National Corvette Museum Foundation Inc, operating under the name National Corvette Museum, is located in Bowling Green, KY. The organization was established in 1989. 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 12/2023, National Corvette Museum employed 258 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. National Corvette Museum 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, National Corvette Museum generated $18.2m in total revenue. This represents relatively stable growth, over the past 9 years the organization has increased revenue by an average of 3.3% each year. All expenses for the organization totaled $15.5m during the year ending 12/2023. While expenses have increased by 6.3% 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
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2023
Describe the Organization's Mission:
Part 3 - Line 1
THE MISSION OF THE NATIONAL CORVETTE MUSEUM FOUNDATION IS TO EDUCATE WORLDWIDE AUDIENCES ON THE EVOLUTION OF THE CORVETTE AMERICA'S SPORTS CAR THROUGH COLLECTION, PRESERVATION, AND CELEBRATION OF ITS LEGACY.
Describe the Organization's Program Activity:
Part 3 - Line 4a
TOURS AND EXHIBITS: THE NATIONAL CORVETTE MUSEUM FOUNDATION PROVIDED EDUCATIONAL TOURS TO 238,000 GUESTS IN 2023, INCLUDING MORE THAN 4,500 STUDENTS WHO PARTICIPATED IN A SCHOOL OR EDUCATIONAL VISIT. TOUR HIGHLIGHTS INCLUDE THE MCMICHAEL FAMILY EDUCATION GALLERY, WHICH PROVIDES HANDS-ON INSPIRATION FOR FUTURE DESIGNERS AND ENGINEERS. THE DRIVEN BY DESIGN EXHIBITION INCLUDES ORAL HISTORIES ON THE DESIGN AND DEVELOPMENT OF CORVETTE ALONGSIDE DESIGN PROTOTYPES THAT EDUCATE AND EXPLAIN THE DESIGN PROCESS, FROM SKETCH TO PRODUCTION CORVETTE.
PLANT TOURS: HELPS FURTHER THE MISSION OF THE MUSEUM TO EDUCATE WORLD-WIDE AUDIENCES ABOUT THE CORVETTE AND HOW IT IS PRODUCED.DRIVEN BY DESIGN, THE MUSEUM'S DESIGN AND ENGINEERING EXHIBITION ILLUSTRATES HOW AUTOMOBILE DESIGN PROGRESSES FROM SKETCHES TO CLAY MODELS, WITH A SCALE CLAY MODEL CORVETTE ON DISPLAY AS AN EXAMPLE OF THE EARLY DESIGN PROCESS. ONE EXHIBIT HIGHLIGHTS THE FEMALE INTERIOR DESIGN TEAM OF THE LATE 1950S, NICKNAMED THE "DAMSELS OF DESIGN." SINCE OPENING IN 2016, THE SINKHOLE EXPERIENCE EXHIBITION HAS DOCUMENTED THE 2014 SINKHOLE COLLAPSE INSIDE THE MUSEUMWHY IT HAPPENED, HOW THE BURIED CARS WERE RECOVERED, HOW THE BUILDING WAS REPAIRED, AND WHAT KARST AND CAVE LANDFORMS ARE.STINGRAY GRILL/CORVETTE STORE: THE STINGRAY GRILL OFFERS LUNCH OPTIONS FOR THE CONVENIENCE OF MUSEUM GUESTS, AND CATERING OPTIONS FOR EVENTS AT THE MUSEUM, SCHOOL GROUP VISITS AND COMMUNITY EVENTS. THE CORVETTE STORE OFFERS A WIDE SELECTION OF UNIQUE GIFTS AND APPAREL THAT TELL THE CORVETTE STORY, WHILE CORVETTE ACCESSORIES ALLOW VISITORS TO CUSTOMIZE THEIR CORVETTE. MUSEUM MARKETING AND COMMUNICATION EFFORTS INCLUDE AMERICA'S SPORTS CAR MAGAZINE, A QUARTERLY PUBLICATION MAILED TO 25,000 HOUSEHOLDS, CLUBS AND BUSINESSES THAT EDUCATES READERS ON EVENTS AT THE NATIONAL CORVETTE MUSEUM AND CORVETTE HISTORY, INCLUDING ARTICLES ON SPECIFIC