2015-11-16T08:29:49-05:00 2014-12-31 260230784 Allan Smith CPA Two Cabot Place Suite 8 Stoughton MA 02072 990 2014-01-01 237102744 Herreshoff Marine Museum HERR One Burnside Street Bristol RI 02809 William Lynn President 4012535000 2015-11-16 true ALLAN SMITH P00825089 7742065553 2015-11-16 2014 2016-02-25 16:41:14Z Americas Cup Hall of Fame 1398664 false X www.herreshoff.org X 1971 RI Interpretation of the history and accomplishments of the Herreshoff Manufacturing Company and the America's Cup. 20 19 36 100 0 0 520753 796175 350773 289176 73484 14327 37474 24964 982484 1124642 0 0 525134 593553 0 156728 554441 540325 1079575 1133878 -97091 -9236 4504571 4485699 1616677 1571035 2887894 2914664 Interpretation of the history and accomplishments of the Herreshoff Manufacturing Company and the America's Cup. false false 455327 742830 Museum Activities: The Herreshoff Marine Museum and America's Cup Hall of Fame are dedicated to the inspiration and education of the public through the presentation of the history and innovative work of the Herreshoff Manufacturing Company and the America's Cup competition. Visitors to the Museum have the opportunity to explore the world's largest collection of any one naval architect's life work. The genius of the Herreshoff brothers is unsurpassed in its combination of business acumen and engineering excellence. 199288 236003 Program Activities: Includes the seamanship program, lectures, the mentorship program in classic boat maintenance and educational partnerships. The mentorship program in classic boat maintenance provides a hands-on experience in helping to care for the museum's active-use collection of watercraft. The seamanship program's primary goals are to teach sailing skills and water awareness, to instill a love of the marine environment and to create lifelong sailors. 7069 6862 Lecture Series and Education: These events include presentations on subjects relative to the excellence in classic yacht restoration, replication, or use; adaptation of classic designs to modern materials and the technical details of rigging, fitting, powering and rating rules. The event's proceedings (the assemblage of papers and discussions provided during the symposium as well as noteworthy papers not presented) are distributed to hundreds of builders, designers, owners and enthusiasts who attend, as well as being offered for sale through the Herreshoff Marine Museum, the Society of Naval Architects and Marine Engineers and online internationally. The programming includes membership communications as well as general admission to the museum. 661684 true true false false false false false true false true true true false false true true false true false false false false false false true false false false false false false false false false false true true true false true false false false true false false false false true 23 0 true 36 true false false false false false true true false false false true false X 20 19 true false false false true true true true true false false true true true true true true true true false RI X X Lydia Bergeron CFO 4012535000 One Burnside Street Bristol RI 02809 Lydia Bergeron Chief Financial Officer 40.00 0.00 X X 70671 0 477 Wm H Dyer Jones Chief Collections Officer 40.00 0.00 X X 64457 0 5460 Lawrence Lavers President and COO - Former 20 40.00 0.00 X X 72718 0 4374 David Ford Chairman 3.00 0.00 X X 0 0 0 Alfred Bisset Vice Chairman 2.00 0.00 X X 0 0 0 David Curtin Trustee 1.00 0.00 X 0 0 0 Janice Davison Trustee 1.00 0.00 X 0 0 0 Geoffrey Hopper Treasurer 3.00 0.00 X X 0 0 0 Marshall Lawson Trustee 1.00 0.00 X 0 0 0 Stephen Frary Trustee 1.00 0.00 X 0 0 0 Elizabeth Granoff Trustee 1.00 0.00 X 0 0 0 Bernard Gustin Trustee 1.00 0.00 X 0 0 0 Halsey Herreshoff Trustee 1.00 0.00 X 0 0 0 Halsey Herreshoff II Trustee 1.00 0.00 X 0 0 0 David Hibbitt Trustee 1.00 0.00 X 0 0 0 Arthur Lee Trustee 45.00 0.00 X 0 0 0 George Lucas Trustee 1.00 0.00 X 0 0 0 Joop Nagtegaal Trustee 2.00 0.00 X 0 0 0 Brad Shipp Trustee 1.00 0.00 X 0 0 0 Andrew Tyska Trustee 1.00 0.00 X 0 0 0 Christopher Wick Trustee 1.00 0.00 X 0 0 0 Robert Yaro Trustee 1.00 0.00 X 0 0 0 207846 0 10311 0 false false false 52305 82214 661656 796175 Museum Activities 611710 176547 176547 Admissions 611710 38104 38104 Waterfront Programs 611710 9964 9964 Sailing School 611600 59654 59654 Misc Museum Revenue 900099 4907 4907 289176 7714 7714 115390 121653 -6263 -6263 -6263 32753 26140 6613 6613 6613 86835 82214 44137 42698 42698 70621 82092 -11471 -11471 1124642 278055 0 50412 224014 85384 138630 283000 163863 23843 95294 18636 11852 2834 3950 67903 36830 18557 12516 30572 30572 8816 1012 7804 19572 19572 1777 888 889 4831 3877 109 845 37716 14913 10672 12131 12335 2762 4981 4592 25333 25333 7049 3129 2204 1716 67753 67753 186907 181940 4577 390 74883 69928 4446 509 Donations 321 321 Repairs and Maintenance - Eq 10530 10530 Communication to Membership 1599 1599 Landscape and Snow Removal 3105 3105 47226 -23014 45455 24785 1133878 661684 315466 156728 164560 48797 175401 316670 104890 88565 8742 8187 20146 19672 33933 15440 6878869 3223725 3707735 3655144 186947 234015 27819 24992 74398 74217 4504571 4485699 145817 125807 10616 24464 7981 1447763 1416564 4500 4200 1616677 1571035 X 2337377 2201975 383298 495370 167219 217319 2887894 2914664 4504571 4485699 -9236 36006 0 X false true X true false X 