Civic Intelligence

Collings Foundation Inc.

990 • Fiscal year 2022 • EIN 47-1954671

Dec 01, 2021 to Nov 30, 2022 • Filed on Oct 16, 2023

568 Main StreetHudson, MA 01749

(978) 562-9182

Siviq Scores

Precomputed percentiles for this filing year versus similar nonprofits in the same peer cohort.

Liabilities / Assets

9th percentile

0.01x

Higher debt load relative to assets than 9% of similar nonprofits.

2022 filings • 501(c)3 • $50M-$100M nonprofits • Source year 2022

Liabilities / Revenue

8th percentile

0.03x

Higher debt load relative to revenue than 8% of similar nonprofits.

2022 filings • 501(c)3 • $50M-$100M nonprofits • Source year 2022

Net Margin

97th percentile

82%

Higher net margin than 97% of similar nonprofits.

2022 filings • 501(c)3 • $50M-$100M nonprofits • Source year 2022

Top Officer Pay

62nd percentile

$431,559

Higher top officer pay than 62% of similar nonprofits.

Top officer pay equals 2.4% of source-year revenue.

2022 filings • 501(c)3 • $50M-$100M nonprofits • Source year 2022

Asset Growth

83rd percentile

18%

Faster asset growth than 83% of similar nonprofits.

2022 filings • 501(c)3 • $50M-$100M nonprofits • Annualized from 2021 to 2022

Revenue Growth

97th percentile

274%

Faster revenue growth than 97% of similar nonprofits.

2022 filings • 501(c)3 • $50M-$100M nonprofits • Annualized from 2021 to 2022

Assets

Up

$90,808,753

Up $14,092,558 (+18%) from 2021

Net Assets

Up

$90,282,096

Up $13,975,336 (+18%) from 2021

Liabilities

Up

$526,657

Up $117,222 (+29%) from 2021

Revenue

Up

$17,834,761

Up $13,065,773 (+274%) from 2021

Expenses

Up

$3,180,302

Up $1,005,394 (+46%) from 2021

Net Income

Up

$14,654,459

Up $12,060,379 (+465%) from 2021

Historical Trend

Balance Sheet Trend

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

$150M$100M$50M$0Assets 2014: $112,977Liabilities 2014: $1002014Assets 2018: $754,080Liabilities 2018: $0Net Assets 2018: $754,0802018Assets 2019: $72,601,469Liabilities 2019: $580,811Net Assets 2019: $72,020,6582019Assets 2020: $75,420,972Liabilities 2020: $885,030Net Assets 2020: $74,535,9422020Assets 2021: $76,716,195Liabilities 2021: $409,435Net Assets 2021: $76,306,7602021Assets 2022: $90,808,753Liabilities 2022: $526,657Net Assets 2022: $90,282,0962022Assets 2023: $116,013,706Liabilities 2023: $715,192Net Assets 2023: $115,298,5142023Assets 2024: $117,933,659Liabilities 2024: $1,273,408Net Assets 2024: $116,660,2512024

Highlighted filing

2022

Assets$90,808,753
Liabilities$526,657
Net Assets$90,282,096

Operations Trend

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

$80M$60M$40M$20M$0Revenue 2014: $113,018Expenses 2014: $141Net Income 2014: $112,8772014Revenue 2018: $812,346Expenses 2018: $125,965Net Income 2018: $686,3812018Revenue 2019: $72,206,048Expenses 2019: $939,470Net Income 2019: $71,266,5782019Revenue 2020: $3,871,428Expenses 2020: $1,356,144Net Income 2020: $2,515,2842020Revenue 2021: $4,768,988Expenses 2021: $2,174,908Net Income 2021: $2,594,0802021Revenue 2022: $17,834,761Expenses 2022: $3,180,302Net Income 2022: $14,654,4592022Revenue 2023: $28,392,564Expenses 2023: $3,376,146Net Income 2023: $25,016,4182023Revenue 2024: $4,494,226Expenses 2024: $3,132,489Net Income 2024: $1,361,7372024

