Grand Banks Schooner Museum Trust
Grand Banks Schooner Museum Trust shows fluctuating revenues but stable assets and no officer compensation.
EIN: 10359164 · Boothbay Hbr, ME · Updated: 2026-03-28
| Metric | Value |
|---|---|
| Total Revenue | $35K |
| Total Expenses | $67K |
| Program Spending | 90% |
| CEO/Top Officer Pay | $400,000. |
| Net Assets | $439K |
| Transparency Score | 85/100 |
Is Grand Banks Schooner Museum Trust Legit?
Some Concerns
Assessment based on IRS 990 filings, spending patterns, and AI analysis. Not a guarantee of legitimacy. Full charity check →
Grand Banks Schooner Museum Trust directs 90% of its spending to programs. This exceeds the industry benchmark of 65%, indicating strong mission focus.
About Grand Banks Schooner Museum Trust
Grand Banks Schooner Museum Trust (EIN: 10359164) is a nonprofit organization based in Boothbay Hbr, ME. The organization reported total revenue of $35K and total assets of $412K according to its most recent IRS 990 filing. This transparency report provides an AI-powered analysis of Grand Banks Schooner Museum Trust's financial health, spending patterns, executive compensation, and overall mission effectiveness based on publicly available IRS data.
Organization Overview
Grand Banks Schooner Museum Trust is a micro nonprofit that has been operating for 48 years, with 10 years of IRS 990 filings on record (2011–2023). Revenue has grown at a compound annual rate of -5.2%.
Key Financial Metrics (2023)
From the most recent IRS 990 filing on record:
| Total Revenue | $74K |
| Total Expenses | $67K |
| Surplus / Deficit | +$7K |
| Total Assets | $439K |
| Total Liabilities | $1 |
| Net Assets | $439K |
| Operating Margin | 9.3% |
| Debt-to-Asset Ratio | 0.0% |
| Months of Reserves | 78.1 months |
Financial Health Grade: A
In 2023, Grand Banks Schooner Museum Trust reported a surplus of $7K with revenue exceeding expenses, holds 78.1 months of operating reserves (strong position), has a debt-to-asset ratio of 0.0% (very low leverage).
Financial Trends
Over 10 years of filings (2011–2023), Grand Banks Schooner Museum Trust's revenue has declined at a compound annual growth rate (CAGR) of -5.2%.
| Year | Revenue Change | Expense Change | Asset Change |
|---|---|---|---|
| 2023 | +443.5% | -5.6% | +1.6% |
| 2022 | -86.8% | +48.2% | -11.8% |
| 2021 | +159.4% | +9.9% | +12.8% |
| 2020 | -26.0% | -45.4% | -0.9% |
| 2019 | -39.9% | -30.2% | +2.7% |
IRS Tax-Exempt Classification
| IRS Classification Codes | 1000 |
| IRS Ruling Date | 1978 |
Classification data from ProPublica Nonprofit Explorer. Additional BMF data may be available after enrichment.
AI Transparency Report
Mission Effectiveness Score
NonprofitSpending's AI analysis rates Grand Banks Schooner Museum Trust with a Mission Score of 85 out of 100 (Excellent). This score reflects the organization's overall financial transparency, program spending efficiency, and governance indicators derived from IRS 990 public filings.
Spending Breakdown
- admin: 7%
- programs: 90%
- fundraising: 3%
According to IRS 990 filings, Grand Banks Schooner Museum Trust allocates its expenses as follows: admin: 7%, programs: 90%, fundraising: 3%. With 90% directed toward programs, this reflects a strong commitment to its charitable mission.
Key Financial Metrics (2023)
From the most recent IRS 990 filing on record:
- The organization reported a surplus of $7K, with revenue exceeding expenses.
- Debt-to-asset ratio: 0.0%.
Executive Compensation Analysis
Executive compensation is consistently reported as 0% across all available filings, indicating that no officers or key employees receive salaries from the organization. This is a significant positive for a nonprofit of its size, with assets generally over $400,000.
Executive compensation data is sourced from IRS 990 filings, which require nonprofits to disclose the compensation of officers, directors, trustees, and key employees. NonprofitSpending analyzes this data relative to the organization's total revenue and sector benchmarks to assess whether executive pay is reasonable.
Red Flags
The following concerns were identified during AI analysis of Grand Banks Schooner Museum Trust's IRS 990 filings:
- Significant revenue volatility year-to-year
- Expenses occasionally far exceed revenue, as seen in 2022 ($71,467 expenses vs. $13,689 revenue)
Strengths
The following positive indicators were identified for Grand Banks Schooner Museum Trust:
- Consistent 0% officer compensation across all filings
- Stable asset base, generally above $400,000, providing financial cushion
- Long history of IRS 990 filings demonstrating transparency
- Positive net income in several recent years (e.g., 2023: $74,396 revenue vs. $67,464 expenses; 2021: $103,775 revenue vs. $48,236 expenses)
Frequently Asked Questions about Grand Banks Schooner Museum Trust
Is Grand Banks Schooner Museum Trust a legitimate charity?
Grand Banks Schooner Museum Trust (EIN: 10359164) is a registered tax-exempt nonprofit based in Maine. Our AI analysis gives it a Mission Score of 85/100. It has 10 years of IRS 990 filings on record. Total revenue: $35K. 2 red flags identified. 4 strengths noted. Financial health grade: A.
How does Grand Banks Schooner Museum Trust spend its money?
Grand Banks Schooner Museum Trust directs 90% of its spending to programs and services. Fundraising costs 3%. This exceeds the 65% industry benchmark.
