Friends Of Point Betsies Lighthouse Inc
- Assets
- $4.6m
- Revenue
- $671.0k
- Investments
- $0.0
- Employees
- 10
- Location
- Frankfort, MI
- Founding
- 04/2003
- Data as of
- 12/2023
- EIN
- 37-1451508
Organization Overview
Friends Of Point Betsies Lighthouse Inc, operating under the name Lighthouse, is located in Frankfort, MI. The organization was established in 2003. 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 12/2023, Lighthouse employed 10 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Lighthouse 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 12/2023, Lighthouse generated $671.0k in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 20.8% each year . All expenses for the organization totaled $477.7k during the year ending 12/2023. While expenses have increased by 22.7% 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
990T
Mission & Program ActivityExcerpts From the 990T Filing
TAX YEAR
2023
Describe the Organization's Mission:
Part 3 - Line 1
TO ADVISE, GUIDE, AND ASSIST IN EFFECTIVELY RESTORING, MAINTAINING, AND DEVELOPING THE POINT BETSIE LIGHTHOUSE PROPERTIES AND ITS OUTBUILDINGS. TO PROMOTE OPEN ACCESS BY PUBLIC CITIZENS, AND TO ASSIST IN MAKING THE LIGHTHOUSE SUCCESSFUL AS AN EDUCATIONAL FACILITY.
Describe the Organization's Program Activity:
EDUCATION OF THE COMMUNITY IS PROVIDED IN THE HISTORY OF POINT BETSIE LIGHTHOUSE, OTHER LIGHTHOUSES, THE MARITIME LIFE SAVING SERVICE AND THE ECOLOGY OF THE AREA. TOURS WERE CONDUCTED DURING THE SEASON FOR AN ESTIMATED 8,000 PEOPLE. FUNDS WERE COLLECTED TO SUPPORT OPERATIONS AND MAINTENANCE AND TO ASSIST IN FUTURE RESTORATION PROJECTS.
LIGHT HOUSE MAINTENANCE AND RENOVATION EXPENSES IN ORDER TO KEEP THE LIGHT HOUSE IN GOOD OPERATING CONDITION AND TO ACCOMMODATE VISITORS THROUGHOUT THE OPEN SEASON (MEMORIAL DAY - MID- OCTOBER)
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Gayle Brown Vice Preside | OfficerTrustee | $0 | |
Lesa Huget Secretary | OfficerTrustee | $0 | |
Mica Jones Director | Trustee | $0 | |
Mike Musgrave Director | Trustee | $0 | |
Grant Porteous Director | Trustee | $0 | |
Laura Reznich Treasurer | OfficerTrustee | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $1,390 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $273,170 |
| All other contributions, gifts, grants, and similar amounts not included above | $187,399 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $461,959 |
| Total Program Service Revenue | $0 |
| Investment income | $4,284 |
| 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 | $150,188 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $670,963 |
| 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 | $168,440 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $16,487 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $9,065 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $0 |
| Office expenses | $7,047 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $36,641 |
| 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 | $37,421 |
| Total functional expenses | $477,710 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $272,396 |
| Savings and temporary cash investments | $4,175,481 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $47,912 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $105,024 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $7,842 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $4,608,655 |
| Accounts payable and accrued expenses | $5,053 |
| 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 | $53,016 |
| Total liabilities | $58,069 |
| Net assets without donor restrictions | $4,550,586 |
| 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 | $0 |
| Total liabilities and net assets/fund balances | $4,608,655 |