Save Our Ship Inc

Nonprofit profile at a glance

EIN
363368703
IRS 990-EZ coverage
2024–2024
Forms available
Form 990-EZ 2024, Form 990-N 2023
Location
Duluth, MN, USA
Phone
2183906314
Rating
60
Verdict
SUPPORTED
Rating confidence
Moderate
Sector
Historical Societies & Historic Preservation

Reported finances

Revenue
$36,244
Expenses
$3,118
Assets
$339,717

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

Leadership & pay

8 people listed

People named in this filing

  • NEILL ATKINS (CO-CHAIRMAN)
  • RANDY ELLESTAD (CO-CHAIRMAN)
  • JULIE MORGAN (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

Restoration process duluthian bert enger, of enger and olson furniture company, along with his partner marie olson, purchased the ship from captain folgero and crew soon after the voyage, and he donated the leif erikson to the city of duluth. The ship was placed on display in duluths lake park, which was later re- named leif erikson park around 1929. There the leif erikson steadily deteriorated after years of neglect and vandalism. The state of the ship reached a low point in 1980, prompting a former duluth city councilor to suggest that the leif erikson be burned in the traditional viking manner of putting a ship to rest. This suggestion inspired marie olsons grandson, will borg, to contact his boyhood friend, neill atkins, who was also serving on the city council at that time to help form a restoration committee. Neill and will brought together a diverse collection of volunteer workers to begin fundraising efforts to restore the ship to its original condition. Fundraising activities

What it reported doing in 2024

The leif erikson replica viking ship has been moved from duluth to a new home at the knife river heritage and cultural center, 180 marina road, knife river, mn.

Operating model

Revenue model
Donor-supported. 89% 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

SUPPORTED - The filed numbers largely add up and revenue comfortably covers expenses. A relatively small share of available resources goes toward mission work and reported officer compensation is a large share of total spending, which may reflect staffing concentration.

Rating breakdown

  • Financial Efficiency: 46
  • Transparency & Controls: 82
  • Sustainability: 82
  • Growth: NotEnoughData

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 13%; rating input score 13
  • Program expense ratio: 100%; rating input score 100

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 52nd percentile among comparable filings
  • Major donor itemization: Limited

Sustainability

  • Operating margin: 91.4%; rating input score 99; 99th percentile among comparable filings
  • Total-asset coverage ratio: 108.95; rating input score 99; 99th percentile among comparable filings
  • Liabilities to assets ratio: Limited
  • Officer compensation ratio: 0%; rating input score 56; 56th percentile among comparable filings

Growth

  • Program expense growth: Limited
  • Revenue growth: Limited
  • Asset growth: Limited

Details

  • Where the money goes: 13% of revenue deployed · 100% of spending went to programs
  • Governance: Filed governance answers
  • Accomplishments: 1 filed program accomplishment · $3K in reported program spending
  • Leadership: top reported pay $0 · 8 people listed
  • Consistency: 7 of 7 current checks pass
  • Schedules: 2 filed schedules
  • Contacts: How to reach this organization
  • 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 — Financial Efficiency: Mission deployment rate scored 13/100.
  • Review — Sustainability: Officer compensation ratio scored 56/100.