Civic Intelligence

Penobscot Marine Museum

990 • Fiscal year 2018 • EIN 01-6015647

Apr 01, 2017 to Mar 31, 2018 • Filed on Jan 02, 2019

PO Box 498Searsport, ME 04974

(207) 548-2529

Siviq Scores

Scores are not available for this record yet.

Balance Sheet

Assets

Flat

$7,528,447

Flat from 2018

Net Assets

Flat

$7,246,627

Flat from 2018

Liabilities

Flat

$281,820

Flat from 2018

Revenue And Expenses

Revenue

Flat

$948,682

Flat from 2018

Expenses

Flat

$864,801

Flat from 2018

Net Income

Flat

$83,881

Flat from 2018

Historical Trend

Balance Sheet Trend

The highlighted filing sits inside the broader history for assets, liabilities, and net assets.

$10M$5.0M$0Assets 2011: $6,701,078Liabilities 2011: $282,437Net Assets 2011: $6,418,6412011Assets 2012: $6,727,871Liabilities 2012: $536,463Net Assets 2012: $6,191,4082012Assets 2013: $7,154,963Liabilities 2013: $525,117Net Assets 2013: $6,629,8462013Assets 2014: $7,686,590Liabilities 2014: $515,607Net Assets 2014: $7,170,9832014Assets 2015: $7,465,431Liabilities 2015: $444,588Net Assets 2015: $7,020,8432015Assets 2016: $7,530,330Liabilities 2016: $410,078Net Assets 2016: $7,120,2522016Assets 2017: $7,658,740Liabilities 2017: $389,057Net Assets 2017: $7,269,6832017Assets 2018: $7,528,447Liabilities 2018: $281,820Net Assets 2018: $7,246,6272018Assets 2018: $7,528,447Liabilities 2018: $281,820Net Assets 2018: $7,246,6272018Assets 2019: $7,626,092Liabilities 2019: $281,046Net Assets 2019: $7,345,0462019Assets 2020: $7,147,990Liabilities 2020: $346,696Net Assets 2020: $6,801,2942020Assets 2021: $8,012,407Liabilities 2021: $403,816Net Assets 2021: $7,608,5912021Assets 2022: $8,277,134Liabilities 2022: $347,575Net Assets 2022: $7,929,5592022Assets 2023: $7,423,631Liabilities 2023: $347,673Net Assets 2023: $7,075,9582023Assets 2024: $7,629,807Liabilities 2024: $356,103Net Assets 2024: $7,273,7042024Assets 2025: $7,211,812Liabilities 2025: $228,501Net Assets 2025: $6,983,3112025

Highlighted filing

2018

Assets$7,528,447
Liabilities$281,820
Net Assets$7,246,627

Operations Trend

Revenue, expenses, and net income across loaded years, with this filing highlighted.

$2.0M$1.5M$1.0M$500K$0-$500KRevenue 2011: $862,842Expenses 2011: $994,260Net Income 2011: -$131,4182011Expenses 2012: $1,015,6412012Revenue 2013: $1,256,434Expenses 2013: $995,210Net Income 2013: $261,2242013Revenue 2014: $1,186,999Expenses 2014: $870,400Net Income 2014: $316,5992014Revenue 2015: $840,789Expenses 2015: $900,090Net Income 2015: -$59,3012015Revenue 2016: $818,182Expenses 2016: $954,083Net Income 2016: -$135,9012016Revenue 2017: $821,618Expenses 2017: $830,137Net Income 2017: -$8,5192017Revenue 2018: $948,682Expenses 2018: $864,801Net Income 2018: $83,8812018Revenue 2018: $948,682Expenses 2018: $864,801Net Income 2018: $83,8812018Revenue 2019: $1,002,621Expenses 2019: $938,047Net Income 2019: $64,5742019Revenue 2020: $861,887Expenses 2020: $952,327Net Income 2020: -$90,4402020Revenue 2021: $843,430Expenses 2021: $998,281Net Income 2021: -$154,8512021Revenue 2022: $1,504,211Expenses 2022: $1,073,406Net Income 2022: $430,8052022Revenue 2023: $775,940Expenses 2023: $1,124,960Net Income 2023: -$349,0202023Revenue 2024: $902,400Expenses 2024: $1,157,883Net Income 2024: -$255,4832024Revenue 2025: $917,257Expenses 2025: $1,123,975Net Income 2025: -$206,7182025

Highlighted filing

2018

Revenue$948,682
Expenses$864,801
Net Income$83,881
Jump To
Filing Snapshot
Filing Period
Apr 1, 2017 to Mar 31, 2018
Signed
Jan 2, 2019
Return Version
2017v2.3
Gross Receipts
$1,707,326
Mission and Program Overview

Mission

The mission of the penobscot marine museum is to preserve, interpret and celebrate the maritime culture of the penobscot bay region and beyond through collections, education and community engagement.

