The National Museum of Racing and Hall of Fame was founded in 1950 in Saratoga Springs, New York, to honor the achievements of American thoroughbred race horses, jockeys, and trainers. In 1955, the museum moved to its current location on Union Avenue near Saratoga race course, at which time inductions into the hall of fame began. Each spring, following the tabulation of the final votes, the announcement of new inductees is made, usually during Kentucky Derby Week in early May. The actual inductions are held in mid-August during the Saratoga race meeting.