Civic Intelligence

Indianapolis Motor Speedway Foundation Inc.

990 • Fiscal year 2017 • EIN 35-6013771

Jan 01, 2017 to Dec 31, 2017 • Filed on Nov 15, 2018

4790 West 16th StreetIndianapolis, IN 46222

(317) 492-6724

Siviq Scores

Precomputed percentiles for this filing year versus similar nonprofits in the same peer cohort.

Liabilities / Assets

30th percentile

0.04x

Higher debt load relative to assets than 30% of similar nonprofits.

2017 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2017

Liabilities / Revenue

23rd percentile

0.05x

Higher debt load relative to revenue than 23% of similar nonprofits.

2017 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2017

Net Margin

88th percentile

40%

Higher net margin than 88% of similar nonprofits.

2017 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2017

Top Officer Pay

31st percentile

$80,000

Higher top officer pay than 31% of similar nonprofits.

Top officer pay equals 1.9% of source-year revenue.

2017 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2017

Asset Growth

90th percentile

40%

Faster asset growth than 90% of similar nonprofits.

2017 filings • 501(c)3 • $5M-$10M nonprofits • Annualized from 2016 to 2017

Revenue Growth

22nd percentile

-6.6%

Faster revenue growth than 22% of similar nonprofits.

2017 filings • 501(c)3 • $5M-$10M nonprofits • Annualized from 2016 to 2017

Assets

Up

$5,036,813

Up $1,439,442 (+40%) from 2016

Net Assets

Up

$4,823,814

Up $1,442,786 (+43%) from 2016

Liabilities

Down

$212,999

Down $3,344 (-1.5%) from 2016

Revenue

Down

$4,166,776

Down $295,060 (-6.6%) from 2016

Expenses

Up

$2,520,289

Up $135,140 (+5.7%) from 2016

Net Income

Down

$1,646,487

Down $430,200 (-21%) from 2016

Historical Trend

Balance Sheet Trend

The highlighted filing sits inside the broader history for assets, liabilities, and net assets.

$100M$50M$0Assets 2012: $2,167,172Liabilities 2012: $119,636Net Assets 2012: $2,047,5362012Assets 2013: $2,333,190Liabilities 2013: $348,918Net Assets 2013: $1,984,2722013Assets 2014: $2,296,870Liabilities 2014: $661,698Net Assets 2014: $1,635,1722014Assets 2015: $2,278,014Liabilities 2015: $137,513Net Assets 2015: $2,140,5012015Assets 2016: $3,597,371Liabilities 2016: $216,343Net Assets 2016: $3,381,0282016Assets 2017: $5,036,813Liabilities 2017: $212,999Net Assets 2017: $4,823,8142017Assets 2018: $4,318,788Liabilities 2018: $190,598Net Assets 2018: $4,128,1902018Assets 2019: $6,460,472Liabilities 2019: $247,113Net Assets 2019: $6,213,3592019Assets 2020: $7,132,784Liabilities 2020: $232,918Net Assets 2020: $6,899,8662020Assets 2021: $10,260,560Liabilities 2021: $169,231Net Assets 2021: $10,091,3292021Assets 2022: $27,846,137Liabilities 2022: $385,269Net Assets 2022: $27,460,8682022Assets 2023: $65,144,724Liabilities 2023: $1,447,104Net Assets 2023: $63,697,6202023Assets 2024: $80,317,277Liabilities 2024: $13,169,431Net Assets 2024: $67,147,8462024

Highlighted filing

2017

Assets$5,036,813
Liabilities$212,999
Net Assets$4,823,814

Operations Trend

Revenue, expenses, and net income across loaded years, with this filing highlighted.

$60M$40M$20M$0-$20MExpenses 2012: $1,268,0262012Revenue 2013: $2,051,410Expenses 2013: $1,616,849Net Income 2013: $434,5612013Revenue 2014: $1,563,776Expenses 2014: $1,819,344Net Income 2014: -$255,5682014Revenue 2015: $2,463,622Expenses 2015: $1,761,359Net Income 2015: $702,2632015Revenue 2016: $4,461,836Expenses 2016: $2,385,149Net Income 2016: $2,076,6872016Revenue 2017: $4,166,776Expenses 2017: $2,520,289Net Income 2017: $1,646,4872017Revenue 2018: $2,912,398Expenses 2018: $3,003,921Net Income 2018: -$91,5232018Revenue 2019: $5,192,899Expenses 2019: $4,314,592Net Income 2019: $878,3072019Revenue 2020: $4,708,335Expenses 2020: $3,509,095Net Income 2020: $1,199,2402020Revenue 2021: $5,744,241Expenses 2021: $4,120,757Net Income 2021: $1,623,4842021Revenue 2022: $16,312,669Expenses 2022: $5,445,718Net Income 2022: $10,866,9512022Revenue 2023: $42,558,276Expenses 2023: $6,556,260Net Income 2023: $36,002,0162023Revenue 2024: $8,450,024Expenses 2024: $5,313,201Net Income 2024: $3,136,8232024

Highlighted filing

2017

Revenue$4,166,776
Expenses$2,520,289
Net Income$1,646,487
Jump To
Filing Snapshot
Filing Period
Jan 1, 2017 to Dec 31, 2017
Signed
Nov 15, 2018
Return Version
2017v2.3
Gross Receipts
$4,394,386
Mission and Program Overview

Mission

The indianapolis motor speedway foundation celebrates more than a century of the innovation, thrill, and adventure of motor racing at the indianapolis motor speedway.

