National Inventors Hall Of Fame Inc
- Assets
- $44.1m
- Revenue
- $39.1m
- Investments
- $1.5m
- Employees
- 249
- Location
- North Canton, OH
- Founding
- 09/1988
- Data as of
- 12/2021
- EIN
- 34-1580038
Organization Overview
National Inventors Hall Of Fame Inc is located in North Canton, OH. The organization was established in 1988. According to its NTEE Classification (A57) the organization is classified as: Science & Technology Museums, under the broad grouping of Arts, Culture & Humanities and related organizations. As of 12/2021, National Inventors Hall Of Fame Inc employed 249 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. National Inventors Hall Of Fame Inc is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
For the year ending 12/2021, National Inventors Hall Of Fame Inc generated $39.1m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 7.2% each year. All expenses for the organization totaled $29.4m during the year ending 12/2021. While expenses have increased by 4.2% per year over the past 7 years. They've been increasing with an increasing level of total revenue. You can explore the organizations financials more deeply in the financial statements section below.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2021
Describe the Organization's Mission:
Part 3 - Line 1
A CATALYST FOR CHANGE THROUGH RECOGNIZING INVENTORS AND INVENTIONS, PROMOTING CREATIVITY, AND ADVANCING THE SPIRIT OF INNOVATION AND ENTREPRENEURSHIP.
Describe the Organization's Program Activity:
Part 3 - Line 4a
CHILDREN'S EDUCATION - PROGRAMS AND INITIATIVES TO CREATE PUBLIC AWARENESS OF THE MAJOR ROLE THAT INVENTION, INVENTORS AND PATENTS, TRADEMARKS AND COPYRIGHTS PLAY IN AMERICA'S ECONOMIC AND CULTURAL SUCCESS AND TO NURTURE THE CREATIVE AND INVENTIVE SPIRIT OF AMERICAN CHILDREN AND TO INSPIRE THEM TO ENTER THE EXCITING FIELDS OF SCIENCE AND MATH IN AN EFFORT TO CONTINUE AMERICA'S DOMINANCE IN THE FUTURE.
MUSEUM & INVENTORS EXHIBITS - THE NATIONAL INVENTORS HALL OF FAME MUSEUM HOUSED IN THE US PATENT AND TRADEMARK OFFICE IN ALEXANDRIA, VA. IS OPERATED AND MAINTAINED BY NATIONAL INVENTORS HALL OF FAME, INC. EACH YEAR A NEW EXHIBIT IS BUILT AND INSTALLED AT THE MUSEUM. THE ANNUAL INDUCTION CEREMONY IS ALSO CREATED AND PRODUCED BY NATIONAL INVENTORS HALL OF FAME, INC.
OTHER INVENTOR RECOGNITION - OPERATE RECOGNITION PROGRAMS FOR INVENTORS AND OTHER IP OWNERS AND DEVELOPERS, AND PRODUCE PRIVATE AND PUBLIC EVENTS THAT HONOR EDUCATE, AND ENCOURAGE INDEPENDENT INVENTORS, AND ENTREPRENEURS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Michael Oister President/ceo | Officer | 39 | $711,596 |
Monica Jones Vice President/coo | Officer | 39 | $202,469 |
Rhonda L Campbell Treasurer/cfo | Officer | 40 | $150,829 |
Hannah Paulin Secretary/cso | Officer | 40 | $148,136 |
Britt Magneson Vp, New Business Development | 40 | $145,843 | |
Barbara Hinton Regional Prog Dev Mgr | 40 | $142,950 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Xtra Edge Inc Regional Coordinator | 12/30/21 | $169,850 |
Inventextra Regional Coordinator | 12/30/21 | $138,755 |
Stackadapt Inc Marketing | 12/30/21 | $158,675 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $5,746,866 |
| All other contributions, gifts, grants, and similar amounts not included above | $5,879,177 |
| Noncash contributions included in lines 1a–1f | $160,632 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $11,626,043 |
| Total Program Service Revenue | $26,094,516 |
| Investment income | $1,077,341 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $211,024 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | -$923 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $39,073,824 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $228,396 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $1,356,819 |
| Compensation of current officers, directors, key employees. | $870,342 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $9,336,368 |
| Pension plan accruals and contributions | $465,685 |
| Other employee benefits | $811,666 |
| Payroll taxes | $825,698 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $122,759 |
| Fees for services: Accounting | $0 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $107,343 |
| Fees for services: Other | $683,940 |
| Advertising and promotion | $1,105,928 |
| Office expenses | $2,332,211 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $712,044 |
| Travel | $113,942 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $11,541 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $546,510 |
| Insurance | $127,260 |
| All other expenses | $241,091 |
| Total functional expenses | $29,398,870 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $8,951,381 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $2,259,876 |
| Accounts receivable, net | $395,033 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $4,795,614 |
| Prepaid expenses and deferred charges | $834,952 |
| Net Land, buildings, and equipment | $7,343,329 |
| Investments—publicly traded securities | $17,978,002 |
| Investments—other securities | $1,549,060 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $44,107,247 |
| Accounts payable and accrued expenses | $2,138,786 |
| Grants payable | $0 |
| Deferred revenue | $1,169,047 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $954,028 |
| Total liabilities | $4,261,861 |
| Net assets without donor restrictions | $34,267,077 |
| Net assets with donor restrictions | $5,578,309 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $0 |
| Total liabilities and net assets/fund balances | $44,107,247 |
Grants Recieved
Over the last fiscal year, we have identified 2 grants that National Inventors Hall Of Fame Inc has recieved totaling $20,000.
| Awarding Organization | Amount |
|---|---|
Frederick Mcdonald Trust C/O Trust Dept State Bk Of Ny Dallas, TX PURPOSE: UNRESTRICTED GENERAL | $10,000 |
Laura B Frick Tr U Item 17 Uwo Pittsburgh, PA PURPOSE: WAYNE COUNTY AFTERSCHOOL | $10,000 |
Endowment Analysis
| Beg. Balance | $7,359,901 |
| Earnings | $889,639 |
| Net Contributions | $57,850 |
| Other Expense | $108,620 |
| Ending Balance | $8,198,770 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
National Inventors Hall Of Fame Inc North Canton, OH | $44,107,247 | $39,073,824 |
The Kentucky Science Center Inc Louisville, KY | $5,223,902 | $4,115,750 |
Toledo Science Center Toledo, OH | $5,601,246 | $4,169,037 |
Impression 5 Science Center Lansing, MI | $3,728,176 | $1,131,343 |
Wonderlab-Museum Of Science Health & Technology Inc Bloomington, IN | $4,147,404 | $968,426 |
Ohio Academy Of Science Dublin, OH | $1,206,586 | $1,431,773 |
Lake Erie Junior Nature & Science Center Bay Village, OH | $6,453,356 | $1,686,404 |
Lancaster Science Center Lancaster, PA | $3,068,922 | $1,227,133 |
Aviation Heritage Foundation Inc Dayton, OH | $1,810,938 | $880,670 |
Model-T Automotive Heritage Complex Inc Detroit, MI | $2,459,654 | $509,835 |
Quiet Valley Living Historical Farm Stroudsburg, PA | $2,239,844 | $387,900 |
Ispace Inc Evendale, OH | $1,021,347 | $594,899 |