2018-11-15T09:14:44-06:00 2017-12-31 BKD LLP 3102 WEST END AVENUE SUITE 1050 NASHVILLE TN 372031301 990 2017-01-01 742519972 NATIONAL CORVETTE MUSEUM FOUNDATION INC % CHRISTY THOMAS NATI 2707817973 350 CORVETTE DRIVE BOWLING GREEN KY 42101 CHRISTY THOMAS FINANCE DIRECTOR 2704678821 2018-11-15 true JESSICA FREEMAN P01261457 6159883600 167.68.126.162 62536020183195000000 2018-11-15 P 13A11C9DEE0944EEC50E03B0E411AC5551F7DA8F AD3449A5D290C3BB559EC0C919BE0F6730413C47 2017 2019-02-21 02:37:17Z WENDELL K STRODE 350 CORVETTE DR BOWLING GREEN KY 42101 18644876 false X WWW.CORVETTEMUSEUM.ORG X 1988 NM THE NATIONAL CORVETTE MUSEUM FOUNDATION, INC'S PRIMARY MISSION IS TO PRESERVE THE HISTORY AND HERITAGE OF THE CORVETTE AUTOMOBILE AND TO EDUCATE THE PUBLIC AND SERVE ALL VISITORS. 15 14 134 348 2656969 368038 2006841 2069966 4332464 4255023 226957 530637 7413271 6765690 13979533 13621316 0 0 0 0 3958120 4178554 0 0 310955 5786971 6324979 9745091 10503533 4234442 3117783 58415777 61623675 11478931 10402033 46936846 51221642 X THE MUSEUM'S MISSION IS TO PRESERVE THE HISTORY AND HERITAGE OF THE CORVETTE, TO OPERATE AS A REPOSITORY FOR HISTORICAL CORVETTE DOCUMENTS, AND TO EDUCATE THE PUBLIC ON THE DESIGN, DEVELOPMENT, ASSEMBLY, AND HISTORY OF THE CORVETTE AND THE AUTOMOTIVE INDUSTRY. false false 2266566 1553549 TOURS AND EXHIBITS: THE NCM PROVIDED EDUCATIONAL TOURS TO 228,744 PEOPLE DURING 2017. 15,130 STUDENTS PARTICIPATED IN THE EDUCATIONAL TOURS. TOURS INCLUDE A 13 MINUTE VIDEO ON THE HISTORY OF THE CORVETTE AND EDUCATIONAL PERIOD-ERA EXHIBITS. ONE EXHIBIT INCLUDES A SCENE FROM THE CORVETTE ASSEMBLY PLANT AS WORKERS TALK FIRST HAND ABOUT THEIR CAREER OF BUILDING AUTOMOBILES. THE DESIGN AND ENGINEERING AREA SHOWS HOW THE AUTOMOBILE DESIGN GOES FROM SKETCHES TO CLAY MODELS, AND A CUT-AWAY CHASSIS SHOWS THE INNER BACKBONE OF A VEHICLE. AN ACTUAL CRASH TEST CAR AND ACTIVE VIDEO DEMONSTRATES THE IMPORTANCE OF WEARING SEAT BELTS AND ENCOURAGES VEHICLE SAFETY. IN 2016, THE NEW SKYDOME SINKHOLE EXPERIENCE EXHIBIT OPENED THAT TELLS THE STORY OF THE SINKHOLE THAT COLLAPSED INSIDE THE MUSEUM, WHY IT HAPPENED, HOW THE BURIED CARS WERE RECOVERED, HOW THE BUILDING WAS REPAIRED, AND WHAT THE KARST AND CAVE LANDFORMS ARE. 821813 929428 SPECIAL EVENTS PROGRAMS: 7,635 PEOPLE PARTICIPATED IN THE SPECIAL EVENT PROGRAMS IN 2017. 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. 290815 422697 DELIVERY PROGRAMS: THE DELIVERY PROGRAM PROVIDES EDUCATIONAL TOURS OF THE MUSEUM AND THE CORVETTE ASSEMBLY PLANT, AS WELL AS INSTRUCTION ON THE FEATURES AND OPERATION OF A CORVETTE. 1,777 PEOPLE PARTICIPATED IN THESE PROGRAMS IN 2017. THE EDUCATIONAL TOURS OF THE MUSEUM PROVIDE INFORMATION TO THESE PARTICIPANTS ON THE HISTORY OF THE CORVETTE, AUTOMOTIVE HISTORY, VEHICLE ENGINEERING AND DESIGN, AND VEHICLE SAFETY. PLANT TOURS PROVIDE INFORMATION ON THE ASSEMBLY PROCESS, ROBOTICS, JUST-IN-TIME PARTS DELIVERY AND VEHICLE TESTING. 