Overview
What is Engine 557 Restoration Company?
Engine 557 Restoration Company is a nonprofit organization located in Wasilla, Alaska. Their primary objective is to restore, operate, and showcase the former Alaska Railroad steam locomotive number 557, providing educational and entertainment opportunities for local residents and tourists. The company achieves this mission by assessing, repairing, and refurbishing the locomotive's parts, with the help of volunteer labor and substantial in-kind contributions. The work takes place in a shop equipped with necessary tools, equipment, and technical documents. The restoration process results in a fully operational steam locomotive, which the company aims to operate and display. This mission serves to preserve and celebrate Alaska's railroad heritage.
Official website here: www.alaskarails.org/pix/former-loco/557/index.html
What are the reviews and ratings of this charity?
Charity Navigator Rating: 83%, Three-Star out of Four Star rating
Engine 557 Restoration Company has earned an 83% overall score, reflecting a solid performance in accountability and finance. This score is derived exclusively from a single beacon score focused on these areas, indicating a strong emphasis on transparency and sound financial practices. The organization has demonstrated excellence in several metrics, including a fully independent board and a high program expense ratio of 90.57%, underscoring its commitment to channeling funds directly to its mission.
The organization boasts a 100% independent board and has no material diversion of assets, which reflects its dedication to governance and ethical standards. Furthermore, it has successfully published its tax form on its website and maintains documented board meeting minutes, enhancing transparency for stakeholders. However, it is noteworthy that the organization lacks a whistleblower policy and a document retention and destruction policy, which may indicate areas for improvement in governance practices.
Despite these minor limitations, Engine 557 Restoration Company displays commendable accountability and financial management. The organization is well-positioned to continue its restoration efforts with an ethical framework and financial prudence that enhances trust among donors and the community it serves.
This AI summary has been generated from information found on Charity Navigator.
Is Engine 557 Restoration Company legitimate?
Engine 557 Restoration Company is a legitimate nonprofit organization registered as a 501(c)(3) entity. Engine 557 Restoration Company 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:
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For more financial information, click here
Official website here: www.alaskarails.org/pix/former-loco/557/index.html
What is the mission statement of Engine 557 Restoration Company?
The Engine 557 Restoration Company is dedicated to restoring, operating, preserving, and showcasing the former Alaska Railroad steam locomotive number 557. This mission aims to provide an educational and entertaining experience for both local Alaskan residents and visitors. The organization assesses, repairs, and refurbishes parts of the locomotive, reassembling them onto the locomotive. They equip their shop with essential tools, equipment, and technical documents to accomplish the restoration. A team of volunteers works on the locomotive, typically four days a week. Their efforts result in a fully operational steam locomotive, with substantial in-kind contributions supporting this program service.
Official website here: www.alaskarails.org/pix/former-loco/557/index.html
Who is the CEO of Engine 557 Restoration Company?
Jane M Walker is the President of Engine 557 Restoration Company.
Official website here: www.alaskarails.org/pix/former-loco/557/index.html
What is the revenue of Engine 557 Restoration Company?
Engine 557 Restoration Company's revenue in 2022 was $135,256.
Official website here: www.alaskarails.org/pix/former-loco/557/index.html
Who are the executives of Engine 557 Restoration Company and what are their salaries?
There 40 volunteers at Engine 557 Restoration Company.
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Official website here: www.alaskarails.org/pix/former-loco/557/index.html
Where can I find the form 990 for Engine 557 Restoration Company?
Engine 557 Restoration Company's most recent form 990 was submitted in 2022 and can be accessed here.
Official website here: www.alaskarails.org/pix/former-loco/557/index.html
Learn more at the official website: www.alaskarails.org/pix/former-loco/557/index.html
Mission Statement of Engine 557 Restoration Company
The Engine 557 Restoration Company is dedicated to restoring, operating, conserving, and showcasing the former Alaska Railroad steam locomotive number 557. Their primary goal is to provide an educational and entertaining experience for Alaskan residents and visitors. The organization undertakes the assessment, repair, and refurbishment of various parts of the locomotive. Volunteers, numbering between four and ten, work on the locomotive for four days each week, reassembling components and equipping the shop with essential tools, equipment, and technical documents. The ultimate objective is to restore and operate the locomotive in its original condition. The Engine 557 Restoration Company relies on substantial in-kind contributions, including services and facilities, to support this mission.
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Impact
October, 2024
Engine 557 Restoration Company plays a significant role in preserving Alaska's railroading heritage by restoring and operating the historic steam locomotive number 557. This initiative not only educates residents and visitors about the history and importance of steam locomotives in Alaska's development but also creates a vibrant community of volunteers dedicated to hands-on restoration work.
The effort involves assessing, repairing, and refurbishing various components of the locomotive, requiring a skilled workforce that ranges from four to ten volunteers each week. This collaborative atmosphere fosters a sense of community and shared purpose, as individuals contribute their time and talents to revive a piece of local history.
Moreover, the restoration project also enhances the local economy through in-kind contributions of services and facilities, which significantly bolster the program’s resources. The anticipated outcome is a fully operational steam locomotive, poised to motivate interest in Alaska’s railway past while providing an engaging educational experience for future generations. Ultimately, Engine 557 Restoration Company not only preserves an essential artifact but also enriches the cultural landscape of Wasilla and the wider Alaskan community.
This information is meant to be a general summary of Engine 557 Restoration Company. 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: $41
- Gross Receipts: $140,272
Assets and Liabilities:
- Total Assets: $225,385
- Total Liabilities: $1,434
- Net Assets: $223,951
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Organization Details
Founding Year
2012
Phone
(907) 350-4340Principal Officer
Jane M Walker
Main Address
PO Box 875360, Wasilla, AK, 99687
NTEE Category
Code: A80 - Arts
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