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FINAL DELIVERABLE : HSHC 8 <br />Financial Analysis <br />Six different non-profit historical societies from across the metro area were compared. The <br />research included a comparison of the operations and financial statements from the following <br />organizations: Isanti County Heritage Society (ICHS), Scott County Historical Society (SCHS), Afton <br />Historical Museum (AHM), White Bear Lake Area Historical Society (WBLHS), Chisago County <br />Historical Society (CCHS), and Dakota City Heritage Village (DCHV). All six organizations are <br />classified as 501(c)(3) nonprofits that focus on advocating local history to the surrounding communities. <br />All have been in operation for at least 5 years and generated more than $50,000 in revenue. These <br />organizations were also selected due to their revenue status qualifying them for submitting full statements <br />to the IRS, which became available for public view and comparisons to be made. Appendix V (attached) <br />provides a comparison of the six organizations. Five of the organizations feature at least one restored <br />building or replica building depicting what the structures were like from the late 19th century to the early <br />20th century (WBLHS focuses on tours showing historical sites throughout the area). Five of the <br />organizations offer memberships at various prices based on offerings to individuals, families, and <br />businesses. Five of the six organizations also offer historical research services as revenue sources. Isanti <br />County and Scott County Historical Societies rent out space to the public for private use. All six <br />organizations rely on public support through donations, gifts, and grants for most of their financing. <br />The data for the financial comparison was obtained from Form 990’s the organizations filed for <br />the years 2018 and 2019. The Internal Revenue Service website indicated that financial reports from later <br />years would not be available due to delays in processing. Given the delays in the IRS processing of <br />submitted Form 990s, the statements submitted for 2019 were compared. All six organizations stated at <br />least half of their revenue came from donations (see Figure 1 below). <br />Page 54 of 89