2916164 3225144 6295358 true true false false false false false true false false true false false true true true false true false false false false false false false true false false false true false false false false false false false true true true false false false true true true false false true 50 26 true 134 true true true false false false false false false false false true false X 15 14 false false true false false false false true true false false true true true true true true true true false KY X CHRISTY THOMAS 2704678821 350 CORVETTE DR BOWLING GREEN KY 42101 PAUL HERZING DIRECTOR 2.0 0.0 X 0 0 0 BUZZ MARSTON DIRECTOR 2.0 0.0 X 0 0 0 DANA FORRESTER DIRECTOR 2.0 0.0 X 0 0 0 DAVE HEINEMANN DIRECTOR 2.0 0.0 X 0 0 0 HARLAN CHARLES DIRECTOR 2.0 0.0 X 0 0 0 DAVE TATMAN DIRECTOR 2.0 0.0 X 0 0 0 GLENN JOHNSON DIRECTOR 2.0 0.0 X 0 0 0 JOHNNY DOWNS DIRECTOR 2.0 0.0 X 0 0 0 KAI SPANDE DIRECTOR 2.0 0.0 X 0 0 0 LESLIE GARDNER CHAIRMAN 2.0 0.0 X X 0 0 0 LON HELTON DIRECTOR 2.0 0.0 X 0 0 0 PAUL MARIANO DIRECTOR 2.0 0.0 X 0 0 0 RANDY FLOCK DIRECTOR 2.0 0.0 X 0 0 0 WES WONG DIRECTOR 2.0 0.0 X 0 0 0 WENDELL STRODE EXECUTIVE DIRECTOR 40.0 10.0 X X 279583 0 29060 CHRISTY THOMAS FINANCE & HR DIRECTOR 40.0 10.0 X 176208 0 17267 455791 0 46327 2 false true false SCOTTY'S CONTRACTING STONE LLC PO BOX 4500 BOWLING GREEN KY 42102 CONSTRUCTION SRVS 106531 1 973085 1096881 2069966 TOURS AND ADMISSION 711210 1719917 1719917 DELIVERY PROGRAM 611710 422967 422967 LIBRARY AND ARCHIVES RESOURCE CENTER 611710 368334 368334 AMERICA'S SPORTS CAR PUBLICATION 611710 43385 29520 13865 SPECIAL EVENTS PROGRAMS 611710 928983 928983 771437 771437 4255023 239409 239409 0 0 1479475 57018 1422457 0 1422457 1333694 88763 816022 524794 291228 291228 291228 0 0 0 4740065 1923782 2816283 2816283 4447470 2517966 1929504 1875795 53709 MISC INCOME 900099 113182 113182 MGMT SERVICES - MOTORSPORTS PARK 900099 484264 484264 597446 13621316 5345516 2656969 3548865 0 0 0 0 455792 192654 175621 87517 0 2953942 2282857 563438 107647 0 526754 366478 160276 242066 180299 47919 13848 0 11947 11947 95982 95982 0 0 0 128541 16955 111586 139187 127689 11498 729273 543619 152950 32704 0 0 219247 219247 94858 59520 35054 284 0 0 400738 400738 0 2222670 906125 1316545 126466 122760 3706 SPECIAL EVENTS 661537 661537 LIBRARY AND ARCHIVES 98187 98187 FEES AND LICENSES 518735 267456 251098 181 INCOME TAX EXPENSE 169182 169182 708429 249975 389680 68774 10503533 6295358 3897220 310955 0 0 4529466 3139315 0 0 61556 35536 0 0 0 0 0 0 629097 575932 165012 327094 53351298 15023648 39807703 38327650 7793260 12035306 0 0 0 0 0 0 5429683 7182842 58415777 61623675 734411 696699 0 0 730023 710399 0 0 0 0 0 0 9430388 8661144 0 0 584109 333791 11478931 10402033 X 44384983 49755936 2551863 1465706 0 0 46936846 51221642 58415777 61623675 X 3117783 919253 247760 X false true X true false X 2701045 2686394 2085261 2006841 2069966 11549507 5611027 8772856 8384205 8151002 7797076 38716166 5925020 6713150 4868236 5386559 4740065 27633030 74884 0 0 0 0 74884 0 14311976 18172400 15337702 15544402 14607107 77973587 120955 102282 69058 257228 142029 691552 0 120955 102282 69058 257228 142029 691552 77282035 275971 206349 