Highlighted filing

2022

Revenue$17,834,761
Expenses$3,180,302
Net Income$14,654,459
Jump To
Filing Snapshot
Filing Period
Dec 1, 2021 to Nov 30, 2022
Signed
Oct 16, 2023
Return Version
2021v4.0
Gross Receipts
$17,996,415
Mission and Program Overview

Mission

To organize and preserve living history events and the presentation of historical artifacts and content that enable Americans to learn more about their heritage through direct participation.

To operate the American Heritage Museum, which preserves, restores and presents historical artifacts for the purpose of honoring veterans and educating the general public. In addition, the Foundation and the Museum participate in living history events to operate the artifacts and present them to the public.

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$17,693,531$16,499,400▼ $1,194,131
Prepaid Expenses and Deferred Charges$26,750$420,599▲ $393,849
Cash and Non-Interest-Bearing Accounts$895,961$107,497▼ $788,464
Pledges and Grants Receivable$185,610$100,000▼ $85,610
Loans From Officers Directors$300,000$100,000▼ $200,000
Investments in Publicly Traded Securities$460,938$66,997▼ $393,941
Investments Other Securities-$37,526-
Savings and Temporary Cash Investments$82,473$4,612▼ $77,861
Total Assets$76,716,195$90,808,753▲ $14,092,558
Other Assets Total$57,370,932$73,572,122▲ $16,201,190
Liabilities
Accounts Payable and Accrued Expenses$109,435$371,038▲ $261,603
Other Liabilities-$49,773-
Deferred Revenue-$5,846-
Total Liabilities$409,435$526,657▲ $117,222
Net Assets / Fund Balance
Net Assets With Donor Restrictions$56,043,899$71,602,999▲ $15,559,100
Net Assets Without Donor Restrictions$20,262,861$18,679,097▼ $1,583,764
Total Net Assets Fund Balance$76,306,760$90,282,096▲ $13,975,336
Total Liabilities and Net Assets / Fund Balance$76,716,195$90,808,753▲ $14,092,558

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$13,972,979$1,621,422$15,594,401
Land$2,164,149-$2,164,149
Other Land Buildings$304,327$51,836$356,163
Equipment$57,945$27,559$85,504
Leasehold Improvements$0$0$0
Other Assets Org$1,101,051--
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseOtherTotal
Robert F Collings JrPresident and DirectorPT$351,972$79,587$351,972
Ryan KeoughSecretaryFT$95,901$14,039$95,901
Marie Caroline CollingsTreasurerPT$20,902$10,832$31,734

Board Members and Trustees

NameTitle
Frank DworakDirector
Leon Scott RiceDirector
Stuart PrattDirector
William BollerDirector
Revenue and Support

Revenue Composition

Contributions and Grants
$16,426,730
Program Service Revenue
$1,395,485
Investment Income
$-101,200
Other Revenue
$113,746
All Other Contributions
$16,295,686
Change in Net Assets
$14,654,459

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
Historical Artifacts7$15,330,000Appraial
Total Noncash Contributions7$15,330,000-

