Westerly Armory Restoration INC

Westerly, RI · Public charity (501(c)(3)) · Since 1992 · Arts & Culture

✓ Tax-deductible
Revenue
$340K
+119% vs prior year
Spent
$125K
To programs
74%
Net assets
$1.6M
By yearFY2020–FY2024
Revenue
$340K
FY2024▲ +119%
Revenue by fiscal year
FY2020$113K
FY2021$166K
FY2022$222K
FY2023$152K
FY2024$155K
FY2024$340K
Expenses
$125K
FY2024▲ +0.5%
Expenses by fiscal year
FY2020$101K
FY2021$102K
FY2022$109K
FY2023$122K
FY2024$125K
FY2024$125K
Net assets
$1.6M
FY2024▲ +15%
Net assets by fiscal year
FY2020$1.2M
FY2021$1.2M
FY2022$1.3M
FY2023$1.4M
FY2024$1.4M
FY2024$1.6M

From the FY2024 Form 990 · see the original

Status and standing

Is it real, and can you give to it?

Tax-deductible?
Yes
Per the IRS master file.
Can I give now?
No revocation on IRS record
Not on the IRS revocation list.
Filing up to date?
Filed FY2024 (typical filing lag)
Legal name (IRS)Hdr · item CWesterly Armory Restoration INC
EINHdr · item D05-0468098
Exempt statusHdr · item I501(c)(3) · active
Ruling yearIRS BMFJun 1993
Year of formationHdr · item L1992
Latest filingForm 990FY2024 · Form 990
Principal addressHdr · item CWesterly, RI
NTEE classificationIRS BMFArts & Culture (A80Z)
WebsiteHdr · item Jwesterlyarmory.com

Where the money goes

What each dollar paid for.

Statement of Functional Expenses

Part IX · allocated across program, management, and fundraising
Allocation · columns B–D
Program services $0.74 Management & general $0.16 Fundraising $0.10
Program services74%$93K
Management & general16%$20K
Fundraising10%$12K
Total functional expensesLn 25$125K

Financial health

Is it on solid ground?

Program efficiency
74%
of spending reaches programs▼ -2% vs prior filing year
Operating runway
55.3mo
months of highly liquid reserves at operating expense rate▲ +23% vs prior filing year
Surplus margin
+63%
revenue over expenses, this year▲ +219% vs prior filing year

Summary of the Filing

Part I · fiscal year 2024 · Form 990
Total assets
$1.6M
FY2024▲ +15%
Total assets by fiscal year
FY2020$1.2M
FY2021$1.2M
FY2022$1.3M
FY2023$1.4M
FY2024$1.4M
FY2024$1.6M
Total liabilities
$1K
FY20240%
Total liabilities by fiscal year
FY2020$7K
FY2021$965
FY2022$1K
FY2023$1K
FY2024$1K
FY2024$1K
Revenue less expensesPt I · Ln 19$215K
Total assetsPt X · Ln 16$1.6M
Program-expense ratioPt IX · col B74%
Voting members of governing bodyPt I · Ln 310
Independent voting membersPt I · Ln 49

Balance Sheet

Part X · end of year
CashLn 1$577K
Total assetsLn 16$1.6M
Total liabilitiesLn 26$1K
Total net assetsLn 32$1.6M
Months of cash on handcomputed55.3

Statement of Revenue

Part VIII
Contributions & grants$293K · 86%
Other revenue$24K · 7%
Program service revenue$18K · 5%
Investment income$5K · 2%
Contributions & grants86%$293K
Other revenue7%$24K
Program service revenue5%$18K
Investment income2%$5K
— government grantsLn 1e$202K
Total revenueLn 12$340K

