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Nonprofiteer
← INDIANAPOLIS MOTOR SPEEDWAY FOUNDATION INC

Form 990 for tax year 2023

Filed by INDIANAPOLIS MOTOR SPEEDWAY FOUNDATION INC.

Totals

Total revenue
$42,558,276
Total expenses
$6,556,260
Contributions and grants received
$39,397,287
Grants paid
$0
Program service revenue
$3,002,257
Investment income
$10,820
Other revenue
$147,912
Total assets, end of year
$65,144,724
Total liabilities, end of year
$1,447,104
Net assets or fund balances, end of year
$63,697,620
Program services expenses (Part IX)
$3,914,351
Management and general expenses
$2,157,127
Fundraising expenses
$484,782
Program service expenses (Part III)
$3,914,351

Program services were 59.7% 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

    $108,996

  • 1c · Fundraising events

    $22,850

  • 1f · All other contributions, gifts and grants

    $39,265,441

  • 1g · Noncash contributions included above

    $190,000

  • 2a · Program service revenue: GROUND AND TRACK TOURS

    total $891,231 · related or exempt $891,231

  • 2b · Program service revenue: MUSEUM ADMISSIONS

    total $1,799,779 · related or exempt $1,799,779

  • 2c · Program service revenue: REIMBURSED SERVICES

    total $123,200 · related or exempt $123,200

  • 2d · Program service revenue: RENTAL

    total $150,332 · related or exempt $150,332

  • 2e · Program service revenue: OTHER INCOME

    total $37,715 · related or exempt $37,715

  • 2f · All other program service revenue

    total $0 · related or exempt $0 · unrelated business $0 · excluded $0

  • 3 · Investment income

    total $703,953 · excluded $703,953

  • 5 · Royalties

    total $455 · excluded $455

  • 6c · Rental income or loss

    real property $0 · personal property $0

  • 7a · Gross sales of assets other than inventory

    securities $737,471

  • 7b · Less cost or other basis and sales expenses

    securities $699,681 · other assets $730,923

  • 7c · Gain or loss

    securities $37,790 · other assets -$730,923

  • 7d · Net gain or loss

    total -$693,133 · excluded -$693,133

  • 8a · Fundraising events: gross income

    $265,243

  • 8a · Fundraising events: contributions included on line 1c

    $22,850

  • 8b · Fundraising events: direct expenses

    $163,376

  • 8c · Net income from fundraising events

    total $101,867 · excluded $101,867

  • 10a · Gross sales of inventory

    $45,590

  • 10c · Net income from sales of inventory

    total $45,590 · related or exempt $45,590

  • 11d · All other revenue

    total $0 · related or exempt $0 · unrelated business $0 · excluded $0

  • 11e · Other revenue, total

    $0

Functional expenses

Part IX, the statement of functional expenses.

  • 5 · Compensation of officers, directors and key employees

    total $684,178 · program services $136,836 · management and general $306,751 · fundraising $240,591

  • 7 · Other salaries and wages

    total $1,856,544 · program services $1,017,133 · management and general $839,411

  • 8 · Pension plan contributions

    total $98,219 · management and general $98,219

  • 9 · Other employee benefits

    total $242,099 · program services $560 · management and general $241,539

  • 10 · Payroll taxes

    total $186,905 · management and general $186,905

  • 11c · Fees: accounting

    total $51,643 · management and general $51,643

  • 11f · Fees: investment management

    total $10,100 · management and general $10,100

  • 11g · Fees: other

    total $368,202 · program services $230,117 · management and general $129,230 · fundraising $8,855

  • 12 · Advertising and promotion

    total $208,190 · program services $187,465 · management and general $355 · fundraising $20,370

  • 13 · Office expenses

    total $148,059 · program services $126,049 · management and general $15,669 · fundraising $6,341

  • 16 · Occupancy

    total $948,572 · program services $872,090 · management and general $31,658 · fundraising $44,824

  • 17 · Travel

    total $49,898 · program services $33,017 · management and general $16,867 · fundraising $14

