500 Festival makes public launch of $5M capital campaign
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The 500 Festival Foundation is rolling out the public phase of a $5 million capital fundraising campaign meant to grow its involvement in education, leadership development and fitness programs across central Indiana.
The Fueling the Community campaign was publicly announced during the 500 Festival Kickoff to May event on Wednesday. The campaign was privately launched in 2021 and has already raised $3.4 million from more than 150 donors.
The initiative is meant to help the 500 Festival further invest in several programming efforts, including educational activities deployed in classrooms across the state with a focus on history, engineering and racing. It also plans to fund efforts to reduce the number of children in Indiana with obesity and put racing-themed health and fitness programs into Indiana schools and other community facilities.
The 500 Festival works with more than 35,000 students and families every year, including through its fourth grade education program that educates students on the history of the race through lesson plans, educational videos, an essay contest and a classroom decorating contest. The foundation also offers free study-focused field trips to Indianapolis Motor Speedway to more than 20,000 students every year.
“In all that we do, we’re striving to ensure that Indiana youth are developing a passion and excitement for the Indianapolis 500 and the 500 Festival while experiencing these educational and meaningful programs that we hope are going to leave a lasting impact,” said Christine Swarm, executive director of the 500 Festival.
She said the organization hopes to leverage excitement around Month of May activities—both its own and those tied to the Indianapolis Motor Speedway—as a way to gain support for the campaign.
“It’s evident that some of our most passionate supporters are huge Indy 500 fans, so we see ourselves working closely with IMS and the team over there to drive success,” she said. “Our mission is to engage the community and … enrich lives through the Indianapolis 500 and all of our celebrations around the greatest spectacle in racing.”
The 500 Festival’s annual budget is typically around $300,000. Donations to the capital campaign in recent years have increased the foundation’s annual assets to about $2 million, Swarm said.
“The 500 Festival plays an important role in making Indianapolis a vibrant place to live, especially in May. I believe in their efforts to generate excitement, connection, and celebration for the Indianapolis 500 while also promoting Indianapolis, the state of Indiana, and, of course, the race to all in our community and beyond,” Penske Entertainment CEO Mark Miles, an honorary co-chair of the campaign, said in prepared remarks.