Museum Of American Speed

The Museum of American Speed is an IRS-designated operating foundation (foundation code 03), meaning its charitable mission is fulfilled through direct programmatic activity — operating a 250,000-square-foot racing history museum in Lincoln, Nebraska — rather than making grants to outside organizations. This distinction is critical: prospective partners who approach this institution with a conventional grant application letter will find no formal process waiting for them.

The foundation is wholly controlled by the Smith family, which founded Speedway Motors in 1952. Clay F. Smith serves as President and Treasurer; Carson W. Smith, Craig A. Smith, and Jason D. Smith hold Vice President roles (Jason also serving as Secretary). All four officers receive $0 compensation — a hallmark of a deeply family-philanthropic structure rather than a professionally staffed foundation with program officers. This concentration means that relationship-building with Smith family members is not merely advisable; it is the only viable pathway.

The institution's philanthropic philosophy is rooted in preserving and celebrating American motorsport heritage for future generations. The museum's 2021–2024 expansion campaign illustrates how the Smiths structure major partnerships: the brothers personally matched all contributions, and major donors (Herzog Motorsports, LeRoy Beyers) received dedicated gallery naming rights — a clear signal that significant contributors gain lasting institutional identity, not just acknowledgment.

First-time partners should not arrive seeking a grant check. The appropriate entry points are: donating or loaning significant automotive artifacts that fill identified collection gaps; sponsoring specific programs (Cars & Coffee series, Wheel Hub Live educational programming, school field trips); proposing research or archival collaborations in racing history; or hosting events that advance community visibility while generating operating revenue. The foundation received $3.13 million in contributions in FY2023, confirming robust donor activity — but those funds flow inward to support museum operations, not outward to grantees.

Organizations working in automotive education, youth STEM programming, vocational training with a motorsport connection, or museum studies will find the most receptive audience. Alignment language should emphasize preservation of American racing heritage, hands-on youth engagement, and the specific collections the museum has recently acquired or expanded (Land Speed, NASCAR, IndyCar).

The Museum of American Speed's financial profile reveals a well-capitalized operating foundation that has grown dramatically over thirteen years. Total assets rose from $15.4 million in 2011 to $54.9 million in 2023 — a 257% increase — with the most recent IRS data placing assets at approximately $63.8 million, reflecting continued post-expansion appreciation. This trajectory reflects both Smith family capital infusions and strong contributed revenue tied to the Speedway Motors enterprise.

Annual program expenditures (labeled 'total giving' in IRS filings) represent direct museum operations, not external grants. These figures have grown steadily: $516,356 in 2012, $645,242 in 2013, $830,868 in 2015, $1,024,424 in 2020, $1,397,814 in 2021, $1,804,486 in 2022, and $1,873,639 in 2023. The 3.6x program spending increase over eleven years mirrors the expansion of the physical facility and collection scope. The 2023 IRS filing attributes $833,217 specifically to 'developing museum exhibits on race car engines,' with the balance covering educational programming and community events.

External grants paid to third parties are negligible and should not be confused with the program expense figures: $1,700 in 2019, $100 in 2020, $1,000 in 2021, and $0 in both 2022 and 2023. These sporadic small disbursements likely reflect occasional minor charitable contributions, not a competitive grantmaking program of any kind.

Revenue is heavily contribution-dependent. In FY2023, $3.13 million of $3.34 million total revenue (93.8%) came from contributions. Investment income contributed a modest $199,915. The peak contribution year was 2021 ($5.45 million) and 2022 ($4.46 million), both coinciding with the active phase of the $10 million expansion capital campaign. Post-expansion 2023 revenue has normalized to a contribution-driven operating baseline. All officers receive $0 compensation, meaning 100% of contributed revenue reaches programmatic use. Geographic focus is exclusively Lincoln, Nebraska — there is no evidence of regional or national grantmaking.

The Museum of American Speed occupies a distinctive niche among American automotive museum operating foundations — large enough to attract national recognition and significant capital, yet tightly family-controlled rather than governed by a diverse independent board of trustees. All peers listed below operate as operating foundations with program-service expenditures rather than external grantmaking.

