Formed in 1985, IBMA established its first headquarters in Owensboro, Kentucky. In 1988 they announced plans to create the International Bluegrass Music Museum as a joint venture with RiverPark Center in Owensboro. In 1990 IBMA established the World of Bluegrass, a combination trade show, concert, and awards presentation. This was originally set in Owensboro, before moving to Louisville, Kentucky in 1997. Nashville, Tennessee hosted this event in 2005 and 2006, and will continue as the host location in the future. In 1991 IBMA established the International Bluegrass Music Hall of Honor at the International Bluegrass Music Museum to recognize lifetime contributions to bluegrass, both by performers and non-performers. In 2003 IBMA relocated its offices to Nashville, Tennessee.