During the National Corvette Museum’s 2018 Michelin NCM Bash, the board members held a membership meeting to bring us up to date on the finances as well as the latest plans in the works.
The thirteen board members introduced themselves as did the NCM’s Executive Director Wendell Strode who delivered his report to those in attendance.
The first item that Wendell brought up was the discussion of a building addition that would offer additional office and exhibit space. The planning process is being led by NCM Facilities Manager Bob Hellmann which will take a year. Wendell estimates by next year architectural drawings of the planned addition will be shown to members. The museum is working with the same construction management firm that built the previous addition and construction would most likely start in 2021.
At the Motorsports Park, the first long-term rental garage is 80% leased and another garage building is undergoing construction. Wendell says they have the infrastructure to build six of those long-term garages based on demand.
The Karting facility will purchase 6 junior carts and a 2-seater cart to be more family-friendly.
The NCM has an option to purchase 205 acres next to the Motorsports Park and that option expires at the end of this year. The owners were not going to renew the option at the existing price, so the NCM board will exercise that option to purchase the land this year. Along with another parcel that was purchased recently, the Motorsports Park Complex will total roughly 425 acres.
For the 10.5 acres in front of the track that they’re calling the Motorsports Business Park, Wendell announced a new 30,000+ sq ft building. The board approved working with the local chamber of commerce and the local economic development authority who will build the building and handle the tenant recruiting and leasing/management of the new facility. Additional buildings could be built on that parcel depending on demand.
Wendell also mentioned the possibility of condos at the track, which he called “Autominiums”
And finally, the NCM is planning for the 25th Anniversary which includes the 6th national Corvette caravan.
The NCM’s Curator Derek Moore talked about the collections and exhibits at the Museum. The next exhibit at the NCM is called Chevrolet Racing: Louis to Le Mans and will feature the 1910 Buick Bug that Louis Chevrolet drove. Some of the Corvette Race cars that won Le Man will also be on display.
Two of the exhibit galleries in the museum will be renovated this year. The Performance area will be enhanced and updated and then work will progress to the Gateway exhibit area in the fall and winter.
Derek is creating a wish list of Corvettes wanted for the collection as well as auditing the collection’s artifacts which totals 81 vehicles and nearly 1,000 other items.
The board has also approved the building of a 12,000 sq ft warehouse on the NCM grounds that will be dedicated to collection storage for vehicles and artifacts housed by the NCM.
Chief Financial Officer Christy Thomas gave the financial outlook for the museum and it appears that we are on a solid financial footing. Total attendance in 2017 was 228,744 and that was a slight increase over 2016 figures.
Top revenue sources for the NCM were $4 million in sales from the Corvette Store, $1.7 million in admissions, $1.1 million in membership and brick sales, $4.7 million in raffle tickets, and just over $1 million in gifts and donations. Revenue for 2017 was $17 million while expenses totaled $14.7 million leaving a bottom line of $2.4 million.
Attendance at the NCM Motorsports Park in 2017 was 60,840 which includes racers and spectators who came to watch. Top revenue for the Park was $387,000 in sponsorship revenue and $900,000 in track rental, driving programs, and HPDEs. Total Revenue was $1.8 million while total expenses were $1.7 million with a bottom line profit of $121,000. However the NCM provides a lease and a number of administrative services to the Motorsports Park and after those expenses which total $1.8 million, the Motorsports Park is negative $1.7 million for the year.
Click here to download the 2017 NCM Financial Report.
Following the financials, a question and answer session was conducted and great details were provided on some of the recent board decisions.
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