Lake Minnetonka Historical Society
Nonprofit profile at a glance
- EIN
- 932065775
- IRS 990-EZ coverage
- 2024–2024
- Forms available
- Form 990 2023, Form 990-EZ 2024
- Location
- Wayzata, MN, USA
- Phone
- 9524742115
- Rating
- 87
- Verdict
- STRONG
- Rating confidence
- Moderate
- Sector
- Historical Societies, Related Historical Activities
Reported finances
- Revenue
- $119,066
- Expenses
- $195,573
- Assets
- $472,456
- Liabilities
- $47
Source: IRS Form 990-EZ. Selected filing: tax year 2024. Amounts in USD.
Leadership & pay
7 people listed
Executive titles in this filing
- Lisa Stevens (President)
- Sue Sorrentino (Vice President)
People named in this filing
- Lisa Stevens (President)
- Tom McCarthy (Treasurer)
- Liz Vandam (Secretary)
Selected names, not a complete roster or a statement of current roles. Open leadership details for the complete filed list.
Source: IRS Form 990-EZ. Selected filing: tax year 2024. Names and roles reflect this filing, not necessarily current officeholders.
Overview
Mission
The Lake Minnetonka Historical Society tells the story of Lake Minnetonka by collecting, preserving and sharing its history.
What it reported doing in 2024
Program: MUSEUM/DISPLAYS LMHS operates museums in Lake Minnetonka's three population centers: Excelsior, Mound, and Wayzata. Staffed by volunteers docents, Excelsior and Wayzata museums are seasonal museums open in the summer; Mound is open year-round. These museums enable the public to interact directly with the history of Lake Minnetonka through accessing each museum's exhibits and displays. In addition to its museums, LHMS operates a Garden Railroad at the Wayzata museum and is currently working to return the Streetcar Boat MINNEHAHA(listed in the National Register of Historic Places) to active operation on the lake. Through these experiential activities, young and old can learn and experience life as it was in the late 1800s and early 1900s. Attendance at the museums varies by location and weather but ranges between 50-200 per weekend. MINNEHAHA ridership, when operational, averages 10,000 per season.
Operating model
- Revenue model
- Mixed. Its operating money came from several sources; no one source provided a clear majority.
- 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. Revenue has declined or grown slowly and expenses are high relative to revenue.
Rating breakdown
- Financial Efficiency: 96
- Transparency & Controls: 93
- Sustainability: 39
- Growth: 0
Detailed rating inputs
Financial Efficiency
- Mission deployment rate: 100%; rating input score 100
- Program expense ratio: 89.4%; rating input score 89
Transparency & Controls
- Consistency checks: 90.9%; rating input score 91; 2nd percentile among comparable filings
- Major donor itemization: Yes; rating input score 100
Sustainability
- Operating margin: -64.3%; rating input score 1; 1st percentile among comparable filings
- Total-asset coverage ratio: 2.42; rating input score 85; 85th percentile among comparable filings
- Liabilities to assets ratio: 0; rating input score 52; 52nd percentile among comparable filings
- Officer compensation ratio: 0%; rating input score 63; 63rd percentile among comparable filings
Growth
- Program expense growth: Limited
- Revenue growth: -132.4% per year; rating input score 0; 0th percentile among comparable filings
- Asset growth: -15% per year; rating input score 0; 8th percentile among comparable filings
Details
- Where the money goes: 100% of revenue deployed · 89.4% of spending went to programs
- Governance: Filed governance answers
- Accomplishments: 4 filed program accomplishments · $175K in reported program spending
- Leadership: top reported pay $0 · 7 people listed
- Consistency: 9 of 9 current checks pass
- Schedules: 3 filed schedules
- Contacts: How to reach this organization
- Money network: Resolved incoming and outgoing counterparties from filed money flows.
- Related organizations: 4 filed related-organization links
- 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.
- High — Growth: Revenue growth scored 0/100.
- High — Sustainability: Operating margin scored 1/100.
- High — Growth: Asset growth scored 0/100.
- Review — Sustainability: Liabilities to assets ratio scored 52/100.