Chesapeake Bay Maritime Museum Inc
- Assets
- $42.2m
- Revenue
- $9.4m
- Investments
- $0.0
- Employees
- 93
- Location
- Saint Michaels, MD
- Founding
- 07/1968
- Data as of
- 02/2022
- EIN
- 23-7051889
Organization Overview
Chesapeake Bay Maritime Museum Inc is located in Saint Michaels, MD. The organization was established in 1968. 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 02/2024, Chesapeake Bay Maritime Museum Inc employed 93 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Chesapeake Bay Maritime 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 02/2022, Chesapeake Bay Maritime Museum Inc generated $9.4m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 5.9% each year. All expenses for the organization totaled $6.6m during the year ending 02/2022. While expenses have increased by 6.5% per year over the past 8 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
2022
Describe the Organization's Mission:
Part 3 - Line 1
THE MISSION OF THE CHESAPEAKE BAY MARITIME MUSEUM IS TO PRESERVE AND EXPLORE THE HISTORY, ENVIRONMENT, AND PEOPLE OF THE CHESAPEAKE BAY. THE VISION OF THE CHESAPEAKE BAY MARITIME MUSEUM IS TO BE THE SEE SCHED O
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE MUSEUM IS A PRIVATE NON-PROFIT EDUCATIONAL INSTITUTION DEDICATED TO FURTHERING AN UNDERSTANDING AND APPRECIATION OF THE MARITIME HERITAGE OF THE CHESAPEAKE BAY THROUGH COLLECTION EDUCATION, DOCUMENTATION, EXHIBITION, RESEARCH AND PUBLICATION. OVER 90,000 MEMBERS AND VISITORD PARTICIPATE ON AN ANNUAL BASIS. VOLUNTEERS PROVIDED OVER 8,000 HOURS OF THEIR TIME TO AREAS SUCH AS EDUCATION, BOAT YARD AND CURATORIAL SERVICES. THE VALUE OF THESE SERVICES IS NOT RECORDED AS AN EXPENSE.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Kristen Greenaway President CEO | Officer | 40 | $677,800 |
M Branden Meredith Chief Financial Officer | Officer | 40 | $190,945 |
Elizabeth Lacorte Chief Advancement Officer | 40 | $108,487 | |
Craig Fuller Chair | OfficerTrustee | 1 | $0 |
Nancy Appleby Secretary | OfficerTrustee | 1 | $0 |
Richard Bodorff Director | Trustee | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Gilbane Building Company Construction Services | 2/27/24 | $1,836,517 |
Morris And Company Llp Professional Fees | 2/27/24 | $113,452 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Total Revenue from Contributions, Gifts, Grants & Similar | $5,447,686 |
| Investment income | $805,528 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | -$1,565 |
| Net Gain/Loss on Asset Sales | $306,876 |
| Net Income from Fundraising Events | -$8,248 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $147,303 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $9,424,752 |
| Statement of Expenses | |
|---|---|
| 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. | $578,345 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $1,776,472 |
| Pension plan accruals and contributions | $33,069 |
| Other employee benefits | $141,743 |
| Payroll taxes | $175,214 |
| 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 | $64,295 |
| Fees for services: Other | $214,831 |
| Advertising and promotion | $73,255 |
| Office expenses | $260,122 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $499,497 |
| Travel | $3,899 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $33,898 |
| Interest | $5,137 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $879,090 |
| Insurance | $150,382 |
| All other expenses | $0 |
| Total functional expenses | $6,601,799 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $2,122,555 |
| Savings and temporary cash investments | $5,535,660 |
| Pledges and grants receivable | $2,428,338 |
| Accounts receivable, net | $1,504,423 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $315,696 |
| Prepaid expenses and deferred charges | $77,247 |
| Investments—publicly traded securities | $21,204,909 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $353,161 |
| Total assets | $42,183,091 |
| Accounts payable and accrued expenses | $911,689 |
| Grants payable | $0 |
| Deferred revenue | $289,236 |
| 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 | $1,200,925 |
| Net assets without donor restrictions | $14,800,524 |
| Net assets with donor restrictions | $26,181,642 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Total liabilities and net assets/fund balances | $40,982,166 |