MISSISSIPPI INDUSTRIAL HERITAGE MUSEUM INC

EIN: 043725572 501(c)(3) Arts, Culture & Humanities

MERIDIAN, MS

Total Revenue
$151,523
Total Expenses
$152,892
Total Assets
$953,606
Net Assets
$1,003,606
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Financial Vulnerability Assessment (Tuckman-Chang)

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Financial Trends

Organization Details

Formation Year
2002
Legal Domicile
MS
Principal Officer
James L McRae
Phone
6016939905
Tax Period
2023-01-01 to 2023-12-31

MISSISSIPPI INDUSTRIAL HERITAGE MUSEUM INC, founded in 2002, is a small nonprofit in the Arts, Culture & Humanities sector that reported $152K in total revenue in fiscal year 2023. Revenue decreased 8% compared to the prior year. Net assets of $1.0M represent 79 months of operating reserves.

Mission

The Mississippi Industrial Heritage Museum located in the historic Soule Steam Feed Works site promotes the heritage labor and innovation that influenced and shaped our countrys rise as an industrial and manufacturing pioneer.

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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%)

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Financial Overview (2023)

Revenue Breakdown

Contributions & Grants $85,234
Program Service Revenue $27,057
Investment Income $34,100
Other Revenue $5,132
TOTAL REVENUE $151,523

Expense Breakdown

Grants Paid $0
Salaries & Benefits $102,562
Fundraising Expenses $2,200
Program Expenses $125,443
Other Expenses $50,330
TOTAL EXPENSES $152,892

Year-over-Year Comparison

2023 2022 Change
Revenue $151,523 $164,693 -0.1%
Expenses $152,892 $159,520 0.0%
Net Income $-1,369 $5,173 -1.3%
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

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Liquidity & Cash Position

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Governance

Voting Members
9
Independent Members
9
Employees
3
Volunteers
50

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
3
$57,200
Total Directors
6
$0
Key Employees
0
$0
Highest Compensated
0
reported
Name Title Hours/Week Role Reportable Comp Other Comp Total
Gregory W Hatcher Sec Treas and Executive Director 40.00
Officer
$57,200 $0 $57,200
James L McRae President 10.00
Officer
$0 $0 $0
Mark A Scarborough Vice President 1.00
Officer
$0 $0 $0
Walter B Clement Board Member 2.00
Director
$0 $0 $0
Curt Friday Board Member 2.00
Director
$0 $0 $0
Mike McKnight Board Member 0.50
Director
$0 $0 $0
Dan Holland Board Member 0.50
Director
$0 $0 $0
David Price Board Member 0.50
Director
$0 $0 $0
Maurice Hall Board Member 0.50
Director
$0 $0 $0
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
2024 No data No data No data No data
2023 $151,523 $152,892 $953,606 $-1,369
2023 $151,523 $153,102 $953,606 $-1,579
2022 $164,693 $159,520 $884,439 $5,173
2021 $137,222 $147,085 $1,138,219 $-9,863
2020 $170,277 $153,954 $1,061,159 $16,323
2019 $186,518 $223,747 $1,068,079 $-37,229
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