Railroading Heritage Of Midwest America Inc
- Assets
- $16.6m
- Revenue
- $8.8m
- Investments
- $0.0
- Employees
- 10
- Location
- Blaine, MN
- Founding
- 04/1997
- Data as of
- 12/2023
- EIN
- 41-1723120
Organization Overview
Railroading Heritage Of Midwest America Inc, operating under the name Friends Of The 261, is located in Blaine, MN. The organization was established in 1997. As of 12/2023, Friends Of The 261 employed 10 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Friends Of The 261 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, Friends Of The 261 generated $8.8m in total revenue. This organization has experienced exceptional growth, as over the past 8 years, it has increased revenue by an average of 31.5% each year . All expenses for the organization totaled $3.1m during the year ending 12/2023. While expenses have increased by 16.6% per year over the past 8 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
2023
Describe the Organization's Mission:
Part 3 - Line 1
RHMA PROMOTES PUBLIC UNDERSTANDING OF THE HISTORY OF RAILROADING IN THE MIDWEST BY PRESERVING, RESTORING, OPERATING AND INTERPRETING HISTORIC LOCOMOTIVES AND RAIL CARS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROGRAM SERVICE ACCOMPLISHMENTS INCLUDE THE PRESERVATION, MAINTENANCE, AND DISPLAY OF HISTORIC LOCOMOTIVES AND ROLLING STOCK, AND OPERATION OF LOCOMOTIVES AND COACHES FOR PUBLIC EXCURSIONS. HUNDREDS OF PEOPLE VISITED THE HISTORIC COACHES AT THE PERMANENT HOME SITE IN MINNEAPOLIS. THROUGHOUT THE YEAR, THE ORGANIZATION OFFERED SCENIC EXCURSIONS AROUND THE MIDWEST AND THROUGHOUT THE UNITED STATES, INCLUDING THE "WINDY-CITY EXPRESS" ROUNDTRIPS FROM ST. PAUL TO CHICAGO. THOUSANDS OF PEOPLE VISITED AND OBSERVED THE BEAUTIFULLY RESTORED HISTORIC LOCOMOTIVE, SKYTOP AND SUPERDOME, AND SOME HISTORIC BUSINESS AND BAGGAGE CARS WHILE AT STOPS ON THE EXCURSIONS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Steve Sandberg President | OfficerTrustee | 40 | $184,047 |
Megan Sandberg Vice Preside | OfficerTrustee | 40 | $70,041 |
Ed Selinsky Director | Trustee | 5 | $1,392 |
Richard Boulet Director | Trustee | 5 | $0 |
Erik Hoofnagle Director | Trustee | 20 | $0 |
Jon Strand Director | Trustee | 10 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $11,571 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $6,240,337 |
| Noncash contributions included in lines 1a–1f | $4,110,380 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $6,251,908 |
| Total Program Service Revenue | $1,274,020 |
| Investment income | $121,245 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $1,126,588 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $8,773,842 |
| 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. | $255,480 |
| Compensation of current officers, directors, key employees. | $48,875 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $233,271 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $37,738 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $16,650 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $13,414 |
| Advertising and promotion | $2,814 |
| Office expenses | $19,139 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $250,000 |
| Travel | $21,299 |
| 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 | $423,628 |
| Insurance | $113,083 |
| All other expenses | $351,727 |
| Total functional expenses | $3,054,597 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $4,844,460 |
| Savings and temporary cash investments | $1,055,320 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $100,000 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $24,034 |
| Prepaid expenses and deferred charges | $24,658 |
| Net Land, buildings, and equipment | $8,767,535 |
| Investments—publicly traded securities | $1,405,217 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $372,382 |
| Total assets | $16,593,606 |
| Accounts payable and accrued expenses | $65,747 |
| 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 | $15,000 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $372,382 |
| Total liabilities | $453,129 |
| Net assets without donor restrictions | $14,717,605 |
| Net assets with donor restrictions | $1,422,872 |
| 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 | $16,593,606 |