2014-11-14T15:10:58-06:00 2013-12-31 BKD LLP 600 N Hurstbourne Parkway 350 Louisville KY 40222 990 2013-01-01 742519972 NATIONAL CORVETTE MUSEUM FOUNDATION INC % CHRISTY THOMAS NATI 2707817973 350 CORVETTE DRIVE Suite BOWLING GREEN KY 42101 CHRISTY THOMAS FINANCE DIRECTOR 2707817973 2014-11-14 true Kim Scifres P01316095 2707817973 2013 2015-11-30 17:44:51Z NATIONAL CORVETTE MUSEUM WENDELL K STRODE 350 CORVETTE DR BOWLING GREEN KY 42101 15096820 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. 17 16 113 491 303951 62825 1860255 2775929 1750172 2460157 427188 156008 4240772 5143997 8278387 10536091 0 0 0 0 2824964 3161590 0 0 374899 2939813 3269342 5764777 6430932 2513610 4105159 30372182 34894309 8352628 8007788 22019554 26886521 X The National Corvette Museum Foundation, Inc's primary mission is to preserve the history and heritage of the Corvette automobile, to operate as a repository for historical Corvette and automotive documents, and to educate the public on the design, development, assembly, and history of the Corvette automobile and the automotive industry. false false 1238256 777629 Tours and Exhibits: The NCM provided educational tours to 150,462 people during calendar year 2013. 8,842 students participated in the educational tours, along with their school groups. Each tour includes watching a 13 minute video on the history of the Corvette and visiting educational exhibits showing a mid-century barbershop and an old service station complete with authentic gas pumps. The nostalgia exhibit also 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. The Hall of Fame exhibit provides detailed information on individuals such as engineers and designers and how their work and efforts have made a difference in the history of the Corvette. Various areas include interactive questions and quizzes to increase the visitor's knowledge of Corvette. An actual crash test car and active video demonstrates the importance of wearing seat belts and encourages vehicle safety. 480406 527816 Special Events Programs: 11,315 people participated in the special event programs in 2013. This included educational seminars, panel discussions and presentations from engineers, designers and other experts in their fields. The special programs include educational driver training as well. This program uses a significant number of volunteers also to assist in running the activities and seminars. This program served 11,315 people in 2013. 341763 596841 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. 1,719 people participated in these programs in 2013. The educational tours of the Museum provide information to these participants on the history of the Corvette, automotive history, careers in the automotive industry, vehicle engineering and design, and vehicle safety. Plant tours provide information on the assembly process, robotics, just-in-time parts delivery and vehicle testing. 2610440 2006165 4670865 true true false false false false true false false true false false false true false true false false false false false false false false true false false false true false false false false false false false false true true false false false false false false false true 51 35 true 113 true true true false false false false true true false false false true false X 17 16 false false false false false false false true true false false true true true true true true true false false KY X CHRISTY THOMAS 2704678821 350 CORVETTE DR BOWLING GREEN KY 42101 WENDELL STRODE EXECUTIVE DIRECTOR 50.0 X X 244461 0 29412 richard anderson DIRECTOR 2.0 X 0 0 0 HAL BELLAMY DIRECTOR 2.0 X 0 0 0 HARLAN CHARLES DIRECTOR 2.0 X 0 0 0 JOHNNY DOWNS DIRECTOR 2.0 X 0 0 0 DANA FORRESTER DIRECTOR 2.0 X 0 0 0 LESLIE GARDNER DIRECTOR 2.0 X 0 0 0 ANDREW GUINN DIRECTOR 2.0 X 0 0 0 LON HELTON DIRECTOR 2.0 X 0 0 0 PAUL HERZING DIRECTOR 2.0 X 0 0 0 BUZZ MARSTON DIRECTOR 2.0 X 0 0 0 JACK MATUKAS CHAIRMAN 2.0 X X 0 0 0 GEORGE SIPPRELL DIRECTOR 2.0 X 0 0 0 DAVE TATMAN DIRECTOR 2.0 X 0 0 0 JOSEPH THOMAS DIRECTOR 2.0 X 0 0 0 HENRY YOUNGER DIRECTOR 2.0 X 0 0 0 GREG MAUZY DIRECTOR 2.0 X 0 0 0 CHRISTY THOMAS FINANCE & HR DIRECTOR 45.0 X 155977 0 12344 400438 0 41756 2 false true false DDS ENGINEERING 148 CHESTER CT BOWLING GREEN KY 42103 ENGINEERING SERVICES 517015 SCOTTY'S CONTRACTING STONE LLC PO BOX 4500 BOWLING GREEN KY 42102 PAVING SERVICES 1790140 2 761111 74884 1939934 2646 2775929 TOURS AND ADMISSIONS 711210 777629 777629 DELIVERY PROGRAM 611710 596841 596841 LIBRARY AND ARCHIVES RESOURCE CENTER 611710 250170 250170 AMERICA'S SPORTS CAR PUBLICATION 611710 19330 3750 15580 SPECIAL EVENTS PROGRAMS 611710 527816 527816 288371 288371 2460157 126094 126094 0 0 149877 51922 97955 0 97955 97955 34118 5775 9979 34118 -4204 29914 29914 0 5925020 2492301 3432719 3432719 3454821 2006527 1448294 1448294 MISC INCOME 900099 165029 165029 165029 10536091 3604500 303951 3851711 0 0 0 0 400437 