Richardson Maritime Museum Incorporated
- Assets
- $1.3m
- Revenue
- $193.8k
- Investments
- $0.0
- Employees
- 2
- Location
- Cambridge, MD
- Founding
- 01/1993
- Data as of
- 12/2021
- EIN
- 52-1785312
Organization Overview
Richardson Maritime Museum Incorporated is located in Cambridge, MD. The organization was established in 1993. According to its NTEE Classification (A99) the organization is classified as: Arts, Culture & Humanities N.E.C., under the broad grouping of Arts, Culture & Humanities and related organizations. As of 12/2021, Richardson Maritime Museum Incorporated employed 2 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Richardson Maritime Museum Incorporated 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, Richardson Maritime Museum Incorporated generated $193.8k in total revenue. This represents a relatively dramatic decline in revenue. Over the past 7 years, the organization has seen revenues fall by an average of (14.1%) each year. All expenses for the organization totaled $122.9k during the year ending 12/2021. 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
THE FOUNDATION IS DEDICATED TO PRESERVING AND PROMOTING THE WOODEN BOATBUILDING HERITAGE OF MARYLAND'S EASTERN SHORE WITH A MUSEUM AND A WOODEN BOAT BUILDING CENTER.
Describe the Organization's Program Activity:
Part 3 - Line 4a
TO PRESERVE AND PROMOTE THE BOAT BUILDING HERITAGE OF DORCHESTER COUNTY, MARYLAND AND THE CHESAPEAKE BAY AREA THROUGH RESEARCH, PRESERVATION, EXHIBITION OF ARTIFACTS AND ARCHIVES, AND AN EDUCATION FACILITY FOR THE MARINE TRADES.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Martin Hardy Chairman | OfficerTrustee | 3 | $0 |
Deborah Usab Secretary/treasurer | OfficerTrustee | 3 | $0 |
James D Brighton Vice Chairman | OfficerTrustee | 3 | $0 |
Woodall Labat Director | Trustee | 3 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $385 |
| Related organizations | $0 |
| Government grants | $10,000 |
| All other contributions, gifts, grants, and similar amounts not included above | $129,584 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $139,969 |
| Total Program Service Revenue | $48,682 |
| Investment income | $2,029 |
| 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 | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $193,843 |
| 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 | $23,053 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $2,483 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $1,035 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $392 |
| Fees for services: Other | $0 |
| Advertising and promotion | $1,432 |
| Office expenses | $7,697 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $45,693 |
| Travel | $85 |
| 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 | $15,874 |
| Insurance | $12,465 |
| All other expenses | $0 |
| Total functional expenses | $122,861 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $203,878 |
| Savings and temporary cash investments | $0 |
| 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 | $1,786 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $1,062,249 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $31,476 |
| Total assets | $1,299,389 |
| Accounts payable and accrued expenses | $590 |
| 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 | $694,346 |
| Unsecured mortgages and notes payable | $84,200 |
| Other liabilities | $0 |
| Total liabilities | $779,136 |
| Net assets without donor restrictions | $351,437 |
| Net assets with donor restrictions | $168,816 |
| 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 | $1,299,389 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that Richardson Maritime Museum Incorporated has recieved totaling $100,000.
| Awarding Organization | Amount |
|---|---|
Pauline F And W David Robbins Charitable Foundation Cambridge, MD PURPOSE: 103 HAYWARD IMPROVEMENTS | $100,000 |
Endowment Analysis
| Beg. Balance | $26,891 |
| Earnings | $4,977 |
| Admin Expense | $392 |
| Ending Balance | $31,476 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Community Business Partnership Inc Springfield, VA | $2,560,570 | $55,247,461 |
The Virginia Arts Festival Inc Norfolk, VA | $42,180,047 | $13,814,301 |
National Business Officers Association Inc Washington, DC | $10,181,383 | $5,458,138 |
The Museum Of Language Arts Incorporated Washington, DC | $22,277,823 | $2,812,502 |
American Council Of Trustees And Alumni Washington, DC | $7,091,133 | $4,080,282 |
National Academy Of Education Washington, DC | $13,224,387 | $700,923 |
Mission West Virginia Hurricane, WV | $896,692 | $3,486,347 |
Greater Pittsburgh Arts Council Pittsburgh, PA | $2,524,492 | $2,281,290 |
The Memorial Foundation Washington, DC | $1,841,102 | $3,723,853 |
Downtown Columbia Arts And Culture Commission Inc Columbia, MD | $56,227,844 | $6,192,561 |
Chorus America Association Washington, DC | $2,563,365 | $1,205,440 |
International Critical Incident Stress Foundation Inc Ellicott City, MD | $1,604,340 | $2,401,353 |