Penobscot Marine Museum
Penobscot Marine Museum maintains strong assets despite fluctuating annual revenues and occasional operating deficits.
EIN: 16015647 · Searsport, ME · NTEE: A500 · Updated: 2026-03-28
| Metric | Value |
|---|---|
| Total Revenue | $1.6M |
| Total Expenses | $1.1M |
| Program Spending | 80% |
| CEO/Top Officer Pay | $7 |
| Net Assets | $7.1M |
| Transparency Score | 85/100 |
Is Penobscot Marine Museum Legit?
Some Concerns
Assessment based on IRS 990 filings, spending patterns, and AI analysis. Not a guarantee of legitimacy. Full charity check →
Penobscot Marine Museum directs 80% of its spending to programs. This exceeds the industry benchmark of 65%, indicating strong mission focus.
About Penobscot Marine Museum
Penobscot Marine Museum (EIN: 16015647) is a nonprofit organization based in Searsport, ME, classified under NTEE code A500. The organization reported total revenue of $1.6M and total assets of $7.2M according to its most recent IRS 990 filing. This transparency report provides an AI-powered analysis of Penobscot Marine Museum's financial health, spending patterns, executive compensation, and overall mission effectiveness based on publicly available IRS data.
Organization Overview
Penobscot Marine Museum is a mid-size nonprofit that has been operating for 86 years, with 13 years of IRS 990 filings on record (2011–2023). Revenue has grown at a compound annual rate of -0.9%.
Key Financial Metrics (2023)
From the most recent IRS 990 filing on record:
| Total Revenue | $776K |
| Total Expenses | $1.1M |
| Surplus / Deficit | $-349,020 |
| Total Assets | $7.4M |
| Total Liabilities | $348K |
| Net Assets | $7.1M |
| Operating Margin | -45.0% |
| Debt-to-Asset Ratio | 4.7% |
| Months of Reserves | 79.2 months |
Financial Health Grade: B
In 2023, Penobscot Marine Museum reported a deficit of $349K with expenses exceeding revenue, holds 79.2 months of operating reserves (strong position), has a debt-to-asset ratio of 4.7% (very low leverage).
Financial Trends
Over 13 years of filings (2011–2023), Penobscot Marine Museum's revenue has declined at a compound annual growth rate (CAGR) of -0.9%.
| Year | Revenue Change | Expense Change | Asset Change |
|---|---|---|---|
| 2023 | -48.4% | +4.8% | -10.3% |
| 2022 | +78.3% | +7.5% | +3.3% |
| 2021 | -2.1% | +4.8% | +12.1% |
| 2020 | -14.0% | +1.5% | -6.3% |
| 2019 | +5.7% | +8.5% | +1.3% |
IRS Tax-Exempt Classification
| IRS Classification Codes | 2000 |
| IRS Ruling Date | 1940 |
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 Penobscot Marine Museum 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: 15%
- programs: 80%
- fundraising: 5%
According to IRS 990 filings, Penobscot Marine Museum allocates its expenses as follows: admin: 15%, programs: 80%, fundraising: 5%. With 80% 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 deficit of $349K, with expenses exceeding revenue.
- Debt-to-asset ratio: 4.7%.
Executive Compensation Analysis
Executive compensation is reported as 0% across all available filings, indicating that no officers received compensation from the organization, which is highly commendable for an organization of its size with assets over $7 million.
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 Penobscot Marine Museum's IRS 990 filings:
- Operating deficit in the latest filing period (202303), with expenses ($1,124,960) exceeding revenue ($775,940).
Strengths
The following positive indicators were identified for Penobscot Marine Museum:
- Strong and consistent asset base, exceeding $7 million for the past decade, providing financial stability.
- 0% reported officer compensation across all available filings, indicating efficient use of funds and strong mission focus.
- Consistent IRS 990 filing history (13 filings), demonstrating transparency and accountability.
- Relatively low and stable liabilities, indicating responsible debt management.
- Significant revenue generation in some years, such as $1,504,211 in 202203, showing capacity for fundraising.
Frequently Asked Questions about Penobscot Marine Museum
Is Penobscot Marine Museum a legitimate charity?
Based on AI analysis of IRS 990 filings, Penobscot Marine Museum (EIN: 16015647) some concerns. Mission Score: 85/100. 1 red flag identified, 5 strengths noted.
How does Penobscot Marine Museum spend its money?
Penobscot Marine Museum directs 80% of its spending to programs and services. The remaining budget covers administration and fundraising costs.
Are donations to Penobscot Marine Museum tax-deductible?
Penobscot Marine Museum is registered as a tax-exempt nonprofit (EIN: 16015647). Donations to most 501(c)(3) organizations are tax-deductible. Consult a tax professional for your specific situation.
How much does the Penobscot Marine Museum CEO make?
Penobscot Marine Museum's highest-compensated officer earns $7 annually. The organization reported $1.6M in total revenue. Executive compensation data is disclosed in IRS 990 filings.
What percentage of Penobscot Marine Museum's spending goes to programs?
Penobscot Marine Museum directs 80% to programs, 5% to fundraising. This exceeds the 65% industry benchmark for efficient nonprofits.
How does Penobscot Marine Museum compare to similar nonprofits?
