The Hydroplane And Raceboat Museum
- Assets
- $2.7m
- Revenue
- $890.2k
- Investments
- $0.0
- Employees
- 5
- Location
- Kent, WA
- Founding
- 07/1984
- Data as of
- 12/2021
- EIN
- 91-1246282
Organization Overview
The Hydroplane And Raceboat Museum is located in Kent, WA. The organization was established in 1984. 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, Hydroplane And Raceboat Museum employed 5 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Hydroplane And Raceboat 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, Hydroplane And Raceboat Museum generated $890.2k in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 9.8% each year. All expenses for the organization totaled $457.4k during the year ending 12/2021. While expenses have increased by 0.2% 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
990T
Mission & Program ActivityExcerpts From the 990T Filing
TAX YEAR
2021
Describe the Organization's Mission:
Part 3 - Line 1
PRESERVATION OF THE HISTORY OF BOAT RACING AND THE EDUCATION OF THE PUBLIC.
Describe the Organization's Program Activity:
FUNDING OF A YOUTH PROGRAM WHERE TEENAGERS AND ADULTS PARTICIPATE IN REBUILDING VINTAGE HYDROPLANES. APPROXIMATELY 13 TEENS AND 27 ADULTS PARTICIPATED.
MAINTENANCE OF MUSEUM FACILITY TO PRESERVE AND HOUSE HISTORICAL ITEMS FOR THE PUBLIC TO ENJOY.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
David Williams Executive Director | 40 | $66,000 | |
Dr Kenneth Muscatel Director | Trustee | 1 | $0 |
Brad Haskin Director | Trustee | 1 | $0 |
Patrick Gleason Director | Trustee | 1 | $0 |
Don Mock Vice President | Trustee | 1 | $0 |
Gary Hansen President | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $74,315 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $26,698 |
| All other contributions, gifts, grants, and similar amounts not included above | $633,388 |
| Noncash contributions included in lines 1a–1f | $410,000 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $734,401 |
| Total Program Service Revenue | $59,003 |
| Investment income | $5 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | -$4,667 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $52,475 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $48,979 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $890,196 |
| 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. | $66,000 |
| Compensation of current officers, directors, key employees. | $3,960 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $67,864 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $10,267 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| 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 | $0 |
| Advertising and promotion | $0 |
| Office expenses | $2,914 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $142,930 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $3,425 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $5,963 |
| Insurance | $8,750 |
| All other expenses | $54,152 |
| Total functional expenses | $457,417 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $296,414 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $17,526 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $63,235 |
| Prepaid expenses and deferred charges | $4,787 |
| Net Land, buildings, and equipment | $15,646 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $2,346,688 |
| Total assets | $2,744,296 |
| Accounts payable and accrued expenses | $28,086 |
| Grants payable | $0 |
| Deferred revenue | $170,000 |
| 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 | $391,813 |
| Total liabilities | $589,899 |
| Net assets without donor restrictions | $2,154,397 |
| 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 | $2,744,296 |
Grants Recieved
Over the last fiscal year, we have identified 5 grants that The Hydroplane And Raceboat Museum has recieved totaling $21,692.
| Awarding Organization | Amount |
|---|---|
Apex Foundation Bellevue, WA PURPOSE: GREATEST NEED/ UNRESTRICTED SUPPORT | $10,000 |
Apex Foundation Bellevue, WA PURPOSE: GREATEST NEED/ UNRESTRICTED SUPPORT | $10,000 |
Ge Foundation Norwalk, CT PURPOSE: MATCHING GIFTS | $1,000 |
The Fred Gellert Family Foundation Mill Valley, CA PURPOSE: MARITIME HISTORY | $500 |
Amazonsmile Foundation Seattle, WA PURPOSE: GENERAL SUPPORT | $192 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Experience Learning Community Seattle, WA | $150,532,395 | $23,528,435 |
Charles & Emma Frye Free Public Art Museum Inc Testamentary Trust Seattle, WA | $67,990,835 | $9,421,562 |
Safari Game Search Foundation Winston, OR | $11,893,690 | $8,001,628 |
Flying Heritage & Combat Armor Museum Severett, WA | $57,687,450 | $4,791,140 |
Sno-King Ice Sports Kirkland, WA | $2,403,737 | $2,901,295 |
Columbia River Maritime Museum Inc Astoria, OR | $27,133,708 | $10,271,351 |
Lemay-Americas Car Museum Tacoma, WA | $51,076,971 | $3,774,944 |
Bainbridge Island Museum Of Art Bainbridge Island, WA | $19,171,950 | $2,672,018 |
Bird Aviation Museum And Invention Center Inc Coeur Dalene, ID | $2,243,329 | $40,164 |
Alutiiq Heritage Foundation Kodiak, AK | $6,297,980 | $6,482,918 |
Western Antique Aeroplane Andautomobile Museum Hood River, OR | $6,901,365 | $1,601,440 |
Northwest African American Museum Inc Seattle, WA | $2,508,685 | $2,382,834 |