556590 649088 667979 520753 796175 3190585 556590 649088 667979 520753 796175 3190585 508704 2681881 398 -1906 36 19372 7714 25614 3216199 1529658 0.83390 0.79820 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED X X X X false 186947 50100 7711 10743 234015 164235 7970 18532 3790 186947 152410 11825 36 36 164235 136850 15560 -1906 -1906 152410 135650 1200 399 399 136850 1.00000 true true 531385 531385 3462930 1813029 1649901 595288 518501 76787 2289266 892195 1397071 3655144 Investments Held at RI Community Fd 231766 F Investments Held at Barrett & Co 2249 F 234015 Miscellaneous Liabilities 4200 4200 X Not reporting collections (Part III, line 1a) The collection, which was acquired through purchases and contributions since the Organization's inception, is not recognized as an asset on the Statement of Financial Position. The collection consists of items of historical significance that are held by the Organization to be preserved and protected. The collection, which consist of yachts, designs, books, photos and other memorabilia is made available to the general public for study and viewing. Purchases of collection items are recorded as decreases in unrestricted net assets in the year acquired, or as decreases in temporarily restricted or permanently restricted net assets if the assets used to purchase the item are restricted by the donor. The Organization's policy is to provide resources to ensure the collection is protected and preserved in accordance with the policies of the American Association of Museums. Collections descriptions (Part III, line 4) The Herreshoff Marine Museum and America's Cup Hall of Fame are dedicated to the education and inspiration of the public through the presentation of the history and innovative work of the Herreshoff Manufacturing Company and the America's Cup Competition. It is the policy of the Organization to collect and preserve objects, documentary materials and related intellectual property that may be used for exhibitions, interpretation, research, or other applications in support of the Mission. The obligation of the Organization to its collection is paramount. The Organization derives its general purpose and use to the general public from its collection, which is an essential part of the Herreshoff Manufacturing Company and the America's Cup record. Endowment funds intended uses (Part V, line 4) The Organization's endowment fund is generally donor restricted to support the preservation of the collection and provide operational support in accordance with the donor stipulations. Footnote for uncertain tax position under FIN 48 (Part X) The Organization is generally exempt from federal income taxes under Section 501(c)(3) of the Internal Revenue Code and has been determined not to be a private foundation. The Organization is also exempt from State of Rhode Island income tax. Therefore, no provision for income taxes has been made in the accompanying consolidated financial statements. There were no significant differences in the reporting of revenues and expenses for financial statement and income tax reporting purposes. The Organization follows the guidance in FASB Accounting Standards Codification (ASC) Topic 740, Income Taxes relating to uncertain tax positions. The Organization deems its not-for-profit status and the identification and reporting of unrelated business income and the allocation of related expenses to this unrelated business income to be tax positions. The Organization also considers self-dealing, excess business holdings, certain investment activities and specific types of expenditures to put the Organization at risk for significant punitive tax assessment. The Organization continually evaluates these tax positions in light of changes in tax law, interpretation and new authoritative rulings. The Organization evaluates tax positions taken, or expected to be taken, in its tax returns to determine whether the tax positions are more-likely-than-not to be sustained by the applicable tax authority. Tax positions not deemed to meet the more-likely-than-not threshold, along with accrued interest and penalties thereon, are recorded as a liability and expense in the current year financial statements if significant. Accounting principles for risk and uncertainties in accounting for income taxes, including temporary differences between tax and financial accounting basis of assets and liabilities and tax benefits of tax positions are used in the preparation of the Organizations tax returns. The Organization reports tax related interest and penalties, if any, as a component of management and general expenses. As of December 31, 2014 and 2013, there were no accrued interest and penalties outstanding associated with uncertain tax positions. The Organization will file not-for-profit tax returns and the Subsidiary corporate tax returns in the U.S. federal jurisdiction, and the State of Rhode Island where they operate and solicit funds. The Internal Revenue Service (IRS) and the State of Rhode Island have not requested examination of open tax years of 2013, 2012 and 2011. The State of Rhode Island has a statute of limitations of three (3) years. The Organization and Subsidiarys U.S. federal and State of Rhode Island income tax returns prior to December 31, 2011 are closed. The Organization is subject to a recognition threshold and measurement attribute for financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. At December 31, 2014 and 2013, the Organization believes that it has no significant uncertain tax positions within any of its open tax years. Frostbiters 69883 48137 21746 1600 3417 Gala 84159 34077 50082 7576 10754 3500 3098 1 15007 15007 3026 4072 3200 3894 169049 82214 86835 10602 14826 8300 10409 44137 42698 Halsey Herreshoff Trustee 6619 Accounts Payable-Normal Business Operations false Elizabeth Lavers SpouseTrustee 65586 Employee Payroll false Erik Lavers Family MemberTrustee 240 Employee Payroll false Halsey Herreshoff Trustee 3010 Accounts Receivable-Normal Business Operation false Herreshoff Designs-Halsey Herreshof Trustee 50 Accounts Payable-Normal Business Operations false Herreshoff Designs-Halsey Herreshof Trustee 330 Accounts Receivable-Normal Business Operation false David Ford Trustee 800 Accounts Receivable-Normal Business Operation false Bristol Marine-Andy Tyska Trustee 4445 Accounts Payable-Normal Business Operations false Halsey Herreshoff Trustee -3813 Accounts Receivable Allowance false X 6 37170 Est FMV X 0 X Promotional Support 1 10000 Est FMV X Exhibit 3 3700 Est FMV X Fundraising Support 10 57590 Est FMV X Miscellaneous 5 860 Est FMV 3 true true false Officer directors etc family relationship Part VI line 2 Halsey Herreshoff (Board of Directors) and Halsey Herreshoff II (Board of Directors) are related. Members or stockholder classes and rights Part VI line 6 Herreshoff Marine Museum has members with voting rights. There is an annual meeting each year of the membership for the election of directors to succeed those whose terms have expired and for the transactions of such other business as may properly come before the meeting. Each individual, family or group membership shall be deemed to be one member and shall collectively be entitled to one vote, which may be given in person or by proxy. The Chairperson or President will report on the activities of the Organization during the preceeding year. The Treasurer will report on the fiscal condition of the Organization during the preceeding year. Member election for additional members Part VI line 7a Herreshoff Marine Museum has members with voting rights. There is an annual meeting each year of the membership for the election of directors to succeed those whose terms have expired and for the transactions of such other business as may properly come before the meeting. Each individual, family or group membership shall be deemed to be one member and shall collectively be entitled to one vote, which may be given in person or by proxy. The Chairperson or President will report on the activities of the Organization during the preceeding year. The Treasurer will report on the fiscal condition of the Organization during the preceeding year. Governing body decisions Part VI line 7b Herreshoff Marine Museum has members with voting rights. There is an annual meeting each year of the membership for the election of directors to succeed those whose terms have expired and for the transactions of such other business as may properly come before the meeting. Each individual, family or group membership shall be deemed to be one member and shall collectively be entitled to one vote, which may be given in person or by proxy. The Chairperson or President will report on the activities of the Organization during the preceeding year. The Treasurer will report on the fiscal condition of the Organization during the preceeding year. Form 990 governing body review Part VI line 11 The Federal Form 990 is prepared by the Executive Director and Chief Financial Officer and reviewed by the Organization's auditor. That draft is submitted to the Finance Committee for review and a final version is provided to all members of the Board of Directors prior to the filing date. Conflict of interest policy compliance Part VI line 12c The Directors provide self-declarations of possible conflicts of interest as part of the annual meeting responsibilities. The conflict of interest forms are reviewed by the Chairperson of the Board with the Vice Chairperson of the Board acting in case of the Chairperson's own filing. CEO executive director top management comp Part VI line 15a Salaries of key managers are informally reviewed and approved by the Board of Directors through the review and approval of the operating budget annually. Other officer or key employee compensation Part VI line 15b Salaries of key managers are informally reviewed and approved by the Board of Directors through the review and approval of the operating budget annually. Form 990 availability to public Part VI line 18 Copies of the governing documents and the audited financial statements are available from the Chief Financial Officer upon written request. Governing documents etc available to public Part VI line 19 Copies of the governing documents and the audited financial statements are available from the Chief Financial Officer upon written request. Copies of the governing documents and the audited financial statements are available from the Chief Financial Officer upon written request. HMM Condo Association 1 Burnside Street Bristol RI 02809 263689010 Real Estate RI Herreshoff Marine Museum C Corp -181 71715 0.78000 false false false false false false false false false false false false true false false false false true false false