Balance Sheet Detail
LineBeginningEndChange
Assets
Investments in Publicly Traded Securities$1,654,634$2,411,186▲ $756,552
Cash and Non-Interest-Bearing Accounts$668,195$1,212,285▲ $544,090
Savings and Temporary Cash Investments$464,988$690,823▲ $225,835
Land, Buildings, and Equipment, Net$299,474$440,952▲ $141,478
Pledges and Grants Receivable$415,000$211,598▼ $203,402
Prepaid Expenses and Deferred Charges$57,621$59,595▲ $1,974
Accounts Receivable$37,459$10,374▼ $27,085
Other Notes and Loans Receivable, Net$0$0→ $0
Receivable From Disqualified Prsn$0$0→ $0
Receivables From Officers Etc$0$0→ $0
Investments Other Securities$0$0→ $0
Investments Program Related$0$0→ $0
Intangible Assets$0$0→ $0
Inventories for Sale or Use$0$0→ $0
Loans From Officers Directors$0$0→ $0
Total Assets$3,597,371$5,036,813▲ $1,439,442
Other Assets Total$0$0→ $0
Liabilities
Accounts Payable and Accrued Expenses$216,343$212,999▼ $3,344
Grants Payable$0$0→ $0
Mortgage Notes Payable Secured by Investment Property$0$0→ $0
Unsecured Notes Loans Payable$0$0→ $0
Other Liabilities$0$0→ $0
Deferred Revenue$0$0→ $0
Escrow Account Liability$0$0→ $0
Tax Exempt Bond Liabilities$0$0→ $0
Total Liabilities$216,343$212,999▼ $3,344
Net Assets / Fund Balance
Unrestricted Net Assets$2,668,528$3,866,276▲ $1,197,748
Temporarily Rstr Net Assets$712,500$957,538▲ $245,038
Permanently Rstr Net Assets$0$0→ $0
Total Net Assets Fund Balance$3,381,028$4,823,814▲ $1,442,786
Total Liabilities and Net Assets / Fund Balance$3,597,371$5,036,813▲ $1,439,442

Asset Categories

AssetBook ValueDepreciationBasis
Leasehold Improvements$256,207$181,029$437,236
Equipment$184,745$222,664$407,409

Endowment Activity

PeriodBeginningContrib.Gain/LossOther UsesEnd
2017$0$301,000▲ $6,935-$307,443
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseTotal
Betsy SmithExecutive DirectorFT$80,000$80,000

Board Members and Trustees

NameTitle
Anton H GeorgeBoard Member and President
A Dano DavisBoard Member
Fred J NationBoard Member
Gene PerkinsBoard Member
Kirk HendrixBoard Member
Robert R DysonBoard Member
Jeffrey B SmithBoard Member and Secretary
Howard L ShearonBoard Member and Treasurer

Highest Paid Contractors

ContractorServicesLocationCompensation
Indianapolis Motor Speedway LLCProf & Managerial4790 WEST 16TH STREET, Indianapolis, IN 46222$1,581,775
Revenue and Support

Revenue Composition

Contributions and Grants
$1,383,908
Program Service Revenue
$1,902,296
Investment Income
$816,374
Other Revenue
$64,198
All Other Contributions
$1,330,578
Change in Net Assets
$1,646,487

Noncash Contribution Practices

Property subject to holding requirements
No
Reviewed unusual noncash gifts
Yes
Third parties used for noncash contributions
Yes

Noncash Contributions

Contribution TypeContribution CountReported AmountValuation Method
Collectibles6$287,280Appraisal
Works of Art1$48,000Appraisal
Total Noncash Contributions7$335,280-

Audited Revenue Reconciliation

Revenue per Audited Statements
$3,814,351
Revenue Not Reported on Financial Statements
$352,425
Revenue Not Reported on Form 990
$217,549
Other Revenue Adjustments
$335,280
Total Revenue per Audited Statements
$4,031,900
Total Revenue per Form 990
$4,166,776
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$1,416,653
Other Expenses$1,103,636
Total Fundraising Expense$242,200
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$784,372$135,306$116,004$1,035,682
Fees for Services Other$197,057$46,495$57,435$300,987
Office Expenses$131,288$21,475$22,755$175,518
Other Employee Benefits$110,054$31,444$15,722$157,220
Advertising$63,654$15,000$13,131$91,785
Payroll Taxes$64,036$18,296$9,148$91,480
Current Officers, Directors, Trustees, and Key Employees$52,376$27,624-$80,000
Depreciation Depletion-$75,648-$75,648
Insurance$935$66,462-$67,397
Occupancy$63,704$2,936-$66,640
Fees for Service Investment Mgmnt Fees-$53,000-$53,000
Pension Plan Contributions$34,211$13,173$4,887$52,271
Travel$46,941$2,621$257$49,819
Fees for Services Accounting-$37,050-$37,050
Other Expenses$12,507$11,813$2,861$27,181
Total Functional Expenses$1,719,334$558,755$242,200$2,520,289

