International Bluegrass Music Museum Inc
- Assets
- $3.0m
- Revenue
- $2.3m
- Investments
- $0.0
- Employees
- 33
- Location
- Owensboro, KY
- Founding
- 03/1994
- Data as of
- 12/2021
- EIN
- 61-1229037
Organization Overview
International Bluegrass Music Museum Inc is located in Owensboro, KY. The organization was established in 1994. According to its NTEE Classification (A50) the organization is classified as: Museums, under the broad grouping of Arts, Culture & Humanities and related organizations. As of 12/2021, International Bluegrass Music Museum Inc employed 33 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. International Bluegrass Music Museum Inc is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
For the year ending 12/2021, International Bluegrass Music Museum Inc generated $2.3m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 9.3% each year. All expenses for the organization totaled $1.8m during the year ending 12/2021. You can explore the organizations financials more deeply in the financial statements section below.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2021
Describe the Organization's Mission:
Part 3 - Line 1
TO PROVIDE MUSEUM TOURS TO THE GENERAL PUBLIC WHICH ALLOWS VISITORS TO VIEW BLUEGRASS MEMORABILIA, TO EDUCATE THE PUBLIC ON THE HISTORY OF BLUEGRASS MUSIC, TO PROVIDE MUSIC PROGRAMS TO EDUCATE AND ENTERTAIN, TO BUILD NEW AUDIENCES FOR BLUEGRASS MUSIC, TO ENHANCE THE IMAGE OF BLUEGRASS MUSIC AND SPUR ITS GROWTH.
Describe the Organization's Program Activity:
Part 3 - Line 4a
RIVER OF MUSIC PARTY (ROMP): THIS IS AN ANNUAL FESTIVAL WITH HIGH-LEVEL INTERNATIONAL ACTS. WE PROVIDE FREE TICKETS TO INDIGENT FAMILIES, HOSPICE PATIENTS, RESIDENTS OF NURSING HOMES AND ASSISTED LIVING FACILITIES, AND STUDENTS OF ALL AGES WHO PERFORMED ON THE MAIN STAGE AT ROMP.
VARIOUS EXPENSES
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Scott Jagoe Trustee | OfficerTrustee | 5 | $0 |
Paul Schiminger Ex-Officio | OfficerTrustee | 5 | $0 |
Chris Love Vice Chair | OfficerTrustee | 5 | $0 |
Terry Woodward Executive Co | OfficerTrustee | 5 | $0 |
Sherrill Blackman Trustee | OfficerTrustee | 5 | $0 |
Kitsy Kuykendall Trustee Emer | OfficerTrustee | 5 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $7,540 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $818,940 |
| All other contributions, gifts, grants, and similar amounts not included above | $0 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $826,480 |
| Total Program Service Revenue | $1,102,211 |
| Investment income | $115,443 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $115,188 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $2,312,772 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $395,088 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $9,792 |
| Payroll taxes | $33,655 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $16,466 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $77,170 |
| Office expenses | $18,691 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $29,873 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $8,744 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $49,375 |
| Insurance | $35,177 |
| All other expenses | $347,871 |
| Total functional expenses | $1,838,971 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,107,207 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $26,933 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $597,865 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $1,245,503 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $2,977,508 |
| Accounts payable and accrued expenses | $767,220 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $767,220 |
| Net assets without donor restrictions | $289,003 |
| Net assets with donor restrictions | $1,921,285 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $0 |
| Total liabilities and net assets/fund balances | $2,977,508 |
Grants Recieved
Over the last fiscal year, we have identified 2 grants that International Bluegrass Music Museum Inc has recieved totaling $34,000.
| Awarding Organization | Amount |
|---|---|
Owensboro Health Regional Hospital Owensboro, KY PURPOSE: COMMUNITY SUPPORT | $19,000 |
Aarp Washington, DC PURPOSE: Grant to support AARP's Livable Communities initiative | $15,000 |
Endowment Analysis
| Beg. Balance | $1,001,268 |
| Earnings | $10,163 |
| Admin Expense | $11,028 |
| Net Contributions | $18,568 |
| Other Expense | $35,792 |
| Ending Balance | $983,179 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Johnny Morris Wonders Of Wildlife Foundation Springfield, MO | $84,645,334 | $34,583,902 |
Adler Planetarium Chicago, IL | $62,060,707 | $24,242,958 |
National Corvette Museum Foundation Inc Bowling Green, KY | $80,229,990 | $15,403,313 |
Mariners Museum Newport News, VA | $159,780,245 | $10,021,200 |
Eiteljorg Museum Of American Indians And Western Art Inc Indianapolis, IN | $95,582,001 | $21,664,008 |
Tennessee Golf Foundation Franklin, TN | $24,594,928 | $7,116,069 |
Discovery Park Of America Inc Union City, TN | $88,157,973 | $11,219,580 |
Kentucky Derby Museum Corporation Louisville, KY | $35,033,343 | $10,633,125 |
Tennessee State Museum Foundation Nashville, TN | $6,574,867 | $116,981 |
Adventure Science Center Nashville Nashville, TN | $22,045,170 | $10,457,321 |
Margaret Woodbury Strong Museum Charitable Trust Chicago, IL | $73,980,694 | $7,829,381 |
Tennessee Valley Railroad Museum Inc Chattanooga, TN | $14,724,108 | $5,452,372 |