2025-11-05T10:26:27+00:00 2024-12-31 440160260 Forvis Mazars LLP 820 Massachusetts Ave Suite 1370 Indianapolis IN 46204 990 2024-01-01 356013771 INDIANAPOLIS MOTOR SPEEDWAY FOUNDATION INC INDI 3174925704 4750 WEST 16TH STREET INDIANAPOLIS IN 46222 Constance Lund Treasurer 2025-11-05 true true Nicole Fishback P01279475 3173834000 2025-11-17 2024 2025-03-06 01:10:19Z CONSTANCE LUND 4750 WEST 16TH STREET INDIANAPOLIS IN 46222 33279723 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. 14 12 77 15 0 39397287 5398510 3002257 923471 10820 1975944 147912 152099 42558276 8450024 0 0 3067945 3042721 0 269592 3488315 2270480 6556260 5313201 36002016 3136823 65144724 80317277 1447104 13169431 63697620 67147846 X The Indianapolis Motor Speedway Museum brings to life the innovation, thrill, and cultural significance of motor racing at the Indianapolis Motor Speedway. false true 2893657 895750 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. 46000 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. 2893657 true true false false false false false true false true true false false false true false true false false false false false false false true false false false false true false false false false false false false true false false true true false false false false false false false false true 25 0 true 77 true false false false false false true true false false false false false false false false X 14 12 false false true false false false false true true false false false true true true true true true true true false false CA CO CT DE FL GA AL HI ID IL IN IA KS KY LA ME AK MD MA MI MN MS MO MT NE NV NH NJ NM NY NC ND OH OK OR PA AZ RI SC SD TN TX UT VT VA AR WA WV WI WY X X PHIL FOSTER 3174925701 4750 WEST 16TH STREET INDIANAPOLIS IN 46222 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 ANGELA KRAHULIK DIRECTOR 0.5 0.0 X 0 0 0 BLAIR HALL DIRECTOR 0.5 0.0 X 0 0 0 CHRIS MACALLISTER DIRECTOR 0.5 0.0 X 0 0 0 CHUCK JONES DIRECTOR 0.5 0.0 X 0 0 0 DOUGLAS BOLES DIRECTOR 0.5 0.0 X 0 0 0 FRED J NATION DIRECTOR 0.5 0.0 X 0 0 0 KIRK HENDRIX DIRECTOR 0.5 0.0 X 0 0 0 MARLYNE SEXTON DIRECTOR 0.5 0.0 X 0 0 0 MELISSA CAITO DIRECTOR 1.0 0.0 X 0 0 0 ROBERT RAHAL DIRECTOR 0.5 0.0 X 0 0 0 SCOTT BORCHETTA DIRECTOR 0.5 0.0 X 0 0 0 JOHN JOSEPH HALE JR PRESIDENT 40.0 0.0 X 434575 0 14792 PHIL FOSTER DIRECTOR OF FINANCE 40.0 0.0 X 128808 0 29773 JASON VANSICKLE VP OF CURATION AND EDUCATION 40.0 0.0 X 108022 0 24451 KARA KOVERT PRAY VP OF ADVANCEMENT 40.0 0.0 X 127828 0 7640 MANDI BENDER VP OF OPERATIONS 40.0 0.0 X 122332 0 24409 921565 0 101065 5 false true false SHIEL SEXTON COMPANY INC 902 N CAPITAL AVENUE INDIANAPOLIS IN 46204 CONSTRUCTION 39088863 INDIANAPOLIS MOTOR SPEEDWAY LLC 4790 WEST 16TH STREET INDIANAPOLIS IN 46222 SHARED SERVICES 180287 FORVIS MAZARS LLP 820 MASS AVE STE 1370 INDIANAPOLIS IN 46204 CONSULTING/AUDIT/ACCOUNTING SERVICES 101754 2 287153 5111357 510319 5398510 GROUND AND TRACK TOURS 711210 839344 839344 MUSEUM ADMISSIONS 711210 1502 1502 REIMBURSED SERVICES 900099 46000 46000 OTHER INCOME 900099 36625 36625 0 0 0 0 923471 1174572 1174572 534 534 0 0 25509848 0 24708476 0 801372 0 801372 801372 253851 120565 133286 133286 18937 658 18279 18279 0 0 0 0 0 8450024 941750 0 2109764 743415 148683 379494 215238 1789302 1360486 428816 105380 105380 221190 221190 183434 183434 53678 53678 94876 94876 260484 86705 168758 5021 87498 51368 36130 25654 7403 12870 5381 439197 378301 60896 34309 18882 15392 35 89451 59209 29873 369 233791 226481 7310 MAINTENANCE 490662 203362 286640 660 MISCELLANEOUS EXPENSE 456138 402192 47188 6758 EVENT/EXHIBITION EXPENSE 4742 1953 2789 0 0 0 0 5313201 2893657 2149952 269592 3907051 1535932 18346644 13555537 31581 59577 0 0 0 0 223255 728668 51550724 650002 5498416 50900722 36503090 13239372 0 0 634687 297469 0 0 65144724 80317277 556124 2472972 45012 144375 0 0 37694 5528328 808274 5023756 1447104 13169431 16747804 15899961 46949816 51247885 63697620 67147846 65144724 80317277 X 3136823 297823 15580 X false true true false X 2880339 3984884 14155430 19374437 5398510 45793600 2397837 5092187 11657470 3047847 942408 23137749 49646 288093 253851 591590 0 0 5278176 9077071 25862546 22710377 6594769 69522939 1130596 1100237 11924423 12490258 2173386 28818900 0 0 5003513 0 0 5003513 1130596 1100237 16927936 12490258 2173386 33822413 35700526 90564 260350 310354 704408 1175106 2540782 0 90564 260350 310354 704408 1175106 2540782 0 0 0 0 0 0 0 5368740 9337421 26172900 23414785 7769875 72063721 0.49540 0.50711 0.04 0.02 X 0 0 0 0 0 0 Schedule A, Part III UNUSUAL GRANT The Indianapolis Motor Speedway Foundation (IMSF) received a grant in 2023 that is considered an unusual grant for the purpose of Schedule A, Part III. IMSF received a singular grant of $20 million from a private foundation during tax year 2023. IMS feels this grant meets the unusual factor of a public-support