Herreshoff Marine Museum
- Assets
- $4.9m
- Revenue
- $1.4m
- Investments
- $316.5k
- Employees
- 40
- 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 12/2021, Americas Cup Hall of Fame employed 40 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.
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.
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.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
William H Lynn President And Executive Di | OfficerTrustee | 40 | $149,765 |
David Ford Chairman Emeritus | OfficerTrustee | 3 | $0 |
Andrew T Tyska Vice Chair | OfficerTrustee | 1 | $0 |
Robert D Yaro Chairman | OfficerTrustee | 1 | $0 |
Steve Kloeblen Treasurer | OfficerTrustee | 3 | $0 |
Elisabeth Lavers Ex Officio, Secretary | Officer | 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 |
Grants Recieved
Over the last fiscal year, we have identified 19 grants that Herreshoff Marine Museum has recieved totaling $138,653.
| Awarding Organization | Amount |
|---|---|
The Champlin Foundation Pittsburgh, PA PURPOSE: ELEVATOR | $42,525 |
Helen And Ritter Shumway Foundation Dallas, TX PURPOSE: UNRESTRICTED GENERAL | $15,000 |
Schwab Charitable Fund San Francisco, CA PURPOSE: ARTS, CULTURE & HUMANITIES | $13,800 |
The Rhode Island Community Foundation Providence, RI PURPOSE: GENERAL OPERATING; PROGRAM SUPPORT | $12,033 |
Jewish Communal Fund New York, NY PURPOSE: GENERAL SUPPORT | $11,000 |
Community Foundation Of New Jersey Morristown, NJ PURPOSE: GENERAL SUPPORT | $10,000 |
Endowment Analysis
| Beg. Balance | $273,850 |
| Earnings | $56,363 |
| Admin Expense | $2,496 |
| Other Expense | $11,233 |
| Ending Balance | $316,484 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Society For The Preservation Of New England Antiquities Inc Boston, MA | $149,018,347 | $24,101,977 |
Old Sturbridge Inc Sturbridge, MA | $21,603,377 | $13,063,304 |
Plimoth Patuxet Museums Inc Plymouth, MA | $39,663,068 | $8,933,676 |
Historic Deerfield Inc Deerfield, MA | $76,973,698 | $8,334,092 |
Heritage Plantation Of Sandwich Inc Sandwich, MA | $34,658,032 | $6,604,835 |
Scottish Rite Masonic Museum & Library Inc Lexington, MA | $63,564,259 | $9,227,595 |
Audrain Automobile Museum Inc Newport, RI | $3,719,380 | $2,562,395 |
General Society Of Mayflower Descendants Plymouth, MA | $8,416,506 | $2,797,450 |
The Mark Twain Memorial Hartford, CT | $16,236,418 | $4,258,653 |
National Coast Guard Museum Association Inc New London, CT | $17,635,253 | $4,459,044 |
Collings Foundation Inc Hudson, MA | $76,716,195 | $4,768,988 |
Hill-Stead Museum Farmington, CT | $10,969,005 | $5,221,555 |