
    Hours/week
    2

  • SHANNON LAMARCHE

    DIRECTOR

    Total calculated
    $0
    Hours/week
    2

  • DALE LEDBETTER

    DIRECTOR

    Total calculated
    $0
    Hours/week
    2

  • NORM ROSE

    DIRECTOR

    Total calculated
    $0
    Hours/week
    2

  • SHANNON SKOKOS

    DIRECTOR

    Total calculated
    $0
    Hours/week
    2

  • DALE SAMUELSON

    DIRECTOR

    Total calculated
    $0
    Hours/week
    2

  • DEB MURPHY

    DIRECTOR

    Total calculated
    $0
    Hours/week
    2

  • JOSHUAH CASKEY

    DIRECTOR OF FINANCE

    Total calculated
    $135,972
    From this org
    $127,194
    From related orgs
    $0
    Other
    $8,778
    Hours/week
    40 + 10 related

  • AMANDA THOMAS

    DIRECTOR OF HR & BUSINESS OPERATIONS

    Total calculated
    $143,367
    From this org
    $128,241
    From related orgs
    $0
    Other
    $15,126
    Hours/week
    40 + 10 related

  • STEPHANIE MORRILL

    DIRECTOR OF SALES AND GUEST SERVICES

    Total calculated
    $133,834
    From this org
    $119,177
    From related orgs
    $0
    Other
    $14,657
    Hours/week
    40 + 10 related

  • CHRIS HUFFMAN

    IT OPERATIONS MANAGER

    Total calculated
    $125,145
    From this org
    $110,845
    From related orgs
    $0
    Other
    $14,300
    Hours/week
    40 + 10 related

  • TAMMY BRYANT

    DIRECTOR OF COLLECTIONS AND EDUCATION

    Total calculated
    $119,033
    From this org
    $105,050
    From related orgs
    $0
    Other
    $13,983
    Hours/week
    40 + 10 related

Compensation is as filed in Part VII: reportable pay from this organization and from related organizations, other compensation, and hours per week. The total, marked calculated, is our sum of the three dollar columns, with a blank column counted as $0; the form itself has no total. On a Form 990-EZ the columns are Part IV's instead, and on a Form 990-PF Part VIII's — compensation, contributions to benefit plans, and expense account — and the total sums those. A Schedule J breakdown is as filed: base pay, bonus, other, deferred compensation and nontaxable benefits from this organization, with any from related organizations beside each, and the filer's own total. It is shown with the Part VII listing of the same name on the same return. The form gives no key between the two, so that pairing is ours, and is marked matched by us.

Schedule J

Answered yes

  • 1a · Travel for companions
  • 1b · Written policy on the line-1a expenses
  • 2 · Substantiation required before reimbursing expenses
  • 3 · Compensation committee
  • 3 · Form 990 of other organizations
  • 3 · Compensation survey or study
  • 3 · Approval by the board or compensation committee
  • 4c · Equity-based compensation arrangement
  • 6a · Pay contingent on this organization's net earnings

Answered no

  • 4a · Severance or change-of-control payment
  • 4b · Supplemental nonqualified retirement plan
  • 5a · Pay contingent on this organization's revenues
  • 5b · Pay contingent on a related organization's revenues
  • 6b · Pay contingent on a related organization's net earnings
  • 7 · Other non-fixed payments
  • 8 · Paid under the initial-contract exception

The filer's explanations (Part III)

PART I, LINE 1A
THE CEO'S SPOUSE OCCASIONALLY TRAVELS ON BUSINESS TRIPS TO ASSIST BY PROVIDING VOLUNTEER SERVICES AT EVENTS.
PART I, LINE 3
A THREE-PERSON COMMITTEE WITHIN THE NCM FOUNDATION BOARD OF DIRECTORS OPERATES AS THE COMPENSATION COMMITTEE FOR THE CEO. THE CEO AND NCM HUMAN RESOURCES DEPARTMENT EVALUATE COMPENSATION FOR MUSEUM STAFF. A THIRD-PARTY CONSULTING HR FIRM IS USED TO CONDUCT A COMPENSATION STUDY EVERY THREE YEARS AND PAY GRADES ARE ASSIGNED TO EACH POSITION AT THE MUSEUM. THE THIRD-PARTY HR CONSULTING FIRM BENCHMARKS COMPENSATION TO OTHER ORGANIZATIONS OF SIMILAR INDUSTRY, SIZE, REVENUE, AND LOCATION. THE CEO AND NCM HUMAN RESOURCES DEPARTMENT DETERMINE INDIVIDUAL STAFF COMPENSATION BASED ON PAY GRADES, DUTIES, PERFORMANCE, AND EXPERIENCE.
PART I, LINE 4C
THE CEO RECEIVES AN ANNUAL BONUS BASED ON ACHIEVEMENT OF KEY PERFORMANCE INDICATORS DETERMINED BY THE NCM FOUNDATION BOARD OF DIRECTORS AS WELL AS BY EBITDA FOR THE APPROVED BUDGET. THE BONUS CALCULATION IS VERIFIED BY THE MUSEUM'S INDEPENDENT AUDITORS AND APPROVED BY THE COMPENSATION COMMITTEE.
PART I, LINE 6
THE CEO RECEIVES AN ANNUAL BONUS BASED ON THE ORGANIZATION'S NET EARNINGS EXCEEDING THE APPROVED BUDGET. HOWEVER, THIS BONUS CANNOT EXCEED A CAP OF 25% OF THEIR SALARY. THE BONUS CALCULATION IS VERIFIED BY THE MUSEUM'S INDEPENDENT AUDITORS AND APPROVED BY THE COMPENSATION COMMITTEE.

Part I's answers as filed. A line not listed was left unanswered; on lines 1a and 3 that means the box was not checked.

Grants on this return

No itemized grants to organizations on this return.

Taxable family on this return

Schedule R Parts I, III and IV, as filed. These record ownership and control, not shared board members or money moved.

Disregarded entities

Part I: entities that legally are the filer and file no return of their own.

Related corporations and trusts

Part IV: related organizations taxable as a corporation or trust.

  • NCM HOLDINGS LLC

    C · MOTORSPORTS · KY · 100% owned · share of income $6,092,839 · share of assets $3,991,032 · controlled entity

    Directly controlled by NCM

Provenance

Return type
form_990
Tax year
2022
Filed
2 November 2023
IRS schema version
2022v5.0
Source object
202343069349301119

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