EXHIBITS TO INFORM THOSE THAT CANNOT PHYSICALLY COME TO THE MUSEUM. MUSEUM CHANNELS ON FACEBOOK, X, LINKEDIN, TIKTOK, INSTAGRAM, AND YOUTUBE HIGHLIGHT THE HISTORY OF THE CORVETTE WHILE ALSO BRINGING ATTENTION TO OUR MISSION AND EDUCATIONAL PROGRAMS, ALONG WITH DIGITAL ADVERTISING AIMED AT REACHING THE NEXT GENERATION OF GUESTS. EMAIL MARKETING INCLUDES CORVETTE CAMPUS CONNECTION, A MONTHLY EMAIL DISTRIBUTED TO MORE THAN 120,000 SUBSCRIBERS, WHICH HIGHLIGHTS PROGRAMS AT THE MUSEUM FOR THOSE UNABLE TO VISIT IN PERSON. THE MUSEUM WEBSITE PROVIDES HISTORICAL INFORMATION AND DETAILED STORIES ABOUT THE CORVETTE AND THE PERSONALITIES WHO HAVE SHAPED ITS 71-YEAR HISTORY. LIBRARY & ARCHIVES RESOURCE CENTER: THE RESOURCE CENTER IS THE REPOSITORY FOR ALL MATERIALS DOCUMENTING THE PAST, PRESENT AND FUTURE OF CORVETTE, CORVETTE ENTHUSIASTS AND THE CORVETTE MUSEUM. THE MATERIAL MANAGED AND PRESERVED INCLUDES AUDIO AND VISUAL MEDIA - BOTH DIGITAL (DVDS) AND MAGNETIC (VHS AND BETA TAPES), PERIODICALS, BOOKS, DRAWINGS, PAINTINGS, POSTERS, MEMORABILIA AND DOCUMENTS INCLUDING SOME IMPORTANT HISTORICAL MEMORABILIA PLUS BUILD SHEETS. MOST MATERIALS HAVE BEEN DONATED TO THE NATIONAL CORVETTE MUSEUM FROM INDIVIDUAL ENTHUSIASTS, PUBLISHING COMPANIES, PRINT MEDIA, AFTERMARKET SUPPLIERS, CLUBS AND ORGANIZATIONS SUCH AS NCRS, AND FROM GM/CHEVROLET.OTHER NATIONAL CORVETTE MUSEUM PROGRAM SERVICES INCLUDE EDUCATIONAL INSTRUCTION, SUCH AS MULTIPLE STEAM WORKSHOPS FOR STUDENTS, FIELD TRIPS, COMMUNITY SCHOOL OUTREACH AND RELATIONSHIP BUILDING. EDUCATIONAL PROGRAMMING ALSO EXTENDS VIRTUALLY THROUGH CORVETTEMUSEUM.ORG, FEATURING HIGH-PROFILE STORYTELLING WITH NATIONAL CORVETTE MUSEUM MEMBERS, INCLUSION IN THE MUSEUM'S QUARTERLY MAGAZINE, AMERICA'S SPORTS CAR, AND PARTICIPATION IN CAR SHOWS ACROSS THE COUNTRY.THE GATEWAY GALLERY TELLS THE STORY OF THE CORVETTE'S CREATION, EXPLORING THE INFLUENCE OF EUROPEAN SPORTS CARS IMPORTED BY WWII VETERANS, SMALL AMERICAN MANUFACTURERS BUILDING LOW-PRODUCTION SPORTS CARS, AND THE DEVELOPMENT OF THE CORVETTE NAME. THE EXHIBITION HIGHLIGHTS HARLEY EARL'S ROLE AT GENERAL MOTORS IN BRINGING THESE ELEMENTS TOGETHER TO CREATE THE CORVETTE, AMERICA'S SPORTS CAR.
SPECIAL EVENTS PROGRAMS: 1,892 PEOPLE PARTICIPATED IN THE SPECIAL EVENTS PROGRAMS IN 2023. THIS INCLUDED EDUCATIONAL SEMINARS, PANEL DISCUSSIONS AND PRESENTATIONS FROM ENGINEERS, DESIGNERS AND OTHER EXPERTS IN THEIR FIELDS. THIS PROGRAM USES A SIGNIFICANT NUMBER OF VOLUNTEERS ALSO TO ASSIST IN RUNNING THE ACTIVITIES AND SEMINARS.
DELIVERY: THE DELIVERY PROGRAM BRINGS NEW CORVETTE OWNERS TO THE MUSEUM SO THAT THEY CAN LEARN ABOUT THE HISTORY OF THE CORVETTE, AND LEARN ABOUT THE PROPER OPERATION OF THEIR VEHICLE. THEY ARE GIVEN A TOUR OF THE CORVETTE ASSEMBLY PLANT (WHEN AVAILABLE) TO EDUCATE THEM ON THE MANUFACTURING PROCESS AND ALSO GIVEN A HANDS-ON DEMONSTRATION OF THE FEATURES OF THE CORVETTE. THOSE INVOLVED IN THE DELIVERY PROGRAM INCLUDE THE STAFF WHO PREPARE THE CAR (PDI) AND THE STAFF WHO PROVIDE THE TOURS AND DEMONSTRATIONS.
