Lorain Historical Society

Analysis

Lorain Historical Society is a registered charity in United States, based in Lorain, OH. It received its IRS tax-exemption ruling in September 1984, 42 years ago. 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, Lorain Historical Society reported income of $600k and spending of $681k, spending 113% of what it took in. Across the 5 years on record, from December 2019 to December 2023, income grew from $461k to $600k (+30%), an average of +6.8% a year. The sharpest change came in the year to December 2021, when income rose by 56%. Over the whole period it spent 110% of the income it received.

Among 72,936 United States charities whose main cause is other charitable purposes and that reported income, Lorain Historical Society sits at the 71st percentile: it is larger than about 71% of them. Against every charity in United States with reported income it ranks in the 73rd percentile, and in the 73rd percentile within OH. Charities of a similar size with the same main cause include Calvary Commission Inc ($600k), Senior Activities & Services Inc ($600k) and Tri-City Youth & Family Center Inc ($600k).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 81% and program service revenue 2.9% of the total. Compensation of current officers, directors and key employees was $75k (11% of expenses). Other salaries and wages came to $287k. At year end it held assets of $2.9m against liabilities of $55k, net assets of $2.8m. It reported 9 employees.