test and has provided details to support this in the following paragraphs: IMSF, which has been and remains active in soliciting public contributions, is in the midst of an $89 million capital campaign to completely renovate its primary venue, construct a new restoration facility, and build an endowment. This specific private foundation cash contribution of $20 million is the largest contribution received to date, and in fact, considerably the largest in IMSF's 48-year history. Meanwhile, the capital campaign has also received contributions from multiple donors and is expected to continue generating financial support from the general public. IMSF's governing body is comprised of community leaders who are active in helping identify and secure sources of public support. RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED X X X X false 3280472 385069 212929 13844 3438768 2840488 451728 11744 3280472 3420106 854 -529682 33000 17790 2840488 1473754 1464833 496852 15333 3420106 1212640 110000 203095 43150 8831 1473754 1.0 0.0 0.0 false false 166711 166711 0 755635 483291 272344 50628378 50628378 50900722 Federal Income Taxes Retainage Payable 4572380 Purchase Accruals 0 Operating Lease Liabilities 297469 Accrued Salary & Wages 153907 5023756 8844629 297823 622103 919926 7924703 40021 485300 525321 8450024 5394403 121223 121223 5273180 40021 0 40021 5313201 Schedule D, Part III, Line 3(a) 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 WHENPURCHASED OR DONATED. 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 III, Line 4 Collections of art - description of 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 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 XI, Line 2(d) Other revenues in audited financial statements not in form 990 Fundraising Expenses - 120565 Loss on Uncollectible Contributions - 500880 Cost of Goods Sold - 658 Schedule D, Part XI, Line 4(b) Other revenues in form 990 not in audited financial statements Collections Donated - 485300 Schedule D, Part XII, Line 2(d) Other expenses in audited financial statements not in form 990 FUNDRAISING EXPENSES - 120565 Cost of Goods Sold - 658 Hall of Fame Event 253851 253851 100268 3500 16797 0 0 253851 253851 100268 3500 16797 120565 133286 X X X false false false false false false false true false JOHN JOSEPH HALE JR PRESIDENT 284575 0 150000 0 0 0 13682 0 1110 0 449367 0 0 0 PHIL FOSTER DIRECTOR OF FINANCE 122808 0 6000 0 0 0 6800 0 22973 0 158581 0 0 0 Schedule J, Part I, Line 7 Non-fixed payments 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 2024. THE BONUS WAS APPROVED BY THE BOARD IN DECEMBER 2024. Indianapolis Motor Speedway LLC Officer is a Board Member 180287 Shared Services 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. 2 205300 Market value 2 265000 Market value 11 176027 Market value 1 25019 Market value 1 15000 Market value 1 false true false Schedule M, Part I, 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, Line 11 AMOUNTS REPORTED IN COLUMN (C) THE PUBLICLY TRADED STOCKS ON SCHEDULE M WERE ALL RECEIVED TO SATISFY A PRIOR YEAR PLEDGE AND ARE NOT INCLUDED IN CURRENT YEAR INCOME. Schedule M, Part I Explanations of reporting method for number of contributions Art - Historical treasures - Number of CONTRIBUTIONS Cars and other vehicles - Number of CONTRIBUTIONS Collectibles - NUMBER OF CONTRIBUTIONS Securities - Publicly traded - THE ORGANIZATION IS REPORTING THE NUMBER OF STOCKS DONATED. Securities - Closely held stock - THE ORGANIZATION IS REPORTING THE NUMBER OF STOCKS DONATED. Form 990, Part III, Line 3 Significant changes in program services IN NOVEMBER 2023 THE MUSEUM CLOSED FOR SUBSTANTIAL INFRASTRUCTURE AND TECHNOLOGY RENOVATIONS. IT IS SCHEDULED TO REOPEN IN APRIL 2025. ALTHOUGH TRACK TOURS AND OFFSITE MEMBERSHIP PROGRAMS WILL BE OFFERED DURING THE CLOSURE PERIOD, THERE WILL BE NO MUSEUM ADMISSIONS. Form 990, Part VI, Line 4 Significant changes to organizational documents The Foundation amended and restated their Bylaws on 9/18/2024 , to update the number of board members to a minimum of 15 and a maximum of 20 and the terms of officer positions. Form 990, Part VI, Line 11b Review of form 990 by governing body 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, 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, Line 15a Process to establish compensation of top management official 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, Line 15b Process to establish compensation of other employees THE GOVERNANCE COMMITTEE REVIEWS AND RECOMMENDS, AND THE BOARD APPROVES THE COMPENSATION FOR OFFICERS. THE SALARY IS BASED ON PAY FOR A COMPARABLE POSITION. Form 990, Part VI, Line 19 Required documents available to the public 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 balances DONATED ITEMS NOT CAPITALIZED - -485300; Loss on Uncollectible Contributions - 500880; Total - 15580;