  • 20 · Interest

    total $2,476 · management and general $2,476

  • 22 · Depreciation, depletion and amortization

    total $140,578 · program services $29,307 · management and general $111,271

  • 23 · Insurance

    total $195,861 · program services $174,475 · management and general $21,386

  • 24a · Other expenses: EVENT/EXHIBITION EXPENSE

    total $146,049 · program services $12,580 · fundraising $133,469

  • 24b · Other expenses: MAINTENANCE

    total $1,059,121 · program services $984,026 · management and general $66,315 · fundraising $8,780

  • 24c · Other expenses: MISCELLANEOUS EXPENSE

    total $159,566 · program services $110,696 · management and general $27,332 · fundraising $21,538

  • 24e · All other expenses

    total $0 · program services $0 · management and general $0 · fundraising $0

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $3,719,408 · end of year $3,907,051

  • 3 · Pledges and grants receivable

    beginning of year $8,856,680 · end of year $18,346,644

  • 4 · Accounts receivable

    beginning of year $164,934 · end of year $31,581

  • 5 · Loans and receivables from officers and key people

    beginning of year $0 · end of year $0

  • 6 · Loans and receivables from disqualified persons

    beginning of year $0 · end of year $0

  • 9 · Prepaid expenses and deferred charges

    beginning of year $302,505 · end of year $223,255

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

    $6,058,966

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

    $560,550

  • 10c · Land, buildings and equipment, net

    beginning of year $1,182,094 · end of year $5,498,416

  • 11 · Investments: publicly traded securities

    beginning of year $13,593,483 · end of year $36,503,090

  • 12 · Investments: other securities

    beginning of year $0

  • 13 · Investments: program-related

    beginning of year $0

  • 14 · Intangible assets

    beginning of year $27,033 · end of year $634,687

  • 15 · Other assets

    beginning of year $0 · end of year $0

  • 17 · Accounts payable and accrued expenses

    beginning of year $8,179 · end of year $556,124

  • 19 · Deferred revenue

    beginning of year $280,287 · end of year $45,012

  • 22 · Loans and payables to officers and key people

    beginning of year $0 · end of year $0

  • 23 · Secured mortgages and notes payable

    beginning of year $49,636 · end of year $37,694

  • 25 · Other liabilities

    beginning of year $47,167 · end of year $808,274

  • 27 · Net assets without donor restrictions

    beginning of year $15,871,198 · end of year $16,747,804

  • 28 · Net assets with donor restrictions

    beginning of year $11,589,670 · end of year $46,949,816

Mission and programs · 2023

Mission

The Indianapolis Motor Speedway Museum brings to life the innovation, thrill, and cultural significance of motor racing at the Indianapolis Motor Speedway.

Activities or mission (Part I)

TO CELEBRATE THE INNOVATION, THRILL, AND CULTURAL SIGNIFICANCE OF RACING AT THE INDIANAPOLIS MOTOR SPEEDWAY AND PRESERVE THE HISTORY BEHIND THE INDPLS MOTOR SPEEDWAY AND INDPLS 500.

  • THE INDIANAPOLIS MOTOR SPEEDWAY FOUNDATION, INC. MANAGES A MUSEUM, ITS COLLECTION AND PUBLIC PROGRAMS. THE MUSEUM'S COLLECTION CONSISTS OF HISTORICALLY AND CULTURALLY SIGNIFICANT ITEMS THAT INCLUDE VEHICLES, RACE CARS, RACING ARTIFACTS, ARTWORK, AND PUBLICATIONS. THE MUSEUM OFFERS A COMBINATION OF ROTATING AND PERMANENT EXHIBITS THAT FOCUS ON THE HISTORY AND IMPACT OF THE INDIANAPOLIS MOTOR SPEEDWAY, INDYCAR RACING, AND MOTORSPORTS. IN ADDITION, THE MUSEUM OFFERS UNIQUE TOURS OF THE SPEEDWAY TRACK AND FACILITIES. EDUCATIONAL AND INFORMATION PROGRAMMING FOR THE PUBLIC RANGING FROM STUDENTS ON A FIELD TRIP TO LIFELONG LEARNING OPPORTUNITIES, IS AT THE HEART OF THE WORK OF THE MUSEUM. THE MUSEUM ALSO CONDUCTS A SCHOOL DAY PROGRAM EACH MAY DURING PRACTICE FOR THE INDIANAPOLIS 500 MILE RACE. SEVERAL THOUSAND STUDENTS PARTICIPATED IN 2023.

