Kentucky Derby Museum Corporation
- Assets
- $35.0m
- Revenue
- $10.6m
- Investments
- $313.7k
- Employees
- 117
- Location
- Louisville, KY
- Founding
- 01/1982
- Data as of
- 09/2021
- EIN
- 31-1023459
Organization Overview
Kentucky Derby Museum Corporation is located in Louisville, KY. The organization was established in 1982. According to its NTEE Classification (A50) the organization is classified as: Museums, under the broad grouping of Arts, Culture & Humanities and related organizations. As of 09/2021, Kentucky Derby Museum Corporation employed 117 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Kentucky Derby Museum Corporation is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
For the year ending 09/2021, Kentucky Derby Museum Corporation generated $10.6m in total revenue. This represents relatively stable growth, over the past 6 years the organization has increased revenue by an average of 9.4% each year. All expenses for the organization totaled $5.8m during the year ending 09/2021. You can explore the organizations financials more deeply in the financial statements section below.
Form
990T
Mission & Program ActivityExcerpts From the 990T Filing
TAX YEAR
2021
Describe the Organization's Mission:
Part 3 - Line 1
TO ENGAGE,EDUCATE, AND EXCITE EVERYONE ABOUT THE EXTRAORDINARY EXPERIENCE THAT IS THE KENTUCKY DERBY!
Describe the Organization's Program Activity:
THE MUSEUM'S EXHIBITS DOCUMENT THE HISTORY AND TRADITION OF THE KENTUCKY DERBY, CHURCHILL DOWNS AND THOROUGHBRED RACING. IN ADDITION, THE MUSEUM OFFERS A FREE KIDS PROGRAM TO ALL PUBLIC AND PAROCHIAL SCHOOLS IN INDIANA AND KENTUCKY. THE MUSEUM ALSO HAS AN OUTREACH PROGRAM THAT TRAVELS TO COMMUNITIES WITHIN KENTUCKY TO EDUCATE KENTUCKY YOUTH ABOUT THE ECONOMICS, HISTORY AND SIGNIFICANCE OF THE KENTUCKY DERBY.
Get More from Intellispect for FreeCreate a free account to get more data, nonprofit salaries, advanced search and more.
Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Patrick Armstrong President & CEO | Officer | 40 | $180,000 |
Glenn Haygood Chairman | OfficerTrustee | 5 | $0 |
Todd Spencer Treasurer | OfficerTrustee | 5 | $0 |
David Nett Vice Chair | OfficerTrustee | 5 | $0 |
Briana N Lathon Jda Secretary | OfficerTrustee | 5 | $0 |
Mike Anderson Director | Trustee | 5 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Solid Light Lights For Exhibits | 9/29/19 | $133,540 |
Sullivan & Cozart General Construction | 9/29/19 | $3,036,386 |
Communications Electronic Des General Maintenance | 9/29/19 | $512,969 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $4,447,965 |
| All other contributions, gifts, grants, and similar amounts not included above | $501,592 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $4,949,557 |
| Total Program Service Revenue | $2,294,771 |
| Investment income | $339,011 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | -$214,432 |
| Net Gain/Loss on Asset Sales | $1,355,157 |
| Net Income from Fundraising Events | $457,631 |
| Net Income from Gaming Activities | $74,389 |
| Net Income from Sales of Inventory | $1,374,820 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $10,633,125 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $190,941 |
| Compensation of current officers, directors, key employees. | $56,537 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $1,890,595 |
| Pension plan accruals and contributions | $58,566 |
| Other employee benefits | $234,834 |
| Payroll taxes | $173,403 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $3,690 |
| Fees for services: Accounting | $19,500 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $78,992 |
| Fees for services: Other | $67,422 |
| Advertising and promotion | $333,664 |
| Office expenses | $271,882 |
| Information technology | $329,539 |
| Royalties | $306,446 |
| Occupancy | $729,522 |
| Travel | $10,024 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $867,423 |
| Insurance | $90,047 |
| All other expenses | $0 |
| Total functional expenses | $5,776,043 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $8,100 |
| Savings and temporary cash investments | $5,148,325 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $113,448 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $478,997 |
| Prepaid expenses and deferred charges | $21,894 |
| Net Land, buildings, and equipment | $10,771,424 |
| Investments—publicly traded securities | $18,176,973 |
| Investments—other securities | $313,682 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $500 |
| Total assets | $35,033,343 |
| Accounts payable and accrued expenses | $489,221 |
| Grants payable | $0 |
| Deferred revenue | $222,134 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $711,355 |
| Net assets without donor restrictions | $34,321,988 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $0 |
| Total liabilities and net assets/fund balances | $35,033,343 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that Kentucky Derby Museum Corporation has recieved totaling $6,588.
| Awarding Organization | Amount |
|---|---|
Fund For The Arts Inc Louisville, KY PURPOSE: Cultural Pass | $6,588 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Johnny Morris Wonders Of Wildlife Foundation Springfield, MO | $84,645,334 | $34,583,902 |
Adler Planetarium Chicago, IL | $62,060,707 | $24,242,958 |
National Corvette Museum Foundation Inc Bowling Green, KY | $80,229,990 | $15,403,313 |
Mariners Museum Newport News, VA | $159,780,245 | $10,021,200 |
Eiteljorg Museum Of American Indians And Western Art Inc Indianapolis, IN | $95,582,001 | $21,664,008 |
Tennessee Golf Foundation Franklin, TN | $24,594,928 | $7,116,069 |
Discovery Park Of America Inc Union City, TN | $88,157,973 | $11,219,580 |
Kentucky Derby Museum Corporation Louisville, KY | $35,033,343 | $10,633,125 |
Tennessee State Museum Foundation Nashville, TN | $6,574,867 | $116,981 |
Adventure Science Center Nashville Nashville, TN | $22,045,170 | $10,457,321 |
Margaret Woodbury Strong Museum Charitable Trust Chicago, IL | $73,980,694 | $7,829,381 |
Tennessee Valley Railroad Museum Inc Chattanooga, TN | $14,724,108 | $5,452,372 |