2023-11-14T12:37:28-06:00 2022-12-31 FORVIS LLP 201 N Illinois Street Indianapolis IN 46204 990 2022-01-01 356013771 INDIANAPOLIS MOTOR SPEEDWAY FOUNDATION INC % PHIL FOSTER INDI 3174925704 4750 WEST 16TH STREET INDIANAPOLIS IN 46222 CONSTANCE LUND TREASURER 3174818500 2023-11-15 true Constance Lund 999009999 NICOLE B FISHBACK P01279475 3173834000 2023-11-15 2 2022 2023-04-26 12:10:37Z CONSTANCE LUND 4750 WEST 16TH STREET INDIANAPOLIS IN 46222 23510125 false X WWW.IMSMUSEUM.ORG X 1957 IN 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. 12 11 113 12 0 0 3247884 13431007 2185458 3280801 276788 -412007 34111 12868 5744241 16312669 0 0 0 0 2062977 2473830 0 0 249772 2057780 2971888 4120757 5445718 1623484 10866951 10414640 27846137 169231 385269 10245409 27460868 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. false false 3091757 3322379 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. 357977 RESTORATION TO PRESERVE EDUCATE AND CELEBRATE RACING HISTORY THROUGH ITEMS THAT ARE ON DISPLAY OR PARTICIPATE IN RACING CEREMONIES CEREMONIES 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. 3449734 true true false false false false false true false true true false false false true false true false false false true false false false true false false false false true false false false false false true false false false true false false false false false false false true X 14 0 true 113 true false false false false false true true false false false false false false false X 12 11 false false false false false false false true true false false true true true true true true true true false IN X PHIL FOSTER 3174925701 4750 WEST 16TH STREET INDIANAPOLIS IN 46222 X JOHN JOSEPH HALE JR PRESIDENT 40.0 0.0 X 385200 0 20958 KARA KOVERT PRAY VICE PRES OF MARKETING & COMM 40.0 0.0 X 102300 0 6179 CONSTANCE LUND TREASURER & DIRECTOR 2.0 0.0 X X 0 0 0 JEFFREY B SMITH SECRETARY AND DIRECTOR 0.5 0.0 X X 0 0 0 ROBERT DYSON CHAIR AND DIRECTOR 0.5 0.0 X X 0 0 0 KIRK HENDRIX DIRECTOR 0.5 0.0 X 0 0 0 FRED J NATION DIRECTOR 0.5 0.0 X 0 0 0 CHRIS MACALLISTER DIRECTOR 0.5 0.0 X 0 0 0 ROBERT RAHAL DIRECTOR 0.5 0.0 X 0 0 0 CHUCK JONES DIRECTOR 0.5 0.0 X 0 0 0 MARLYNE SEXTON DIRECTOR 0.5 0.0 X 0 0 0 SCOTT BORCHETTA DIRECTOR 0.5 0.0 X 0 0 0 DOUGLAS BOLES DIRECTOR 0.5 0.0 X 0 0 0 DUJUAN MCCOY DIRECTOR 0.5 0.0 X 0 0 0 JOHN GAIDOO DIRECTOR (END 6/22) 0.5 0.0 X 0 0 0 487500 0 27137 2 false true false INDIANAPOLIS MOTOR SPEEDWAY LLC 4790 WEST 16TH STREET INDIANAPOLIS IN 46222 SHARED SERVICES 575235 1 121156 1090 128644 13180117 3000 13431007 GROUND AND TRACK TOURS 711210 1327485 1327485 MUSEUM ADMISSIONS 711210 1449650 1449650 REIMBURSED SERVICES 900099 121700 121700 RENTAL 900099 339833 339833 OTHER INCOME 900099 42133 