Maine Maritime Museum

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Financial Vulnerability Assessment (Tuckman-Chang)

4 risk indicators measuring financial stability and operational resilience

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Financial Trends

Organization Details

Formation Year

1964

Legal Domicile

Principal Officer

Tom Whelan

Phone

2074431316

Tax Period

2024-01-01 to 2024-12-31

Maine Maritime Museum, founded in 1964, is a community nonprofit in the Arts, Culture & Humanities sector that reported $3.2M in total revenue in fiscal year 2024. Revenue grew 17% year-over-year, indicating healthy expansion. Expenses of $3.9M exceeded revenue, resulting in a 19% operating deficit.

Mission

To connect people to the past, present, and future of Maine's waterways and their global reach.

Program Service Accomplishments

Program 1

Expenses: $2,815,941 Revenue: $1,237,619

Collections and Exhibits - Includes all items relating to maritime history primarily in Maine. Paintings and other artwork, rigged models, half hulls, tools used in maritime industries, navigating...

Collections and Exhibits - Includes all items relating to maritime history primarily in Maine. Paintings and other artwork, rigged models, half hulls, tools used in maritime industries, navigating equipment, ship parts and watercraft on display. Exhibits include historic buildings and period displays of maritime life during the late 1800's. Includes the preservation of both new and existing displays.Education & Public Programs Lecture series, symposiums, adult and youth classes, school programs, senior college programs, summer shipyard activities, volunteer support programs, family programs, museum trips, summer camps, trolley tours of Bath Iron Works, and other guided tours are all part of the education and public programs.Lighthouse, Nature, and Bath Iron Works cruises - These tours explore the Kennebec River, Merrymeeting Bay, and the Maine Mid-Coast region. Bath Iron Works and historical lighthouses can be viewed from the water. Bald eagles, osprey, seals, fishermen, and the natural beauty of Maine's coast can be seen.

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Trantor Score

Financial Health Score (300–850) · Liquidity · Solvency · Sustainability · Efficiency

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Liquidity (40%) • Solvency (30%) • Sustainability (20%) • Efficiency (10%)

Financial Overview (2024)

Revenue Breakdown

Contributions & Grants $1,304,322

Program Service Revenue $1,200,718

Investment Income $353,410

Other Revenue $379,356

TOTAL REVENUE $3,237,806

Expense Breakdown

Grants Paid $0

Salaries & Benefits $2,038,217

Fundraising Expenses $479,852

Program Expenses $2,815,941

Other Expenses $1,828,201

TOTAL EXPENSES $3,866,418

Year-over-Year Comparison

	2024	2023	Change
Revenue	$3,237,806	$2,760,199	+0.2%
Expenses	$3,866,418	$4,103,017	-0.1%
Net Income	$-628,612	$-1,342,818	-0.5%

Key Indicators

✗ Grants to Organizations ✗ Grants to Individuals ✗ Lobbying ✗ Political Activity ✗ Foreign Activities ✗ Donor Advised Fund ✓ Schedule B Required

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Financial Health Indicators

Comprehensive financial analysis: Altman Z-Score, liquidity, solvency, sustainability, efficiency, and growth metrics

Financial Distress Indicator

Liquidity & Cash Position

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Altman Z-Score • Liquidity Ratios • Solvency Analysis • Growth Indicators • Efficiency Metrics

Governance

Voting Members

Independent Members

Employees

Volunteers

200

Governance Policies

✓ Conflict of Interest Policy

✓ Whistleblower Policy

✓ Document Retention Policy

Special Practices & Reported Activities

✗ Operated a School

✗ Operated a Hospital

✗ Provided First Class Travel

✗ Reported Conflict of Interest

✗ Reported Asset Diversion

✗ Excess Benefit Transaction

✗ Made Political Expenditures

✗ Engaged in Lobbying

✗ Operated Donor Advised Fund

✓ Maintained Art Collections

✗ Filed Form 720

Compensation of Officers, Directors & Key Employees

Total Officers

$136,709

Total Directors

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
Tom Whelan	Chair	2.00	Officer Director	$0	$0	$0
Loren Wright	Vice Chair	2.00	Officer Director	$0	$0	$0
Ross Burgess	Treasurer	2.00	Officer Director	$0	$0	$0
Lon Povich	Secretary	2.00	Officer Director	$0	$0	$0
Greger Anderson	Trustee	2.00	Director	$0	$0	$0
William Brennan	Trustee	2.00	Director	$0	$0	$0
Laura Burns	Trustee	2.00	Director	$0	$0	$0
Tess Chakkalakal	Trustee	2.00	Director	$0	$0	$0
Joe Drago	Trustee	2.00	Director	$0	$0	$0
Susan Duncan	Trustee	2.00	Director	$0	$0	$0
John Eraklis	Trustee	2.00	Director	$0	$0	$0
Kristin Fletcher	Trustee	2.00	Director	$0	$0	$0
Ray Hender	Trustee	2.00	Director	$0	$0	$0
Leonard Langer	Trustee	2.00	Director	$0	$0	$0
Kenneth Moller	Trustee	2.00	Director	$0	$0	$0
John Morse	Trustee	2.00	Director	$0	$0	$0
Andrew Perry	Trustee	2.00	Director	$0	$0	$0
Carl Rapp	Trustee	2.00	Director	$0	$0	$0
Tom Sturgeon	Trustee	2.00	Director	$0	$0	$0
Nancy Wilkes	Trustee	2.00	Director	$0	$0	$0
Victoria Willock	Trustee	2.00	Director	$0	$0	$0
John Zittel	Trustee	2.00	Director	$0	$0	$0
Chris Timm	Executive Director	40.00	Officer	$120,144	$16,565	$136,709

Note: Compensation data is self-reported by the organization on their Form 990. "Reportable Comp" includes salary, bonuses, and other reportable compensation from the organization and related organizations. "Other Comp" includes benefits, deferred compensation, and non-taxable benefits.

Historical Data

Year	Revenue	Expenses	Assets	Net Income
2025	No data	No data	No data	No data
2024	$3,237,806	$3,866,418	$17,229,271	$-628,612
2023	$2,760,199	$4,103,017	$17,067,150	$-1,342,818
2022	$4,150,146	$4,288,200	$17,556,994	$-138,054
2021	$3,611,205	$3,147,373	$19,147,299	$463,832
2020	$2,579,730	$2,774,216	$17,552,098	$-194,486
2019	$3,370,870	$2,966,920	$17,374,252	$403,950
2018	$4,286,522	$3,469,416	$15,710,308	$817,106
2018	$4,286,522	$3,469,416	$15,710,308	$817,106