Mississippi Industrial Heritage Museum Inc
- Assets
- $884.4k
- Revenue
- $164.7k
- Investments
- $0.0
- Employees
- 4
- Location
- Meridian, MS
- Founding
- 03/2003
- Data as of
- 12/2022
- EIN
- 04-3725572
Organization Overview
Mississippi Industrial Heritage Museum Inc is located in Meridian, MS. The organization was established in 2003. According to its NTEE Classification (A54) the organization is classified as: History Museums, under the broad grouping of Arts, Culture & Humanities and related organizations. As of 12/2022, Mississippi Industrial Heritage Museum Inc employed 4 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Mississippi Industrial Heritage Museum Inc is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
For the year ending 12/2022, Mississippi Industrial Heritage Museum Inc generated $164.7k in total revenue. This represents a relatively dramatic decline in revenue. Over the past 4 years, the organization has seen revenues fall by an average of (3.1%) each year. All expenses for the organization totaled $159.5k during the year ending 12/2022. As we would expect to see with falling revenues, expenses have declined by (8.1%) per year over the past 4 years. You can explore the organizations financials more deeply in the financial statements section below.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2022
Describe the Organization's Mission:
Part 3 - Line 1
THE MISSISSIPPI INDUSTRIAL HERITAGE MUSEUM LOCATED IN THE HISTORIC SOULÉ STEAM FEED WORKS SITE PROMOTES THE HERITAGE LABOR AND INNOVATION THAT INFLUENCED AND SHAPED OUR COUNTRY'S RISE AS AN INDUSTRIAL AND MANUFACTURING PIONEER.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE MISSISSIPPI INDUSTRIAL HERITAGE MUSEUM CONTINUES TO PRESERVE RESTORE AND INTERPRET HISTORIC SOULE STEAM FEED WORKS. DURING THE PAST YEAR THE MUSEUM CERTIFIED SAFETY SPRINKLER SYSTEM. IN GENERAL UPKEEP THE STEAM ENGINES AND OTHER HISTORIC MACHINE SHOP EQUIPMENT REQUIRE A GREAT DEAL OF CARE THROUGHOUT THE YEAR SO THAT THEY CAN STILL BE OPERABLE DURING MUSEUM EVENTS AND LARGER TOURS. IT IS THE MUSEUM'S DESIRE THAT EQUIPMENT BE DISPLAYED AND SHOWN IN MOTION RATHER THAN AS A STATIC DISPLAY.
THE MISSISSIPPI INDUSTRIAL HERITAGE MUSEUM IS OPEN FOR SELF-GUIDED TOURS THURSDAY THROUGH SATURDAY. THE ORGANIZATION RECEIVED GRANT FUNDING FROM VISIT MERIDIAN TO HELP COVER ADVERTISING EXPENSES OUTSIDE A 90-MILE RADIUS OF THE MUSEUM. THE MUSEUM HOSTED THE 19TH ANNUAL SOULE LIVE STEAM FESTIVAL AGAIN THIS YEAR WITH MORE THAN 1,000 VISITORS. SINCE THE EVENT STARTED IN 2003 THE MUSEUM HAS OFFERED FREE ADMISSION TO STUDENTS AND CHILDREN ON FRIDAYS DURING THIS EVENT. PROGRAMS DURING THIS EVENT ARE USED TO EDUCATE THE PUBLIC WITH VARIOUS DEMONSTRATIONS INCLUDING BLACKSMITHING WEAVING MOLTEN METAL POURING STEAM ENGINES OPERATING BELT-DRIVEN MACHINE SHOP LETTER-PRESS PRINTING AND BROOM-MAKING. THE MUSEUM HOSTED THE 7TH ANNUAL MAKER FAIRE MERIDIAN IN APRIL ATTRACTED 900 PEOPLE TO ATTEND THIS FREE EVENT.
THE MUSEUM CONTINUES ITS OUTREACH BY OPENING THE MUSEUM FOR PRIVATE EVENTS DURING THE YEAR. LARGER GROUPS OF VISITORS ATTENDING PRIVATE EVENTS PROVIDE AN OPPORTUNITY FOR A DIFFERENT PUBLIC AUDIENCE TO EXPERIENCE AND LEARN ABOUT SOULE AND INDUSTRIAL HERITAGE. PRIVATE EVENTS OPEN THE MUSEUM TO THE HOSTS THEIR FAMILY FRIENDS COLLEAGUES EMPLOYEES AND BUSINESS PATRONS. FOR A SET FEE THE MUSEUM IS OPEN DURING THE OFF-HOURS FOR THESE PRIVATE EVENTS. THE MUSEUM ALSO PARTICIPATES IN STATE AND REGIONAL CONFERENCES AND EVENTS FOR ADDITIONAL OUTREACH WITH OTHER MUSEUMS PRESERVATIONISTS AND OTHER ORGANIZATIONS. THE MUSEUM HOSTED THE MERIDIAN SYMPHONY ASSOCIATION'S PRESENTATION OF THE MUSIC OF PAUL DAVIS AN EVENT SHOWCASING ARTIST PAUL DAVIS A NATIVE OF MERIDIAN.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Gregory W Hatcher Sec Treas And Executive Director | Officer | 40 | $57,080 |
James L Mcrae President | Officer | 10 | $0 |
Mark A Scarborough Vice President | Officer | 1 | $0 |
Walter B Clement Board Member | Trustee | 2 | $0 |
Curt Friday Board Member | Trustee | 2 | $0 |
Mike Mcknight Board Member | Trustee | 0.5 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $7,500 |
| All other contributions, gifts, grants, and similar amounts not included above | $79,882 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $87,382 |
| Total Program Service Revenue | $23,834 |
| Investment income | $49,000 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $2,919 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $164,693 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $57,080 |
| Compensation of current officers, directors, key employees. | $17,000 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $51,096 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $4,138 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $0 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $11,497 |
| Office expenses | $4,010 |
| Information technology | $2,404 |
| Royalties | $0 |
| Occupancy | $9,723 |
| Travel | $517 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $675 |
| Interest | $2,000 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $7,241 |
| All other expenses | $1,347 |
| Total functional expenses | $159,520 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $24,474 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $5,402 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $350,000 |
| Investments—publicly traded securities | $470,274 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $34,289 |
| Total assets | $884,439 |
| Accounts payable and accrued expenses | $0 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | -$50,000 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | -$50,000 |
| Net assets without donor restrictions | $114,165 |
| Net assets with donor restrictions | $820,274 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $0 |
| Total liabilities and net assets/fund balances | $884,439 |