INTERNATIONAL BLUEGRASS MUSIC MUSEUM

EIN: 611229037 501(c)(3) Arts, Culture & Humanities

OWENSBORO, KY

Total Revenue
$3,463,092
Total Expenses
$3,731,392
Total Assets
$9,246,137
Net Assets
$8,967,082
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Financial Vulnerability Assessment (Tuckman-Chang)

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Financial Trends

Organization Details

Formation Year
1990
Legal Domicile
KY
Principal Officer
Adam Engelhardt
Phone
2709267891
Tax Period
2024-01-01 to 2024-12-31

INTERNATIONAL BLUEGRASS MUSIC MUSEUM, founded in 1990, is a community nonprofit in the Arts, Culture & Humanities sector that reported $3.5M in total revenue in fiscal year 2024. Net assets of $9.0M represent 31 months of operating reserves.

Mission

To provide museum tours to the general public which allows visitors to view Bluegrass memorbilia; 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; and to enhance the image of Bluegrass music and spur its growth.

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Trantor Score

Financial Health Score (300–850) · Liquidity · Solvency · Sustainability · Efficiency

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Liquidity (40%) • Solvency (30%) • Sustainability (20%) • Efficiency (10%)

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Financial Overview (2024)

Revenue Breakdown

Contributions & Grants $954,733
Program Service Revenue $1,179,573
Investment Income $36,904
Other Revenue $1,291,882
TOTAL REVENUE $3,463,092

Expense Breakdown

Grants Paid $0
Salaries & Benefits $714,011
Fundraising Expenses $23,236
Program Expenses $3,364,404
Other Expenses $3,017,381
TOTAL EXPENSES $3,731,392

Year-over-Year Comparison

2024 2023 Change
Revenue $3,463,092 N/A N/A
Expenses $3,731,392 N/A N/A
Net Income $-268,300 $0 N/A
Key Indicators
✗ Grants to Organizations ✗ Grants to Individuals ✗ Lobbying ✗ Political Activity ✗ Foreign Activities ✗ Donor Advised Fund ✓ Schedule B Required
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Financial Health Indicators

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Liquidity & Cash Position

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Governance

Voting Members
16
Independent Members
16
Employees
22
Volunteers
N/A

Governance Policies

✗ Conflict of Interest Policy
✗ Whistleblower Policy
✗ Document Retention Policy

Special Practices & Reported Activities

✗ Operated a School
✗ Operated a Hospital
✗ Provided First Class Travel
✗ Reported Conflict of Interest
✗ Reported Asset Diversion
✗ Excess Benefit Transaction
✗ Made Political Expenditures
✗ Engaged in Lobbying
✗ Operated Donor Advised Fund
✓ Maintained Art Collections
✗ Filed Form 720

Compensation of Officers, Directors & Key Employees

Total Officers
16
$0
Total Directors
16
$0
Key Employees
0
$0
Highest Compensated
0
reported
Name Title Hours/Week Role Reportable Comp Other Comp Total
Phil Clark Former Chair / Asst Treasurer 0.00
Officer Director
$0 $0 $0
Terry Woodward Treasurer 0.00
Officer Director
$0 $0 $0
Ross Leazenby Trustee Emeritus 0.00
Officer Director
$0 $0 $0
Tom Watson Trustee 0.00
Officer Director
$0 $0 $0
Ben Clark Trustee 0.00
Officer Director
$0 $0 $0
Candy Englebert Vice Chair 0.00
Officer Director
$0 $0 $0
Jen Larson Trustee 0.00
Officer Director
$0 $0 $0
Kyle Cantrell Chair 0.00
Officer Director
$0 $0 $0
Jon Lawson Trustee 0.00
Officer Director
$0 $0 $0
Ronnie Reno Trustee 0.00
Officer Director
$0 $0 $0
Kathryn Raymer Secretary 0.00
Officer Director
$0 $0 $0
Buzz Backstrom Trustee 0.00
Officer Director
$0 $0 $0
Jana Mougin Trustee 0.00
Officer Director
$0 $0 $0
Ken White Trustee 0.00
Officer Director
$0 $0 $0
Dudley Connell Trustee 0.00
Officer Director
$0 $0 $0
Emily Woosley Trustee 0.00
Officer Director
$0 $0 $0
Note: Compensation data is self-reported by the organization on their Form 990. "Reportable Comp" includes salary, bonuses, and other reportable compensation from the organization and related organizations. "Other Comp" includes benefits, deferred compensation, and non-taxable benefits.

Historical Data

Year Revenue Expenses Assets Net Income
2024 $3,463,092 $3,731,392 $9,246,137 $-268,300
2023 $3,222,960 $3,306,171 $9,596,807 $-83,211
2022 $3,031,121 $3,306,122 $3,010,692 $-275,001
2021 $2,312,772 $1,838,971 $2,977,508 $473,801
2020 $288,014 $339,628 $2,676,462 $-51,614
2019 $1,605,712 $2,039,324 $3,106,416 $-433,612
2018 $1,936,189 $1,382,657 $3,892,343 $553,532
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