Balance Sheet Detail
LineBeginningEndChange
Assets
Investments in Publicly Traded Securities$3,995,028$4,002,014▲ $6,986
Land, Buildings, and Equipment, Net$2,424,607$2,382,200▼ $42,407
Savings and Temporary Cash Investments$511,666$355,111▼ $156,555
Accounts Receivable-$53,435-
Inventories for Sale or Use$25,733$26,011▲ $278
Prepaid Expenses and Deferred Charges$4,279$4,279→ $0
Cash and Non-Interest-Bearing Accounts$1,479--
Total Assets$7,658,740$7,528,447▼ $130,293
Other Assets Total$695,948$705,397▲ $9,449
Liabilities
Mortgage Notes Payable Secured by Investment Property$182,462$143,296▼ $39,166
Other Liabilities$148,384$105,991▼ $42,393
Accounts Payable and Accrued Expenses$58,211$32,533▼ $25,678
Total Liabilities$389,057$281,820▼ $107,237
Net Assets / Fund Balance
Unrestricted Net Assets$3,453,388$3,479,353▲ $25,965
Permanently Rstr Net Assets$2,756,536$2,765,985▲ $9,449
Temporarily Rstr Net Assets$1,059,759$1,001,289▼ $58,470
Total Net Assets Fund Balance$7,269,683$7,246,627▼ $23,056
Total Liabilities and Net Assets / Fund Balance$7,658,740$7,528,447▼ $130,293

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$1,641,023$2,007,287$3,648,310
Land$729,181-$729,181
Equipment$11,996$272,271$284,267
Other Assets Org$4,500--

Endowment Activity

PeriodBeginningContrib.Gain/LossOther UsesEnd
2017$4,041,557-▲ $181,014$347,958$3,874,613
2016$3,944,605-▲ $298,009$201,057$4,041,557
2015$3,796,761$500▲ $339,893$192,549$3,944,605
2014$3,935,549$500▲ $40,944$180,232$3,796,761
2013$3,809,269-▲ $300,053$173,773$3,935,549
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseOtherTotal
Elizabeth LodgeExecutive DiFT$76,327$9,900$86,227

Board Members and Trustees

Revenue and Support

Revenue Composition

Contributions and Grants
$491,734
Program Service Revenue
$51,167
Investment Income
$387,153
Other Revenue
$18,628
All Other Contributions
$467,855
Change in Net Assets
$83,881

Noncash Contribution Practices

Property subject to holding requirements
No
Reviewed unusual noncash gifts
No
Third parties used for noncash contributions
No

Noncash Contributions

Contribution TypeContribution CountReported AmountValuation Method
Securities Publicly Traded3$55,922Fair Market Value (FMV) at Date of Gift
Total Noncash Contributions3$55,922-

Audited Revenue Reconciliation

Revenue per Audited Statements
$922,563
Revenue Not Reported on Financial Statements
$26,119
Revenue Not Reported on Form 990
$-82,299
Total Revenue per Audited Statements
$840,264
Total Revenue per Form 990
$948,682
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$448,805
Other Expenses$415,996
Total Fundraising Expense$151,469
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$225,441$47,698$39,785$312,924
Depreciation Depletion$88,203$443$265$88,911
Current Officers, Directors, Trustees, and Key Employees-$36,682$36,682$73,364
Insurance$36,994$7,146$2,405$46,545
Office Expenses$18,383$5,900$7,723$32,006
Payroll Taxes$18,048$7,957$5,670$31,675
Other Employee Benefits$13,808$11,424$2,042$27,274
Fees for Service Investment Mgmnt Fees-$26,119-$26,119
All Other Expenses$6,356$7,764$9,550$23,670
Fees for Services Other$2,168$2,578$15,521$20,267
Interest$1,046$8,769-$9,815
Fees for Services Accounting-$9,500-$9,500
Other Expenses$1,151$6,590$5,376$7,741
Travel$3,519$1,697$316$5,532
Pension Plan Contributions$3,505$31$32$3,568
Advertising-$529$2,334$2,863
Total Functional Expenses$525,567$187,765$151,469$864,801

