Historic Palmyra Inc

Nonprofit profile at a glance

EIN
237443013
IRS 990 coverage
2011–2024
Forms available
Form 990 2024
Location
Palmyra, NY, USA
Phone
3155976981
Rating
82
Verdict
STRONG
Rating confidence
Moderate
Sector
History Museums

Reported finances

Revenue
$154,036
Expenses
$148,624
Assets
$840,808
Liabilities
$0

Source: IRS Form 990. Selected filing: tax year 2024. Amounts in USD.

Leadership & pay

10 people listed

Source: IRS Form 990. Selected filing: tax year 2024. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

To promote education and historical research regarding the early history of Palmyra NY and to gather and preserve historical artifacts antiques and property for public display and future generations. The organization will also mark with appropriate signage.

What it reported doing in 2024

The organization operates five unique museums including the Alling Coverlet Palmyra Historical Wm Phelps General Store and home Palmyra Print Shop and the Erie Canal Depot which features exhibits related to police fire service education medicine photography among others. In addition to the museums the organizion operates paranormal activities as well as other fundraising events. They provide participants with a chance to view historical figures in various elements and locations throughout Palmyra NY.

Operating model

Revenue model
Donor-supported. 81% of the money available for current operations came from contributions and gifts.
Distribution model
Direct operator. The filing allocates 100% of reported program-service expenses outside its grant, affiliate-payment, and member-benefit lines. This expense classification does not rule out separately announced grant awards.

The verdict

STRONG - A large share of available resources goes toward mission work and the filed numbers largely add up. Some filing-based governance responses are negative or unanswered and expenses are high relative to revenue.

Rating breakdown

  • Financial Efficiency: 89
  • Transparency & Controls: 84
  • Accountability: 74
  • Sustainability: 57
  • Growth: 80

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 100%; rating input score 100
  • Program expense ratio: 100%; rating input score 100
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 92.9%; rating input score 93; 25th percentile among comparable filings
  • Pay-setting controls: Limited
  • Foreign activity oversight: Limited
  • Grant itemization coverage: Limited
  • Major donor itemization: Limited
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 100%; rating input score 100; 63rd percentile among comparable filings
  • Governance controls: 3 of 8 controls in place; rating input score 38
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Fail
    • Document-retention policy: Fail
    • CEO compensation review process: Fail
    • Other executive compensation review process: NotApplicable
    • Form 990 shared with the board: Pass
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Missing
    • Independent financial-statement audit: Fail

Sustainability

  • Operating margin: 3.5%; rating input score 47; 47th percentile among comparable filings
  • Total-asset coverage ratio: 5.66; rating input score 81; 81st percentile among comparable filings
  • Liabilities to assets ratio: 0; rating input score 80; 80th percentile among comparable filings
  • Officer compensation ratio: 24.6%; rating input score 15; 15th percentile among comparable filings

Growth

  • Program expense growth: 6.4% per year; rating input score 100; 59th percentile among comparable filings
  • Revenue growth: 0.4% per year; rating input score 100; 26th percentile among comparable filings
  • Asset growth: -1.1% per year; rating input score 0; 21st percentile among comparable filings

Details

  • Where the money goes: 100% of revenue deployed · 100% of spending went to programs
  • Governance: 9 of 9 board members independent · 3 of 8 filing controls reported
  • Programs: 3 filed program accomplishments · $149K in reported program spending
  • Leadership: top reported pay $37K · 10 people listed
  • Consistency: 41 of 42 current checks pass · 1 finding to review
  • Schedules: 3 filed schedules
  • Filing history: 14 filing years from 2011 to 2024
  • Contacts: How to reach this organization
  • Money network: 1 filed money-flow record
  • Grant readiness: Federal tax and exclusion status, award history, and grant-maker relationships.
  • People: Everyone the filings name, and which of them the filings identify by more than a name.

Key Signals

Signals prioritize questions for review. They are not findings of misconduct.

  • Moderate — Accountability: Governance controls: 4 of 7 not reported.
  • Moderate — Sustainability: Operating margin scored 47/100.
  • High — Growth: Asset growth scored 0/100.
  • Moderate — Transparency & Controls: Schedule A contributions reconciliation did not reconcile in the filed values.
  • High — Sustainability: Officer compensation ratio scored 15/100.