The Hydroplane and Raceboat Museum

Analysis

The Hydroplane and Raceboat Museum is a registered charity in United States, based in Kent, WA. It received its IRS tax-exemption ruling in July 1984, 42 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 December 2023, The Hydroplane and Raceboat Museum reported income of $1.0m and spending of $544k, leaving 47% of income unspent that year. Across the 5 years on record, from December 2019 to December 2023, income grew from $502k to $1.0m (+104%), an average of +20% a year. The sharpest change came in the year to December 2020, when income rose by 234%. Over the whole period it spent 51% of the income it received.

Among 45,478 United States charities whose main cause is arts, culture, heritage and science and that reported income, The Hydroplane and Raceboat Museum sits at the 86th percentile: it is larger than about 86% of them. Against every charity in United States with reported income it ranks in the 80th percentile, and in the 79th percentile within WA. Charities of a similar size with the same main cause include Northern Chumash Tribal Council ($1.0m), Femm Foundation ($1.0m) and Omca Town Square Inc ($1.0m).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 76% and program service revenue 22% of the total. Compensation of current officers, directors and key employees was $66k (12% of expenses). Other salaries and wages came to $79k. At year end it held assets of $3.2m against liabilities of $556k, net assets of $2.7m. It reported 5 employees.