278193 285577 385190 1431280 0 275971 206349 278193 285577 385190 1431280 303951 944521 2509305 2699253 368038 6825068 165029 93150 73393 113983 113182 558737 15056927 19416420 18198593 18643215 15473517 86788672 0.89046 0.88901 0.01649 0.01937 X X X X false 6576137 6576137 24187033 7252749 16934284 3675118 2170169 1504949 2237346 1672682 564664 16675664 3928048 12747616 38327650 RAFFLE VEHICLE 255927 DEPOSITS 5611 INVESTMENT IN MOTORSPORTS PARK 6921304 7182842 0 ACCRUED INTEREST PAYABLE 32864 INTEREST RATE SWAP AGREEMENTS 300927 333791 X SCHEDULE D, PART III, LINE 1 REPORTING OF COLLECTIONS ------------------------- IN CONFORMITY WITH THE PRACTICE FOLLOWED BY MANY MUSEUMS, SEVERAL AUTOMOBILES, STYLING MULES, POWER PLANTS AND CORVETTE DOCUMENTS DONATED TO THE MUSEUM ARE NOT INCLUDED IN THE CONSOLIDATED STATEMENTS OF FINANCIAL POSITION. THE MAJORITY OF THE AUTOMOBILES ON DISPLAY AND IN STORAGE AT THE MUSEUM ARE ON LOAN FROM CORVETTE ENTHUSIASTS AND ARE NOT INCLUDED AS PART OF THE MUSEUM COLLECTION. MANAGEMENT BELIEVES THE MUSEUM HAS THE RESOURCES AND TECHNOLOGY TO APPROPRIATELY MAINTAIN THESE ARTIFACTS. SCHEDULE D, PART III, LINE 4 MAINTAINING COLLECTIONS ----------------------- THE MUSEUM'S COLLECTION INCLUDES VEHICLES, CLAY MODELS, HISTORICAL MEMORABILIA, MAGAZINES, PERIODICALS, VIDEOS, SKETCHES, DOCUMENTS, BUILD SHEETS, AND MANY OTHER ITEMS THAT DOCUMENT AND PRESERVE THE HISTORY OF THE CORVETTE. MANY OF THESE ITEMS ARE AVAILABLE FOR VIEWING, FOR RESEARCH AND FOR EDUCATIONAL PURPOSES. SCHEDULE D, PART X, LINE 2 INCOME TAX DISCLOSURE --------------------- The Museum is exempt from income taxes under Section 501(c)3 of the Internal Revenue Code and similar provision of state law. However, the Museum is subject to federal income tax on any unrelated business taxable income, which includes income from commissions on its collector car insurance agency and taxable income from the lease of property and services to its subsidiary. The Museum files tax returns in United States federal jurisdiction. NCM Motorsports Park accounts for income taxes in accordance with income tax accounting guidance (ASC 740, Income Taxes). The income tax accounting guidance results in two components of income tax expense: current and deferred. Current income tax expense reflects taxes to be paid or refunded for the current period by applying the provisions of the enacted tax law to the taxable income or excess of deductions over revenues. NCM Motorsports Park determines deferred income taxes using the liability or balance sheet method. Under this method, the net deferred tax asset or liability is based on the tax effects of the differences between the book and tax basis of assets and liabilities and enacted changes in tax rates and laws are recognized in the period in which they occur. Deferred income tax expense results from changes in deferred tax assets and liabilities between periods. Deferred tax assets are reduced by a valuation allowance if, based on the weight of evidence available, it is more likely than not that some portion or all of