Form 990 for tax year 2022
Filed by INDIANAPOLIS MOTOR SPEEDWAY FOUNDATION INC.
Totals
- Total revenue
- $16,312,669
- Total expenses
- $5,445,718
- Contributions and grants received
- $13,431,007
- Grants paid
- $0
- Program service revenue
- $3,280,801
- Investment income
- -$412,007
- Other revenue
- $12,868
- Total assets, end of year
- $27,846,137
- Total liabilities, end of year
- $385,269
- Net assets or fund balances, end of year
- $27,460,868
- Program services expenses (Part IX)
- $3,449,734
- Management and general expenses
- $1,746,212
- Fundraising expenses
- $249,772
- Program service expenses (Part III)
- $3,449,734
Program services were 63.3% 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
$121,156
-
1c · Fundraising events
$1,090
-
1e · Government grants (contributions)
$128,644
-
1f · All other contributions, gifts and grants
$13,180,117
-
1g · Noncash contributions included above
$3,000
-
2a · Program service revenue: GROUND AND TRACK TOURS
total $1,327,485 · related or exempt $1,327,485
-
2b · Program service revenue: MUSEUM ADMISSIONS
total $1,449,650 · related or exempt $1,449,650
-
2c · Program service revenue: REIMBURSED SERVICES
total $121,700 · related or exempt $121,700
-
2d · Program service revenue: RENTAL
total $339,833 · related or exempt $339,833
-
2e · Program service revenue: OTHER INCOME
total $42,133 · related or exempt $42,133
-
3 · Investment income
total $309,046 · excluded $309,046
-
4 · Income from investment of tax-exempt bond proceeds
total $0
-
5 · Royalties
total $1,308 · excluded $1,308
-
6c · Rental income or loss
real property $0 · personal property $0
-
6d · Net rental income or loss
total $0
-
7a · Gross sales of assets other than inventory
securities $6,394,739 · other assets $2,000
-
7b · Less cost or other basis and sales expenses
securities $7,097,542 · other assets $20,250
-
7c · Gain or loss
securities -$702,803 · other assets -$18,250
-
7d · Net gain or loss
total -$721,053 · excluded -$721,053
-
8a · Fundraising events: gross income
$49,646
-
8a · Fundraising events: contributions included on line 1c
$27,770
-
8b · Fundraising events: direct expenses
$78,589
-
8c · Net income from fundraising events
total -$28,943
-
9a · Gaming: gross income
$0
-
9b · Gaming: direct expenses
$0
-
9c · Net income from gaming
total $0
-
10a · Gross sales of inventory
$41,578
-
10b · Cost of goods sold
$1,075
-
10c · Net income from sales of inventory
total $40,503 · related or exempt $40,503
-
11e · Other revenue, total
$0
Functional expenses
Part IX, the statement of functional expenses.
-
1 · Grants to domestic organizations and governments
total $0
-
2 · Grants to domestic individuals
total $0
-
3 · Grants to foreign organizations and individuals
total $0
-
4 · Benefits paid to or for members
total $0
-
5 · Compensation of officers, directors and key employees
total $514,637 · program services $102,927 · management and general $272,401 · fundraising $139,309
-
6 · Compensation of disqualified persons
total $0
-
7 · Other salaries and wages
total $1,528,623 · program services $898,203 · management and general $630,420
-
8 · Pension plan contributions
total $85,409 · management and general $85,409
-
9 · Other employee benefits
total $191,736 · program services $505 · management and general $191,231
-
10 · Payroll taxes
total $153,425 · management and general $153,425
-
11a · Fees: management
total $0
-
11b · Fees: legal
total $0
-
11c · Fees: accounting
total $33,878 · management and general $33,878
-
11d · Fees: lobbying
total $0
-
11e · Fees: professional fundraising services
total $0
-
11f · Fees: investment management
total $97,474 · management and general $97,474
-
11g · Fees: other
total $335,436 · program services $243,125 · management and general $36,816 · fundraising $55,495
-
12 · Advertising and promotion
total $104,347 · program services $59,105 · management and general $26,285 · fundraising $18,957
-
13 · Office expenses
total $112,297 · program services $93,562 · management and general $15,014 · fundraising $3,721
-
14 · Information technology
total $0
-
15 · Royalties
total $0
-
16 · Occupancy
total $1,301,808 · program services $1,224,780 · management and general $52,752 · fundraising $24,276
-
17 · Travel
total $50,477 · program services $34,861 · management and general $15,549 · fundraising $67
-
18 · Travel or entertainment for public officials
total $0
-
19 · Conferences, conventions and meetings
total $0
-
20 · Interest
total $3,125 · management and general $3,125
-
21 · Payments to affiliates
total $0
-
22 · Depreciation, depletion and amortization
total $138,960 · program services $113,947 · management and general $25,013
-
23 · Insurance
total $137,196 · program services $125,796 · management and general $11,400
-
24a · Other expenses: EVENT/EXHIBITION EXPENSE
total $9,741 · program services $9,741
-
24b · Other expenses: MAINTENANCE
total $461,881 · program services $458,426 · management and general $2,267 · fundraising $1,188
-
24c · Other expenses: MISCELLANEOUS EXPENSE
total $185,268 · program services $84,756 · management and general $93,753 · fundraising $6,759
Balance sheet
Part X, book values.
