Overfalls Maritime Museum Foundation
- Assets
- $2.0m
- Revenue
- $112.2k
- Investments
- $0.0
- Employees
- 0
- Location
- Lewes, DE
- Founding
- 10/2001
- Data as of
- 12/2023
- EIN
- 51-0404500
Organization Overview
Overfalls Maritime Museum Foundation is located in Lewes, DE. The organization was established in 2001. According to its NTEE Classification (A54) the organization is classified as: History 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. Overfalls Maritime Museum Foundation 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, Overfalls Maritime Museum Foundation generated $112.2k in total revenue. This represents relatively stable growth, over the past 9 years the organization has increased revenue by an average of 2.3% each year. All expenses for the organization totaled $150.4k during the year ending 12/2023. While expenses have increased by 6.6% per year over the past 9 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
THE MISSION OF THE OVERFALLS FOUNDATION IS TO PRESERVE, TEACH, AND HONOR THE UNITED STATES LIGHTSHIP SERVICE AND THE MARITIME HISTORY OF OUR COMMUNITY THROUGH PRESERVATION AND DISPLAY OF THE LIGHTSHIP OVERFALLS (LV- 118) AND ITS COLLECTION OF ASSOCIATED MARITIME ARTIFACTS. TO PROVIDE A WORLD-CLASS MUSEUM EXPERIENCE THAT HONORS, PRESERVES, AND PROMOTES THE VALUABLE CONTRIBUTONS OF THE UNITED STATES LIGHTSHIP SERVICE TO THIS NATION'S HISTORY. TO OBTAIN NATIONAL RECOGNITION AS A LEADER IN PROMOTING THE CULTURAL SIGNIFICANCE OF MARITIME HISTORY IN OUR COMMUNITY. TO BE GOOD STEWARDS OF THE GENEROUS CONTRIBUTIONS OF OUR DONORS, SPONSORS, AND VOLUNTEERS BY LEVERAGING THOSE CONTRIBUTIONS TO PROVIDE INTERACITIVE EDCUATIONAL EXPERIENCES THAT HAVE A LASTING AND POSITIVE IMPACT.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE FOUNDATION SEEKS TO OBTAIN, RESTORE AND PRESERVE ARTICLES OF MARITIME HISTORICAL SIGNIFICANCE IN THE DELAWARE BAY REGION AND EDUCATE THE PUBLIC ABOUT THEIR SIGNIFICANCE. THE FOUNDATION OPENED THE MUSEUM TO THE PUBLIC AND OFFERED TOURS AND PROGRAMS EXPLAINING THE USE OF THE OVERFALL SHIPS AND THEIR PLACE IN MARITIME HISTORY.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Dave Beck Vice Preside | OfficerTrustee | 10 | $0 |
John Bolster Board Member | Trustee | 5 | $0 |
Barry Buchanan Board Member | Trustee | 5 | $0 |
Robert J Garry Treasurer | OfficerTrustee | 10 | $0 |
Ted Hack Board Member | Trustee | 5 | $0 |
Frank Manning Board Member | Trustee | 5 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $15,890 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $7,500 |
| All other contributions, gifts, grants, and similar amounts not included above | $30,373 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $53,763 |
| Total Program Service Revenue | $15,304 |
| Investment income | $6,921 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $31,744 |
| Net Income from Fundraising Events | $1,901 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $2,522 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $112,155 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $5,000 |
| 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 | $4,700 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $3,794 |
| Fees for services: Other | $12,103 |
| Advertising and promotion | $21,972 |
| Office expenses | $4,579 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $9,289 |
| 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 | $48,180 |
| Insurance | $7,997 |
| All other expenses | $1,199 |
| Total functional expenses | $150,403 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $45,022 |
| Savings and temporary cash investments | $248,281 |
| 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 | $6,694 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $1,410,562 |
| Investments—publicly traded securities | $291,497 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $2,002,056 |
| 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 | $1,953,197 |
| Net assets with donor restrictions | $48,859 |
| 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 | $2,002,056 |