Audrain Automobile Museum Inc
- Assets
- $3.7m
- Revenue
- $2.6m
- Investments
- $0.0
- Employees
- 11
- Location
- Newport, RI
- Founding
- 03/2015
- Data as of
- 12/2021
- EIN
- 47-1918005
Organization Overview
Audrain Automobile Museum Inc is located in Newport, RI. The organization was established in 2015. 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, Audrain Automobile Museum Inc employed 11 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Audrain Automobile Museum 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, Audrain Automobile Museum Inc generated $2.6m in total revenue. This organization has experienced exceptional growth, as over the past 4 years, it has increased revenue by an average of 20.9% each year . All expenses for the organization totaled $2.6m during the year ending 12/2021. While expenses have increased by 19.6% per year over the past 4 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 ASSIST IN THE CONDUCT OF CHARITABLE AND EDUCATIONAL PROMOTION OF PUBLIC INTEREST IN APPRECIATION OF AND PARTICIPATION IN CAR COLLECTION THROUGH CREATING AND SUPPORTING ACTIVITIES REGARDING A PUBLIC MUSEUM DEDICATED TO CLASSIC, COLLECTIBLE AND MODERN CARS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE ORGANIZATION OPERATES A MUSEUM DEVOTED TO THE APPRECIATION OF HISTORICAL, CLASSICAL, COLLECTIBLE AND MODERN CARS. THE ORGANIZATION AIMS THAT BY TELLING THE STORIES OF THE AUTOMOBILES, IT TELLS THE STORY OF OUR CULTURE, COUNTRY, FAMILIES AND OURSELVES. THE ORGANIZATION ANNUALLY CURATES FOUR (4) EXHIBITS AND IN 2022 WELCOMED 30,000 + VISITORS, INCLUDING SCHOOL AND SENIOR GROUPS, CAR CLUBS AND COLLECTORS.
THE ORGANIZATION, THROUGH ITS WHOLLY OWNED SUBSIDIARY, AUDRAIN CONCOURS FOUNDATION, LLC ANNUALLY PRODUCES AND HOSTS THE "AUDRAIN NEWPORT CONCOURS AND MOTOR WEEK," A CAR CENTRIC EXPERIENCE IN NEWPORT RHODE ISLAND. THIS 4 DAY EVENT INCLUDES A FUNDRAISING GALA, TOUR D' ELEGANCE, CONCOURS D' ELEGANCE AND EDUCATIONAL SEMINARS ON AUTOMOBILE RELATED TOPICS THAT CELEBRATE AND PROMOTE THE PUBLIC'S INTEREST IN THE PRESERVATION AND PRESENTATION OF AUTOMOTIVE HISTORY.
Get More from Intellispect for FreeCreate a free account to get more data, nonprofit salaries, advanced search and more.
Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Nicholas S Schorsch Director, President | OfficerTrustee | 5 | $0 |
John T Boxer Director, Secretary | OfficerTrustee | 10 | $0 |
William M Kahane Director | Trustee | 2 | $0 |
Shelley D Schorsch Director | Trustee | 2 | $0 |
David DE Muzio Executive Director | Trustee | 40 | $96,609 |
Edward M Weil Jr Director | Trustee | 5 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $141,978 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $3,321,219 |
| Noncash contributions included in lines 1a–1f | $535,563 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $3,463,197 |
| Total Program Service Revenue | $232,211 |
| Investment income | $17 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $11,644 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | -$1,550,434 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $29,394 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $2,562,395 |
| 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 | $348,983 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $33,350 |
| Fees for services: Management | $17,227 |
| Fees for services: Legal | $125,206 |
| Fees for services: Accounting | $0 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $28,670 |
| Advertising and promotion | $332,331 |
| Office expenses | $0 |
| Information technology | $2,432 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $8,968 |
| Interest | $962 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $2,400 |
| Insurance | $31,893 |
| All other expenses | $106,303 |
| Total functional expenses | $2,638,723 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $32,869 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $564,811 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $200,000 |
| Inventories for sale or use | $213,217 |
| Prepaid expenses and deferred charges | $31,337 |
| Net Land, buildings, and equipment | $8,358 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $2,668,788 |
| Total assets | $3,719,380 |
| Accounts payable and accrued expenses | $1,050,375 |
| 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 | $1,514,814 |
| Total liabilities | $2,565,189 |
| Net assets without donor restrictions | $751,147 |
| Net assets with donor restrictions | $403,044 |
| 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 | $3,719,380 |
Grants Awarded
Over the last fiscal year, Audrain Automobile Museum Inc has awarded $95,000 in support to 3 organizations.
| Grant Recipient | Amount |
|---|---|
DR MARTIN LUTHER KING JR COMMUNITY CENTER PURPOSE: DONATION TO HELP SUPPORT CENTRAL SERVICES PROVIDED FOR AT-RISK INDIVIDUALS, FAMILIES, AND SENIORS. | $40,000 |
EDWARD KING HOUSE PURPOSE: DONATION TO SUPPORT ADULT LEARNING, INDEPENDENT LIVING AND AN ENRICHED QUALITY OF LIFE. | $27,500 |
BOYS AND GIRLS CLUB OF NEWPORT COUNTY PURPOSE: DONATION TO HELP SUPPORT THE ORGANIZATION AND CLUBHOUSE. THE CLUBHOUSE HAS BEEN THE PLACE WHERE NUMEROUS KIDS AND TEENS LEARNED HOW TO SWIM, RECEIVED MUCH NEEDED HOMEWORK ASSISTANCE, PLAYED BASKETBALL IN THE FLO HARVEY BASKETBALL LEAGUE AND MAKE LIFE-LONG FRIENDSHIPS. | $27,500 |