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Form 990$864,801
Total Expenses per Audited Statements$863,320
Expenses per Audited Statements$838,682
Expenses Not Reported on Financial Statements$26,119
Expenses Not Reported on Form 990$24,638
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Fundraising Direct Expenses$11,012
Professional Fundraising Fees$0
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
No
Subject to proxy tax
No
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Line of Credit$101,138
Overdraft Line of Credit$4,853
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
Yes
Backup withholding compliance
Yes
Business relationship with family members
No
Business relationship with organization members
No
Material changes to governing documents
No
Compensation from other sources disclosed
No
CEO compensation reviewed
Yes
Other officer compensation reviewed
No
Conflict-of-interest policy
Yes
Audited financial statements prepared
No
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

Form 990, Page 6, Part VI, Line 2

Deirdre henderson andrew rowe trustee trustee related family members

Form 990, Page 6, Part VI, Line 11B

Board of trustees review and approve the completed form 990 prior to filing.

Form 990, Page 6, Part VI, Line 12C

Annually all board of trustee members and employees must agree to a conflict of interest policy and list any potential conflict situations. Any potential situations of concern, whehter discovered under voluntary disclosure of otherwise are investigated by the governance committee of the board of trustees.

Form 990, Page 6, Part VI, Line 15A

Compensation of executive director is determined by board appointed committee of selected board members and board officers. Completed annually. Comparable data used as reference to fairness of compensation.

Form 990, Page 6, Part VI, Line 19

Governing documents, conflict of interest policy and financial statements are available to the public upon request and approval by board of trustees on a case by case basis.

Filing and Contact Details

Filer

Filer Name
Penobscot Marine Museum
EIN
01-6015647
Phone
2075482529
Address
PO BOX 498, SEARSPORT, ME 04974

Signing Officer

Name
Stephen Tall
Title
President
Phone
2075482529
Signed
2019-01-02
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Stephen Tall
Formed
1936
Legal Domicile
Me
Voting Board Members
17
Independent Board Members
17
Employees
29
Volunteers
50

Preparer

Firm
Nicholson Michaud & Company
Address
76 SILVER ST, WATERVILLE, ME 04901-6528
Preparer
Erik Nadeau CPA
Phone
2078727077
Supplemental Narrative

Additional Explanations

Form 990, Part XI, Line 9

Direct fundraising expenses 11,012 increase in beneficial interest - perpetual trusts 9,449 gift shop cost of goods sold 4,360 direct fundraising expenses -11,012 gift shop cost of goods sold -4,360 total 9,449

Form 990, Page 12, Part XII, Line 2C

There were no changes in the boards process for overseeing the audit process. All board members receive a copy of the audit. The finance committee will review the financial statements and make a recommendation to the board to accept. The financials are presented to the board at a regularly scheduled board meeting by the auditor at which the full board votes to accept or not.

Financial Statement Notes

Schedule D, Page 2, Part III, Line 4

The values of the fine arts and library collections held by the museum are not included in the accompanying financial statements. Purchases of collection items are recorded as decreases in unrestricted net assets in the year in which the items are acquired, or as temporarily restricted net assets if the assets used to purchase the items are restricted by donors. Contributed collection items are not reflected in the financial statements. Proceeds from deaccessions or insurance recoveries are reflected as increases in the appropriate net asset class and are intended to be used to purchase additional collection items or preserve and maintain the current collections. There were no purchases or sales of collection itmes during the years ended march 31, 2018 and 2017, respectively. The museums fine arts collection consists of approximately 10,000 items pertaining to the maritime industry in searsport, maine, and surrounding communities. Items include paintings, buildings, sculptures, models and other historical artifacts. The library collection contains over 12,000 books including pamphlets, documents, original correspondence and genealogical records. The library photographic collection contains nearly 100,000 images of maritime and regional photographs.

Schedule D, Page 2, Part V, Line 4

The penobscot marine musuem's endowment funds are to be invested in a thoughtful and prudent manner so as to support the museum's mission by providing income towards the annual operating budget while preserving the principal of the fund against the long-term effects of inflation.

Schedule D, Page 4, Part XI, Line 2D

Direct fundraising expenses 11,012 increase in beneficial interest - perpetual trusts 9,449 gift shop cost of goods sold 4,360

