Lorain Historical Society
- Assets
- $2.8m
- Revenue
- $507.2k
- Investments
- $0.0
- Employees
- 7
- Location
- Lorain, OH
- Founding
- 09/1984
- Data as of
- 12/2022
- EIN
- 34-1441511
Organization Overview
Lorain Historical Society is located in Lorain, OH. The organization was established in 1984. 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. As of 12/2022, Lorain Historical Society employed 7 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Lorain Historical Society 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, Lorain Historical Society generated $507.2k in total revenue. This represents a relatively dramatic decline in revenue. Over the past 8 years, the organization has seen revenues fall by an average of (7.8%) each year. All expenses for the organization totaled $569.2k during the year ending 12/2022. 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
LORAIN HISTORICAL SOCIETY IS AN ORGANIZATION FORMED TO PRESERVE THE HISTORY OF THE CITY OF LORAIN.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE ORGANIZATION COLLECTS ARTIFACTS ON THE HISTORY OF LORAIN, HAS 4,000 PAPER FILES ON EVENTS AND PEOPLE IN LORAIN AND HAS A COLLECTION OF OVER 7,000 HISTORICAL PHOTOGRAPHS. THE ORGANIZATION OPERATES THE MOORE HOUSE AS A "HOUSE MUSEUM" WHICH IS ARRANGED AS IT MIGHT HAVE BEEN IN THE 1920'S WHEN MAYOR LEONARD MOORE AND HIS FAMILY LIVED THERE. THE ORGANIZATION OWNS AND OPERATES THE CARNEGIE CENTER AS ITS PRIMARY EXHIBIT SPACE AND ADMINISTRATIVE OFFICES. NOT ONLY DOES THE LORAIN HISTORICAL SOCIETY HOLD EVENTS AT BOTH LOCATIONS FOR RESIDENTS OF THE COMMUNITY AND VISITORS TO THE CITY, BUT IT ALSO HAS REGULAR PROGRAMS AT VARIOUS LOCATIONS THROUGHOUT THE CITY OVER THE COURSE OF THE YEAR.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Albert Harsar President | OfficerTrustee | 4 | $0 |
Ed Baker Treasurer | OfficerTrustee | 4 | $0 |
Joseph Muska Vice President | OfficerTrustee | 2 | $0 |
Maria Carrion Trustee | Trustee | 2 | $0 |
Jane Norton Trustee | Trustee | 2 | $0 |
Tamika Bonilla Trustee | Trustee | 2 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $16,051 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $25,000 |
| All other contributions, gifts, grants, and similar amounts not included above | $353,363 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $394,414 |
| Total Program Service Revenue | $8,671 |
| Investment income | $35,484 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $29,576 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $12,011 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $507,163 |
| 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. | $74,000 |
| Compensation of current officers, directors, key employees. | $57,000 |
| Compensation to disqualified persons | $159,662 |
| Other salaries and wages | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $19,215 |
| Fees for services: Management | $15,500 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $17,953 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $72,285 |
| Advertising and promotion | $4,571 |
| Office expenses | $13,762 |
| Information technology | $19,232 |
| Royalties | $0 |
| Occupancy | $46,785 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $1,991 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $67,260 |
| Insurance | $8,305 |
| All other expenses | $24,394 |
| Total functional expenses | $569,164 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $66,253 |
| Savings and temporary cash investments | $13,137 |
| Pledges and grants receivable | $250 |
| 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 | $9,257 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $1,604,700 |
| Investments—publicly traded securities | $1,093,160 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $2,786,757 |
| Accounts payable and accrued expenses | $3,625 |
| 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 | $0 |
| Other liabilities | $0 |
| Total liabilities | $3,625 |
| Net assets without donor restrictions | $1,689,972 |
| Net assets with donor restrictions | $1,093,160 |
| 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 | $2,786,757 |