Audited Revenue Reconciliation

Revenue per Audited Statements
$17,834,761
Revenue Not Reported on Financial Statements
$0
Revenue Not Reported on Form 990
$161,654
Other Revenue Adjustments
$0
Total Revenue per Audited Statements
$17,996,415
Total Revenue per Form 990
$17,834,761
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$2,307,307
Salaries, Compensation, and Employee Benefits$831,038
Total Fundraising Expense$131,705
Grants and Similar Amounts Paid$41,957
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Depreciation Depletion$521,078$37,813-$558,891
Current Officers, Directors, Trustees, and Key Employees$195,156$196,878$76,720$468,754
Occupancy$274,937$32,879$1,751$309,567
Other Salaries and Wages$254,931$21,962-$276,893
Advertising$196,020-$12,823$208,843
Other Expenses$109,122$49,117$18,884$177,123
Fees for Services Other$150,659-$114$150,773
Fees for Services Accounting-$140,217-$140,217
Travel$46,054$15,351$12,627$74,032
Other Employee Benefits$27,392$13,318$4,669$45,379
Payroll Taxes$24,152$11,743$4,117$40,012
Insurance$25,857$326-$26,183
Grants to Domestic Individuals$23,750--$23,750
Grants to Domestic Orgs$18,207--$18,207
Fees for Services Legal-$8,852-$8,852
Fees for Service Investment Mgmnt Fees-$3,079-$3,079
Total Functional Expenses$2,517,062$531,535$131,705$3,180,302

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$3,341,956
Total Expenses per Audited Statements$3,341,956
Total Expenses per Form 990$3,180,302
Expenses Not Reported on Form 990$0
Expenses Not Reported on Financial Statements$-161,654
Other Expense Adjustments$-161,654
International Activity

Grant and Assistance Recipients

RecipientLocationCategoryPurposeAmount
The Fenn SchoolConcord, MA-General$5,500
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Professional Fundraising Fees$0
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
No
Subject to proxy tax
No
Insider Transactions and Loans

Loans and Receivables

Line ItemBeginningEndChange
Loans from Officers, Directors, Trustees, and Key Employees$300,000$100,000▼ $200,000
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Deferred membership revenue$49,773
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
No
Audit committee
Yes
Backup withholding compliance
Yes
Business relationship with 35% controlled entity
No
Business relationship with family members
No
Business relationship with organization members
No
Material changes to governing documents
No
Compensation from other sources disclosed
Yes
CEO compensation reviewed
No
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, Part VI, Section A, Line 2

The President of the Foundation, Robert F Collings Jr, has a family relationship with (is married to) the Treasurer of the Foundation, Marie Caroline Collings.

Form 990, Part VI, Section B, Line 11B

A draft of the Form 990 was circulated to each member of the Board of Directors, and approval was obtained before filing.

Form 990, Part VI, Section C, Line 19

A legal notice was published in The Middlesex News, alerting the public that they can contact the Foundation office to view these documents.

Filing and Contact Details

Filer

Filer Name
Collings Foundation Inc
EIN
47-1954671
Phone
9785629182
Address
568 MAIN STREET, HUDSON, MA 01749

Signing Officer

Name
Robert Collings
Title
President
Phone
9785629182
Signed
2023-10-16

Organization Details

Principal Officer
Robert Collings
Formed
2014
Legal Domicile
Ma
Voting Board Members
5
Independent Board Members
4
Employees
0
Volunteers
700
Supplemental Narrative

Additional Explanations

Form 990, Part XI, Line 9

The taxpayer had $80,882 of income related to the Employee Retention Tax Credit, and then recorded an asset impairment of $760,005 to reflect the fact that a project was abandoned.

Financial Statement Notes

Schedule D, Part III, Line 1

The Accounting Policy footnote to the Audited Financial Statements states that "Contributions of non-financial assets generally include collection items and are recorded at estimated fair market value at the date of the donation based upon the value that would be received for selling the items in the principal market considering their condition and utility for use or display at the time the items are donated".

Schedule D, Part III, Line 4

The Foundation has a significant collection of military and historical vehicles, including tanks, automobiles, aircraft, and naval vessels. The American Heritage Museum is housed in a 67,000+ square foot facility located on property bordering the towns of Hudson and Stow, Massachusetts. The concept of the American Heritage Museum began when the Foundation was selected to receive the massive collection of tanks, armored vehicles and military artifacts from the Military Technology Foundation in 2013. Receiving this historically important and extensive collection was a tremendous honor for the Collings Foundation. Exhibiting these artifacts in the most meaningful way possible is the Foundation's goal. The Museum was designed to fully engage people in understanding America's turbulent past. In this remarkable place, American history is explored, studied, and most of all, remembered. Through educational interpretation, and a chronologically arranged series of dioramas and exhibits, the American Heritage Museum brings the history of American veterans to life.

