500 Festival Inc
- Assets
- $6.8m
- Revenue
- $5.8m
- Investments
- $0.0
- Employees
- 22
- Location
- Indianapolis, IN
- Founding
- 03/1960
- Data as of
- 06/2022
- EIN
- 35-1004320
Organization Overview
500 Festival Inc is located in Indianapolis, IN. The organization was established in 1960. According to its NTEE Classification (N52) the organization is classified as: Fairs, under the broad grouping of Recreation & Sports and related organizations. As of 06/2022, 500 Festival Inc employed 22 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. 500 Festival Inc is a 501(c)(4) and as such, is described as a "Civic League, Social Welfare Organization, and Local Association of Employees" by the IRS.
For the year ending 06/2022, 500 Festival Inc generated $5.8m in total revenue. This represents a relatively dramatic decline in revenue. Over the past 7 years, the organization has seen revenues fall by an average of (5.1%) each year. All expenses for the organization totaled $5.2m during the year ending 06/2022. As we would expect to see with falling revenues, expenses have declined by (6.0%) per year over the past 7 years. You can explore the organizations financials more deeply in the financial statements section below.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2022
Describe the Organization's Mission:
Part 3 - Line 1
SEE MISSION STATEMENT ON SCHEDULE O.THE MISSION OF THE 500 FESTIVAL IS TO PRODUCE LIFE-ENRICHING EVENTS AND PROGRAMS THAT CELEBRATE THE SPIRIT AND LEGACY OF THE INDIANAPOLIS 500 AND FOSTER A POSITIVE IMPACT ON THE CITY OF INDIANAPOLIS AND STATE OF INDIANA.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE 500 FESTIVAL:PROMOTE CIVIC AND COMMUNITY PRIDE IN INDIANAPOLIS BY SPONSORING AND PRESENTING EVENTS IN CONNECTION WITH THE ANNUAL INDIANAPOLIS 500 RACE. INCLUDED IN THE EVENTS ARE THE 500 FESTIVAL PARADE, WHICH IS CONDUCTED ANNUALLY BEFORE APPROXIMATELY 300,000 SPECTATORS, A BLACK TIE BALL, AND THE 500 FESTIVAL MINI MARATHON, A 13.1 MILE FOOTRACE OVER THE STREETS OF INDIANAPOLIS WHICH HAS APPROXIMATELY 35,000 PARTICIPANTS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Steve Alonso Director | Trustee | 1 | $0 |
Doug Heath Director | Trustee | 1 | $0 |
Mike Boatright Secretary | OfficerTrustee | 1 | $0 |
Doug Boles Director | Trustee | 1 | $0 |
Dr James Callaghan Director | Trustee | 1 | $0 |
Patrick Mcgill Director | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $155,708 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $375,543 |
| Noncash contributions included in lines 1a–1f | $277,418 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $531,251 |
| Total Program Service Revenue | $4,393,639 |
| Investment income | $28,047 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $227,401 |
| Net Gain/Loss on Asset Sales | $12,428 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $5,772,745 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $34,500 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $563,281 |
| Compensation of current officers, directors, key employees. | $56,328 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $898,975 |
| Pension plan accruals and contributions | $74,583 |
| Other employee benefits | $199,282 |
| Payroll taxes | $102,861 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $27,170 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $152,922 |
| Office expenses | $23,003 |
| Information technology | $44,237 |
| Royalties | $0 |
| Occupancy | $291,214 |
| Travel | $11,375 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $71,160 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $41,525 |
| Insurance | $0 |
| All other expenses | $10,731 |
| Total functional expenses | $5,188,240 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $2,252,063 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $363,346 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $116,848 |
| Net Land, buildings, and equipment | $3,054,168 |
| Investments—publicly traded securities | $910,328 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $67,108 |
| Total assets | $6,763,861 |
| Accounts payable and accrued expenses | $301,687 |
| Grants payable | $0 |
| Deferred revenue | $335,892 |
| 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 | $637,579 |
| Net assets without donor restrictions | $6,126,282 |
| 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 | $6,763,861 |