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Audited Statements$2,589,114
Total Expenses per Form 990$2,520,289
Expenses per Audited Statements$2,503,144
Expenses Not Reported on Form 990$85,970
Expenses Not Reported on Financial Statements$17,145
Fundraising, Events, and Gaming
Fundraising activities
Yes
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Fundraising Gross Income$120,300
Fundraising Direct Expenses$66,004
Gaming Direct Expenses$0
Gaming Gross Income$0
Professional Fundraising Fees$0

Fundraising Events

EventGross ReceiptsGross RevenueDirect ExpensesNet Income
Hof Banquet$173,630$120,300$4,327$115,973
Total Events$173,630$120,300$66,004$54,296
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
No
Subject to proxy tax
No
Insider Transactions and Loans

Interested-Person Transactions

Interested PartyRelationshipDescriptionShared RevenueAmount
Indianapolis Motor Speedway LLCOfficer Is a ShareholderShared Service AgreementNo$1,581,775
First Financial BankOfficer Is a Board MemberInvestment Income and FeesNo$91,626

Loans and Receivables

Line ItemBeginningEndChange
Loans from Officers, Directors, Trustees, and Key Employees$0$0→ $0
Receivables from Disqualified Persons$0$0→ $0
Receivables from Officers, Directors, Trustees, and Key Employees$0$0→ $0
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
Yes
Business relationship with family members
No
Business relationship with organization members
Yes
Material changes to governing documents
No
Compensation from other sources disclosed
No
CEO compensation reviewed
Yes
Other officer compensation reviewed
No
Conflict-of-interest policy
Yes
Audited financial statements prepared
No
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

Form 990, Part VI, Section B, Line 11B

Process to review form 990: 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 all results are formally presented to the board along with management remarks. The board treasurer signs the return prior to filing.

Form 990, Part VI, Section B, 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, Section B, Line 15A

Process for determining officer compensation: the president and secretary review and the board approves the compensation for the executive director. January 2018 was most recent performance review of executive director. The board treasurer, howard shearon, conducted the most recent performance review.

Form 990, Part VI, Section C, Line 19

Availability of governing documents, coi policy, & financial statements: the organizations's governing documents, conlfict of interest policy, and financial statements are available to the public upon request.

Filing and Contact Details

Filer

Filer Name
Indianapolis Motor Speedway Foundation Inc
EIN
35-6013771
In Care Of
% HOWARD L SHEARON
Phone
3174926724
Address
4790 WEST 16TH STREET, INDIANAPOLIS, IN 46222

Signing Officer

Name
Howard L Shearon
Title
Treasurer
Phone
3174818500
Signed
2018-11-15
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Howard L Shearon
Formed
1957
Legal Domicile
In
Voting Board Members
7
Independent Board Members
5
Employees
72
Volunteers
7

Preparer

Firm
Bkd Llp
Address
201 N Illinois Street, Indianapolis, IN 46204
Preparer
Nicole B Fishback
Phone
3173834000
Supplemental Narrative

Additional Explanations

Form 990, Part V, Question 2A

Number of employees reported on form w-3: the indianapolis motor speedway foundation selects prospective employees, which the indianapolis motor speedway llc then hires to work for the indianapolis motor speedway foundation under the shared services agreement. The indianapolis motor speedway foundation reimburses ims, llc for the employees' salaries and benefits.

Form 990, Part XI, Line 9

Other changes in net assets or fund balance: collection items donated, but not capitalized $ 335,280

Form 990 Part IX Line 11G

Description:consulting fees total fees:45172

Form 990 Part IX Line 11G

Description:other professional fees total fees:255815

Financial Statement Notes

Schedule D, Part III, Line 4

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. Museum collections are expensed when purchased or donated.

Schedule D, Part III, Line 4

Description of the organization's collections: museum collections consist primarily of antique automobiles, race cars, donated pace cars and other racing memorabilia. Most of the foundation's automobile collection is comprised of "winning race carsantique 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 the 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 X

Fin 48 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 XI, Line 2D

Reconciliation of revenue: costs of goods sold $ 19,966 fundraising expenses $ 66,004

Schedule D, Part XI, Line 4B

Reconciliation of revenue: collection items donated, but not capitalized $ 335,280

Schedule D, Part XII, Line 2D

Reconciliation of expenses: costs of goods sold $ 19,966 fundraising expenses $ 66,004

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