THE FRIENDS OF THE NORTH CAROLINA … - Form 990 Financial Data

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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

2008

Legal Domicile

Principal Officer

TOM HALE

Phone

9104579455

Tax Period

2024-01-01 to 2024-12-31

THE FRIENDS OF THE NORTH CAROLINA MARITIME MUSEUM AT SOUTHPORT, founded in 2008, is a small nonprofit in the Arts, Culture & Humanities sector that reported $335K in total revenue in fiscal year 2024. Revenue surged 125% from the prior year, signaling strong growth momentum. The organization ran a surplus of $269K, a strong 80% operating margin.

Mission

THE PRIMARY MISSION OF THE ORGANIZATION IS TO PROVIDE SUPPORT FOR THE NORTH CAROLINE MARITIME MUSEUM AT SOUTHPORT, A STATE OWNED AND OPERATED MARITIME MUSEUM. THE FRIENDS OFORGANIZATION PROVIDES RESOURCES TO HOUSE THE MUSEUM AND TO FUND EDUCATIONAL PROGRAMS FOR VISITORS TO LEARN THE HISTORY AND IMPACT OF MARITIME TO THE AREA.

Program Service Accomplishments

Program 1

Expenses: $45,266

PROVIDING SUPPORT TO THE NORTH CAROLINA MARITIME MUSEUM AT SOUTHPORT, A STATE OWNED AND OPERATED MARITIME MUSEUM. SUPPORT INCLUDES OBTAINING FACILITIES TO HOUSE THE MUSEUM DUE TO BUDGET RESTRAINTS OF THE STATE. FACILITIES WERE LEASED FROM THE CITY OF SOUTHPORT UNDER A LONG-TERM LEASE AND RENOVATIONS IN THE AMOUNT OF 591,139 ENABLED THE MUSEUM TO RELOCATE AND CONTINUE TO PRESERVE THE MARITIME HISTORY AND EDUCATE VISITORS. SUPPORT ALSO INCLUDES EDUCATIONAL PROGRAMS AND EXHIBIT REHABILATION.

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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 $288,821

Program Service Revenue $903

Investment Income $7,332

Other Revenue $38,049

TOTAL REVENUE $335,105

Expense Breakdown

Grants Paid $0

Salaries & Benefits $21,151

Fundraising Expenses $12,690

Program Expenses $45,266

Other Expenses $44,804

TOTAL EXPENSES $65,955

Year-over-Year Comparison

	2024	2023	Change
Revenue	$335,105	$148,607	+1.3%
Expenses	$65,955	$124,537	-0.5%
Net Income	$269,150	$24,070	+10.2%

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

N/A

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

Total Directors

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
IRA WAYNE BERRY	TREASURER	N/A	Officer Director	$0	$0	$0
MARY CARNEIRO	DIRECTOR	N/A	Director	$0	$0	$0
KIM COBB	DIRECTOR	N/A	Director	$0	$0	$0
JACK COLLINS	DIRECTOR	N/A	Director	$0	$0	$0
TOM HALE	PRESIDENT	N/A	Officer Director	$0	$0	$0
BILL HOWELL	DIRECTOR	N/A	Director	$0	$0	$0
DONNIE JOYNER	SECRETARY	N/A	Officer Director	$0	$0	$0
KEVIN LOCKLIN	VICE-PRESIDE	N/A	Officer Director	$0	$0	$0
MARY LOCKLIN	DIRECTOR	N/A	Director	$0	$0	$0
CLAIRE MCNAUGHT	DIRECTOR	N/A	Director	$0	$0	$0
TAMMY NEWTON	DIRECTOR	N/A	Director	$0	$0	$0
ROYCE POTTER	DIRECTOR	N/A	Director	$0	$0	$0
LORA SHARKEY	DIRECTOR	N/A	Director	$0	$0	$0
B WAYNE STRICKLAND	DIRECTOR	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	$335,105	$65,955	$1,163,280	$269,150
2023	$148,607	$124,537	$893,925	$24,070
2022	$91,566	$74,496	$870,219	$17,070
2021	$164,255	$73,876	$853,698	$90,379
2020	$52,366	$63,383	$803,360	$-11,017
2019	$205,151	$150,573	$770,360	$54,578
2018	$101,232	$68,530	$705,220	$32,702

THE FRIENDS OF THE NORTH CAROLINA MARITIME MUSEUM AT SOUTHPORT