Lowells Maritime Foundation Dba Lowells Boat Shop
- Assets
- $903.1k
- Revenue
- $436.7k
- Investments
- $0.0
- Employees
- 14
- Location
- Amesbury, MA
- Founding
- 03/2007
- Data as of
- 12/2021
- EIN
- 06-1793898
Organization Overview
Lowells Maritime Foundation Dba Lowells Boat Shop is located in Amesbury, MA. The organization was established in 2007. According to its NTEE Classification (A50) the organization is classified as: Museums, under the broad grouping of Arts, Culture & Humanities and related organizations. As of 12/2021, Lowells Maritime Foundation Dba Lowells Boat Shop employed 14 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Lowells Maritime Foundation Dba Lowells Boat Shop 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 12/2021, Lowells Maritime Foundation Dba Lowells Boat Shop generated $436.7k in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 6.3% each year. All expenses for the organization totaled $374.6k during the year ending 12/2021. While expenses have increased by 6.3% per year over the past 7 years. They've been increasing with an increasing level of total revenue. 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
2021
Describe the Organization's Mission:
Part 3 - Line 1
TO PRESERVE AND PERPETUATE THE ART AND CRAFT OF WOODEN BOAT BUILDING AND PROMOTE THE HISTORY OF LOWELLS BOAT SHOP AND ITS ENVIRONS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
PRESERVATION OF THE CRAFTMANSHIP OF BUILDING WOODEN DORIES IN THE TRADITION OF THE LOWELL'S BOAT SHOP BY SUSTAINING PRODUCTION AND EDUCATING THE PUBLIC AND TEACHING ARTISANRY OF WOODEN BOAT BUILDING.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Graham Mckay Executive Director | Officer | 40 | $65,584 |
Rosamond Smith Director | Trustee | 20 | $20,132 |
Allan Jarvis Treasurer | OfficerTrustee | 1 | $0 |
Frank Morse Vice Chair | OfficerTrustee | 1 | $0 |
Pamela Bates Secretary | OfficerTrustee | 1 | $0 |
Peter Erickson Chairman | OfficerTrustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $30,284 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $49,700 |
| All other contributions, gifts, grants, and similar amounts not included above | $176,243 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $256,227 |
| Total Program Service Revenue | $92,948 |
| Investment income | $8,663 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $33,466 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $45,373 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $436,677 |
| 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. | $85,716 |
| Compensation of current officers, directors, key employees. | $33,938 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $160,708 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $22,710 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $5,133 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $1,621 |
| Advertising and promotion | $1,618 |
| Office expenses | $6,667 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $3,902 |
| Travel | $1,865 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $15,773 |
| Insurance | $38,921 |
| All other expenses | $904 |
| Total functional expenses | $374,552 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $324,531 |
| 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 | $581 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $349,942 |
| Investments—publicly traded securities | $228,014 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $903,068 |
| Accounts payable and accrued expenses | $17,958 |
| Grants payable | $0 |
| Deferred revenue | $18,975 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $36,933 |
| Net assets without donor restrictions | $866,135 |
| Net assets with donor restrictions | $0 |
| 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 | $903,068 |
Grants Recieved
Over the last fiscal year, we have identified 3 grants that Lowells Maritime Foundation Dba Lowells Boat Shop has recieved totaling $25,150.
| Awarding Organization | Amount |
|---|---|
Edward S And Winifred G Moseley Foundation Boston, MA PURPOSE: EDUCATIONAL OUTREACH PROGRAM | $15,000 |
Goldman Sachs Philanthropy Fund New York, NY PURPOSE: ENVIRONMENT & ANIMAL PROTECTION | $10,000 |
Amazonsmile Foundation Seattle, WA PURPOSE: GENERAL SUPPORT | $150 |
Endowment Analysis
| Beg. Balance | $101,755 |
| Earnings | $25,844 |
| Net Contributions | $101,221 |
| Ending Balance | $228,820 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Peabody Essex Museum Inc Salem, MA | $834,878,169 | $57,993,478 |
The Corning Museum Of Glass Corning, NY | $73,662,076 | $31,481,253 |
Intrepid Museum Foundation Inc New York, NY | $107,274,514 | $23,304,017 |
Jewish Museum New York, NY | $170,221,432 | $22,874,963 |
Mystic Seaport Museum Inc Mystic, CT | $122,267,932 | $26,794,983 |
The Paley Center For Media New York, NY | $149,800,581 | $16,736,827 |
Stone Barns Restoration Corp Pocantico Hills, NY | $107,933,883 | $7,964,721 |
Margaret Woodbury Strong Museum Rochester, NY | $223,670,725 | $24,556,351 |
The Studio Museum In Harlem New York, NY | $153,708,532 | $40,471,884 |
The Maritime Aquarium At Norwalk Inc South Norwalk, CT | $19,089,489 | $11,308,442 |
George Eastman Museum Rochester, NY | $59,825,841 | $12,306,953 |
Naismith Memorial Basketball Hall Of Fame Inc 1150 West Columbus Ave Springfield, MA | $33,159,743 | $5,379,532 |