Minnesota Marine Art Museum
- Assets
- $28.4m
- Revenue
- $1.6m
- Investments
- $0.0
- Employees
- 18
- Location
- Winona, MN
- Founding
- 04/2004
- Data as of
- 12/2021
- EIN
- 72-1580723
Organization Overview
Minnesota Marine Art Museum is located in Winona, MN. The organization was established in 2004. 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, Minnesota Marine Art Museum employed 18 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Minnesota Marine Art 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 12/2021, Minnesota Marine Art Museum generated $1.6m in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 16.7% each year . All expenses for the organization totaled $1.2m during the year ending 12/2021. While expenses have increased by 3.5% 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
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2021
Describe the Organization's Mission:
Part 3 - Line 1
THE MINNESOTA MARINE ART MUSEUM ENGAGES VISITORS IN MEANINGFUL VISUAL ART EXPERIENCES THROUGH EDUCATION AND EXHIBITIONS THAT EXPLORE THE ONGOING AND HISTORIC HUMAN RELATIONSHIP WITH WATER.
Describe the Organization's Program Activity:
Part 3 - Line 4a
OPERATING MUSEUM FOR THE PUBLIC, PROVIDING EXHIBITIONS AND CARING FORCOLLECTIONS OF MARINE ART AND ARTIFACTS, AND REGIONAL, NATIONAL, AND INTERNATIONAL HISTORIC, MODERN, AND CONTEMPORARY ART.
PROVIDED SIGNIFICANT EDUCATIONAL OPPORTUNITIES FOR ALL AGES AND ABILITIES INCLUDING TOURS, ART-MAKING CLASSES, LECTURES, WORKSHOPS, GALLERY ACTIVITIES, OUTREACH EVENTS, FAMILY AND INDIVIDUAL PROGRAMMING, AND MORE.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Sabina Bosshard Director | Trustee | 2 | $0 |
Elise Lewis Vice Chair | OfficerTrustee | 4 | $0 |
Greg Neidhart Secretary | OfficerTrustee | 4 | $0 |
Bill Hoel Board Chair | OfficerTrustee | 4 | $0 |
Anne Scott Plummer Director | Trustee | 2 | $0 |
Tamara Aupaumut Director | Trustee | 2 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Total Revenue from Contributions, Gifts, Grants & Similar | $575,927 |
| Investment income | $215,990 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $509,075 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $59,648 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $1,574,755 |
| Statement of Expenses | |
|---|---|
| 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. | $51,180 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $366,848 |
| Pension plan accruals and contributions | $9,992 |
| Other employee benefits | $42,274 |
| Payroll taxes | $30,786 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $30,210 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $79,323 |
| Fees for services: Other | $10,525 |
| Advertising and promotion | $60,390 |
| Office expenses | $0 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $69,221 |
| Travel | $512 |
| 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 | $231,948 |
| Insurance | $31,175 |
| All other expenses | $0 |
| Total functional expenses | $1,213,478 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $2,373,329 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $37,877 |
| Accounts receivable, net | $56,642 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $56,725 |
| Prepaid expenses and deferred charges | $1,019 |
| Investments—publicly traded securities | $10,151,132 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $8,870,678 |
| Total assets | $28,374,254 |
| Accounts payable and accrued expenses | $6,497 |
| Grants payable | $0 |
| Deferred revenue | $26,471 |
| 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 | $32,968 |
| Net assets without donor restrictions | $16,298,022 |
| Net assets with donor restrictions | $12,043,264 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Total liabilities and net assets/fund balances | $28,341,286 |