Civic Intelligence

Lost Railway Museum

990 • Fiscal year 2023 • EIN 47-5410254

Jan 01, 2023 to Dec 31, 2023 • Filed on Feb 19, 2024

Organization ProfileWWW.LOSTRAILWAYMUSEUM.ORG
PO Box 574Grass Lake, MI 49240

(517) 522-9500

Siviq Scores

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

Liabilities / Assets

53rd percentile

0.08x

Higher debt load relative to assets than 53% of similar nonprofits.

2023 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2023

Liabilities / Revenue

75th percentile

0.35x

Higher debt load relative to revenue than 75% of similar nonprofits.

2023 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2023

Net Margin

85th percentile

36%

Higher net margin than 85% of similar nonprofits.

2023 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2023

Top Officer Pay

39th percentile

$0

Higher top officer pay than 39% of similar nonprofits.

Top officer pay equals 0.0% of source-year revenue.

2023 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2023

Asset Growth

44th percentile

2.4%

Faster asset growth than 44% of similar nonprofits.

2023 filings • 501(c)3 • $1M-$5M nonprofits • Annualized from 2022 to 2023

Revenue Growth

35th percentile

-1.5%

Faster revenue growth than 35% of similar nonprofits.

2023 filings • 501(c)3 • $1M-$5M nonprofits • Annualized from 2022 to 2023

Balance Sheet
Liabilities / Assets53rd percentile

Assets

Up

$1,268,044

Up $30,231 (+2.4%) from 2022

Net Assets

Up

$1,167,199

Up $104,340 (+9.8%) from 2022

Liabilities

Down

$100,845

Down $74,109 (-42%) from 2022

Revenue And Expenses
Liabilities / Revenue75th percentileNet Margin85th percentile

Revenue

Down

$288,094

Down $4,419 (-1.5%) from 2022

Expenses

Up

$183,754

Up $35,940 (+24%) from 2022

Net Income

Down

$104,340

Down $40,359 (-28%) from 2022

Historical Trend

Balance Sheet Trend

Asset Growth44th percentile

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

$1.5M$1.0M$500K$0Assets 2015: $250Liabilities 2015: $02015Assets 2016: $529,741Liabilities 2016: $65,346Net Assets 2016: $464,3952016Assets 2017: $1,117,842Liabilities 2017: $467,757Net Assets 2017: $650,0852017Assets 2018: $1,049,527Liabilities 2018: $295,199Net Assets 2018: $754,3282018Assets 2019: $1,057,876Liabilities 2019: $261,148Net Assets 2019: $796,7282019Assets 2020: $1,066,536Liabilities 2020: $264,675Net Assets 2020: $801,8612020Assets 2021: $1,066,504Liabilities 2021: $148,344Net Assets 2021: $918,1602021Assets 2022: $1,237,813Liabilities 2022: $174,954Net Assets 2022: $1,062,8592022Assets 2023: $1,268,044Liabilities 2023: $100,845Net Assets 2023: $1,167,1992023Assets 2024: $1,261,956Liabilities 2024: $74,345Net Assets 2024: $1,187,6112024Assets 2025: $1,257,834Liabilities 2025: $29,296Net Assets 2025: $1,228,5382025

Highlighted filing

2023

Assets$1,268,044
Liabilities$100,845
Net Assets$1,167,199
Open 2023 Filing

Operations Trend

Revenue Growth35th percentile

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

$600K$400K$200K$0Revenue 2015: $250Expenses 2015: $0Net Income 2015: $2502015Revenue 2016: $484,638Expenses 2016: $20,493Net Income 2016: $464,1452016Revenue 2017: $265,127Expenses 2017: $79,437Net Income 2017: $185,6902017Revenue 2018: $217,907Expenses 2018: $113,664Net Income 2018: $104,2432018Revenue 2019: $173,980Expenses 2019: $131,580Net Income 2019: $42,4002019Revenue 2020: $129,418Expenses 2020: $124,285Net Income 2020: $5,1332020Revenue 2021: $223,250Expenses 2021: $106,951Net Income 2021: $116,2992021Revenue 2022: $292,513Expenses 2022: $147,814Net Income 2022: $144,6992022Revenue 2023: $288,094Expenses 2023: $183,754Net Income 2023: $104,3402023Revenue 2024: $180,870Expenses 2024: $160,458Net Income 2024: $20,4122024Revenue 2025: $223,894Expenses 2025: $182,967Net Income 2025: $40,9272025

Highlighted filing

2023

Revenue$288,094
Expenses$183,754
Net Income$104,340
Open 2023 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2023 to Dec 31, 2023
Signed
Feb 19, 2024
Return Version
2023v4.0
Gross Receipts
$289,291
Mission and Program Overview

Mission

Demonstrate the vital role railroads and interurban railway system played in the growth of grass lake area as well as michigan by displaying an actual electric interurban rail car and related artifacts.

