Lake Shore Railway Association Inc
- Assets
- $1.0m
- Revenue
- $78.1k
- Investments
- $0.0
- Employees
- 0
- Location
- Wellington, OH
- Founding
- 12/1979
- Data as of
- 12/2022
- EIN
- 34-1280601
Organization Overview
Lake Shore Railway Association Inc is located in Wellington, OH. The organization was established in 1979. According to its NTEE Classification (A82) the organization is classified as: Historical Societies & Historic Preservation, under the broad grouping of Arts, Culture & Humanities and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Lake Shore Railway Association 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 12/2022, Lake Shore Railway Association Inc generated $78.1k in total revenue. The organization has seen a slow decline revenue. Over the past 4 years, revenues have fallen by an average of (2.7%) each year. All expenses for the organization totaled $65.3k during the year ending 12/2022. As we would expect to see with falling revenues, expenses have declined by (8.6%) per year over the past 4 years. 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
OPERATING A HISTORICAL RAIL LINE TO PROMOTE EDUCATION AND RAILROADING IN THE COUNTY
Describe the Organization's Program Activity:
Part 3 - Line 4a
SERVICES ASSOCIATED WITH THE RESTORATION OF 18.8 MILES OF ABANDONED RAILROAD AND THE RESTORATION OF EQUIPMENT FOR THE PURPOSE OF OPERATING A HISTORICAL RAIL LINE TO PROMOTE THE EDUCATION ASPECTS OF RAILROADING
SERVICES ASSOCIATED WITH THE OPERATION AND MAINTENANCE OF 6 MILES OF THE RESTORED RAIL LINE AND EQUIPMENT TO EDUCATE THE PUBLIC ON THE HISTORY OF THE RAILROAD
QUARTERLY MEETINGS NEWSLETTERS AND PROGRAMS FOR THE OTHER NON-PROFITS TO MAKE THE RESIDENTS OF LORAIN COUNTY AND SURROUNDING AREAS AWARE OF THE ASSOCIATION AND TO SHOW HOW A HISTORICAL RAIL LINE CAN PROMOTE EDUCATION AND TOURISM IN THE COUNTY.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Marc Chappo President | OfficerTrustee | 4 | $0 |
Ernest F Nevelos Treasurer Secretary | OfficerTrustee | 4 | $0 |
Frank M Walko III Trustee | Trustee | 4 | $0 |
Alan Shafstall Executive Vice President | OfficerTrustee | 2 | $0 |
Andy Burns Trustee | Trustee | 2 | $0 |
Nicole Nevelos Trustee | Trustee | 2 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $519 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $10,000 |
| All other contributions, gifts, grants, and similar amounts not included above | $1,385 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $11,904 |
| Total Program Service Revenue | $59,913 |
| Investment income | $0 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $78,058 |
| 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. | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $12,640 |
| Fees for services: Accounting | $0 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $518 |
| Office expenses | $3,382 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $14,306 |
| Travel | $0 |
| 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 | $0 |
| Insurance | $0 |
| All other expenses | $0 |
| Total functional expenses | $65,289 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $19,780 |
| 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 | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $1,017,745 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $1,037,525 |
| Accounts payable and accrued expenses | $0 |
| 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 | $36,681 |
| Secured mortgages and notes payable | $1,833 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $38,514 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $19,780 |
| Paid-in or capital surplus, or land, building, or equipment fund | $979,231 |
| Retained earnings, endowment, accumulated income, or other funds | $0 |
| Total liabilities and net assets/fund balances | $1,037,525 |