169023 154701 76713 0 2186312 1744167 290298 151847 0 388998 242015 146983 185843 140908 29562 15373 0 158 158 46287 46287 0 0 0 50541 3206 1060 46275 111985 91191 20794 271317 186618 80564 4135 0 0 222997 205738 17259 131822 65370 51093 15359 0 0 205429 205429 0 840101 640955 199146 68774 68774 SPECIAL EVENTS 319107 319107 LIBRARY AND ARCHIVES 64906 64906 FEES AND LICENSES 227294 142046 85248 SELLING EXPENSES 198367 198367 510257 388474 56586 65197 6430932 4670865 1385168 374899 0 0 4009205 4354959 0 0 9661 138403 0 0 0 0 0 0 432379 367338 67821 74717 33871354 9198427 20842324 24672927 4002710 4757223 0 0 0 0 0 0 1008082 528742 30372182 34894309 699973 1165739 0 0 392094 527218 0 0 0 0 0 0 6816351 5995947 0 0 444210 318884 8352628 8007788 X 19655103 24887152 2364451 1999369 0 0 22019554 26886521 30372182 34894309 X 4105159 638330 123478 X false true X true false X 1446753 1197532 1487349 1770065 2701045 8602744 4623364 4698309 4903010 4839062 5611027 24674772 4974155 4293520 5093955 5455880 5925020 25742530 122896 47647 87108 90240 74884 422775 0 11167168 10237008 11571422 12155247 14311976 59442821 20100 17887 36280 84421 120955 279643 0 20100 17887 36280 84421 120955 279643 59163178 98520 279049 226340 585494 275971 1465374 29727 64108 104424 181219 303951 683429 128247 343157 330764 766713 579922 2148803 0 165029 165029 11295415 10580165 11902186 12921960 15056927 61756653 0.95801 0.94543 0.03480 0.05457 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED X X X false 6043514 6043514 18214302 5949328 12264974 3229110 1554306 1674804 2352068 1694793 657275 4032360 4032360 24672927 0 ACCRUED INTEREST PAYABLE 16588 INTEREST RATE SWAP AGREEMENTS 302296 318884 15729375 5193284 5193284 10536091 10536091 10862408 4431476 4431476 6430932 6430932 SCH D, PART XI, LINE 2D ---------------------------- COST OF GOODS SOLD NETTED AGAINST GROSS SALES REVENUE $2,006,527 DIRECT GAMING EXPENSES NETTED AGAINST GROSS GAMING INCOME 2,492,301 DIRECT RENTAL EXPENSES NETTED AGAINST GROSS RENTAL INCOME 51,922 UNREALIZED GAINS ON INVESTMENTS 638,330 LOSS ON SALE OF PROPERTY/EQUIPMENT 4,204 ------------- TOTAL $5,193,284 SCH D, PART XII, LINE 2D ---------------------------- COST OF GOODS SOLD NETTED AGAINST GROSS SALES REVENUE $2,006,527 DIRECT GAMING EXPENSES NETTED AGAINST GROSS GAMING INCOME 2,492,301 DIRECT RENTAL EXPENSES NETTED AGAINST GROSS RENTAL INCOME 51,922 CHANGE IN FAIR VALUE OF INTEREST RATE SWAP (123,478) LOSS ON SALE OF PROPERTY/EQUIPMENT 4,204 ------------- TOTAL $4,431,476 SCH D, PART III, LINE 1 ------------------------- 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 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. SCH D, PART III, LINE 4 -------------------------- 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. SCH D, PART X, LINE 2 ------------------------ The organization's audited financial statements did not include a footnote that addressed the organization's liability for uncertain tax positions under FIN48 (ASC 740). 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. 5925020 4500 2313992 173809 true 0.91000 5925020 4500 2313992 173809 2492301 3432719 KY true false true false 1.00000 CHRISTY THOMAS 350 CORVETTE DR BOWLING GREEN KY 42101 false CHRISTY THOMAS 2133 oversees gaming volunteers & ensures compliance X false X true true X X X X X false false false false false true false false false WENDELL STRODE EXECUTIVE DIRECTOR 163288 0 39442 0 41731 0 14565 0 14847 0 273873 0 0 0 CHRISTY THOMAS FINANCE & HR DIRECTOR 145290 0 10687 0 0 0 12344 0 0 0 168321 0 0 0 SCH J, PART I, LINE 1A ----------------------- The Executive Director's spouse occasionally travels on business trips to assist, primarily by providing volunteer services at shows. SCH J, PART I, LINE 3 ----------------------- 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. SCH J, PART I, LINE 6 ------------------------ 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. X 15 SEE PART II X 8 SEE PART II 2 false true false SCH M, PART I, LINE 33 ------------------------ ONLY $2,646 WAS REPORTED ON FROM 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 WERE RECOGNIZED IN REVENUES AS NONCASH CONTRIBUTIONS. FORM 990, PART VI,SECTION B, LINE 11B ------------------------------------- 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 forms are completed annually and the full board approves transactions as necessary. FORM 990, PART VI, SECTION B, LINE 15 ------------------------------------ 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. FORM 990, PART VI, SECTION C, LINE 19 ------------------------------------- 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 include educational instruction such as the teen driving academy, Street Survival for teens, Vette camp, and traveling trunks and visits to schools. Additional programs include website and magazine outreach, membership services, and attending shows around the country.