Are donations to Grand Banks Schooner Museum Trust tax-deductible?
Grand Banks Schooner Museum Trust is registered as a tax-exempt nonprofit (EIN: 10359164). Donations to most 501(c)(3) organizations are tax-deductible. Consult a tax professional for your specific situation.
How much does the Grand Banks Schooner Museum Trust CEO make?
Grand Banks Schooner Museum Trust's highest-compensated officer earns $400,000. annually. The organization reported $35K in total revenue. Executive compensation data is disclosed in IRS 990 filings.
What percentage of Grand Banks Schooner Museum Trust's spending goes to programs?
Grand Banks Schooner Museum Trust directs 90% to programs, 3% to fundraising. This exceeds the 65% industry benchmark for efficient nonprofits.
Where is Grand Banks Schooner Museum Trust located?
Grand Banks Schooner Museum Trust is headquartered in Boothbay Hbr, Maine and files with the IRS under EIN 10359164.
How many years of IRS 990 filings does Grand Banks Schooner Museum Trust have?
Grand Banks Schooner Museum Trust has 10 years of IRS 990 filings on record at NonprofitSpending. This extensive filing history provides a strong basis for evaluating long-term financial trends. The most recent filing shows $35K in total revenue.
Is Grand Banks Schooner Museum Trust a good charity?
Based on the available data, the Grand Banks Schooner Museum Trust appears to be a good charity, particularly due to its consistent transparency, stable asset base, and the complete absence of officer compensation, suggesting a strong dedication to its mission.
How does the organization manage its expenses when revenue is low?
In years with significantly lower revenue, such as 2022 where revenue was $13,689 and expenses were $71,467, the organization likely relies on its accumulated assets ($432,340 in 2022) or prior year surpluses to cover operational costs.
What is the trend in the organization's assets?
The organization's assets have shown a gradual decline from a high of $653,675 in 2012 to $439,241 in 2023, though they have remained relatively stable above $400,000 in recent years.
Filing History
IRS 990 filing history for Grand Banks Schooner Museum Trust showing financial trends over 10 years of public records:
Over 10 years of IRS 990 filings (2011–2023), Grand Banks Schooner Museum Trust's revenue has declined by 47.5%, moving from $142K to $74K. Total assets decreased by 31.2% over the same period, from $638K to $439K. Total functional expenses fell by 43.4%, from $119K to $67K. In its most recent filing year (2023), Grand Banks Schooner Museum Trust reported a surplus of $7K, with revenue exceeding expenses. The organization holds $1 in liabilities against $439K in assets (debt-to-asset ratio: 0.0%), resulting in net assets of $439K.
| Year | Revenue | Expenses | Assets | Liabilities | Officer Comp. % | |
|---|---|---|---|---|---|---|
| 2023 | $74K | $67K | $439K | $1 | — | View 990 |
| 2022 | $14K | $71K | $432K | $31 | — | View 990 |
| 2021 | $104K | $48K | $490K | $31 | — | View 990 |
| 2020 | $40K | $44K | $435K | $31 | — | — |
| 2019 | $54K | $80K | $438K | $30 | — | View 990 |
| 2015 | $90K | $115K | $427K | $3K | — | View 990 |
| 2014 | $84K | $236K | $476K | $26K | — | View 990 |
| 2013 | $135K | $139K | $611K | $10K | — | View 990 |
| 2012 | $199K | $228K | $654K | $48K | — | View 990 |
| 2011 | $142K | $119K | $638K | $4K | — | View 990 |
Year-by-Year Financial Summary
- 2023: Revenue of $74K, expenses of $67K, and assets of $439K (revenue +443.5% year-over-year).
- 2022: Revenue of $14K, expenses of $71K, and assets of $432K (revenue -86.8% year-over-year).
- 2021: Revenue of $104K, expenses of $48K, and assets of $490K (revenue +159.4% year-over-year).
- 2020: Revenue of $40K, expenses of $44K, and assets of $435K (revenue -26.0% year-over-year).
- 2019: Revenue of $54K, expenses of $80K, and assets of $438K (revenue -39.9% year-over-year).
- 2015: Revenue of $90K, expenses of $115K, and assets of $427K (revenue +6.9% year-over-year).
- 2014: Revenue of $84K, expenses of $236K, and assets of $476K (revenue -37.6% year-over-year).
- 2013: Revenue of $135K, expenses of $139K, and assets of $611K (revenue -32.4% year-over-year).
- 2012: Revenue of $199K, expenses of $228K, and assets of $654K (revenue +40.7% year-over-year).
- 2011: Revenue of $142K, expenses of $119K, and assets of $638K.
View Individual Filing Years
Explore detailed financial data from each IRS 990 filing year for Grand Banks Schooner Museum Trust:
Data Sources and Methodology
This transparency report for Grand Banks Schooner Museum Trust is generated by NonprofitSpending's AI analysis engine. The data is sourced from publicly available IRS 990 filings accessed through the ProPublica Nonprofit Explorer API and IRS electronic filing records. The Mission Score, spending breakdown, and other analytical insights are produced by artificial intelligence and should be used as one of multiple factors when evaluating a nonprofit organization.
IRS 990 forms are annual information returns that most tax-exempt organizations must file with the IRS. These forms provide detailed financial information including revenue, expenses, assets, liabilities, and compensation of officers. NonprofitSpending processes this data to provide accessible transparency reports for donors, researchers, and the general public.
Disclaimer
AI-generated analysis based on IRS public records. Not financial or legal advice. Verify information directly with the organization.