42133 3280801 309046 309046 0 1308 1308 0 0 0 6394739 2000 7097542 20250 -702803 -18250 -721053 -721053 49646 27770 78589 -28943 0 0 0 41578 1075 40503 40503 0 16312669 3321304 -410699 0 0 0 0 514637 102927 272401 139309 0 1528623 898203 630420 85409 85409 191736 505 191231 153425 153425 0 0 33878 33878 0 0 97474 97474 335436 243125 36816 55495 104347 59105 26285 18957 112297 93562 15014 3721 0 0 1301808 1224780 52752 24276 50477 34861 15549 67 0 0 3125 3125 0 138960 113947 25013 137196 125796 11400 EVENT/EXHIBITION EXPENSE 9741 9741 MAINTENANCE 461881 458426 2267 1188 MISCELLANEOUS EXPENSE 185268 84756 93753 6759 5445718 3449734 1746212 249772 777886 3719408 0 0 891080 8856680 100391 164934 0 0 0 0 0 0 0 0 95647 302505 1860735 678641 810082 1182094 7739554 13593483 0 0 0 0 0 27033 0 0 10414640 27846137 19239 8179 0 0 68407 280287 0 0 0 0 0 0 60928 49636 0 0 20657 47167 169231 385269 X 8814041 15871198 1431368 11589670 10245409 27460868 10414640 27846137 X 10866951 -1063975 7412483 X false true X true false X 1258258 3620972 3145213 4450039 14633162 27107644 1856418 2337229 631967 2214174 3322379 10362167 87604 106194 49646 243444 0 0 3202280 6064395 3777180 6664213 18005187 37713255 683501 1626468 1395470 1565236 12402155 17672830 17302 0 0 0 0 17302 700803 1626468 1395470 1565236 12402155 17690132 20023123 67520 74989 90564 260350 310354 803777 0 67520 74989 90564 260350 310354 803777 0 0 3269800 6139384 3867744 6924563 18315541 38517032 0.51985 0.69915 0.02087 0.02369 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED X X X X false 3420106 854 -529682 33000 17790 2840488 1473754 1464833 496852 15333 3420106 1212640 110000 203095 43150 8831 1473754 993686 1000 225867 7913 1212640 312966 751000 -66379 3901 993686 1.00000 false false 594506 422692 171814 928116 255949 672167 338113 338113 1182094 0 LEASE OBLIGATION 100 PURCHASE ACCRUALS 20034 OPERATING LEASE LIABILITIES 27033 47167 14340463 -1063975 79664 -984311 15324774 59162 928733 987895 16312669 5463095 79664 79664 5383431 59162 3125 62287 5445718 SCHEDULE D, PART III, LINE 1A DESCRIPTION OF THE ORGANIZATION'S COLLECTIONS: FOOTNOTE TO THE FINANCIAL STATEMENTS: COLLECTIONS OF WORKS OF ART, HISTORICAL TREASURES AND SIMILAR ASSETS ARE NOT CAPITALIZED IN AS MUCH AS THE ITEMS ARE PRESERVED AND CARED FOR CONTINUOUSLY. MUSEUM COLLECTIONS CONSIST PRIMARILY OF ANTIQUE AUTOMOBILES, RACE CARS, DONATED PACE CARS AND OTHER RACING MEMORABILIA. THE FOUNDATION REFLECTS THE FAIR VALUE OF DONATED COLLECTION ITEMS IN THE STATEMENTS OF ACTIVITIES. PURCHASES OF COLLECTION ITEMS ARE REPORTED IN THE YEAR OF ACQUISITION AS DECREASES IN UNRESTRICTED NET ASSETS, OR IN TEMPORARILY OR PERMANENTLY RESTRICTED NET ASSETS IF THE ASSETS USED TO PURCHASE THE ITEMS WERE