Mississippi Industrial Heritage Museum Inc

Nonprofit profile at a glance

EIN
043725572
IRS 990 coverage
2019–2024
Forms available
Form 990 2024
Location
Meridian, MS, USA
Phone
6016939905
Rating
73
Verdict
SUPPORTED
Rating confidence
Moderate
Sector
History Museums

Official website

Reported finances

Revenue
$129,478
Expenses
$139,150
Assets
$994,589
Liabilities
$0

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

Leadership & pay

8 people listed

Executive titles in this filing

  • Gregory W Hatcher (Treasurer and Executive Director)
  • James L McRae (President)
  • Mark A Scarborough (Vice President)

Highest reported compensation

  • Gregory W Hatcher (Treasurer and Executive Director): $57,400 total reported compensation

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

Overview

Mission

The Mississippi Industrial Heritage Museum located in the historic Soule Steam Feed Works site promotes the heritage labor and innovation that influenced and shaped our countrys rise as an industrial and manufacturing pioneer.

What it reported doing in 2024

The Mississippi Industrial Heritage Museum is open for self-guided tours Thursday through Saturday. The organization received grant funding from Visit Meridian to help cover advertising expenses outside a 90-mile radius of the museum. The Museum hosted the 22nd Annual Soule Live Steam Show again this year with more than 1,000 visitors. Since the event started in 2003 the museum has offered free admission to students and children on Fridays during this event. Programs during this event are used to educate the public with various demonstrations including blacksmithing weaving molten metal pouring steam engines operating belt-driven machine shop letter-press printing and broom-making. The museum hosted the 9th Annual Maker Faire Meridian in April attracted 186 people to attend this free event.

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

SUPPORTED - 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 program spending has declined or grown slowly.

Rating breakdown

  • Financial Efficiency: 87
  • Transparency & Controls: 65
  • Accountability: 84
  • Sustainability: 47
  • Growth: 0

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 93.7%; rating input score 94
  • Program expense ratio: 81.7%; rating input score 82
  • Fundraising efficiency: $26.84 raised per $1 spent on fundraising; rating input score 65; 65th percentile among comparable filings

Transparency & Controls

  • Consistency checks: 91.7%; rating input score 92; 19th percentile among comparable filings
  • Pay-setting controls: 1 of 6 controls in place; rating input score 17
    • Compensation committee: Missing
    • Independent consultant: Missing
    • Other Form 990s reviewed: Missing
    • Written employment contract: Missing
    • Compensation survey or study: Pass
    • Board or committee approval: Missing
  • Foreign activity oversight: Limited
  • Grant itemization coverage: Limited
  • Major donor itemization: Yes; rating input score 100
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 100%; rating input score 100; 63rd percentile among comparable filings
  • Governance controls: 5 of 8 controls in place; rating input score 62
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Fail
    • Document-retention policy: Pass
    • CEO compensation review process: Pass
    • 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: -7.5%; rating input score 26; 26th percentile among comparable filings
  • Total-asset coverage ratio: 7.15; rating input score 85; 85th percentile among comparable filings
  • Liabilities to assets ratio: 0; rating input score 80; 80th percentile among comparable filings
  • Officer compensation ratio: 41.3%; rating input score 6; 6th percentile among comparable filings

Growth

  • Program expense growth: -5.4% per year; rating input score 0; 16th percentile among comparable filings
  • Revenue growth: -6.1% per year; rating input score 0; 9th percentile among comparable filings
  • Asset growth: -2.3% per year; rating input score 0; 17th percentile among comparable filings

Details

  • Where the money goes: 93.7% of revenue deployed · 81.7% of spending went to programs
  • Governance: 8 of 8 board members independent · 5 of 8 filing controls reported
  • Programs: 3 filed program accomplishments · $114K in reported program spending
  • Leadership: top reported pay $57K · 8 people listed · 1 of 6 pay-setting controls reported
  • Consistency: 41 of 42 current checks pass · 1 finding to review
  • Schedules: 5 filed schedules · includes major donors and executive pay
  • Filing history: 5 filing years from 2019 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.

  • Review — Accountability: Governance controls: 2 of 7 not reported.
  • High — Growth: Program expense growth scored 0/100.
  • High — Growth: Revenue growth scored 0/100.
  • High — Sustainability: Operating margin scored 26/100.
  • High — Growth: Asset growth scored 0/100.
  • High — Sustainability: Officer compensation ratio scored 6/100.
  • Moderate — Transparency & Controls: Schedule A contributions reconciliation did not reconcile in the filed values.