Oyster Museum Inc
- Assets
- $1.0m
- Revenue
- $328.6k
- Investments
- $0.0
- Employees
- 4
- Location
- Chincoteague, VA
- Founding
- 06/1972
- Data as of
- 12/2021
- EIN
- 54-0899483
Organization Overview
Oyster Museum Inc, operating under the name Museum Of Chincoteague Island, is located in Chincoteague, VA. The organization was established in 1972. According to its NTEE Classification (A50) the organization is classified as: Museums, under the broad grouping of Arts, Culture & Humanities and related organizations. As of 12/2021, Museum Of Chincoteague Island employed 4 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Museum Of Chincoteague Island 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, Museum Of Chincoteague Island generated $328.6k 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 (6.5%) each year. All expenses for the organization totaled $251.7k during the year ending 12/2021. As we would expect to see with falling revenues, expenses have declined by (2.8%) per year over the past 7 years. 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
EDUCATION OF THE PUBLIC CONCERNING ENVIRONMENTAL ISSUES AND MARITIME HISTORY OF THE ATLANTIC COASTAL AREA SURROUNDING CHINCOTEAGUE VIRGINIA.
Describe the Organization's Program Activity:
Part 3 - Line 4a
EDUCATION OF THE GENERAL PUBLIC REGARDING THE SEAFOOD AND MARITIME IDUSTRIES IN CHINCOTEAGUE VIRGINIA AND THE SURROUNDING AREA, AND THE ECOLOGICAL ISSUES AFFECTING THE SEAFOOD INDUSTRY.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Lou Mavromatis Vice Preside | OfficerTrustee | $0 | |
Cindy Faith President | OfficerTrustee | $0 | |
Kelly Conklin Treasurer | OfficerTrustee | $0 | |
John Blake Director | Trustee | $0 | |
Danny Bowden Director | Trustee | $0 | |
Steven Chesson Director | Trustee | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $1,304 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $60,621 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $61,925 |
| Total Program Service Revenue | $234,007 |
| Investment income | $32 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $7,845 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $24,783 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $328,592 |
| 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 | $53,878 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $4,121 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $1,550 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $1,313 |
| Advertising and promotion | $8,043 |
| Office expenses | $9,373 |
| Information technology | $68 |
| Royalties | $0 |
| Occupancy | $18,495 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $1 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $14,931 |
| Insurance | $6,446 |
| All other expenses | $3,392 |
| Total functional expenses | $251,653 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $211,896 |
| Savings and temporary cash investments | $35,638 |
| 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 | $6,727 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $386,197 |
| Investments—publicly traded securities | $364,107 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $1,004,565 |
| Accounts payable and accrued expenses | $1,855 |
| 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 | $1,855 |
| Net assets without donor restrictions | $1,002,710 |
| Net assets with donor restrictions | $0 |
| 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 | $1,004,565 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that Oyster Museum Inc has recieved totaling $5,544.
| Awarding Organization | Amount |
|---|---|
Community Foundation Of The Eastern Shore Inc Salisbury, MD PURPOSE: CONSERVATION/HISTORIC PRESERVATION | $5,544 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Crosswater Canyon Inc Petersburg, KY | $131,093,453 | $43,029,126 |
Country Music Foundation Inc Nashville, TN | $103,507,163 | $14,152,198 |
International Spy Museum Washington, DC | $139,621,736 | $22,140,962 |
National Corvette Museum Foundation Inc Bowling Green, KY | $80,229,990 | $15,403,313 |
Mariners Museum Newport News, VA | $159,780,245 | $10,021,200 |
Tennessee Golf Foundation Franklin, TN | $24,594,928 | $7,116,069 |
Discovery Park Of America Inc Union City, TN | $88,157,973 | $11,219,580 |
Kentucky Derby Museum Corporation Louisville, KY | $35,033,343 | $10,633,125 |
Chesapeake Bay Maritime Museum Inc Saint Michaels, MD | $39,670,845 | $11,802,090 |
Tennessee State Museum Foundation Nashville, TN | $6,574,867 | $116,981 |
Adventure Science Center Nashville Nashville, TN | $22,045,170 | $10,457,321 |
Tennessee Valley Railroad Museum Inc Chattanooga, TN | $14,724,108 | $5,452,372 |