500 Festival brings key elements to the Month of May
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As a subscriber you can listen to articles at work, in the car, or while you work out. Subscribe NowAs the Indianapolis Motor Speedway prepares for the 107th running of the Indianapolis 500, final preparations are also underway for Saturday’s 500 Festival Parade in downtown Indianapolis, the third-largest parade in the country. The parade is one of numerous events put on by the 500 Festival, which was formed in 1957 and is the oldest organization of its kind in the U.S.
CEO Bob Bryant says the economic impact of the not-for-profit has been enormous, to the tune of $500 million into the local economy since its inception.
Bryant told Around INdiana Reporter Mary-Rachel Redman the idea for the 500 Festival is actually rooted in another iconic race.
“A group of community leaders had an idea and they took a trip down to Louisville, Kentucky before the Kentucky Derby, and they had developed the Kentucky Derby Festival,” Bryant said. “And so they had created this civic, nonprofit organization to do events in the community that were part of celebrating and part of the buildup and lead-up to the Kentucky Derby. So, that really cemented that, ‘Okay, we were on to something; now let’s do it.'”
The parade, which features all 33 drivers in the Indy 500, was the first event ever put on by the festival, a tradition that continues to this day. Attendance at last year’s parade saw more than 300,000 lining the streets of downtown Indy.
Another staple of the Month of May is the 500 Festival Mini-Marathon, which dates back to the 1970s. Bryant said the inaugural race got a jump start after Frank Shorter, an Olympic gold and silver medalist marathon runner, decided to participate.
“The field went from maybe 400 people to 800 people because he was very well-known,” Bryant said. “That event grew into being one of the largest half marathons in the world [with] 20,000 to 30,000 participants, and then with all the volunteers, the staff, the friends and family cheering them on, we might be impacting 50,000 people on that first Saturday of May.”
Bryant cited a recent economic impact study that showed the 500 Festival was on a track to create a $20-$25 million impact annually. The not-for-profit has about 20 full-time staff year-round, 12 full-time interns from January to June, and roughly 4,000 volunteers.
Earlier this month, the 500 Festival Foundation launched the public phase of a $5 million capital fundraising campaign meant to grow the organization’s involvement in education, leadership development and fitness programs across central Indiana.
“Typically, for the duration of the festival, we have raised through run registrations, ticket sales and corporate sponsorships…every year, we’ve raised that money and been at a little bit of reserve, or a little less, or a break even scenario. And so this is the first time we’ve really looked at it and said we need to have a bit a fund not just for the challenges or the things that may come up, but so we can continue to grow the mission side of what we do.”
This year’s 500 Festival Parade is scheduled to begin at 12 p.m. ET in downtown Indy and will be streamed live on Peacock.