LAKE COUNTY HISTORICAL SOCIETY

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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

1925

Legal Domicile

Principal Officer

SAM GANGI

Phone

2188344898

Tax Period

2024-01-01 to 2024-12-31

LAKE COUNTY HISTORICAL SOCIETY, founded in 1925, is a small nonprofit that reported $374K in total revenue in fiscal year 2024. Net assets of $763K represent 24 months of operating reserves.

Mission

THE MISSION OF THE LAKE COUNTY HISTORICAL SOCIETY IS TO COLLECT, PRESERVE, AND TELL THE STORY OF LAKE COUNTY'S HISTORY THROUGH MUSEUM EXHIBITS, HISTORIC SITES, COLLECTIONS, EDUCATIONAL PROGRAMS AND BOOK PUBLISHING.

Program Service Accomplishments

Program 1

Expenses: $229,071 Revenue: $43,821

TO PROVIDE THE GENERAL PUBLIC AN EDUCATION OF THE HISTORY OF LAKE COUNTY, MINNESOTA. THIS OCCURS PRIMARILY THROUGH THE OPERATION OF THE DEPOT MUSEUM IN THE FORMER DULUTH & IRON RANGE RAILROAD DEPOT, THE 3M BIRTHPLACE MUSEUM AND THE TWO HARBORS LIGHTHOUSE ALL LOCATED IN TWO HARBORS, MINNESOTA.

Program 2

Expenses: $8,580

SUPPORT FOR AFFILIATED ORGANIZATIONS - THE BAY AREA HISTORICAL SOCIETY (SILVER BAY MN) AND THE FINLAND MINNESOTA HISTORICAL SOCIETY (FINLAND MN)

Program 3

Expenses: $63,374 Revenue: $109,063

THE ORGANIZATION OPERATES THE LIGHTHOUSE BED & BREAKFAST LOCATED IN THE TWO HARBORS LIGHTHOUSE KEEPER'S QUARTERS OF THE HISTORIC TWO HARBORS LIGHTHOUSE TO PROVIDE SUPPORT FOR THE PRESERVATION OF THE...

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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 $163,221

Program Service Revenue $152,884

Investment Income $9

Other Revenue $58,018

TOTAL REVENUE $374,132

Expense Breakdown

Grants Paid $0

Salaries & Benefits $186,086

Fundraising Expenses $1

Program Expenses $301,025

Other Expenses $206,667

TOTAL EXPENSES $392,753

Year-over-Year Comparison

	2024	2023	Change
Revenue	$374,132	$360,797	+0.0%
Expenses	$392,753	$426,417	-0.1%
Net Income	$-18,621	$-65,620	-0.7%

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

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

$57,981

Total Directors

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
ELLEN LYNCH	EXECUTIVE DI	40.00	Officer	$57,981	$0	$57,981
MIKE FITZPATRICK	TRUSTEE	N/A	Director	$0	$0	$0
SAM GANGI	PRESIDENT	N/A	Officer Director	$0	$0	$0
JERRY HOSTETTER	TRUSTEE	N/A	Director	$0	$0	$0
DAVID JOHNSON	VICE PRES &T	N/A	Officer Director	$0	$0	$0
BRYAN NELSON	TRUSTEE	N/A	Director	$0	$0	$0
JENNIFER NIEMI	SECRETARY	N/A	Officer Director	$0	$0	$0
ADRIAN RANTA	TRUSTEE	N/A	Director	$0	$0	$0
HAYES SCRIVEN	TRUSTEE	N/A	Director	$0	$0	$0
KRISTI WASKO	TRUSTEE	N/A	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
2025	No data	No data	No data	No data
2024	$374,132	$392,753	$781,958	$-18,621
2023	$360,797	$426,417	$808,001	$-65,620
2022	$463,510	$498,455	$876,323	$-34,945
2021	$374,864	$368,960	$954,860	$5,904
2020	$260,369	$311,402	$943,529	$-51,033
2019	$426,335	$606,971	$997,495	$-180,636
2018	$402,617	$406,652	$1,162,812	$-4,035