GREAT LAKES SHIPWRECK HISTORICAL SO

EIN: 382198482 501(c)(3) Arts, Culture & Humanities

SAULT SAINTE MARIE, MI

Total Revenue
$1,577,528
Total Expenses
$1,150,552
Total Assets
$4,619,473
Net Assets
$4,446,119
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Financial Vulnerability Assessment (Tuckman-Chang)

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Financial Trends

Organization Details

Formation Year
1978
Legal Domicile
MI
Principal Officer
BRUCE LYNN
Phone
9066351757
Tax Period
2024-01-01 to 2024-12-31

GREAT LAKES SHIPWRECK HISTORICAL SO, founded in 1978, is a community nonprofit in the Arts, Culture & Humanities sector that reported $1.6M in total revenue in fiscal year 2024. Revenue surged 24% from the prior year, signaling strong growth momentum. The organization ran a surplus of $427K, a strong 27% operating margin.

Mission

TO PROMOTE AND AUGMENT AN UNDERSTANDING AND APPRECIATION OF MARITIME HISTORY WITH PARTICULAR EMPHASIS ON THE GREAT LAKES MUSEUM FACILITIES.

Program Service Accomplishments

Program 1
Expenses: $784,591

TO PROMOTE AND AUGMENT AND UNDERSTANDING AND APPRECIATION OF MARITIME HISTORY WITH PARTICULAR EMPHASIS ON THE GREAT LAKES FACILITIES INCLUDING IDENTIFICATION, PRESERVATION AND RESTORATION.

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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 (2024)

Revenue Breakdown

Contributions & Grants $150,478
Program Service Revenue $1,094,963
Investment Income $9,581
Other Revenue $322,506
TOTAL REVENUE $1,577,528

Expense Breakdown

Grants Paid $0
Salaries & Benefits $464,303
Fundraising Expenses $111,308
Program Expenses $784,591
Other Expenses $686,249
TOTAL EXPENSES $1,150,552

Year-over-Year Comparison

2024 2023 Change
Revenue $1,577,528 $1,272,326 +0.2%
Expenses $1,150,552 $1,009,696 +0.1%
Net Income $426,976 $262,630 +0.6%
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

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Liquidity & Cash Position

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

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Governance

Voting Members
11
Independent Members
10
Employees
37
Volunteers
3

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
$120,690
Total Directors
9
$0
Key Employees
0
$0
Highest Compensated
0
reported
Name Title Hours/Week Role Reportable Comp Other Comp Total
BRUCE LYNN EXECUTIVE DI 40.00
Officer
$117,175 $3,515 $120,690
TERRY BEGNOCHE DIRECTOR N/A
Director
$0 $0 $0
PAUL C LAMARRE III DIRECTOR N/A
Director
$0 $0 $0
SHELLEY KOSTER DIRECTOR N/A
Director
$0 $0 $0
C PATRICK LABADIE DIRECTOR N/A
Director
$0 $0 $0
RIC MIXTER DIRECTOR N/A
Director
$0 $0 $0
KWIN MORRIS DIRECTOR N/A
Director
$0 $0 $0
WILLIAM SPRINGER DIRECTOR N/A
Director
$0 $0 $0
DAVID STEELE DIRECTOR N/A
Director
$0 $0 $0
CHRIS WINTERS DIRECTOR N/A
Director
$0 $0 $0
JODIE BISSONETTE VICE PRESIDE N/A
Officer
$0 $0 $0
DAVID TURNER SECRETARY N/A
Officer
$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 $1,577,528 $1,150,552 $4,619,473 $426,976
2023 $1,272,326 $1,009,696 $4,188,612 $262,630
2022 $1,226,774 $943,609 $3,917,790 $283,165
2021 $1,273,806 $779,143 $3,626,401 $494,663
2020 $895,868 $730,718 $3,412,153 $165,150
2019 $1,089,631 $735,572 $3,166,252 $354,059
2018 $1,132,757 $756,316 $2,842,244 $376,441
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