a deferred tax asset will not be realized. Tax positions are recognized if it is more likely than not, based on the technical merits, that the tax position will be realized or sustained upon examination. The term more likely than not means a likelihood of more than 50% the terms examined and upon examination also include resolution of the related appeals or litigation processes, if any. A tax position that meets the more-likely-than-not recognition threshold is initially and subsequently measured as the largest amount of tax benefit that has a greater than 50% likelihood of being realized upon settlement with a taxing authority that has full knowledge of all relevant information. The determination of whether or not a tax position has met the more-likely-than-not recognition threshold considers the facts, circumstances and information available at the reporting date and is subject to managements judgment. As it was formed in 2014, NCM Motorsports Park is not subject to United States federal, state and local or non-United States income tax examinations by tax authorities for years before 2014. false false 4740065 0 1793021 130760 true 0.88000 4740065 0 1793021 130760 1923781 2816284 KY true false true false 1.00000 CHRISTY THOMAS 350 CORVETTE DR BOWLING GREEN KY 42101 false CHRISTY THOMAS 1953 OVERSEES GAMING VOLUNTEERS AND ENSURES COMPLIANCE X X false 1126514 X true true X X X X false false false false false true false false false CHRISTY THOMAS FINANCE & HR DIRECTOR 164162 12046 0 9287 7980 193475 12046 WENDELL STRODE EXECUTIVE DIRECTOR 174211 64018 41354 11812 17248 308643 62034 SCHEDULE J, PART I, LINE 1A TRAVEL FOR COMPANIONS ------------------------------------- THE EXECUTIVE DIRECTOR'S SPOUSE OCCASIONALLY TRAVELS ON BUSINESS TRIPS TO ASSIST, PROVIDING BY PROVIDING VOLUNTEER SERVICES AT SHOWS. SCHEDULE J, PART I, LINE 3 ESTABLISHING COMPENSATION ------------------------- A THREE-PERSON COMMITTEE OF THE BOARD OPERATES AS THE COMPENSATION COMMITTEE FOR THE MUSEUM. THEY EVALUATE THE COMPENSATION COMPARATIVES OF OTHER MUSEUMS AND NON PROFITS, AND REVIEW COMPENSATION BENCHMARK INFORMATION TO DETERMINE A REASONABLE COMPENSATION BASED ON DUTIES AND PERFORMANCE. SCHEDULE J, PART I, LINE 6 COMPENSATION BASED ON NET EARNINGS ---------------------------------- The Executive Director receives an annual bonus based on the organization's net earnings exceeding the approved budget. However, this bonus cannot exceed a cap of 25% of his salary. The bonus calculation is verified by the Museum's independent auditors and approved by the compensation committee. WENDELL STRODE PRESIDENT OF MSP 1817958 LEASING OF MSP, ADMIN SERVICES CHRISTY THOMAS SECRETARY OF MSP 1817958 LEASING OF MSP, ADMIN SERVICES Schedule L, Part IV, Lines 1 and 2 BUSINESS TRANSACTIONS --------------------- NCM Motorsports Park, Inc., a taxable subsidiary of National Corvette Museum Foundation, Inc., leases real property from National Corvette Museum Foundation, Inc. Lease payments totaled $1,333,694 for the year ended December 31, 2017. In addition, National