Indianapolis Motor Speedway Foundation Inc
- Assets
- $65.1m
- Revenue
- $42.6m
- Investments
- $0.0
- Employees
- 129
- Location
- Indianapolis, IN
- Founding
- 10/1959
- Data as of
- 12/2023
- EIN
- 35-6013771
Organization Overview
Indianapolis Motor Speedway Foundation Inc is located in Indianapolis, IN. The organization was established in 1959. According to its NTEE Classification (T20) the organization is classified as: Private Grantmaking Foundations, under the broad grouping of Philanthropy, Voluntarism & Grantmaking Foundations and related organizations. As of 12/2023, Indianapolis Motor Speedway Foundation Inc employed 129 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Indianapolis Motor Speedway Foundation Inc 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 12/2023, Indianapolis Motor Speedway Foundation Inc generated $42.6m in total revenue. This organization has experienced exceptional growth, as over the past 9 years, it has increased revenue by an average of 37.2% each year . All expenses for the organization totaled $6.6m during the year ending 12/2023. While expenses have increased by 15.7% per year over the past 9 years. They've been increasing with an increasing level of total revenue. 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
2023
Describe the Organization's Mission:
Part 3 - Line 1
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.
Describe the Organization's Program Activity:
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.
RESTORATION TO PRESERVE EDUCATE AND CELEBRATE RACING HISTORY THROUGH ITEMS THAT ARE ON DISPLAY OR PARTICIPATE IN RACING CEREMONIES.
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.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Name Not Listed Treasurer & Director | OfficerTrustee | 2 | $0 |
Name Not Listed Secretary And Director | OfficerTrustee | 0.5 | $0 |
Name Not Listed Chair And Director | OfficerTrustee | 0.5 | $0 |
Name Not Listed Director | Trustee | 0.5 | $0 |
Name Not Listed Director | Trustee | 0.5 | $0 |
Name Not Listed Director | Trustee | 0.5 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Shiel Sexton Company Inc Construction | 12/30/23 | $4,463,413 |
Craters & Freighters Of Indianapolis Office Move | 12/30/23 | $495,344 |
Automotive Events Inc Travel Services | 12/30/23 | $137,877 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $108,996 |
| Fundraising events | $22,850 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $39,265,441 |
| Noncash contributions included in lines 1a–1f | $190,000 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $39,397,287 |
| Total Program Service Revenue | $3,002,257 |
| Investment income | $703,953 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $455 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$693,133 |
| Net Income from Fundraising Events | $101,867 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $45,590 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $42,558,276 |
| 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. | $684,178 |
| Compensation of current officers, directors, key employees. | $306,751 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $1,856,544 |
| Pension plan accruals and contributions | $98,219 |
| Other employee benefits | $242,099 |
| Payroll taxes | $186,905 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $51,643 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $10,100 |
| Fees for services: Other | $368,202 |
| Advertising and promotion | $208,190 |
| Office expenses | $148,059 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $948,572 |
| Travel | $49,898 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $2,476 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $140,578 |
| Insurance | $195,861 |
| All other expenses | $0 |
| Total functional expenses | $6,556,260 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $3,907,051 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $18,346,644 |
| Accounts receivable, net | $31,581 |
| 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 | $223,255 |
| Net Land, buildings, and equipment | $5,498,416 |
| Investments—publicly traded securities | $36,503,090 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $634,687 |
| Other assets | $0 |
| Total assets | $65,144,724 |
| Accounts payable and accrued expenses | $556,124 |
| Grants payable | $0 |
| Deferred revenue | $45,012 |
| 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 | $37,694 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $808,274 |
| Total liabilities | $1,447,104 |
| Net assets without donor restrictions | $16,747,804 |
| Net assets with donor restrictions | $46,949,816 |
| 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 | $65,144,724 |