Michigan Maritime Museum Inc

Analysis

Michigan Maritime Museum Inc is a registered charity in United States, based in South Haven, MI. It received its IRS tax-exemption ruling in December 1983, 43 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 (donations from the general public) under section 501(c)(3), and contributions to it are listed as tax-deductible.

In the financial year ending September 2022, Michigan Maritime Museum Inc reported income of $1.4m and spending of $756k, leaving 45% of income unspent that year. Across the 4 years on record, from September 2019 to September 2022, income fell from $3.0m to $1.4m (-54%), an average of -23% a year. The sharpest change came in the year to September 2021, when income rose by 170%. Over the whole period it spent 30% of the income it received.

Among 45,478 United States charities whose main cause is arts, culture, heritage and science and that reported income, Michigan Maritime Museum Inc sits at the 89th percentile: it is larger than about 89% 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 State Theatre Inc ($1.4m), Dance Kaleidoscope Inc ($1.4m) and The Kansas African American Museum Inc ($1.4m).

On its Form 990 for the period ending September 2022, revenue came from contributions and grants 60% and program service revenue 34% of the total. Compensation of current officers, directors and key employees was $90k (12% of expenses). Other salaries and wages came to $241k. At year end it held assets of $9.9m against liabilities of $224k, net assets of $9.7m. It reported 25 employees.