Lake Superior Railroad Museum
- Assets
- $1.4m
- Revenue
- $1.3m
- Investments
- $0.0
- Employees
- 58
- Location
- Duluth, MN
- Founding
- 10/1974
- Data as of
- 12/2021
- EIN
- 23-7312204
Organization Overview
Lake Superior Railroad Museum is located in Duluth, MN. The organization was established in 1974. 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, Lake Superior Railroad Museum employed 58 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Lake Superior Railroad Museum 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, Lake Superior Railroad Museum generated $1.3m in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 11.8% each year . All expenses for the organization totaled $929.7k during the year ending 12/2021. While expenses have increased by 7.2% 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
EDUCATE THE PUBLIC ON THE OPERATIONS OF A RAILROAD AND ITS EQUIPMENT.
Describe the Organization's Program Activity:
Part 3 - Line 4a
HISTORICAL PRESENTATION AND PRESERVATION OF RAILROAD EQUIPMENT AND DISPLAY OF THE EQUIPMENT FOR THE BENEFIT OF THE GENERAL PUBLIC. THE ORGANIZATION STIVES TO COLLECT, PRESERVE, AND HOUSE DATA, OBJECTS, ARTICLES SPECIMENS AND EQUIPMENT ILLUSTRAING OR DEMONSTRAINT THE HISTORY OF INDUSTRIAL TRANSPORTAION IN THE LAKE SUPERIOR REGION. SPECIAL EMPHASIS IS PLACE ON EQUIPMENT AND OTHER ARTIFACTS RELATED TO THE HISTORY OF REAIROADING IN MIONNESOTA.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Ken Buehler Executive Di | Officer | 20 | $53,524 |
Jim Bender Vice Preside | OfficerTrustee | 1 | $0 |
Thomas Gannon Secretary | OfficerTrustee | 1 | $0 |
William Grimstad Vice Preside | OfficerTrustee | 1 | $0 |
Edward Robinson Treasurer | OfficerTrustee | 1 | $0 |
Neal Vanstrom President | OfficerTrustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $743,017 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $743,017 |
| Total Program Service Revenue | $534,364 |
| Investment income | $1,003 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $5,285 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $1,322,754 |
| 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. | $53,524 |
| Compensation of current officers, directors, key employees. | $5,352 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $216,461 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $35,698 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $14,364 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $20,674 |
| Office expenses | $29,886 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $58,154 |
| Travel | $1,184 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $9,478 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $74,616 |
| Insurance | $48,328 |
| All other expenses | $63,819 |
| Total functional expenses | $929,697 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $437,748 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $1,749 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $15,205 |
| Net Land, buildings, and equipment | $959,368 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $14,374 |
| Total assets | $1,428,444 |
| Accounts payable and accrued expenses | $52,621 |
| 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 | $0 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $313,598 |
| Other liabilities | $0 |
| Total liabilities | $366,219 |
| Net assets without donor restrictions | $698,383 |
| Net assets with donor restrictions | $363,842 |
| 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 | $1,428,444 |
Grants Recieved
Over the last fiscal year, we have identified 12 grants that Lake Superior Railroad Museum has recieved totaling $643,118.
| Awarding Organization | Amount |
|---|---|
The Depot Foundation Duluth, MN PURPOSE: SEACREST MODEL RAILROAD EXHIBIT | $540,000 |
The Depot Foundation Duluth, MN PURPOSE: SEACREST MODEL RAILROAD EXHIBIT | $63,770 |
Northland Foundation Duluth, MN PURPOSE: TO PROVIDE FINANCIAL SUPPORT TO BUSINESSES AND NONPROFITS ADVERSELY IMPACTED BY THE COVID-19 PANDEMIC. | $15,000 |
Rail Heritage Trust Paola, KS PURPOSE: REUPHOLSTER SEATS | $15,000 |
The Depot Foundation Duluth, MN PURPOSE: OPERATING - DEPOT UNITED CAMPAIGN | $3,867 |
The Depot Foundation Duluth, MN PURPOSE: ARTS FOR ALL SCHOLARSHIPS | $2,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Milwaukee Public Museum Inc Milwaukee, WI | $17,354,362 | $14,883,405 |
Historic Arnolds Park Inc Arnolds Park, IA | $45,905,371 | $12,228,274 |
National Czech & Slovak Museum & Library Cedar Rapids, IA | $33,480,949 | $3,909,322 |
Vesterheim Norwegian American Museum Decorah, IA | $24,953,272 | $7,187,886 |
Leigh Yawkey Woodson Art Museum Inc Wausau, WI | $54,767,608 | $3,707,378 |
Danish Immigrant Museum Elk Horn, IA | $10,787,918 | $1,977,649 |
National Railroad Museum Inc Green Bay, WI | $10,947,980 | $3,836,753 |
Door County Maritime Museum & Lighthouse Preservation Society In Sturgeon Bay, WI | $12,430,907 | $3,874,583 |
Wisconsin Maritime Museum Inc Manitowoc, WI | $5,537,448 | $1,354,482 |
National Sprint Car Hall Of Fame & Museum Foundation Inc Knoxville, IA | $7,797,948 | $2,501,286 |
Lake Superior Railroad Museum Duluth, MN | $1,428,444 | $1,322,754 |
Pavek Museum Of Broadcasting St Louis Park, MN | $6,139,052 | $709,013 |