Overview
What is Kentucky Railway Museum Inc?
Kentucky Railway Museum Inc, based in New Haven, Kentucky, is a nonprofit organization with a focus on preserving and showcasing railway history and heritage. They boast an impressive number of eight employees, dedicated to their mission. The museum attracts various visitors, including children and others, offering a unique opportunity to delve into the past of Kentucky's railroads. Their primary goal is to educate the public, engaging them in the rich history and heritage that railroads have played in their state's development.
Official website here: www.kyrail.org
What are the reviews and ratings of this charity?
Charity Navigator Rating: Two-Star out of Four Stars (Needs Improvement)
The Kentucky Railway Museum Inc has received a two-star rating from Charity Navigator, indicating a need for improvement in various areas of accountability and finance. The organization scored 73% overall, with strong performances in independent board governance, showing 100% independent members and a solid liabilities to assets ratio of 10.18%. It also maintains a commendable program expense ratio of 70.18%, suggesting that a significant portion of its budget is directed towards its programs.
However, the museum has notable weaknesses that have impacted its rating. Key financial transparency documents, such as financial statements and tax forms, are not available on its website, which resulted in a score of zero in those categories. Additionally, the lack of a whistleblower policy and a document retention policy further detracts from its accountability practices. These shortcomings highlight areas where the Kentucky Railway Museum can enhance its governance and transparency to better serve its mission and stakeholders.
Overall, while the Kentucky Railway Museum demonstrates strengths in governance and program funding, addressing its financial transparency and accountability policies will be crucial for improving its rating and fostering greater trust among donors and the community.
This AI summary has been generated from information found on Charity Navigator.
Is Kentucky Railway Museum Inc legitimate?
Kentucky Railway Museum Inc is a legitimate nonprofit organization registered as a 501(c)(3) entity. Kentucky Railway Museum Inc 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: $111,101
Professional Fundraising Fees: $0
Other Salaries and Wages: $114,490
For more financial information, click here
Official website here: www.kyrail.org
What is the mission statement of Kentucky Railway Museum Inc?
The Kentucky Railway Museum Inc is committed to enlightening the public about the historical and cultural significance of railroads in Kentucky. Their primary objective is to educate visitors, including several thousand children and others, on this topic. They accomplish this mission through the exhibition and restoration of railroad memorabilia. The museum serves as a valuable resource, providing insights into the past and preserving the legacy of Kentucky's railroad history.
Official website here: www.kyrail.org
Who is the CEO of Kentucky Railway Museum Inc?
Greg Matthews is the President of Kentucky Railway Museum Inc.
Official website here: www.kyrail.org
What is the revenue of Kentucky Railway Museum Inc?
Kentucky Railway Museum Inc's revenue in 2022 was $1,801,640.
Official website here: www.kyrail.org
Who are the executives of Kentucky Railway Museum Inc and what are their salaries?
The average compensation at Kentucky Railway Museum Inc during 2022 was $28,199. There are 8 employees and 75 volunteers at Kentucky Railway Museum Inc.
Here are 13 key members and their salaries:
- Compensation: $66,401
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- Other: $0
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- Compensation: $44,700
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- Other: $0
Official website here: www.kyrail.org
Where can I find the form 990 for Kentucky Railway Museum Inc?
Kentucky Railway Museum Inc's most recent form 990 was submitted in 2022 and can be accessed here.
Official website here: www.kyrail.org
Learn more at the official website: www.kyrail.org
Mission Statement of Kentucky Railway Museum Inc
Kentucky Railway Museum Inc is committed to enlightening the public about the rich history and heritage of Kentucky's railroads. Their mission, in essence, is to serve as a platform for showcasing and restoring railroad memorabilia, attracting numerous visitors including children and others. This nonprofit organization plays a significant role in preserving and disseminating the unique stories and legacy of Kentucky's railroad industry.
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Impact
July, 2024
Kentucky Railway Museum Inc plays a crucial role in educating the public about the history and heritage of Kentucky's railroads through its museum dedicated to the exhibition and restoration of railroad memorabilia. This impact is particularly significant as the museum is visited by several thousand children and other individuals each year. In doing so, the museum helps preserve and promote an important aspect of Kentucky's cultural heritage while also fostering an appreciation for the arts among its visitors.
This information is meant to be a general summary of Kentucky Railway Museum Inc. 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: $6,069
- Program Service Revenue: $660,980
- Gross Receipts: $1,801,640
Assets and Liabilities:
- Total Assets: $1,903,045
- Total Liabilities: $270,009
- Net Assets: $1,633,036
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
CAR STORAGE
Revenue
$397,904
ADMISSIONS
Revenue
$262,805
EQUIPMENT RENTAL
Revenue
$271
Organization Details
Founding Year
1954
Phone
(502) 549-5470Principal Officer
Greg Matthews
Main Address
PO BOX 240, NEW HAVEN, KY, 40051
Website
www.kyrail.orgNTEE Category
Code: A500 - Arts
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