2013-11-13T18:05:59-07:00 2012-12-31 990 2012-01-01 742519972 NATIONAL CORVETTE MUSEUM FOUNDATION INC NATI 2707817973 350 Corvette Drive Bowling Green KY 42101 Christy Thomas 2704678821 2013-11-13 2012 2016-02-24 21:20:13Z NATIONAL CORVETTE MUSEUM Wendell K Strode 350 Corvette Dr Bowling Green KY 42101 12921910 0 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, 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. 17 16 104 454 181219 19616 1581204 1860255 1797158 1750172 85239 427188 3851158 4240772 7314759 8278387 0 0 0 0 2691696 2824964 0 0 208300 3169466 2939813 5861162 5764777 1453597 2513610 28931052 30372182 9425108 8352628 19505944 22019554 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. 0 0 1178542 0 Tours and Exhibits: The NCM provided educational tours to 138,863 people during calendar year 2012. 7,113 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. 361871 0 Special Events Programs: 6,891 people participated in the special event programs in 2012. 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 6,891 people in 2012. 328813 0 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. 1,299 people participated in these programs in 2012. 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. 2329381 0 Other: 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. 2329381 0 0 4198607 1 1 0 0 0 0 0 1 0 0 1 0 0 0 1 0 1 0 0 0 0 0 0 0 0 1 0 0 0 1 1 0 0 0 0 0 0 0 0 0 1 1 1 0 0 0 0 0 0 0 1 54 40 1 104 1 1 1 0 0 0 0 1 1 0 0 0 1 0 X 17 16 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 KY X X Christy Thomas 2704678821 350 Corvette Dr Bowling Green KY 42101 Richard Anderson 0.7 0 X 0 0 0 Hal Bellamy 0.7 0 X 0 0 0 Harlan Charles 0.7 0 X 0 0 0 Johnny Downs 0.7 0 X 0 0 0 Dana Forrester 0.7 0 X 0 0 0 Leslie Gardner 0.7 0 X 0 0 0 Andrew Guinn 0.7 0 X 0 0 0 Buzz Marston 0.7 0 X 0 0 0 Jack Matukas 0.7 0 X 0 0 0 Greg Mauzy 0.7 0 X 0 0 0 Ivan Schrodt 0.7 0 X 0 0 0 George Sipprell 0.7 0 X 0 0 0 David Tatman 0.7 0 X 0 0 0 Joseph Thomas 0.7 0 X 0 0 0 Len Tucker 0.7 0 X 0 0 0 Henry Younger 0.7 0 X 0 0 0 Wendell Strode 50 0 X X X X 248974 0 22595 Christy Thomas 45 0 X X 124367 0 6218 373341 0 28813 2 0 1 0 0 0 679343 0 0 90240 1090672 50 1860255 Tours and Admissions 712100 714352 714352 0 0 Delivery Program 611710 279715 279715 0 0 Library and Archives Resource Center 611710 265982 265982 0 0 America's Sports Car Publication 611710 16090 0 16090 0 Special Event Programs 611710 308904 308904 0 0 165129 0 165129 0 1750172 427188 0 0 427188 0 0 0 0 0 0 0 0 158306 0 57135 0 101171 0 101171 0 0 101171 0 0 0 5455880 2724782 2731098 0 0 2731098 3270109 1861606 1408503 0 0 1408503 0 8278387 1568953 181219 4667960 373341 161797 136864 74680 2143015 1545624 511465 85926 90972 49124 41848 0 217636 146269 71367 0 12776 8452 4324 40413 40413 7762 4323 3439 93465 93465 376064 326708 48544 812 59958 59958 344870 344870 0 0 112761 86670 24491 1600 108550 108550 834585 646779 187806 66694 66694 Special Events 211791 211791 0 0 Library and Archives 73454 73454 0 0 Fees and Licenses 163877 6891 156986 0 Selling expenses 187184 187184 0 0 245609 178554 21773 45282 5764777 4198607 1357870 208300 4337715 4009205 19410 9661 449582 432379 143010 67821 29223407 8381083 19714678 20842324 3560961 4002710 705696 1008082 28931052 30372182 995124 699973 183755 392094 7671757 6816351 574472 444210 9425108 8352628 X 16970476 19655103 2535468 2364451 0 0 19505944 22019554 28931052 30372182 2513610 0 0 0 0 0 X 0 1 X 1 0 X 1307818 1446753 1197532 1487349 1770065 7209517 4074606 4623364 4698308 4903010 4839062 23138350 77531 122896 47647 87108 90240 425422 5459955 6193013 5943487 6477467 6699367 30773289 30773289 159859 98520 279049 226340 585494 1349262 47490 29727 64108 104424 181219 426968 207349 128247 343157 