-
1 · Cash, non-interest-bearing
beginning of year $777,886 · end of year $3,719,408
-
2 · Savings and temporary cash investments
beginning of year $0 · end of year $0
-
3 · Pledges and grants receivable
beginning of year $891,080 · end of year $8,856,680
-
4 · Accounts receivable
beginning of year $100,391 · end of year $164,934
-
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
-
7 · Other notes and loans receivable
beginning of year $0 · end of year $0
-
8 · Inventories for sale or use
beginning of year $0 · end of year $0
-
9 · Prepaid expenses and deferred charges
beginning of year $95,647 · end of year $302,505
-
10a · Land, buildings and equipment: cost or other basis
$1,860,735
-
10b · Land, buildings and equipment: accumulated depreciation
$678,641
-
10c · Land, buildings and equipment, net
beginning of year $810,082 · end of year $1,182,094
-
11 · Investments: publicly traded securities
beginning of year $7,739,554 · end of year $13,593,483
-
12 · Investments: other securities
beginning of year $0 · end of year $0
-
13 · Investments: program-related
beginning of year $0 · end of year $0
-
14 · Intangible assets
beginning of year $0 · end of year $27,033
-
15 · Other assets
beginning of year $0 · end of year $0
-
17 · Accounts payable and accrued expenses
beginning of year $19,239 · end of year $8,179
-
18 · Grants payable
beginning of year $0 · end of year $0
-
19 · Deferred revenue
beginning of year $68,407 · end of year $280,287
-
20 · Tax-exempt bond liabilities
beginning of year $0 · end of year $0
-
21 · Escrow or custodial account liability
beginning of year $0 · end of year $0
-
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 $60,928 · end of year $49,636
-
24 · Unsecured notes and loans payable
beginning of year $0 · end of year $0
-
25 · Other liabilities
beginning of year $20,657 · end of year $47,167
-
27 · Net assets without donor restrictions
beginning of year $8,814,041 · end of year $15,871,198
-
28 · Net assets with donor restrictions
beginning of year $1,431,368 · end of year $11,589,670
Mission and programs · 2022
Mission
THE INDIANAPOLIS MOTOR SPEEDWAY MUSEUM CELEBRATES MORE THAN A CENTURY OF 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 FOR FIVE PRACTICE DAYS FOR THE INDIANAPOLIS 500 MILE RACE. OVER 8,000 STUDENTS PARTICIPATED IN 2022.
Expenses $3,091,757 · Revenue $3,322,379
-
RESTORATION TO PRESERVE EDUCATE AND CELEBRATE RACING HISTORY THROUGH ITEMS THAT ARE ON DISPLAY OR PARTICIPATE IN RACING CEREMONIES CEREMONIES
Expenses $357,977
-
THE DISTINGUISHED SPEAKER SERIES AND FUEL UP FRIDAYS INFORM, EDUCATE AND ENTERTAIN RACING ENTHUSIASTS THROUGH STORY-TELLING BY AND DISCUSSIONS WITH ICONIC RACING PERSONALITIES. ENGAGING AN AUDIENCE OF 560 AND 235 RESPECTIVELY FOR EACH EVENT.
As filed on the 2022 return.
Listed in Part VII
-
John Joseph Hale JrJOHN JOSEPH HALE JR
PRESIDENT
- Total calculated
- $406,158
- From this org
- $385,200
- From related orgs
- $0
- Other
- $20,958
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $260,200
- Bonus
- $125,000
- Other
- $0
- Deferred
- $19,260
- Nontaxable benefits
- $1,698
- Filer's total
- $406,158
-
Kara Kovert PrayKARA KOVERT PRAY
VICE PRES OF MARKETING & COMM
- Total calculated
- $108,479
- From this org
- $102,300
- From related orgs
- $0
- Other
- $6,179
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $97,300
- Bonus
- $5,000
- Other
- $0
- Deferred
- $4,692
- Nontaxable benefits
- $1,487
- Filer's total
- $108,479
-
Constance LundCONSTANCE LUND
TREASURER & DIRECTOR
- Total calculated
- $0
- Hours/week
- 2
-
Jeffrey B SmithJEFFREY B SMITH
SECRETARY AND DIRECTOR
- Total calculated
- $0
- Hours/week
- 0.5
-
Robert DysonROBERT DYSON
CHAIR AND DIRECTOR
- Total calculated
- $0
- Hours/week
- 0.5
-
Kirk HendrixKIRK HENDRIX
DIRECTOR
- Total calculated
- $0
- Hours/week
- 0.5
-
Fred J NationFRED J NATION
DIRECTOR
- Total calculated
- $0
- Hours/week
- 0.5
-
Chris MacallisterCHRIS MACALLISTER
DIRECTOR
- Total calculated
- $0
- Hours/week
- 0.5
-
Robert RahalROBERT RAHAL
DIRECTOR
- Total calculated
- $0
- Hours/week
- 0.5
-
Chuck JonesCHUCK JONES
DIRECTOR
- Total calculated
- $0
- Hours/week
- 0.5
-
Marlyne SextonMARLYNE SEXTON
DIRECTOR
- Total calculated
- $0
- Hours/week
- 0.5
-
Scott BorchettaSCOTT BORCHETTA
DIRECTOR
- Total calculated
- $0
- Hours/week
- 0.5
-
Douglas BolesDOUGLAS BOLES
DIRECTOR
- Total calculated
- $0
- Hours/week
- 0.5
-
Dujuan McCoyDUJUAN MCCOY
DIRECTOR
- Total calculated
- $0
- Hours/week
- 0.5
-
John GaidooJOHN GAIDOO
DIRECTOR (END 6/22)
- Total calculated
- $0
- Hours/week
- 0.5
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)
- PART I, LINE 7
- 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 2022 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 2022.
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
- 2022
- Filed
- 15 November 2023
- IRS schema version
- 2022v5.0
- Source object
- 202323189349308697
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