﻿<?xml version="1.0" encoding="utf-8"?>
<Return xmlns="http://www.irs.gov/efile" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" returnVersion="2019v5.0">
  <ReturnHeader binaryAttachmentCnt="0">
    <ReturnTs>2020-11-11T08:05:11-06:00</ReturnTs>
    <TaxPeriodEndDt>2020-03-31</TaxPeriodEndDt>
    <PreparerFirmGrp>
      <PreparerFirmEIN>411806729</PreparerFirmEIN>
      <PreparerFirmName>
        <BusinessNameLine1Txt>LICARI LARSEN AND COMPANY</BusinessNameLine1Txt>
      </PreparerFirmName>
      <PreparerUSAddress>
        <AddressLine1Txt>130 W SUPERIOR ST STE 712</AddressLine1Txt>
        <CityNm>DULUTH</CityNm>
        <StateAbbreviationCd>MN</StateAbbreviationCd>
        <ZIPCd>55802</ZIPCd>
      </PreparerUSAddress>
    </PreparerFirmGrp>
    <ReturnTypeCd>990EZ</ReturnTypeCd>
    <TaxPeriodBeginDt>2019-04-01</TaxPeriodBeginDt>
    <Filer>
      <EIN>462772524</EIN>
      <BusinessName>
        <BusinessNameLine1Txt>LAKE SUPERIOR RAILROAD MUSEUM</BusinessNameLine1Txt>
        <BusinessNameLine2Txt>FOUNDATION</BusinessNameLine2Txt>
      </BusinessName>
      <BusinessNameControlTxt>LAKE</BusinessNameControlTxt>
      <USAddress>
        <AddressLine1Txt>506 WEST MICHIGAN STREET</AddressLine1Txt>
        <CityNm>DULUTH</CityNm>
        <StateAbbreviationCd>MN</StateAbbreviationCd>
        <ZIPCd>55802</ZIPCd>
      </USAddress>
    </Filer>
    <BusinessOfficerGrp>
      <PersonNm>JIM BENDER</PersonNm>
      <PersonTitleTxt>PRESIDENT</PersonTitleTxt>
      <PhoneNum>2187337590</PhoneNum>
      <SignatureDt>2020-11-01</SignatureDt>
      <DiscussWithPaidPreparerInd>true</DiscussWithPaidPreparerInd>
    </BusinessOfficerGrp>
    <PreparerPersonGrp>
      <PreparerPersonNm>STEVEN S LICARI CPA</PreparerPersonNm>
      <PTIN>P00521417</PTIN>
      <PhoneNum>2187222226</PhoneNum>
      <PreparationDt>2020-10-28</PreparationDt>
    </PreparerPersonGrp>
    <FilingSecurityInformation>
      <IPAddress>
        <IPv4AddressTxt>192.208.54.46</IPv4AddressTxt>
      </IPAddress>
      <IPDt>2020-11-11</IPDt>
      <IPTm>08:05:11</IPTm>
      <IPTimezoneCd>CS</IPTimezoneCd>
      <FilingLicenseTypeCd>P</FilingLicenseTypeCd>
      <AtSubmissionCreationDeviceId>4B405A0D522CDF987395DB2F626A98AE768F39D7</AtSubmissionCreationDeviceId>
      <AtSubmissionFilingDeviceId>4B405A0D522CDF987395DB2F626A98AE768F39D7</AtSubmissionFilingDeviceId>
    </FilingSecurityInformation>
    <TaxYr>2019</TaxYr>
    <BuildTS>2021-01-29 14:40:06Z</BuildTS>
  </ReturnHeader>
  <ReturnData documentCnt="3">
    <IRS990EZ documentId="RetDoc1" referenceDocumentId="RetDoc2">
      <MethodOfAccountingCashInd>X</MethodOfAccountingCashInd>
      <ScheduleBNotRequiredInd>X</ScheduleBNotRequiredInd>
      <WebsiteAddressTxt>N/A</WebsiteAddressTxt>
      <Organization501c3Ind referenceDocumentId="RetDoc3">X</Organization501c3Ind>
      <TypeOfOrganizationCorpInd>X</TypeOfOrganizationCorpInd>
      <GrossReceiptsAmt>40822</GrossReceiptsAmt>
      <InfoInScheduleOPartIInd>X</InfoInScheduleOPartIInd>
      <ContributionsGiftsGrantsEtcAmt>33918</ContributionsGiftsGrantsEtcAmt>
      <InvestmentIncomeAmt>6904</InvestmentIncomeAmt>
      <TotalRevenueAmt>40822</TotalRevenueAmt>
      <FeesAndOtherPymtToIndCntrctAmt>1400</FeesAndOtherPymtToIndCntrctAmt>
      <TotalExpensesAmt>1400</TotalExpensesAmt>
      <ExcessOrDeficitForYearAmt>39422</ExcessOrDeficitForYearAmt>
      <NetAssetsOrFundBalancesBOYAmt>175887</NetAssetsOrFundBalancesBOYAmt>
      <OtherChangesInNetAssetsAmt>-13308</OtherChangesInNetAssetsAmt>
      <NetAssetsOrFundBalancesEOYAmt>202001</NetAssetsOrFundBalancesEOYAmt>
      <CashSavingsAndInvestmentsGrp>
        <BOYAmt>175887</BOYAmt>
        <EOYAmt>202001</EOYAmt>