Schedule D, Page 4, Part XII, Line 2D

Direct fundraising expenses 11,012 gift shop cost of goods sold 4,360

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IRS990/MissionDesc0THE MISSION OF THE PENOBSCOT MARINE MUSEUM IS TO PRESERVE, INTERPRET AND CELEBRATE THE MARITIME CULTURE OF THE PENOBSCOT BAY REGION AND BEYOND THROUGH COLLECTIONS, EDUCATION AND COMMUNITY ENGAGEMENT.
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IRS990/OtherExpensesGrp/Desc2TELEPHONE & INTERNET
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IRS990/ProgSrvcAccomActy2Grp/Desc0THE EDUCATION DEPARTMENT OPERATES SEVERAL PROGRAMS TO PROVIDE CHILDREN WITH INTERACTIVE LEARNING OPPORTUNITIES. ONE CAMPUS BUILDING IS SPECIFICALLY DESIGNATED AS CHILDREN'S LEARNING AND ACTIVITY AREA, AND HANDS-ON COMPONENTS ARE BUILT INTO OTHER EXHIBITS AS WELL. THE EDUCATION DEPARTMENT OFFERS PROJECT-BASED LEARNING OPPORTUNITIES FOR HIGH SCHOOL STUDENTS, A MARITIME HISTORY, LITERACY-BASED CURRICULUM FOR ELEMENTARY AND PRE-K SCHOOLCHILDREN, AND OTHER EDUCATIONAL PROGRAMS TO AREA YOUTHS. THE MUSEUM ALSO HAS A DEDICATED EDUCATION WEBSITE FOR MAINE STUDENTS AND EDUCATORS THAT INCLUDES A DETAILED ALIGNMENT OF THE MAINE EDUCATIONAL STANDARDS WITH MUSEUM CONTENT.
IRS990/ProgSrvcAccomActy2Grp/ExpenseAmt078952
IRS990/ProgSrvcAccomActy2Grp/RevenueAmt08196
IRS990/ProgSrvcAccomActy3Grp/Desc0THE LIBRARY HOUSES A COLLECTION OF OVER 12,000 BOOKS INCLUDING PAMPHLETS, DOCUMENTS, ORIGINAL CORRESPONDENCE AND GENEALOGICAL RECORDS. THE LIBRARY PHOTOGRAPHIC COLLECTION CONTAINS NEARLY 180,000 IMAGES OF MARITIME AND REGIONAL PHOTOGRAPHS. ALL LIBRARY COLLECTIONS ARE HOUSED IN A 4,500 SQ FT CLIMATE CONTROLLED BUILDING. LIBRARY COLLECTIONS ARE AVAILABLE FOR RESEARCH AND INITIATIVES ARE IN PLACE TO DIGITIZE ALL PHOTOGRAPHS IN THE COLLECTION AND PROVIDE A SEARCHABLE DATABASE TO USERS.
IRS990/ProgSrvcAccomActy3Grp/ExpenseAmt039765
IRS990/ProhibitedTaxShelterTransInd0false
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IRS990ScheduleA/GrossReceiptsAdmissionsGrp/CurrentTaxYearAmt085024
IRS990ScheduleA/GrossReceiptsAdmissionsGrp/CurrentTaxYearMinus1YearAmt092190
IRS990ScheduleA/GrossReceiptsAdmissionsGrp/CurrentTaxYearMinus2YearsAmt086204

Document Assets

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Filings

Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2025Facts available. Structured filing facts are available, but richer extracted sections are limited.$7.21$0.23$6.98$0.92$1.12$0.21
2024Detailed filing. Detailed filing data is available for this year.$7.63$0.36$7.27$0.90$1.16$0.26
2023Detailed filing. Detailed filing data is available for this year.$7.42$0.35$7.08$0.78$1.12$0.35
2022XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$8.28$0.35$7.93$1.50$1.07$0.43
2021Facts available. Structured filing facts are available, but richer extracted sections are limited.$8.01$0.40$7.61$0.84$1.00$0.15
2020XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$7.15$0.35$6.80$0.86$0.95$0.09
2019XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$7.63$0.28$7.35$1.00$0.94$0.06
2018Detailed filing. Detailed filing data is available for this year.$7.53$0.28$7.25$0.95$0.86$0.08
2018XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$7.53$0.28$7.25$0.95$0.86$0.08
2017Detailed filing. Detailed filing data is available for this year.$7.66$0.39$7.27$0.82$0.83$0.01
2016Detailed filing. Detailed filing data is available for this year.$7.53$0.41$7.12$0.82$0.95$0.14
2015Detailed filing. Detailed filing data is available for this year.$7.47$0.44$7.02$0.84$0.90$0.06
2014Detailed filing. Detailed filing data is available for this year.$7.69$0.52$7.17$1.19$0.87$0.32
2013Facts available. Structured filing facts are available, but richer extracted sections are limited.$7.15$0.53$6.63$1.26$1.00$0.26
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$6.73$0.54$6.19$1.02
2011Summary only. Only limited summary data is available for this year.$6.70$0.28$6.42$0.86$0.99$0.13
Peer Organizations

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