Nickel Plate Heritage Railroad Inc
Public records show a registered, tax-exempt organization in good standing.
What it says it does
The Nickel Plate Heritage Railroad tells the story of rail transportation through unique experiences on its Nickel Plate Express Rail excursions as well as through the Arcadia Depot Museum experience.
- Income
- $2.1 million
- Spending
- $1.3 million
- Spent on programs
- 77%
- Reserves
- 12 months of spending
- Largest source of income
- fees for its services, 90%
- Employees
- 69
- Volunteers
- 2
- Highest pay
- $92,392, executive dir.
Source: Form 990 for the year ending December 31, 2025, filed with the Internal Revenue Service. Rating method 2026.2. How we rate
Financial health
Good: 89 out of 100. Higher than 76% of charities in its peer group (arts and culture, $1m to $10m).
Reserves
35 of 35Spendable reserves would cover 12.0 months of spending.
Debt
16 of 20It owes 15% of what it owns.
Living within its means
15 of 15Income exceeded spending by 39% of income.
Income trend
15 of 15Income rose 29% on the year before.
Spending floor
8 of 1577% of spending went to programs and raising each dollar of donations cost 37 cents.
Source: Form 990 for the year ending December 31, 2025, filed with the Internal Revenue Service. Rating method 2026.2. How we rate
Governance
Weak: 40 out of 100. Higher than 3% of charities in its peer group (arts and culture, $1m to $10m).
Independent board
25 of 258 of 8 voting board members are independent.
Conflict of interest policy
0 of 15Reports no written conflict of interest policy.
Whistleblower policy
0 of 8Reports no written whistleblower policy.
Record keeping policy
0 of 7Reports no written policy on keeping and destroying records.
Board minutes
5 of 5Keeps minutes of board meetings.
Board sees the tax return
0 of 10Did not give the board a copy of this return before filing it.
Pay set independently
0 of 5Reports no independent review process for its chief executive's pay.
Independent check of accounts
0 of 15Its accounts were not audited or reviewed by an independent accountant.
No reported misuse
10 of 10Reports no diversion of assets, excess benefits or loans to insiders.
Source: Form 990 for the year ending December 31, 2025, filed with the Internal Revenue Service. Rating method 2026.2. How we rate
Impact evidence
Describes programs. Its tax return describes what it does but we have found no measurable results in it.
Programs described in its return (4)
- $374,557 spent. Nickel Plate Heritage Railroad maintained, repaired, and preserved historic railroad equipment, track infrastructure, and related railroad assets during the tax year. This work included ongoing track maintenance, inspections, mechanical work, equipment repairs, restoration planning, and preservation of historic passenger rail equipment used for public programming. These activities are essential to the organizations ability to safely operate public heritage rail experiences and preserve railroad history for future generations. Specific Accomplishments: During the tax year, the organization completed ongoing maintenance and preservation work on historic rail equipment, track, bridges, right-of-way, and/or related infrastructure. Accomplishments included - Tie replacement on the White River Bridge and Morse Reservoir Bridge - Track resurfacing from Hobbs Station to South St. In Arcadia - Tie replacement from 296th street south to 286th street replacing every 3rd tie per FRA standards - HVAC replacement in 4 passenger cars - Window replacement in 1 passenger car - Head gasket replacement on the GP7 426 This work supported safe operation of train and railbike programs and preserved historic railroad assets.
- $248,000 spent. Nickel Plate Heritage Railroad operated its Reindeer Express holiday train program as a public heritage rail experience aboard historic railroad equipment. The program provided families and community members with the opportunity to experience passenger rail travel while engaging with seasonal storytelling, onboard entertainment, Santa visits, and family focused holiday traditions. The program supports the organizations mission by bringing the public onboard historic rail equipment and creating an accessible, memorable connection to railroad history and preservation. During the tax year, the Reindeer Express served approximately 17,000 passengers through 62 holiday train rides. The program provided seasonal family programming, supported community tourism, introduced new guests to the organizations historic railroad equipment, and generated public interest in the ongoing preservation of the Nickel Plate railroad corridor and equipment. The program furthers the organizations charitable, educational, and historic preservation purposes by providing public access to historic railroad equipment, interpreting the experience of passenger rail travel, and using earned revenue from mission-related programming to support continued preservation and operations.
- $226,539 spent. Providing rail transportation and unique railroad excursions as well as historical experiences on the rail and in museum
- $142,000 spent. Nickel Plate Heritage Railroad operated its railbike program to provide guests with an outdoor recreational and educational experience along the historic Nickel Plate rail corridor. Railbike guests pedal along the railroad line, allowing them to experience the corridor in a unique and interactive way while learning about the railroads history, local communities, and the importance of preserving rail infrastructure. Specific Accomplishments: During the tax year, the railbike program served approximately 12,000 riders through 342 railbike tours. The program expanded public access to the historic rail corridor, attracted visitors to Hamilton County, supported heritage tourism, and introduced new audiences to Nickel Plate Heritage Railroads mission. How This Furthers the Exempt Purpose: The railbike program furthers the organizations exempt purpose by preserving and activating the historic railroad corridor, educating the public about railroad history and local transportation heritage, and providing a mission-based experience that connects guests to the continued importance of railroad preservation.
Source: Form 990 for the year ending December 31, 2025, filed with the Internal Revenue Service. Rating method 2026.2. How we rate
Legitimacy checks
Is it registered with the IRS? Passed.
Listed in the IRS master file of tax-exempt organizations as a 501(c)(3) charitable organization.
Source: Exempt Organizations Business Master File, Internal Revenue Service, file dated October 13, 2026.
Has the IRS revoked its tax-exempt status? Passed.
Not on the IRS automatic revocation list.
Source: Automatic revocation of exemption list, Internal Revenue Service, file dated October 13, 2026.
Are donations tax-deductible? Passed.
On the IRS list of organizations eligible to receive tax-deductible contributions.
Source: Publication 78 data: organizations eligible for tax-deductible contributions, Internal Revenue Service, file dated October 13, 2026.
Is it keeping up with its IRS filings? Passed.
Most recent return on file covers the year ending December 2025.
Source: Exempt Organizations Business Master File, Internal Revenue Service, file dated October 13, 2026.
How long has it been tax-exempt? Passed.
Recognized by the IRS since November 2011.
Source: Exempt Organizations Business Master File, Internal Revenue Service, file dated October 13, 2026.
Is it in good standing with state regulators? Passed.
Not on California's list of charities barred from soliciting. Other states are not yet checked.
Source: May Not Operate or Solicit for Charitable Purposes list, California Attorney General, Registry of Charities and Fundraisers, file dated October 21, 2026.
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