Financial Metrics

Form 990 · FY2024 · each ratio shown with the dollars behind it
Liquidity & Payout
Operating runway
Highly liquid reserves $577K · Operating expenses/yr $125K
55.3 months
Where the money goes
Program services
Program services $93K · Total expenses $125K
74%
Management & General
Management & general $20K · Total expenses $125K
16%
Fundraising
Fundraising $12K · Total expenses $125K
10%
Cost to raise $1
Fundraising expense (3-yr avg) $10K · Solicited contributions (3-yr avg) $75K
$0.14 to raise $1 (3-yr avg)
Where the money comes from
Contribution dependence
Contributions & grants $293K · Total revenue $340K
86%
Government reliance
Government grants $202K · Total revenue $340K
59%
Earned-income share
Program service revenue $18K · Total revenue $340K
5%
Investment reliance
Investment income $5K · Total revenue $340K
+2%
Program self-sufficiency
Program service revenue $18K · Total expenses $125K
14%
Growth & trend
Revenue growth (YoY)
This year $340K · Prior year $155K
+119%
Revenue CAGR
FY2019 $113K · FY2024 $340K
+25%
Net-asset trend (YoY)
End of year $1.6M · Beginning of year —
Beginning net assets not meaningfully positive — showing dollar change
Balance sheet
Surplus Margin
Revenue $340K · Expenses $125K
+63%
Liabilities-to-Assets
Total liabilities — · Total assets $1.6M
—
Net-asset ratio
Net assets $1.6M · Total assets $1.6M
100%
Marketable Investment Share
Publicly traded securities (Pt X, ln 11) — · Other securities (Pt X, ln 12) — · Total assets (Pt X, ln 16) $1.6M
Excludes program-related investments (Pt X, ln 13)
People & payroll
Highest Reported Total Compensation
Individual John G Humble · Reported title TREASURER · Highest reported compensation $26K · Total expenses $125K
21%
Personnel share
Salaries, benefits & payroll (Pt IX 5-10) $29K · Total expenses $125K
23%
Peer comparison

Same NTEE category, revenue band, and state where available. Descriptive — not a grade.

MetricThis orgPeer medianPercentile
Program ratio 74%——
Overhead ratio 16%——
Fundraising cost ratio 4%——
Revenue growth 119%——

Straight from the Form 990 — descriptive, not an evaluation. A ratio is hidden when its base is zero or too small to be meaningful; the dollars are always shown.

Leadership and pay

Who runs it, and what are they paid?

Officers, Directors & Key Employees

Part VII, Section A · reportable compensation
Treasurer
$26,250Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
Vice President
$0Pt VII · Sec A

John G Humble’s $26K as Treasurer is at the 22nd percentile of top reported officer pay among 2215 $100K–1M arts & culture nonprofits. Peer set: organizations in the same NTEE major field of work and revenue-size band, compared on each org’s own highest-paid officer/key-employee, from Form 990 Part VII / 990-PF Part VIII. Descriptive placement, not a verdict on whether the pay is appropriate.

Compensation history total reportable pay by year · 1 named individual · Part VII

NameFY2024FY2024FY2022FY2021FY2020
John G Humble$26,250$26,250$26,250$26,250$26,250

Total reportable compensation (Form 990 Part VII column D / Schedule J column E) by filing year, matched by name within this organization. The Schedule J base / bonus / deferred breakdown is not parsed into this dataset.

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Governance & Policies

Part VI
  • 10Voting board membersPt VI · Ln 1a
  • 9Independent board membersPt VI · Ln 1b
  • Conflict-of-interest policyPt VI · Ln 12aNo
  • Whistleblower policyPt VI · Ln 13No
  • Document retention policyPt VI · Ln 14No
  • Top official’s pay independently reviewedPt VI · Ln 15aNo
  • Family or business ties among leadersPt VI · Ln 2No

Mission and programs

What it does.

Restores a historic armory for community use as a museum and gathering space.

Provided by the organization

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Mission & Programs · Part III

Where the work happens

3 program services account for $93K of program spending, described in the organization's own filed words · FY2024.
01

Building maintenance, insurance and utilities to keep building available to community groups and events and also to house the museum portion of the property. This also includes a 90% allocation of depreciation on the building, equipment, fixtures and museum equipment.

$66Kprogram expense
02

Our sole paid employee handles general maintenance, booking community events in the hall, and access for the public. 75% of the wages and related payroll taxes are included.

$21Kprogram expense
03

70% of office expenses, and general supplies are deemed to support the programs.

$5Kprogram expense

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Funders

Who pays for it.

From grant filings on record. Receipts are incomplete: individual donors are never listed.

Grants

Schedule I · funders on record
Grants received · FY2024
Total grants receivedfrom 2 funders$586

Filing history

Every return on file.

YearRevenueExpensesChangeFiling
FY2024 $155K$125K+2% 990 PDF
FY2023 $152K$122K-32% 990 PDF
FY2022 $222K$109K+34% 990 PDF
FY2021 $166K$102K+48% 990 PDF
FY2020 $113K$101K 990 PDF

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Schedules filed Part IV

III · Programs I · Grants R · Related orgs G · Fundraising L · Interested persons A · Public support F · Foreign M · Noncash

Not shown yet: ratings, outcomes, and peer benchmarks. A Form 990 doesn’t report them.

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Sources

Every figure above is drawn from these filings
Form 990 e-file (XML) · FY2024IRS
Classification, formation year, addressIRS Business Master File
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