RESTRICTED TO THAT USE BY DONOR STIPULATION. PROCEEDS FROM DISPOSAL OF AND INSURANCE RECOVERIES RELATED TO COLLECTION ITEMS ARE REPORTED AS INCREASES IN THE APPROPRIATE NET ASSET CLASSES AND ARE USED FOR THE ACQUISITION OF OTHER COLLECTION ITEMS AND THE DIRECT CARE OF COLLECTION OBJECTS. MUSEUM COLLECTIONS ARE EXPENSED WHEN PURCHASED OR DONATED. SCHEDULE D, PART III, LINE 4 DESCRIPTION OF THE ORGANIZATION'S COLLECTIONS: MUSEUM COLLECTIONS CONSIST PRIMARILY OF ANTIQUE AUTOMOBILES, RACE CARS, PACE CARS AND OTHER RACING MEMORABILIA. MOST OF THE FOUNDATION'S AUTOMOBILE COLLECTION IS COMPRISED OF WINNING RACE CARS AND ANTIQUE PASSENGER CARS FOR WHICH NO ESTABLISHED MARKET VALUE EXISTS. THE COLLECTIONS ARE DIRECTLY RELATED TO THE HISTORY OF RACING AND ARE DISPLAYED TO EDUCATE AND ENLIGHTEN THE PUBLIC. SCHEDULE D, PART V, LINE 4 INTENDED USES OF THE ENDOWMENT FUNDS: THE PURPOSE OF THE ENDOWMENT SPENDING IS TO ENSURE THE STABILITY OF THE MISSION, PROGRAMS, EMPLOYMENT AND ONGOING OPERATIONS OF THE FOUNDATION. SCHEDULE D, PART X ASC 740 DISCLOSURE: MANAGEMENT HAS EVALUATED THEIR INCOME TAX POSITIONS UNDER THE GUIDANCE INCLUDED IN ASC 740. BASED ON THEIR REVIEW, MANAGEMENT HAS NOT IDENTIFIED ANY MATERIAL UNCERTAIN TAX POSITIONS TO BE RECORDED OR DISCLOSED IN THE FINANCIAL STATEMENTS. SCHEDULE D, PART XI, LINE 2D RECONCILIATION OF REVENUE: COST OF GOODS SOLD 1,075 FUNDRAISING EXPENSES 78,589 TOTAL $ 79,664 SCHEDULE D, PART XI, LINE 4B RECONCILIATION OF REVENUE: INTEREST EXPENSE 3,125 COLLECTIONS DONATED 3,000 PLEDGE DISCOUNTS 922,608 TOTAL $ 928,733 SCHEDULE D, PART XII, LINE 2D RECONCILIATION OF EXPENSES: COST OF GOODS SOLD 1,075 FUNDRAISING EXPENSES 78,589 TOTAL $ 79,664 SCHEDULE D, PART XII, LIND 4B RECONCILIATION OF EXPENSES: INTEREST EXPENSE 3,125 TOTAL $ 3,125 Europe (Including Iceland and Greenland) 0 0 Program Services ASSET SALE 2555555 0 0 0 0 2555555 2555555 false false false false false false SPEAKER SERIES 26680 26680 5670 16408 HOF DINNER 49646 49646 30000 15397 2911 1 1090 -1090 2534 5669 76326 1090 75236 30000 23601 24988 78589 -3353 X X false false false false false false false true false JOHN JOSEPH HALE JR PRESIDENT 260200 0 125000 0 0 0 19260 0 1698 0 406158 0 KARA KOVERT PRAY 97300 0 5000 0 0 0 4692 0 1487 0 108479 0 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. INDIANAPOLIS MOTOR SPEEDWAY LLC OFFICER IS A BOARD MEMBER 575235 SHARED SERVICE AGREEMENT false SCHEDULE L, PART IV BUSINESS TRANSACTIONS INVOLVING INTERESTED PERSONS: THE FOUNDATION HAS ENTERED INTO A SHARED SERVICES AGREEMENT (AGREEMENT) WITH THE INDIANAPOLIS MOTOR SPEEDWAY, LLC (IMS). THE AGREEMENT DESCRIBES THE TERMS BETWEEN IMS AND THE FOUNDATION WITH RESPECT TO IMS'S PERSONNEL PERFORMING LICENSING AND MAINTENANCE