Overview
What is Minnesota Lakes Maritime Society?
The Minnesota Lakes Maritime Society, also known as Legacy of the Lakes Museum, is a nonprofit organization situated in Alexandria, Minnesota. Their primary mission is to preserve and promote the history and culture of Minnesota's lakes. They achieve this through various means, including exhibits, educational programs, collections management, and special events. The society's activities rebounded significantly from the COVID-19 impact, with a notable increase in museum visits. In 2022, they welcomed 4,856 visitors, which is three times more than in 2020 and 637 more than the previous year. These visitors hailed from various countries, states, and towns within Minnesota. The society's Water MN Traveling Exhibit attracted 2,354 visitors, while 16 related education programs were attended by 202 individuals. Additionally, 64,516 people viewed 13 online videos on topics related to other exhibits. The society expanded its antique and classic boat collection by adding a 1929 Baby Dolphin Hackercraft, one of two known to exist. Fundraising efforts introduced a new stream, Nautical Night, a summer event that raised $110,000. The ticketed event attracted 135 attendees and included silent and live auctions. The society operates with a team of eight dedicated individuals.
What are the reviews and ratings of this charity?
Charity Navigator Rating: Needs Improvement, Two-Star out of Four Stars (67%)
The Minnesota Lakes Maritime Society has received a two-star rating from Charity Navigator, indicating a need for improvement in its accountability and finance practices. While the organization boasts 100% independent board members and a very low liabilities to assets ratio, it falls short in several key areas, particularly in transparency and governance policies. The lack of financial statements and missing essential documents such as a conflict of interest policy and a whistleblower policy have significantly impacted its overall score.
On a positive note, the organization has a strong program expense ratio of 79.41%, suggesting a focus on its mission-related activities rather than administrative costs. The presence of documented board meeting minutes also points to some level of organizational structure and oversight. However, the absence of financial transparency and required documents on its website raises concerns for potential donors about the organization's accountability.
Overall, while the Minnesota Lakes Maritime Society demonstrates commendable financial management in certain areas, the significant gaps in transparency and governance policies hinder its potential for trust among stakeholders. Addressing these issues could lead to improved ratings and greater community confidence in the nonprofit's operations.
This AI summary has been generated from information found on Charity Navigator.
Is Minnesota Lakes Maritime Society legitimate?
Minnesota Lakes Maritime Society is a legitimate nonprofit organization registered as a 501(c)(3) entity. Minnesota Lakes Maritime Society submitted a form 990, which is a tax form used by tax-exempt organizations in the U.S., indicating its operational transparency and adherence to regulatory requirements. Donations to this organization are tax deductible.
Heare are some key statistics you may want to consider:
Executive Compensation: $77,000
Professional Fundraising Fees: $0
Other Salaries and Wages: $88,397
For more financial information, click here
What is the mission statement of Minnesota Lakes Maritime Society?
The Minnesota Lakes Maritime Society works diligently to preserve and celebrate the history and culture of lake life. They achieve this through various means, including the creation and display of interpretive exhibits, organizing educational programs, managing their collection, and hosting special events. Their mission is to educate the public about this unique aspect of Minnesota's heritage, fostering a deeper appreciation and understanding. Their efforts have seen a significant increase in museum attendance, with visitors hailing from various parts of the world. The society also showcased their "We Are Water MN" traveling exhibit and introduced a new funding stream, "Nautical Night," which raised funds for their cause.
Who is the CEO of Minnesota Lakes Maritime Society?
Russ Sticha is the Executive Director of Minnesota Lakes Maritime Society.
What is the revenue of Minnesota Lakes Maritime Society?
Minnesota Lakes Maritime Society's revenue in 2022 was $816,428.
Who are the executives of Minnesota Lakes Maritime Society and what are their salaries?
The average compensation at Minnesota Lakes Maritime Society during 2022 was $20,675. There are 8 employees and 93 volunteers at Minnesota Lakes Maritime Society.
Here are 16 key members and their salaries:
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Where can I find the form 990 for Minnesota Lakes Maritime Society?
Minnesota Lakes Maritime Society's most recent form 990 was submitted in 2022 and can be accessed here.
Mission Statement of Minnesota Lakes Maritime Society
The Minnesota Lakes Maritime Society, a dedicated organization, is committed to promoting and preserving the history and culture of Minnesota lake life. Through their efforts, they aim to achieve this objective through various means. Their approach includes the creation of interpretive exhibits, the provision of educational programs, the management of collections, and the organization of special events. By doing so, they strive to educate the public about the rich heritage and traditions surrounding Minnesota lakes. Their mission is a testament to their dedication to preserving the legacy of Minnesota lake life for future generations.
The society's mission is brought to life through various activities. They have seen a significant increase in museum attendance, with 4,856 visitors in 2022, up from 2021 and triple the number from 2020. These visitors hail from diverse backgrounds, with representation from 7 countries, 33 states, and 149 Minnesota towns. Additionally, their traveling exhibit, 'Water MN', was viewed by 2,354 visitors, and 16 related education programs were conducted, engaging 202 participants. Online, 13 videos on topics related to their exhibits were viewed by a total of 64,516 people. The society also expanded their antique and classic boat collection with the addition of a rare 1929 Baby Dolphin Hackercraft.
In their fundraising efforts, they introduced a new stream, 'Nautical Night', a summer event that raised $110,000. This ticketed event attracted 135 attendees and featured silent and live auctions. The Minnesota Lakes Maritime Society's mission to promote and preserve the history and culture of Minnesota lake life is evident in their successful exhibits, educational programs, and fundraising events.
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Impact
July, 2024
The impact of Minnesota Lakes Maritime Society is significant in promoting and preserving the history and culture of Minnesota lake life. Through its interpretive exhibits, educational programs, collections management, and special events, the society has been able to engage and educate a wide audience. In 2021, the museum attendance rebounded from the impacts of COVID-19, with 4,856 visitors - a notable increase from the previous year. The reach of their efforts extended globally, with visitors coming from 7 countries, 33 states, and 149 towns in Minnesota.
Additionally, their educational programs and online videos reached a large audience, with 202 people participating in related education programs and 64,516 views on online videos covering topics related to the exhibits. The expansion of the Antique and Classic Boat Collection with the addition of a unique 1929 Baby Dolphin Hackercraft further enriched the museum's offerings.
Furthermore, the society's success in fund development was highlighted by the introduction of a new fundraising event, Nautical Night, which raised $110,000. This event not only brought in significant funds but also engaged 135 attendees through activities like silent and live auctions.
Overall, the impact of Minnesota Lakes Maritime Society is evident in its ability to engage, educate, and preserve the rich history and culture of Minnesota lake life for a diverse audience, both locally and internationally.
This information is meant to be a general summary of Minnesota Lakes Maritime Society. Please take the time to review official sources before making any decisions based upon the content provided here.
Financials
This financial information is from Propublica.
Other financial information:
This information is from the most recently submitted tax form from this organization, which was in 2022.
- Investment Income: $11,410
- Program Service Revenue: $39,350
- Gross Receipts: $917,819
Assets and Liabilities:
- Total Assets: $3,707,612
- Total Liabilities: $104,970
- Net Assets: $3,602,642
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
Admissions
Revenue
$25,344
EVENTS
Revenue
$14,006
Organization Details
Founding Year
1999
Phone
(320) 759-1114Principal Officer
Russ Sticha
Main Address
PO BOX 1216, ALEXANDRIA, MN, 56308
NTEE Category
Code: A54 - Arts
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