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$1,173,913$1,203,316▲ $29,403
Cash and Non-Interest-Bearing Accounts-$61,827-
Savings and Temporary Cash Investments$56,192--
Pledges and Grants Receivable$5,000--
Inventories for Sale or Use$2,708$2,901▲ $193
Total Assets$1,237,813$1,268,044▲ $30,231
Liabilities
Unsecured Notes Loans Payable$174,167$99,167▼ $75,000
Accounts Payable and Accrued Expenses$676$1,498▲ $822
Other Liabilities$111$180▲ $69
Total Liabilities$174,954$100,845▼ $74,109
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$1,005,162$1,167,199▲ $162,037
Net Assets With Donor Restrictions$57,697--
Total Net Assets Fund Balance$1,062,859$1,167,199▲ $104,340
Total Liabilities and Net Assets / Fund Balance$1,237,813$1,268,044▲ $30,231

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$1,019,378$121,169$1,140,547
Other Land Buildings$83,938$18,371$102,309
Land$100,000-$100,000
Compensation and Service Providers
Top Officer Pay39th percentile

Board Members and Trustees

NameTitle
Phil WillisChairman
Dawn CuddieDirector
Eric BedaDirector
Jamie WillisDirector
Jim StormontDirector
Michael MckayDirector
Paula AutryDirector
Sandra RichardsDirector
Stephen OsmondDirector
Steve RudolphDirector
Steve MakulskiSecretary
Pat WillisTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$283,744
Program Service Revenue
$500
Investment Income
$0
Other Revenue
$3,850
All Other Contributions
$283,744
Change in Net Assets
$104,340
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$183,754
Total Fundraising Expense$11,645
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Salaries, Compensation, and Employee Benefits$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Fees for Services Management$48,497$16,166-$64,663
Occupancy$28,796$3,200-$31,996
Depreciation Depletion$20,277$2,253-$22,530
Advertising$11,345--$11,345
Interest$7,185$798-$7,983
Other Expenses$6,338$1,319$1,319$6,338
Insurance$4,732$526-$5,258
Office Expenses$1,764$378$378$2,520
Fees for Services Accounting-$2,000-$2,000
All Other Expenses$1,146$658-$1,804
Total Functional Expenses$144,811$27,298$11,645$183,754
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
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Sales Tax Payable$180
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
Yes
Annual disclosure for covered persons
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
No
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, Page 6, Part VI, Line 2

“Phil willis pat willis president treasurer family member phil willis jamie willis president director family member pat willis jamie willis treasurer director family member”

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

“The 990 is provided to the full board prior to submission and is reviewed in depth by key board members.”

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

“Each officer signed an independence report upon joining the board and annually thereafter. All conflicts are addressed.”

Form 990, Page 6, Part VI, Line 19

“Governing documents made available to the public upon request.”

Filing and Contact Details

Filer

Filer Name
Lost Railway Museum
EIN
47-5410254
Phone
5175229500
Address
PO BOX 574, GRASS LAKE, MI 49240

Signing Officer

Name
Phil Willis
Title
Chairman
Phone
5177888660
Signed
2024-02-19
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Phil Willis
Formed
2015
Legal Domicile
Mi
Voting Board Members
11
Independent Board Members
11
Employees
0
Volunteers
100

Preparer

Firm
Willis & Jurasek Pc Cpas
Address
4100 SPRING ARBOR ROAD, JACKSON, MI 49201-9306
Preparer
Phil S Willis CPA
Phone
5177888660
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IRS990ScheduleD/BuildingsGrp/DepreciationAmt0121169
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IRS990ScheduleD/OtherLandBuildingsGrp/OtherCostOrOtherBasisAmt0102309
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt0180
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc0SALES TAX PAYABLE
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IRS990ScheduleD/TotalLiabilityAmt0180
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IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1THE 990 IS PROVIDED TO THE FULL BOARD PRIOR TO SUBMISSION AND IS REVIEWED IN DEPTH BY KEY BOARD MEMBERS.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2EACH OFFICER SIGNED AN INDEPENDENCE REPORT UPON JOINING THE BOARD AND ANNUALLY THEREAFTER. ALL CONFLICTS ARE ADDRESSED.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3GOVERNING DOCUMENTS MADE AVAILABLE TO THE PUBLIC UPON REQUEST.
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ReturnHeader/BuildTS02023-04-26 12:10:37Z
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ReturnHeader/BusinessOfficerGrp/PersonNm0PHIL WILLIS
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Document Assets

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Filings

Displayed year

2023 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$1,268,044
Liabilities
$100,845
Net assets
$1,167,199
Revenue
$288,094
Expenses
$183,754
Net income
$104,340
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2025Detailed filing. Detailed filing data is available for this year.$1.26$0.03$1.23$0.22$0.18$0.04
2024Detailed filing. Detailed filing data is available for this year.$1.26$0.07$1.19$0.18$0.16$0.02
2023Detailed filing. Detailed filing data is available for this year.$1.27$0.10$1.17$0.29$0.18$0.10
2022Detailed filing. Detailed filing data is available for this year.$1.24$0.17$1.06$0.29$0.15$0.14
2021Detailed filing. Detailed filing data is available for this year.$1.07$0.15$0.92$0.22$0.11$0.12
2020Detailed filing. Detailed filing data is available for this year.$1.07$0.26$0.80$0.13$0.12$0.01
2019Detailed filing. Detailed filing data is available for this year.$1.06$0.26$0.80$0.17$0.13$0.04
2018Detailed filing. Detailed filing data is available for this year.$1.05$0.30$0.75$0.22$0.11$0.10
2017Detailed filing. Detailed filing data is available for this year.$1.12$0.47$0.65$0.27$0.08$0.19
2016Detailed filing. Detailed filing data is available for this year.$0.53$0.07$0.46$0.48$0.02$0.46
2015Summary only. Only limited summary data is available for this year.$0.00$0.00$0.00$0.00$0.00