With a transparency score of 85/100 (Excellent), Penobscot Marine Museum is above average for NTEE category A500 nonprofits. The score reflects financial transparency, program spending efficiency, and governance quality based on IRS 990 data.
Where is Penobscot Marine Museum located?
Penobscot Marine Museum is headquartered in Searsport, Maine and files with the IRS under EIN 16015647. It is classified under NTEE code A500.
How many years of IRS 990 filings does Penobscot Marine Museum have?
Penobscot Marine Museum has 13 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 $1.6M in total revenue.
Is Penobscot Marine Museum a good charity?
Based on the available data, the Penobscot Marine Museum appears to be a good charity. It maintains a strong asset base (over $7 million), consistently files its IRS 990s, and notably reports 0% officer compensation, indicating efficient use of funds and a strong commitment to its mission rather than executive pay.
How does the museum manage its finances given revenue fluctuations?
The museum manages revenue fluctuations by maintaining a substantial asset base, which was $7,423,631 in 202303. This allows it to absorb periods where expenses exceed revenue, such as in 202303 when expenses were $1,124,960 against revenues of $775,940, without jeopardizing long-term stability.
What is the trend in the museum's assets?
The museum's assets have remained consistently strong, generally fluctuating between $7.1 million and $8.2 million over the past decade. In the latest period (202303), assets stood at $7,423,631, indicating long-term financial stability.
Are there any concerns about the museum's liabilities?
The museum's liabilities have remained relatively low and stable, typically under $450,000, with $347,673 reported in 202303. This indicates responsible financial management and a low debt burden relative to its assets.
Filing History
IRS 990 filing history for Penobscot Marine Museum showing financial trends over 13 years of public records:
Over 13 years of IRS 990 filings (2011–2023), Penobscot Marine Museum's revenue has declined by 10.1%, moving from $863K to $776K. Total assets increased by 10.8% over the same period, from $6.7M to $7.4M. Total functional expenses rose by 13.1%, from $994K to $1.1M. In its most recent filing year (2023), Penobscot Marine Museum reported a deficit of $349K, with expenses exceeding revenue. The organization holds $348K in liabilities against $7.4M in assets (debt-to-asset ratio: 4.7%), resulting in net assets of $7.1M.
| Year | Revenue | Expenses | Assets | Liabilities | Officer Comp. % | |
|---|---|---|---|---|---|---|
| 2023 | $776K | $1.1M | $7.4M | $348K | — | View 990 |
| 2022 | $1.5M | $1.1M | $8.3M | $348K | — | View 990 |
| 2021 | $843K | $998K | $8.0M | $404K | — | View 990 |
| 2020 | $862K | $952K | $7.1M | $347K | — | View 990 |
| 2019 | $1.0M | $938K | $7.6M | $281K | — | View 990 |
| 2018 | $949K | $865K | $7.5M | $282K | — | View 990 |
| 2017 | $822K | $830K | $7.7M | $389K | — | View 990 |
| 2016 | $818K | $954K | $7.5M | $410K | — | View 990 |
| 2015 | $841K | $900K | $7.5M | $445K | — | View 990 |
| 2014 | $1.2M | $870K | $7.7M | $516K | — | View 990 |
| 2013 | $1.3M | $995K | $7.2M | $525K | — | View 990 |
| 2012 | $741K | $1.0M | $6.7M | $536K | — | View 990 |
| 2011 | $863K | $994K | $6.7M | $282K | — | View 990 |
Year-by-Year Financial Summary
- 2023: Revenue of $776K, expenses of $1.1M, and assets of $7.4M (revenue -48.4% year-over-year).
- 2022: Revenue of $1.5M, expenses of $1.1M, and assets of $8.3M (revenue +78.3% year-over-year).
- 2021: Revenue of $843K, expenses of $998K, and assets of $8.0M (revenue -2.1% year-over-year).
- 2020: Revenue of $862K, expenses of $952K, and assets of $7.1M (revenue -14.0% year-over-year).
- 2019: Revenue of $1.0M, expenses of $938K, and assets of $7.6M (revenue +5.7% year-over-year).
- 2018: Revenue of $949K, expenses of $865K, and assets of $7.5M (revenue +15.5% year-over-year).
- 2017: Revenue of $822K, expenses of $830K, and assets of $7.7M (revenue +0.4% year-over-year).
- 2016: Revenue of $818K, expenses of $954K, and assets of $7.5M (revenue -2.7% year-over-year).
- 2015: Revenue of $841K, expenses of $900K, and assets of $7.5M (revenue -29.2% year-over-year).
- 2014: Revenue of $1.2M, expenses of $870K, and assets of $7.7M (revenue -5.5% year-over-year).
- 2013: Revenue of $1.3M, expenses of $995K, and assets of $7.2M (revenue +69.6% year-over-year).
- 2012: Revenue of $741K, expenses of $1.0M, and assets of $6.7M (revenue -14.1% year-over-year).
- 2011: Revenue of $863K, expenses of $994K, and assets of $6.7M.
View Individual Filing Years
Explore detailed financial data from each IRS 990 filing year for Penobscot Marine Museum:
Data Sources and Methodology
This transparency report for Penobscot Marine Museum 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.