    Expenses $3,073,673 · Revenue $2,888,762

  • RESTORATION TO PRESERVE EDUCATE AND CELEBRATE RACING HISTORY THROUGH ITEMS THAT ARE ON DISPLAY OR PARTICIPATE IN RACING CEREMONIES.

    Expenses $821,523 · Revenue $123,200

  • THE DISTINGUISHED SPEAKER SERIES, FUEL UP FRIDAYS AND LUNCH & LEARN INFORM, EDUCATE AND ENTERTAIN RACING ENTHUSIASTS THROUGH STORY-TELLING BY AND DISCUSSIONS WITH ICONIC RACING PERSONALITIES AND BEHIND THE SCENES PERSPECTIVES.

    Expenses $19,155 · Revenue $35,885

As filed on the 2023 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

  • Constance Lund

    TREASURER & DIRECTOR

    Total calculated
    $0
    Hours/week
    2

  • Jeffrey B Smith

    SECRETARY AND DIRECTOR

    Total calculated
    $0
    Hours/week
    0.5

  • Robert Dyson

    CHAIR AND DIRECTOR

    Total calculated
    $0
    Hours/week
    0.5

  • Angela Krahulik

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.5

  • Blair Hall

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.5

  • Chris Macallister

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.5

  • Chuck Jones

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.5

  • Douglas Boles

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.5

  • Dujuan McCoy

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.5

  • Fred J Nation

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.5

  • Kirk Hendrix

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.5

  • Marlyne Sexton

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.5

  • Robert Rahal

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.5

  • Scott Borchetta

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.5

  • John Joseph Hale Jr

    PRESIDENT

    Total calculated
    $413,483
    From this org
    $398,129
    From related orgs
    $0
    Other
    $15,354
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $273,129
    Bonus
    $125,000
    Other
    $0
    Deferred
    $13,656
    Nontaxable benefits
    $1,698
    Filer's total
    $413,483

  • Phil Foster

    DIRECTOR OF FINANCE

    Total calculated
    $142,431
    From this org
    $114,102
    From related orgs
    $0
    Other
    $28,329
    Hours/week
    40

  • Kara Kovert Pray

    VP OF ADVANCEMENT

    Total calculated
    $128,264
    From this org
    $120,471
    From related orgs
    $0
    Other
    $7,793
    Hours/week
    40

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

  • 3 · Written employment contract
  • 3 · Approval by the board or compensation committee
  • 7 · Other non-fixed payments

Answered no

  • 4a · Severance or change-of-control payment
  • 4b · Supplemental nonqualified retirement plan
  • 4c · Equity-based compensation arrangement
  • 5a · Pay contingent on this organization's revenues
  • 5b · Pay contingent on a related organization's revenues
  • 6a · Pay contingent on this organization's net earnings
  • 6b · Pay contingent on a related organization's net earnings
  • 8 · Paid under the initial-contract exception

The filer's explanations (Part III)

Schedule J, Part I, Line 7 Non-fixed payments
PROCESS FOR DETERMINING OFFICER COMPENSATION: IN ADDITION TO THE BASE SALARY, THE PRESIDENT IS ELIGIBLE FOR AN ANNUAL BONUS BASED ON THE FOUNDATION'S ATTAINMENT OF SPECIFIC OBJECTIVES TO BE DETERMINED ANNUALLY BY THE BOARD, AND A "STRETCH BONUS" BASED ON TRANSFORMATIONAL OBJECTIVES. IN 2023 THESE OBJECTIVES WERE FOCUSED ON REOPENING THE MUSEUM AFTER THE PANDEMIC, STAFF DEVELOPMENT AND A STRATEGIC PLAN TO REIMAGINE THE MUSEUM. THE BONUS WAS APPROVED BY THE BOARD IN DECEMBER 2023.

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.

Provenance

Return type
form_990
Tax year
2023
Filed
4 October 2024
IRS schema version
2023v5.1
Source object
202442789349301224

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