Great Lakes Shipwreck Historical Society Inc

Analysis

Great Lakes Shipwreck Historical Society Inc is a registered charity in United States, based in Sault S Marie, MI. It received its IRS tax-exemption ruling in May 1978, 48 years ago. Its declared purposes cover arts, culture and humanities, which this site groups under arts, culture, heritage and science. The IRS classifies it as a publicly supported organisation (gross receipts test) under section 501(c)(3), and contributions to it are listed as tax-deductible.

In the financial year ending December 2023, Great Lakes Shipwreck Historical Society Inc reported income of $1.3m and spending of $1.0m, leaving 21% of income unspent that year. Across the 5 years on record, from December 2019 to December 2023, income grew from $1.1m to $1.3m (+17%), an average of +4.0% a year. The sharpest change came in the year to December 2021, when income rose by 42%. Over the whole period it spent 73% of the income it received.

Among 45,478 United States charities whose main cause is arts, culture, heritage and science and that reported income, Great Lakes Shipwreck Historical Society Inc sits at the 88th percentile: it is larger than about 88% of them. Against every charity in United States with reported income it ranks in the 82nd percentile, and in the 82nd percentile within MI. Charities of a similar size with the same main cause include Glenview Stars Hockey Assn 5 Glenview Ice Center ($1.3m), Brattle Film Foundation Inc ($1.3m) and Maine Center for Economic Policy ($1.3m).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 7.1% and program service revenue 82% of the total. Compensation of current officers, directors and key employees was $99k (9.9% of expenses). Other salaries and wages came to $264k. At year end it held assets of $4.2m against liabilities of $174k, net assets of $4.0m. It reported 33 employees.