2012-11-07T11:06:05-07:00 2011-12-31 990 2011-01-01 742519972 NATIONAL CORVETTE MUSEUM FOUNDATION INC NATI 2707817973 350 Corvette Drive Bowling Green KY 42101 Christy Thomas 2707817973 2012-11-07 2011 2016-02-24 21:20:13Z NATIONAL CORVETTE MUSEUM Wendell K Strode 350 Corvette Dr Bowling Green KY 42101 11908933 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 97 390 104424 -63 1413225 1581204 1602718 1797158 132081 85239 3649692 3851158 6797716 7314759 0 0 0 0 2554128 2691696 0 0 186486 3219622 3169466 5773750 5861162 1023966 1453597 27787912 28931052 9735565 9425108 18052347 19505944 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 1161577 0 Tours and Exhibits: The NCM provided educational tours to 141,242 people during calendar year 2011. 7,279 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. 420307 0 Special Events Programs: 8,253 people participated in the special event programs in 2011. This included educational seminars, panel discussions and presentations from engineers, designers, and other experts in their fields. Some of 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 8,253 people in 2011. 296554 0 Publishing: America's Sports Car is a bi-monthly publication designed to provide informative and educational information to those on our mailing list. This includes historical and technical articles, as well as updates on upcoming exhibits and activities at the Museum. Approximately 17,000 copies are printed for each issue, with additional copies distributed for special issues. 103,208 issues were printed and distributed in 2011. 2175999 0 Other: Other program services include educational instruction such as the teen driving academy and Vette camp, as well as website outreach, membership services, delivery programs, and attending shows around the country. 2175999 0 0 4054437 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 0 1 51 37 1 97 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 2707817973 350 Corvette Dr Bowling Green KY 42101 Richard Anderson 0.7 X 0 0 0 Hal Bellamy 0.7 X 0 0 0 Harlan Charles 0.7 X 0 0 0 Wil Cooksey 0.7 X 0 0 0 Johnny Downs 0.7 X 0 0 0 Dana Forrester 0.7 X 0 0 0 Leslie Gardner 0.7 X 0 0 0 Andrew Guinn 0.7 X 0 0 0 Buzz Marston 0.7 X 0 0 0 Jack Matukas 0.7 X 0 0 0 Greg Mauzy 0.7 X 0 0 0 Abbie Miller 0.7 X 0 0 0 Ivan Schrodt 0.7 X 0 0 0 George Sipprell 0.7 X 0 0 0 David Tatman 0.7 X 0 0 0 Joseph Thomas 0.7 X 0 0 0 Len Tucker 0.7 X 0 0 0 Wendell Strode 50 X X X X 231814 0 20564 Christy Thomas 40 X X 124102 0 6205 355916 0 26769 2 0 1 0 0 0 678789 0 0 96048 806367 2193 1581204 Tours and Admissions 712100 700536 700536 0 0 Delivery Program 611710 240291 240291 0 0 Library and Archives Resource Center 611710 268223 268223 0 0 America's Sports Car Publication 611710 12170 0 12170 0 Special Event Programs 611710 483684 483684 0 0 92254 0 92254 0 1797158 85239 0 0 85239 0 0 0 0 0 0 0 0 141101 0 49910 0 91191 0 91191 0 0 91191 0 0 0 5093955 2736694 2357261 0 0 2357261 3210276 1807570 1402706 0 0 1402706 0 7314759 1692734 104424 3936397 355916 153138 132414 70364 2041023 1421599 553711 65713 90393 43575 46818 0 204364 104631 99733 0 6084 1425 4659 0 35029 0 35029 0 29322 6247 23075 0 92712 92712 0 0 405921 351613 34802 19506 70141 70141 0 0 407606 407606 0 0 76551 50951 25600 0 284019 0 284019 0 849030 645822 203208 0 66354 66354 0 0 Special Events 290286 290286 0 0 Library and Archives 74059 74059 0 0 Fees and Licenses 159152 708 158444 0 Selling Expenses 182091 182091 0 0 141109 91479 18727 30903 5861162 4054437 1620239 186486 3527996 4337715 7997 19410 415237 449582 136928 143010 27285949 7571271 20293022 19714678 2974433 3560961 432299 705696 27787912 28931052 482720 995124 184097 183755 8512162 7671757 556586 574472 9735565 9425108 X 15801304 16970476 251043 2535468 2000000 0 18052347 19505944 27787912 28931052 1453597 0 X 0 1 1 X 0 X 1355959 1307818 1446753 1197532 1487349 6795411 5089496 4074606 4623364 4698308 4903010 23388784 78647 77531 122896 47647 87108 413829 6524102 5459955 6193013 5943487 6477467 30598024 30598024 234793 159859 98520 279049 226340 998561 47490 29727 64108 104424 245749 234793 207349 128247 343157 330764 1244310 6758895 5667304 6321260 6286644 6808231 31842334 0.96092 0.97039 0.03908 0.02961 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 0 X X X 0 0 4301884 4301884 0 17623668 7571271 10052397 0 3112716 0 3112716 0 2195681 0 2195681 0 52000 0 52000 19714678 Accrued Interest Payable 22708 Interest Rate Swap Agreements 551764 574472 7314759 5861162 1453597 0 0 0 0 0 0 1453597 11908933 0 0 0 4594174 4594174 7314759 0 0 0 7314759 10455336 0 0 0 4594174 4594174 5861162 0 0 0 5861162 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 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. 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_P12_S00_L02d Schedule D, Part XII, Line 2d $1,807,570 in cost of goods sold was netted against gross sales of inventory. $2,736,694 in direct gaming expenses was netted against gross income from gaming activities. $49,910 in rental expenses was netted against gross rents. SchD_P13_S00_L02d Schedule D, Part XIII, Line 2d $1,804,570 in cost of goods sold was netted against gross sales of inventory. $2,736,694 in direct gaming expenses was netted against gross income from gaming activities. $49,910 in rental expenses was netted against gross rents. 5093955 307500 2274427 154767 1 0.9 5093955 307500 2274427 0 154767 2736694 2357261 KY 1 0 1 0 1 0 Christy Thomas 350 Corvette Dr Bowling Green KY 42101 0 Christy Thomas 124102 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 153171 0 37377 0 41266 0 0 0 20564 0 252378 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. County of Edmonson KY Industrial Building Revenue 610898669 281144AA3 2004-02-01 5190000 Refunding and refinancing 0 0 0 County of Edmonson KY Industrial Building Revenue 610898869 2008-08-15 7500000 Construct and equip building 0 0 0 0 0 1 1 1 0 0 0 1 1 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 DDS Engineering Owned by Dennis Smith, former board member 73950 Surveying and engineering services for future expansion 0 X 1 0 See Part II X 4 0 See Part II 0 1 0 SchM_P01_S00_L33 Schedule M, Part I, Line 33 Only $2193 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 revenue 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.