Note: Peer figures marked 'est.' are approximations from publicly available sources; the Museum of American Speed figures are drawn from verified IRS Form 990 filings.

What differentiates the Museum of American Speed from peers is its extraordinary asset growth (+257% from 2011 to 2023), its Speedway Motors corporate connection providing in-kind and capital support, and its sole focus on speed and racing rather than broad automotive themes. The Newsweek 2025 Fans Choice recognition as Best Motor Racing Museum places it above the NHRA Motorsports Museum in national profile and positions it as the dominant specialized racing museum outside Indianapolis.

The museum's 2024–2025 period has been its most active in institutional history. The centerpiece development was completion of the $10 million, 90,000-square-foot expansion at 599 Oakcreek Drive, Lincoln — bringing total exhibit space to over 250,000 square feet across three levels. The Unser and Herzog galleries, funded in part by named gifts from Herzog Motorsports and LeRoy Beyers, held their official ribbon-cutting ceremony on April 25, 2025, adding dedicated displays for NASCAR, off-road racing, land speed records, drag racing, custom show cars, and interactive exhibits for Pikes Peak, Sam Hanks, and Parnelli Jones.

In August 2025, the museum won Newsweek's Fans Choice designation as the Best Motor Racing Museum in the United States, selected among 16 automotive museums by editors and public vote over 28 days. Curator Tim Matthews publicly credited the museum's network of 'donors, collectors, racers, and hot rodders' as the foundation of its competitive edge.

A landmark 2025 acquisition: Craig Breedlove's Spirit of America — first to break the 400-mph barrier (1963) and 500-mph barrier (1964) — was restored by the museum's in-house crew and now anchors the Land Speed Gallery. The 2025 Cars & Coffee season launched June 28 at 340 Victory Lane, Lincoln, with five monthly events running through October.

Leadership remains stable under Clay F. Smith (President/Treasurer), with no reported transitions. Assets grew from $46.0 million (FY2022) to $54.9 million (FY2023), a 19.3% year-over-year increase reflecting expansion completion and strong contributed revenue.

Because the Museum of American Speed conducts no external grantmaking program, prospective partners must approach this institution through relationship channels rather than formal application pipelines. There is no grants portal, no published deadline, and no review committee — and submitting a cold grant proposal will find no process to receive it.

Reframe your ask before reaching out. Determine which engagement pathway fits your organization: artifact donation or loan (contact Curator Tim Matthews), named program or gallery sponsorship (contact Clay F. Smith, President/Treasurer), educational partnership (propose to curatorial and programming staff), or event sponsorship through the Cars & Coffee series. Each requires a distinct conversation.

Lead with institutional knowledge. Before any outreach, study the museum's specific recent acquisitions — the Spirit of America restoration, the Unser Racing Collection, the Herzog gallery — and frame your proposal around gaps those additions create or deepen. Saying 'we noticed the new Land Speed gallery and believe our collection of early Bonneville memorabilia complements it' is vastly more effective than a generic partnership pitch.

Optimal timing: Initiate contact in March–May, ahead of the museum's spring season launch and Cars & Coffee kickoff. The expansion campaign concluded in 2024, meaning leadership is now more receptive to program sponsorships and acquisition opportunities than capital asks.

Naming rights are the primary incentive for major gifts. The Herzog Motorsports Gallery and the planned Unser Collection demonstrate that $250,000+ contributions receive permanent naming recognition. Proposals at this level should be framed around institutional legacy, not program outcomes.

For educational collaborations, emphasize quantifiable youth impact: number of students served, curriculum standards alignment, and geographic reach beyond Lincoln. The museum's Wheel Hub Live program and school field trip infrastructure are active entry points for K-12 education nonprofits and STEM organizations.

Avoid: generic grant letter formats, requests for unrestricted operating support, and approaches that do not reference the museum's specific collection or programming. All decisions flow through Smith family leadership — the personal relationship is the application.