330764 766713 1776230 5667304 6321260 6286644 6808231 7466080 32549519 0.94543 0.96092 0.05457 0.03908 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 0 X X X 0 0 6020560 6020560 0 17719681 8381083 9338598 0 3203553 0 3203553 0 2221385 0 2221385 0 58228 0 58228 20842324 Accrued Interest Payable 18436 Interest Rate Swap Agreements 425774 444210 12921910 0 0 0 4643523 4643523 8278387 0 0 0 8278387 10408300 0 0 0 4643523 4643523 5764777 0 0 0 5764777 SchD_P03_S00_L01 Schedule 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 stoarage 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. SchD_P03_S00_L04 Schedule 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. SchD_P11_S00_L02d Schedule D, Part XI, Line 2d $1,861,606 in cost of goods sold was netted against gross sales of inventory. $2,724,782 in direct gaming expenses was netted against gross income from gaming activities. $57,135 in rental expenses was netted against gross rents. SchD_P12_S00_L02d Schedule D, Part XII, Line 2d $1,861,606 in cost of goods sold was netted against gross sales of inventory. $2,724,782 in direct gaming expenses was netted against gross income from gaming activities. $57,135 in rental expenses was netted against gross rents. 5455880 136000 2428484 0 160298 1 0.91 5455880 136000 2428484 0 160298 2724782 2731098 KY 1 0 1 0 1 0 Christy Thomas 350 Corvette Dr Bowling Green KY 42101 0 Christy Thomas 124367 Oversees all accounting, finance and human resource functions of the Museum, in addition to assisting with management of all Museum operations. As part of these duties, this person is also responsible for gaming activities, overseeing gaming volunteers, and ensuring compliance with gaming regulations. X 0 0 X 1 1 X X X X X 0 0 0 0 0 1 0 0 0 Wendell Strode 169415 0 38293 0 41266 0 0 0 22595 0 271569 0 0 0 SchJ_P01_S00_L01a Schedule J, Part I, Line 1a The Executive Director's spouse occasionally travels on business trips to assist, primarily by providing volunteer services at shows. SchJ_P01_S00_L03 Schedule 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. SchJ_P01_S00_L06 Schedule 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. A County of Edmonson KY Industrial Building Revenue 610898669 281144AA3 2004-02-01 5190000 Refunding and refinancing 0 0 0 B County of Edmonson KY Industrial Building Revenue 610898869 2008-08-15 7500000 Construct and equip building 0 0 0 A 4725000 0 0 0 0 0 0 0 1 1 1 B 1148649 0 0 0 0 0 0 0 0 1 1 A 0 0 0 0 0 0 0 0 0 0 B 0 0 0 0 0 0 0 0 0 0 A 0 0 0 1 0 0 0 0 0 B 0 0 0 1 1 1 PNC Capital Markets 7 0 0 0 0 0 A 0 B 0 SchK_P04_S00_L02c Schedule K, Part IV, Line 2c This was a refinancing issue. All proceeds were used to satisfy the previous debt. There was no arbitrage rebate due. DDS Engineering Owned by Dennis Smith, former board member 88102 Surveying and engineering services for future Motorsports Park 0 X 1 0 See Part II X 5 0 See Part II 2 0 1 0 SchM_P01_S00_L33 Schedule M, Part I, Line 33 Only $50 was 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 were recognized in revenues as noncash contributions. F990_P06_S0B_L11b 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. F990_P06_S0B_L12c Form 990, Part VI, Section B, Line 12c Conflict of interest forms are completed annually and the full board approves transactions as necessary. F990_P06_S0B_L15 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. F990_P06_S0C_L19 Form 990, Part VI, Section C, Line 19 The Museum's governing documents and financial statements are available on www.guidestar.org. These items, along with the Museum's conflict of interest policy are also provided to anyone upon request. Financial information is also shared annually at the Museum's open membership meeting in September of each year.