← RICHARDSON MARITIME MUSEUM INCORPORATED

Form 990 for tax year 2023

Filed by RICHARDSON MARITIME MUSEUM INCORPORATED.

Totals

Total revenue: -$140,822
Total expenses: $191,849
Contributions and grants received: $83,026
Grants paid: $0
Program service revenue: $13,128
Investment income: -$242,640
Other revenue: $5,664
Total assets, end of year: $487,452
Total liabilities, end of year: $90,220
Net assets or fund balances, end of year: $397,232
Program services expenses (Part IX): $38,626
Management and general expenses: $153,223
Fundraising expenses: $0
Program service expenses (Part III): $38,626

Program services were 20.1% of total expenses calculated — Part IX's program-services column over total expenses, both as filed.

Line items

Every line the filer filed in Parts VIII, IX and X, as filed and in filed order. Blank columns are left out, and the lines are not forced to add up to the totals above.

Revenue

Part VIII, the statement of revenue.

1e · Government grants (contributions)

$30,000
1f · All other contributions, gifts and grants

$53,026
2f · All other program service revenue

total $13,128 · unrelated business $0 · excluded $0
3 · Investment income

total $7 · unrelated business $0 · excluded $0
7a · Gross sales of assets other than inventory

securities $28,686 · other assets $795,137
7b · Less cost or other basis and sales expenses

securities $27,121 · other assets $1,039,349
7c · Gain or loss

securities $1,565 · other assets -$244,212
7d · Net gain or loss

total -$242,647 · related or exempt -$242,647 · unrelated business $0 · excluded $0
11d · All other revenue

total $5,664 · related or exempt $5,664 · unrelated business $0 · excluded $0
11e · Other revenue, total

$5,664

Functional expenses

Part IX, the statement of functional expenses.

7 · Other salaries and wages

total $34,614 · program services $17,307 · management and general $17,307 · fundraising $0
10 · Payroll taxes

total $2,648 · program services $1,324 · management and general $1,324 · fundraising $0
11b · Fees: legal

total $14,142 · program services $0 · management and general $14,142 · fundraising $0
11c · Fees: accounting

total $300 · program services $0 · management and general $300 · fundraising $0
13 · Office expenses

total $2,426 · program services $1,213 · management and general $1,213 · fundraising $0
16 · Occupancy

total $10,117 · program services $7,588 · management and general $2,529 · fundraising $0
19 · Conferences, conventions and meetings

total $205 · program services $0 · management and general $205 · fundraising $0
20 · Interest

total $111,500 · program services $0 · management and general $111,500 · fundraising $0
22 · Depreciation, depletion and amortization

total $1,306 · program services $980 · management and general $326 · fundraising $0
23 · Insurance

total $14,591 · program services $10,214 · management and general $4,377 · fundraising $0

Balance sheet

Part X, book values.

1 · Cash, non-interest-bearing

beginning of year $107,752 · end of year $62,978
8 · Inventories for sale or use

beginning of year $1,786 · end of year $1,786
10a · Land, buildings and equipment: cost or other basis

$441,339
10b · Land, buildings and equipment: accumulated depreciation

$18,651
10c · Land, buildings and equipment, net

beginning of year $1,046,575 · end of year $422,688
15 · Other assets

beginning of year $27,121 · end of year $0
17 · Accounts payable and accrued expenses

beginning of year $1,250 · end of year $6,020
23 · Secured mortgages and notes payable

beginning of year $683,637
24 · Unsecured notes and loans payable

beginning of year $84,200 · end of year $84,200
27 · Net assets without donor restrictions

beginning of year $267,932 · end of year $378,138
28 · Net assets with donor restrictions

beginning of year $146,215 · end of year $19,094

Mission and programs · 2023

Mission

The foundation is dedicated to preserving and promoting the wooden boatbuilding heritage of Marylands Eastern Shore with a museum and a wooden boat building center.

TO PRESERVE AND PROMOTE THE BOAT BUILDING HERITAGE OF DORCHESTER COUNTY, MARYLAND AND THE CHESAPEAKE BAY AREA THROUGH RESEARCH, PRESERVATION, EXHIBITION OF ARTIFACTS AND ARCHIVES, AND AN EDUCATION FACILITY FOR THE MARINE TRADES.

Expenses $38,626 · Revenue $13,128

As filed on the 2023 return.

Listed in Part VII

Martin HardyMARTIN HARDY

CHAIRMAN

Total calculated

$0

Hours/week

3
James D BrightonJAMES D BRIGHTON

VICE CHAIRMAN

Total calculated

$0

Hours/week

3
Deborah UsabDEBORAH USAB

SECRETARY/TREASURER

Total calculated

$0

Hours/week

3
Woodall LabatWOODALL LABAT

DIRECTOR

Total calculated

$0

Hours/week

3
Peter ZukoskiPETER ZUKOSKI

DIRECTOR

Total calculated

$0

Hours/week

3

Compensation is as filed in Part VII: reportable pay from this organization and from related organizations, other compensation, and hours per week. The total, marked calculated, is our sum of the three dollar columns, with a blank column counted as $0; the form itself has no total. On a Form 990-EZ the columns are Part IV's instead, and on a Form 990-PF Part VIII's — compensation, contributions to benefit plans, and expense account — and the total sums those.

Grants on this return

No itemized grants to organizations on this return.

Assets distributed on this return

Schedule N, as filed: what the organization did with its assets when it liquidated or dissolved, or disposed of more than a quarter of them, and who received them. A recipient with an EIN is usually a successor organization; filers also list expenses such as legal fees here.

1 distribution to a recipient named as a person, $795,137. Counted where the filer named the recipient as a person, as filed. Who received them, and what, are not published.

Provenance

Return type: form_990
Tax year: 2023
Filed: 14 November 2024
IRS schema version: 2023v5.1
Source object: 202433209349305303

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