Minnesota Lakes Maritime Society
- Assets
- $3.7m
- Revenue
- $816.4k
- Investments
- $0.0
- Employees
- 8
- Location
- Alexandria, MN
- Founding
- 12/2000
- Data as of
- 12/2022
- EIN
- 41-1967683
Organization Overview
Minnesota Lakes Maritime Society, operating under the name Legacy Of The Lakes Museum, is located in Alexandria, MN. The organization was established in 2000. According to its NTEE Classification (A54) the organization is classified as: History Museums, under the broad grouping of Arts, Culture & Humanities and related organizations. As of 12/2022, Legacy Of The Lakes Museum employed 8 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Legacy Of The Lakes Museum 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, Legacy Of The Lakes Museum generated $816.4k in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 12.0% each year . All expenses for the organization totaled $500.9k during the year ending 12/2022. While expenses have increased by 5.0% 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
2022
Describe the Organization's Mission:
Part 3 - Line 1
PROMOTE AND PRESERVE THE HISTORY AND CULTURE OF MINNESOTA LAKE LIFE THROUGH INTERPRETIVE EXHIBITS, EDUCATIONAL PROGRAMS, COLLECTIONS MANAGEMENT, AND SPECIAL EVENTS.
Describe the Organization's Program Activity:
MUSEUM ATTENDANCE CONTINUED TO REBOUND FROM COVID IMPACTS. THERE WERE 4,856 VISITORS, UP 637 FROM 2021, AND 3 TIMES AS MANY AS IN 2020. OUR VISITORS CAME FROM 7 COUNTRIES, 33 STATES AND 149 MINNESOTA TOWNS. WE ARE WATER MN TRAVELING EXHIBIT WAS VIEWED BY 2,354 VISITORS, 202 PEOPLE PARTICIPATED IN 16 RELATED EDUCATION PROGRAMS AND 64,516 PEOPLE VIEWED 13 ONLINE VIDEOS ON TOPICS RELATED TO OTHER EXHIBITS. THE ANTIQUE AND CLASSIC BOAT COLLECTION WAS EXPANDED WITH THE ADDITION OF A 24 FOOT 1929 BABY DOLPHIN HACKERCRAFT, ONE OF TWO KNOWN TO EXIST. FUND DEVELOPMENT EFFORTS SUCCESSFULLY INTRODUCED A NEW FUNDING STREAM, NAUTICAL NIGHT, A SUMMER FUNDRAISING EVENT RAISED 110,000. THE TICKETED EVENT ATTRACTED 135 ATTENDEES AND INCLUDED SILENT AND LIVE AUCTIONS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Carol Swenson Executive Director | Officer | 40 | $77,000 |
Russ Sticha President | OfficerTrustee | 1 | $0 |
Dave Bortner Vice President | OfficerTrustee | 1 | $0 |
Katie Williams Secertary | OfficerTrustee | 1 | $0 |
John Engelen Treasurer | OfficerTrustee | 1 | $0 |
Jon Steinbring Past President | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $180,603 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $382,249 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $562,852 |
| Total Program Service Revenue | $39,350 |
| Investment income | $11,410 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | -$443 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $4,484 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $2,431 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $816,428 |
| 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. | $77,000 |
| Compensation of current officers, directors, key employees. | $19,250 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $88,397 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $5,250 |
| Payroll taxes | $13,121 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $7,934 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $32,146 |
| Office expenses | $17,335 |
| Information technology | $4,914 |
| Royalties | $0 |
| Occupancy | $61,572 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $1,280 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $117,671 |
| Insurance | $17,415 |
| All other expenses | $6,000 |
| Total functional expenses | $500,882 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $604,909 |
| Savings and temporary cash investments | $372 |
| 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 | $6,620 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $2,665,570 |
| Investments—publicly traded securities | $430,141 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $3,707,612 |
| Accounts payable and accrued expenses | $572 |
| 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 | $93,758 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $10,640 |
| Total liabilities | $104,970 |
| Net assets without donor restrictions | $2,913,392 |
| Net assets with donor restrictions | $689,250 |
| 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 | $3,707,612 |