Schedule D, Part X, Line 2

The Foundation offers lifetime memberships which include lifetime access to museum exhibits and certain events, and priority access to ticketed and member-only events, among other benefits. The revenue from lifetime memberships is recognized ratably at the net present value of the revenue over the estimated average life expectancy of lifetime members. Deferred revenue represents the portion of lifetime memberships that have not yet been recognized.

Schedule D, Part XI, Line 2D

Audited Financial Statements did not present the cost of inventory old in the gift shop as a reduction of revenues but instead presented the $161,654 as an expense on the Statement of Functional Expenses (in the Retail column).

Schedule D, Part XII, Line 4B

Same explanation as relates to Line 2d.

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IRS990/MissionDesc0To organize and preserve living history events and the presentation of historical artifacts and content that enable Americans to learn more about their heritage through direct participation.
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IRS990/OperateHospitalInd00
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IRS990/OtherExpensesGrp/Desc0Collection and exhibit maintenance & transportation
IRS990/OtherExpensesGrp/Desc1Special event cost
IRS990/OtherExpensesGrp/Desc2Vehicle maintenance, parts & fuel
IRS990/OtherExpensesGrp/Desc3Other expenses
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IRS990/PartialLiquidationInd00
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IRS990/PayrollTaxesGrp/FundraisingAmt04117
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IRS990/PrincipalOfficerNm0ROBERT COLLINGS
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IRS990/ProgramServiceRevenueGrp/Desc0Tank Experiences
IRS990/ProgramServiceRevenueGrp/Desc1Admission Fees
IRS990/ProgramServiceRevenueGrp/Desc2Battle for the Airfield Event
IRS990/ProgramServiceRevenueGrp/Desc3Facility Rentals
IRS990/ProgramServiceRevenueGrp/Desc4Father's Day Open House Event
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IRS990/ProgramServiceRevenueGrp/UnrelatedBusinessRevenueAmt20
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IRS990/ProgSrvcAccomActy2Grp/Desc0"Battle for the Airfield" - This Columbus Day Weekend event featured approximately 300 re-enactors. The entire property in Hudson/Stow was open: the Automobile Collection, Foundation Airplane Hangar, and the American Heritage Museum. Fully restored military equipment of all kinds were on display. Camps were set up with authentic materials and appearance. Re-enactors acted as docents and shared a wealth of information about life as a member of the military. Veterans from all ranks and branches of the service participated in discussions around each encampment. Approximately 5,983 individuals attended this event.
IRS990/ProgSrvcAccomActy2Grp/ExpenseAmt0196962
IRS990/ProgSrvcAccomActy2Grp/RevenueAmt0187183
IRS990/ProgSrvcAccomActy3Grp/Desc0The Foundation offered to the public the opportunity to drive or ride in a tank. Approximately 709 individuals took part in these experiences, helping to teach the general public and raise awareness of the importance of these vehicles in the history of the United States.
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IRS990/ProgSrvcAccomActyOtherGrp/Desc0The Foundation hosted additional public events, such as "Fathers Day Weekend Open House", "World War I Aviation Weekend", and a Revolutionary War event. In addition, the Foundation rented out its facility for multiple private events during the year. It also allowed the use of a tank in a Military Parade. In addition, repairs were made to several aircraft, some charitable contributions were made, and college scholarships were awarded based on merit.
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IRS990ScheduleA/Form990ScheduleAPartVIGrp/ExplanationTxt0In tax year 2019, the Foundation treated facility rentals as other income. In 2020 and 2021, these are included with Program Services.
IRS990ScheduleA/Form990ScheduleAPartVIGrp/FormAndLineReferenceDesc0Schedule A, Part III, Line 12
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