Lake County Historical Society

Analysis

Lake County Historical Society is a registered charity in United States, based in Two Harbors, MN. It received its IRS tax-exemption ruling in September 1959, 67 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, Lake County Historical Society reported income of $361k and spending of $426k, spending 118% of what it took in. Across the 5 years on record, from December 2019 to December 2023, income fell from $426k to $361k (-15%), an average of -4.1% a year. The sharpest change came in the year to December 2021, when income rose by 44%. Over the whole period it spent 117% of the income it received.

Among 72,936 United States charities whose main cause is other charitable purposes and that reported income, Lake County Historical Society sits at the 63rd percentile: it is larger than about 63% of them. Against every charity in United States with reported income it ranks in the 65th percentile, and in the 64th percentile within MN. Charities of a similar size with the same main cause include Topeka Lutheran School Foundation Inc ($361k), Packard Group II ($361k) and Metro Technology Centers Foundation Inc ($361k).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 42% and program service revenue 38% of the total. Compensation of current officers, directors and key employees was $53k (12% of expenses). Other salaries and wages came to $115k. At year end it held assets of $808k against liabilities of $26k, net assets of $782k. It reported 13 employees.