Herreshoff Marine Museum
- Assets
- $4.9m
- Revenue
- $1.4m
- Investments
- $316.5k
- Employees
- 47
- Location
- Bristol, RI
- Founding
- 04/1994
- Data as of
- 12/2021
- EIN
- 23-7102744
Organization Overview
Herreshoff Marine Museum, operating under the name Americas Cup Hall of Fame, is located in Bristol, RI. The organization was established in 1994. 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, Americas Cup Hall of Fame employed 47 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Americas Cup Hall of Fame 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, Americas Cup Hall of Fame generated $1.4m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 1.2% each year. All expenses for the organization totaled $1.5m during the year ending 12/2021. While expenses have increased by 3.1% 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
INTERPRET THE HISTORY & ACCOMPLISHMENTS OF THE HERRESHOFF MANUFACTURING CO. & AMERICA'S CUP.
Describe the Organization's Program Activity:
Part 3 - Line 4a
WATERFRONT AND EDUCATION PROGRAMS: INCLUDES THE SEAMANSHIP PROGRAM, LECTURES, THE WORKSHOP PROGRAM IN CLASSIC BOAT MAINTENANCE AND EDUCATIONAL PARTNERSHIPS. THE WORKSHOP PROGRAM IN CLASSIC BOAT MAINTENANCE PROVIDES A HANDS-ON EXPERIENCE IN HELPING TO CARE FOR THE MUSEUM'S ACTIVE-USE COLLECTION OF WATERCRAFT. THE SEAMANSHIP PROGRAM'S PRIMARY GOALS ARE TO TEACH SAILING SKILLS AND WATER AWARENESS, TO INSTILL A LOVE OF THE MARINE ENVIRONMENT AND TO CREATE LIFELONG SAILORS.
EXPENSES FOR OTHER PROGRAM SERVICES INCLUDE MUSEUM STORE PAYROLL AND FIXTURES, REPAIRS AND MAINTENANCE OF MULTIPLE HISTORIC BUILDINGS ON THE ORGANIZATION'S CAMPUS, AND SPECIALTY PROJECTS FOR CONTENT DEVELOPMENT. THE BALANCE OF PROGRAM SERVICE REVENUE IS FROM COMMERCIAL SPONSORS.
MUSEUM ACTIVITIES AND ADMISSIONS: THE HERRESHOFF MARINE MUSEUM AND AMERICA'S CUP HALL OF FAME ARE DEDICATED TO THE INSPIRATION AND EDUCATION OF THE PUBLIC THROUGH THE PRESENTATION OF THE HISTORY AND INNOVATIVE WORK OF THE HERRESHOFF MANUFACTURING COMPANY AND THE AMERICA'S CUP COMPETITION. VISITORS TO THE MUSEUM HAVE THE OPPORTUNITY TO EXPLORE THE WORLD'S LARGEST COLLECTION OF ANY ONE NAVAL ARCHITECT'S LIFE WORK. THE GENIUS OF THE HERRESHOFF BROTHERS IS UNSURPASSED IN ITS COMINBATION OF BUSINESS ACUMEN AND INNOVATION.
PROGRAM EVENTS: THE MUSEUM'S MONTHLY LECTURE SERIES BRINGS THE KNOWLEDGE OF ESTABLISHED AUTHORS, SAILORS, AND EXPERTS DIRECTLY TO THE PUBLIC. TOPICS COVER HISTORIC MARITIME EVENTS, CONTEMPORARY EXHIBITS AND SAILING PROGRAMS, AND ONGOING RESTORATION PROJECTS AND REPLICA BUILDS. PROGRAM EVENTS ALSO INCLUDE THE HERRESHOFF CLASSIC YACHT REGATTA WHICH BRINGS CLASSIC YACHT ENTHUSIASTS TO THE MUSEUM ON NARRAGANSETT BAY FOR AN ANNUAL CELEBRATION OF THE HERRESHOFF MANUFACTURING COMPANY HERITAGE.
Get More from Intellispect for FreeCreate a free account to get more data, nonprofit salaries, advanced search and more.
Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Robert Ayerle Director | Trustee | 1 | $0 |
Nevin Carr Chair - Nominating & Governance | OfficerTrustee | 1 | $0 |
Thomas Culora Director | Trustee | 1 | $0 |
David Ford Chairman Emeritus | OfficerTrustee | 3 | $0 |
Halsey C Herreshoff Director | Trustee | 1 | $0 |
Halsey C Herreshoff II Director | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $110,725 |
| Fundraising events | $66,135 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $800,940 |
| Noncash contributions included in lines 1a–1f | $22,000 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $977,800 |
| Total Program Service Revenue | $420,912 |
| Investment income | $11,667 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $18,086 |
| Net Gain/Loss on Asset Sales | $2,328 |
| Net Income from Fundraising Events | -$22,520 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $23,018 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $1,431,291 |
| 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. | $158,752 |
| Compensation of current officers, directors, key employees. | $83,869 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $534,562 |
| Pension plan accruals and contributions | $7,619 |
| Other employee benefits | $0 |
| Payroll taxes | $62,268 |
| Fees for services: Management | $5,444 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $27,727 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $2,496 |
| Fees for services: Other | $46,108 |
| Advertising and promotion | $8,958 |
| Office expenses | $89,451 |
| Information technology | $36,133 |
| Royalties | $0 |
| Occupancy | $80,186 |
| Travel | $12,764 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $51,357 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $214,338 |
| Insurance | $62,752 |
| All other expenses | $2,096 |
| Total functional expenses | $1,486,219 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $149,251 |
| Savings and temporary cash investments | $965,378 |
| Pledges and grants receivable | $129,375 |
| Accounts receivable, net | $9,419 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $20,691 |
| Prepaid expenses and deferred charges | $5,105 |
| Net Land, buildings, and equipment | $3,215,111 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $316,485 |
| Investments—program-related | $0 |
| Intangible assets | $10,095 |
| Other assets | $74,623 |
| Total assets | $4,895,533 |
| Accounts payable and accrued expenses | $182,003 |
| Grants payable | $0 |
| Deferred revenue | $111,877 |
| 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 | $1,268,122 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $1,562,002 |
| Net assets without donor restrictions | $1,998,981 |
| Net assets with donor restrictions | $1,334,550 |
| 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 | $4,895,533 |