The shocking truth is that most people are unaware that the Naismith Memorial Basketball Hall of Fame is a 501 (c) (3) non-profit organization. As a museum, the Basketball Hall of Fame relies on the generosity of others to help fulfill its mission.
Founded in 1959 in Springfield, Massachusetts by members of the National Association of Basketball Coaches, the Naismith Memorial Basketball Hall of Fame recognizes the achievements of people at all levels in basketball – players, coaches, college, professional, women, men and international constituents. This is what sets the Hall of Fame apart from other Halls of Fames.
As a museum, it faces the same challenges that other museums face and cannot rely on just revenue from visitors walking through the doors. As the gatekeeper of the game of basketball, the Basketball Hall of Fame works hard to identify various other ways to raise much needed revenue. In addition to visitors coming to Springfield, the Hall is a premier venue for business and civic organizations to host their special events. When able, the Basketball Hall of Fame will showcase special exhibits in its Special Exhibits Gallery or another select area of the Hall, attracting new and returning visitors to the Hall of Fame.
In addition to raising revenue through the above means, the Basketball Hall of Fame, as the gatekeeper of the history of basketball, hosts events in Springfield and around the nation.
As a 501 (c) (3) non-profit organization, the Naismith Memorial Basketball Hall of Fame benefits from the generosity of others to help fulfill its mission.