Sail Power and Steam Museum

Analysis

Sail Power and Steam Museum is a registered charity in United States, based in Rockland, ME. It received its IRS tax-exemption ruling in February 2008, 18 years ago. Its declared purposes cover education, which this site groups under education and training. The IRS classifies it as a publicly supported organisation (donations from the general public) under section 501(c)(3), and contributions to it are listed as tax-deductible.

In the financial year ending December 2023, Sail Power and Steam Museum reported income of $582k and spending of $546k, spending 94% of its income. Across the 5 years on record, from December 2019 to December 2023, income grew from $194k to $582k (+200%), an average of +32% a year. The sharpest change came in the year to December 2022, when income rose by 588%. Over the whole period it spent 44% of the income it received.

Among 66,972 United States charities whose main cause is education and training and that reported income, Sail Power and Steam Museum sits at the 70th percentile: it is larger than about 70% of them. Against every charity in United States with reported income it ranks in the 72nd percentile, and in the 68th percentile within ME. Charities of a similar size with the same main cause include Boys and Girls Clubs of Southwest Mississippi ($582k), Storybridge Inc ($582k) and Protect Minnesota ($582k).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 25% and program service revenue 35% of the total. Compensation of current officers, directors and key employees was $66k (12% of expenses). Other salaries and wages came to $108k. At year end it held assets of $3.0m against liabilities of $314k, net assets of $2.7m. It reported 6 employees.