Name (title) | Role | Hours | Compensation |
---|---|---|---|
Sharon Brawner Ceo/president | OfficerTrustee | 40 | $321,435 |
Kai Spande Board Chair | Trustee | 2 | $0 |
Kaye Wagner Chair-Elect | Trustee | 2 | $0 |
Michael Larocca Secretary | Trustee | 2 | $0 |
Neil Watanabe Treasurer | Trustee | 2 | $0 |
Glenn Johnson Immediate Past Chair | Trustee | 2 | $0 |
Vendor Name (Service) | Service Year | Compensation |
---|---|---|
Sunbelt Construction Inc Construction | 12/30/23 | $1,391,193 |
Anti-leak Roofing Construction | 12/30/23 | $370,500 |
Merediths Mowing Service Lawn Care | 12/30/23 | $187,458 |
Dds Engineering Engineering | 12/30/23 | $163,553 |
Alabama Media Group Marketing | 12/30/23 | $205,100 |
Statement of Revenue | |
---|---|
Federated campaigns | $0 |
Membership dues | $979,699 |
Fundraising events | $0 |
Related organizations | $0 |
Government grants | $0 |
All other contributions, gifts, grants, and similar amounts not included above | $1,303,471 |
Noncash contributions included in lines 1a–1f | $0 |
Total Revenue from Contributions, Gifts, Grants & Similar | $2,283,170 |
Total Program Service Revenue | $7,860,411 |
Investment income | $855,973 |
Tax Exempt Bond Proceeds | $0 |
Royalties | $0 |
Net Rental Income | $1,041,134 |
Net Gain/Loss on Asset Sales | $9,920 |
Net Income from Fundraising Events | $0 |
Net Income from Gaming Activities | $2,120,674 |
Net Income from Sales of Inventory | $3,699,784 |
Miscellaneous Revenue | $0 |
Total Revenue | $18,175,052 |
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. | $622,853 |
Compensation of current officers, directors, key employees. | $218,608 |
Compensation to disqualified persons | $0 |
Other salaries and wages | $5,246,762 |
Pension plan accruals and contributions | $160,552 |
Other employee benefits | $462,861 |
Payroll taxes | $437,211 |
Fees for services: Management | $0 |
Fees for services: Legal | $95,298 |
Fees for services: Accounting | $100,344 |
Fees for services: Lobbying | $0 |
Fees for services: Fundraising | $0 |
Fees for services: Investment Management | $0 |
Fees for services: Other | $436,473 |
Advertising and promotion | $739,116 |
Office expenses | $430,062 |
Information technology | $0 |
Royalties | $0 |
Occupancy | $648,250 |
Travel | $0 |
Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
Conferences, conventions, and meetings | $0 |
Interest | $329,010 |
Payments to affiliates | $0 |
Depreciation, depletion, and amortization | $1,922,637 |
Insurance | $375,560 |
All other expenses | $1,228,805 |
Total functional expenses | $15,489,060 |
Balance Sheet | |
---|---|
Cash—non-interest-bearing | $0 |
Savings and temporary cash investments | $2,581,446 |
Pledges and grants receivable | $0 |
Accounts receivable, net | $229,199 |
Loans from Officers, Directors, or Controlling Persons | $0 |
Loans from Disqualified Persons | $0 |
Notes and loans receivable | $0 |
Inventories for sale or use | $509,875 |
Prepaid expenses and deferred charges | $417,654 |
Net Land, buildings, and equipment | $47,799,695 |
Investments—publicly traded securities | $26,055,100 |
Investments—other securities | $0 |
Investments—program-related | $0 |
Intangible assets | $0 |
Other assets | $9,298,571 |
Total assets | $86,891,540 |
Accounts payable and accrued expenses | $1,637,708 |
Grants payable | $0 |
Deferred revenue | $639,530 |
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 | $6,751,780 |
Unsecured mortgages and notes payable | $0 |
Other liabilities | $2,237,621 |
Total liabilities | $11,266,639 |
Net assets without donor restrictions | $74,427,635 |
Net assets with donor restrictions | $1,197,266 |
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 | $86,891,540 |