National Stearman Foundation Inc
- Assets
- $1.0m
- Revenue
- $504.5k
- Investments
- $0.0
- Employees
- 0
- Location
- Galesburg, IL
- Founding
- 05/1999
- Data as of
- 12/2021
- EIN
- 37-1372053
Organization Overview
National Stearman Foundation Inc is located in Galesburg, IL. The organization was established in 1999. According to its NTEE Classification (A50) the organization is classified as: Museums, 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. National Stearman Foundation 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 12/2021, National Stearman Foundation Inc generated $504.5k in total revenue. This organization has experienced exceptional growth, as over the past 2 years, it has increased revenue by an average of 62.2% each year . All expenses for the organization totaled $12.3k during the year ending 12/2021. While expenses have increased by 52.0% per year over the past 2 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
TO PRESERVE AND DISPLAY HISTORICAL STEARMAN AIRCRAFT AND EDUCATE THE PUBLIC ABOUT THEIR ROLE IN OUR NATION'S HISTORY.
Describe the Organization's Program Activity:
Part 3 - Line 4a
ONE OF THE GOALS OF THE ORGANIZATION IS TO PROVIDE FINANCIAL ASSISTANCE AS NEEDED TO CONDUCT AN ANNUAL FLY-IN OF STEARMAN AIRCRAFT.
THE ORGANIZATION STARTED FUNDRAISING IN 2020 FOR THE PURPOSE OF BUILDING A PERMANENT FACILITY TO SERVE AS A YEAR-ROUND HOME FOR ARTIFACTS AND MEMORABILIA, STEARMAN PLANES, FLY-IN OFFICES, CONFERENCE ROOMS, AND STORAGE.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Harrel W Timmons President/director | OfficerTrustee | 5 | $0 |
Phillip Wolford Secretary/director | OfficerTrustee | 5 | $0 |
Ben Mcmahan Treasurer/director | OfficerTrustee | 8 | $0 |
Lynne Beaver Director | Trustee | 1 | $0 |
Jeanne Conlon Director | Trustee | 2 | $0 |
Robert F Harrison Director | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $14,226 |
| Related organizations | $0 |
| Government grants | $50,000 |
| All other contributions, gifts, grants, and similar amounts not included above | $436,708 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $500,934 |
| Total Program Service Revenue | $0 |
| Investment income | $7,311 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$5,005 |
| Net Income from Fundraising Events | $1,228 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $504,468 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $3,000 |
| 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 | $0 |
| Fees for services: Accounting | $750 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $884 |
| Fees for services: Other | $0 |
| Advertising and promotion | $0 |
| Office expenses | $1,050 |
| Information technology | $150 |
| Royalties | $0 |
| Occupancy | $891 |
| 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 | $5,178 |
| All other expenses | $0 |
| Total functional expenses | $12,299 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $16,299 |
| Savings and temporary cash investments | $232,248 |
| 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 | $685,815 |
| Investments—publicly traded securities | $102,581 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $6,794 |
| Total assets | $1,043,737 |
| 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 | $0 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $0 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| 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 | $1,043,737 |
| Total liabilities and net assets/fund balances | $1,043,737 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that National Stearman Foundation Inc has recieved totaling $6,500.
| Awarding Organization | Amount |
|---|---|
Schwab Charitable Fund San Francisco, CA PURPOSE: ARTS, CULTURE & HUMANITIES | $6,500 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Historic Arnolds Park Inc Arnolds Park, IA | $45,905,371 | $12,228,274 |
Eiteljorg Museum Of American Indians And Western Art Inc Indianapolis, IN | $95,582,001 | $21,664,008 |
Kentucky Derby Museum Corporation Louisville, KY | $35,033,343 | $10,633,125 |
Margaret Woodbury Strong Museum Charitable Trust Chicago, IL | $73,980,694 | $7,829,381 |
Peoria Riverfront Museum Peoria, IL | $12,190,456 | $4,223,811 |
Unlimited Opportunities Inc Boonville, MO | $6,714,259 | $4,941,880 |
Muhammad Ali Museum And Education Louisville, KY | $31,131,591 | $4,563,188 |
Lake States Dairy Center Inc Fair Oaks, IN | $6,073,141 | $3,616,020 |
Dusable Museum Of African American History Inc Chicago, IL | $17,602,670 | $3,496,098 |
The Richard H Driehaus Museum Chicago, IL | $116,468,245 | $74,810,944 |
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 |