Corvette Museum provides certain administrative support to NCM Motorsports Park, Inc. Charges for these services totalled $484,264 for the year ended December 31, 2017. Wendell Strode and Christy Thomas are officers of both corporations. X 7 SEE PART II X 3 SEE PART II 6 false true false SCHEDULE M, PART I, LINE 33 REPORTING REVENUE ----------------- THERE WERE NOT ANY NONCASH CONTRIBUTIONS REPORTED ON FORM 990, PART VIII, STATEMENT OF REVENUE, LINE 1G, BECAUSE THE MUSEUM DID NOT CAPITALIZE ITS COLLECTIONS, AS ALLOWED UNDER SFAS 116. ONLY SUPPLY TYPE DONATIONS THAT WERE PUT INTO USE ARE RECOGNIZED IN REVENUES AS NONCASH CONTRIBUTIONS. FORM 990, PART VI, SECTION B, LINE 11B REVIEW OF FORM 990 ------------------ THE FULL FORM 990 AND ALL REQUIRED SCHEDULES WERE EMAILED TO THE FULL BOARD OF DIRECTORS PRIOR TO BEING FILED. THE FULL BOARD REVIEWED IT AND PROVIDED FEEDBACK IF SO DESIRED. FORM 990, PART VI, SECTION B, LINE 12C CONFLICT OF INTEREST POLICY --------------------------- CONFLICT OF INTEREST FORMS ARE COMPLETED ANNUALLY BY ALL BOARD MEMBERS AND THE FULL BOARD APPROVES TRANSACTIONS AS NECESSARY. THOSE WITH A CONFLICT ARE EXCLUDED FROM THE DISCUSSION AND VOTE. FORM 990, PART VI, SECTION B, LINE 15A REVIEW OF COMPENSATION ---------------------- A THREE-PERSON COMMITTEE OF THE BOARD OPERATES AS THE COMPENSATION COMMITTEE FOR THE MUSEUM. THEY EVALUATE THE COMPENSATION COMPARATIVES OF OTHER MUSEUMS AND NON PROFITS, AND REVIEW COMPENSATION BENCHMARK INFORMATION TO DETERMINE A REASONABLE COMPENSATION BASED ON DUTIES AND PERFORMANCE. A FULL COMPARISON AND REVIEW WAS CONDUCTED IN 2016. FORM 990, PART VI, SECTION B, LINE 15B COMPENSATION REVIEW OF OFFICERS & KEY EMPLOYEES ----------------------------------------------- EXECUTIVE MANAGEMENT REVIEWS COMPARABLE SALARY DATA ANNUALLY AND APPROVES AN ANNUAL INCREASE. FORM 990, PART VI, SECTION C, LINE 19 MAKING DOCUMENTS AVAILABLE TO THE PUBLIC ---------------------------------------- THE MUSEUM'S GOVERNING DOCUMENTS, FINANCIAL STATEMENTS AND CONFLICT OF INTEREST POLICY ARE PROVIDED TO ANYONE UPON REQUEST. FINANCIAL INFORMATION IS ALSO SHARED ANNUALLY AT THE MUSEUM'S OPEN MEMBERSHIP MEETING IN SEPTEMBER OF EACH YEAR. FORM 990, PART III, LINE 4D OTHER PROGRAM SERVICES ---------------------- OTHER PROGRAM SERVICES INCLUDE EDUCATIONAL INSTRUCTION SUCH AS THE TEEN DRIVING ACADEMY, VETTE CAMP AND TRAVELING TRUNKS AND VISITS TO SCHOOLS. ADDITIONAL PROGRAMS INCLUDE WEBSITE AND MAGAZINE OUTREACH, MEMBERSHIP SERVICES, AND ATTENDING SHOWS AROUND THE COUNTRY. FORM 990, PART XI, LINE 9 OTHER CHANGES ------------- CHANGE IN FAIR VALUE OF INTEREST RATE SWAP $247,760 FORM 990, PART VI, SECTION A, LINE 4 CHANGES TO GOVERNING DOCUMENTS ---------------------------------------------------------- NEW BYLAWS WERE DEVELOPED AND APPROVED AS OF 12/5/17. THESE BYLAWS ESTABLISHED SEVERAL STANDING COMMITTEES. HOWEVER, ALL ACTIONS OF ANY COMMITTEE ARE SUBJECT TO THE APPROVAL OF THE BOARD. THERE WERE NO SIGNIFICANT CHANGES TO THE GOVERNING STRUCTURE. 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