OF ITS INTELLECTUAL PROPERTY, MARKETING, PUBLIC RELATIONS AND CREATIVE SERVICES, INFORMATION TECHNOLOGY MAINTENANCE, REPAIR AND SUPPORT, AND MAIL SERVICES. THE AGREEMENT IS RENEWABLE ON AN ANNUAL BASIS. IMS OWNS THE INDIANAPOLIS MOTOR SPEEDWAY AND PROVIDES THE FOUNDATION'S FACILITY UNDER THE TERMS OF A RENT FREE LEASE. X 1 3000 FMV false true false SCHEDULE M, LINE 33 AMOUNTS REPORTED IN COLUMN (C): THE FOUNDATION RECEIVED SEVERAL COLLECTIBLE ITEMS DURING THE YEAR. PER SFAS 116, THE FOUNDATION DOES NOT RECORD THESE ITEMS AS REVENUE ON THE FINANCIAL STATEMENTS. THEREFORE THESE ITEMS ARE NOT CAPITALIZED. SCHEDULE M, PART I, COLUMN (B) THE INDIANAPOLIS MOTOR SPEEDWAY FOUNDATION, INC. REPORTS THE NUMBER OF CONTRIBUTORS IN COLUMN (B). FORM 990, PART VI, SECTION B, LINE 11B PROCESS TO REVIEW FORM 990: THE BOARD ENGAGES A FIRM TO PERFORM AN INDEPENDENT AUDIT OF THE ORGANIZATIONS FINANCIAL STATEMENTS. THE FORM 990 IS PREPARED BY AN INDEPENDENT ACCOUNTING FIRM AFTER AUDIT IS COMPLETE AND REVIEWED BY THE FINANCE COMMITTEE. THE RESULTS ARE FORMALLY PRESENTED TO THE BOARD ALONG WITH MANAGEMENT REMARKS. THE BOARD TREASURER SIGNS THE RETURN PRIOR TO FILING. FORM 990, PART VI, SECTION B, LINE 12C CONFLICT OF INTEREST POLICY: THE ORGANIZATION HAS ADOPTED A CONFLICT OF INTEREST POLICY THAT REQUIRES DIRECTORS TO SUBMIT AN ANNUAL CONFLICT OF INTEREST DISCLOSURE. THE ANNUAL DISCLOSURE REQUIRES DIRECTORS, TO DISCLOSE, IN WRITING, ANY KNOWN FINANCIAL INTEREST THE INDIVIDUAL HAS IN ANY BUSINESS ENTITY THAT TRANSACTS BUSINESS WITH THE ORGANIZATION. IN ADDITION, DIRECTORS ARE REQUIRED TO IMMEDIATELY DISCLOSE ANY POSSIBLE CONFLICTS OF INTEREST THAT ARISE MID-YEAR IN RELATION TO A PROPOSED TRANSACTION. THE CONFLICT OF INTEREST POLICY REQUIRES ANY INDIVIDUAL WITH A CONFLICT BE RECUSED FROM THE DECISION-MAKING PROCESS, INDEPENDENT DIRECTORS OR COMMITTEE MEMBERS DETERMINE THE PROPOSED TRANSACTION IS IN THE BEST INTEREST OF THE ORGANIZATION, AND THE TRANSACTION MUST BE APPROVED BY A VOTE OF THE INDEPENDENT DIRECTORS OR COMMITTEE MEMBERS WITHOUT THE PARTICIPATION OF ANY INTERESTED INDIVIDUAL. FORM 990, PART VI, SECTION B, LINE 15A PROCESS FOR DETERMINING OFFICER COMPENSATION: THE GOVERNANCE COMMITTEE REVIEWS AND RECOMMENDS, AND THE BOARD APPROVES THE COMPENSATION FOR THE PRESIDENT. THE SALARY IS BASED ON PAY FOR A COMPARABLE POSITION. FORM 990, PART VI, SECTION C, LINE 19 AVAILABILITY OF GOVERNING DOCUMENTS, COI POLICY, AND FINANCIAL STATEMENTS: THE ORGANIZATION'S GOVERNING DOCUMENTS, CONLFICT OF INTEREST POLICY, AND FINANCIAL STATEMENTS ARE AVAILABLE TO THE PUBLIC UPON REQUEST. FORM 990, PART XI, LINE 9 OTHER CHANGES IN NET ASSETS OR FUND BALANCE: PLEDGE DISCOUNTS -922,608 PROCEEDS FROM DEACCESSION 8,335,091 TOTAL $7,412,483