Lake County Historical Society
- Assets
- $954.9k
- Revenue
- $374.9k
- Investments
- $0.0
- Employees
- 10
- Location
- Two Harbors, MN
- Founding
- 09/1959
- Data as of
- 12/2021
- EIN
- 41-0846439
Organization Overview
Lake County Historical Society is located in Two Harbors, MN. The organization was established in 1959. According to its NTEE Classification (A82) the organization is classified as: Historical Societies & Historic Preservation, under the broad grouping of Arts, Culture & Humanities and related organizations. As of 12/2021, Lake County Historical Society employed 10 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Lake County Historical Society 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, Lake County Historical Society generated $374.9k in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 2.9% each year. All expenses for the organization totaled $369.0k during the year ending 12/2021. While expenses have increased by 2.5% 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
THE MISSION OF THE LAKE COUNTY HISTORICAL SOCIETY IS TO COLLECT, PRESERVE AND TELL THE STORY OF LAKE COUNTY'S HISTORY.
Describe the Organization's Program Activity:
Part 3 - Line 4a
TO PROVIDE THE GENERAL PUBLIC AN EDUCATION OF THE HISTORY OF LAKE COUNTY, MINNESOTA
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Sam Gangi President | Officer | $0 | |
David Johnson Vice Preside | Officer | $0 | |
Jennifer Niemi Treasurer | Officer | $0 | |
Kenneth Sandvik Vice Preside | Officer | $0 | |
Dory Pearson Secretary | Officer | $0 | |
Mike Fitzpatrick Trustee | Trustee | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $11,023 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $40,000 |
| All other contributions, gifts, grants, and similar amounts not included above | $68,821 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $119,844 |
| Total Program Service Revenue | $241,250 |
| Investment income | $32 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $7,328 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $6,410 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $374,864 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| 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. | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $117,293 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $21,649 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $13,690 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $9,892 |
| Office expenses | $6,456 |
| Information technology | $1,649 |
| Royalties | $0 |
| Occupancy | $22,893 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $262 |
| Interest | $371 |
| Payments to affiliates | $8,580 |
| Depreciation, depletion, and amortization | $42,078 |
| Insurance | $8,830 |
| All other expenses | $19,077 |
| Total functional expenses | $368,960 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $69,930 |
| Savings and temporary cash investments | $43,801 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $33,155 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $807,974 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $954,860 |
| Accounts payable and accrued expenses | $72,181 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| 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 | $0 |
| Total liabilities | $72,181 |
| Net assets without donor restrictions | $829,863 |
| Net assets with donor restrictions | $52,816 |
| 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 | $954,860 |
Grants Recieved
Over the last fiscal year, we have identified 2 grants that Lake County Historical Society has recieved totaling $1,306.
| Awarding Organization | Amount |
|---|---|
Ahs Foundation Minneapolis, MN PURPOSE: GENERAL SUPPORT | $1,300 |
Amazonsmile Foundation Seattle, WA PURPOSE: GENERAL SUPPORT | $6 |
Endowment Analysis
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Theodore Roosevelt Medora Foundation Medora, ND | $68,522,255 | $10,499,633 |
Dubuque County Historical Society Dubuque, IA | $42,203,208 | $9,721,079 |
Minnesota Landmarks St Paul, MN | $7,312,284 | $2,339,984 |
Mount Rushmore National Memorial Society Of Black Hills Rapid City, SD | $22,476,449 | $3,858,593 |
Midwest Art Conservation Center Inc Minneapolis, MN | $2,125,685 | $1,795,271 |
Iowa Railroad Historical Society Boone, IA | $4,623,282 | $1,830,405 |
Ramsey County Historical Society Inc Saint Paul, MN | $5,355,556 | $1,137,123 |
Rethos Saint Paul, MN | $2,732,815 | $1,832,549 |
Two Rivers Historical Society Two Rivers, WI | $1,166,797 | $640,666 |
Milwaukee County Historical Society Milwaukee, WI | $3,176,056 | $1,183,454 |
Stearns County Historical Society Inc St Cloud, MN | $1,632,705 | $959,647 |
Four Mounds Foundation Dubuque, IA | $637,426 | $940,682 |