      </CashSavingsAndInvestmentsGrp>
      <Form990TotalAssetsGrp>
        <BOYAmt>175887</BOYAmt>
        <EOYAmt>202001</EOYAmt>
      </Form990TotalAssetsGrp>
      <NetAssetsOrFundBalancesGrp>
        <BOYAmt>175887</BOYAmt>
        <EOYAmt>202001</EOYAmt>
      </NetAssetsOrFundBalancesGrp>
      <PrimaryExemptPurposeTxt>CHARITABLE AND EDUCATIONAL PURPOSES.</PrimaryExemptPurposeTxt>
      <ProgramSrvcAccomplishmentGrp>
        <DescriptionProgramSrvcAccomTxt>CHARITABLE AND EDUCATIONAL PURPOSES.</DescriptionProgramSrvcAccomTxt>
        <ProgramServiceExpensesAmt>1400</ProgramServiceExpensesAmt>
      </ProgramSrvcAccomplishmentGrp>
      <TotalProgramServiceExpensesAmt>1400</TotalProgramServiceExpensesAmt>
      <OfficerDirectorTrusteeEmplGrp>
        <PersonNm>NEAL VANSTROM</PersonNm>
        <TitleTxt>VICE PRESIDE</TitleTxt>
        <AverageHrsPerWkDevotedToPosRt>1.00</AverageHrsPerWkDevotedToPosRt>
        <CompensationAmt>0</CompensationAmt>
      </OfficerDirectorTrusteeEmplGrp>
      <OfficerDirectorTrusteeEmplGrp>
        <PersonNm>JIM BENDER</PersonNm>
        <TitleTxt>PRESIDENT</TitleTxt>
        <AverageHrsPerWkDevotedToPosRt>1.00</AverageHrsPerWkDevotedToPosRt>
        <CompensationAmt>0</CompensationAmt>
      </OfficerDirectorTrusteeEmplGrp>
      <OfficerDirectorTrusteeEmplGrp>
        <PersonNm>RICHARD PETERSON</PersonNm>
        <TitleTxt>VICE PRESIDE</TitleTxt>
        <AverageHrsPerWkDevotedToPosRt>1.00</AverageHrsPerWkDevotedToPosRt>
        <CompensationAmt>0</CompensationAmt>
      </OfficerDirectorTrusteeEmplGrp>
      <OfficerDirectorTrusteeEmplGrp>
        <PersonNm>TOM CANNON</PersonNm>
        <TitleTxt>SECRETARY</TitleTxt>
        <AverageHrsPerWkDevotedToPosRt>1.00</AverageHrsPerWkDevotedToPosRt>
        <CompensationAmt>0</CompensationAmt>
      </OfficerDirectorTrusteeEmplGrp>
      <OfficerDirectorTrusteeEmplGrp>
        <PersonNm>ED ROBINSON</PersonNm>
        <TitleTxt>TREASURER</TitleTxt>
        <AverageHrsPerWkDevotedToPosRt>1.00</AverageHrsPerWkDevotedToPosRt>
        <CompensationAmt>0</CompensationAmt>
      </OfficerDirectorTrusteeEmplGrp>
      <ActivitiesNotPreviouslyRptInd>false</ActivitiesNotPreviouslyRptInd>
      <ChgMadeToOrgnzngDocNotRptInd>false</ChgMadeToOrgnzngDocNotRptInd>
      <OrganizationHadUBIInd>false</OrganizationHadUBIInd>
      <SubjectToProxyTaxInd>false</SubjectToProxyTaxInd>
      <OrganizationDissolvedEtcInd>false</OrganizationDissolvedEtcInd>
      <Form1120PolFiledInd>false</Form1120PolFiledInd>
      <MadeLoansToFromOfficersInd>false</MadeLoansToFromOfficersInd>
      <EngagedInExcessBenefitTransInd>false</EngagedInExcessBenefitTransInd>
      <ProhibitedTaxShelterTransInd>false</ProhibitedTaxShelterTransInd>
      <BooksInCareOfDetail>
        <PersonNm>KEN BUEHLER</PersonNm>
        <USAddress>
          <AddressLine1Txt>506 MICHIGAN STREET</AddressLine1Txt>
          <CityNm>DULUTH</CityNm>
          <StateAbbreviationCd>MN</StateAbbreviationCd>
          <ZIPCd>55802</ZIPCd>
        </USAddress>
        <PhoneNum>2187337590</PhoneNum>
      </BooksInCareOfDetail>
      <ForeignFinancialAccountInd>false</ForeignFinancialAccountInd>
      <ForeignOfficeInd>false</ForeignOfficeInd>
      <DonorAdvisedFndsInd>false</DonorAdvisedFndsInd>
      <OperateHospitalInd>false</OperateHospitalInd>
      <TanningServicesProvidedInd>false</TanningServicesProvidedInd>
      <RelatedOrganizationCtrlEntInd>false</RelatedOrganizationCtrlEntInd>
      <TransactionWithControlEntInd>false</TransactionWithControlEntInd>
      <PoliticalCampaignActyInd>false</PoliticalCampaignActyInd>
      <LobbyingActivitiesInd>false</LobbyingActivitiesInd>
      <SchoolOperatingInd>false</SchoolOperatingInd>
      <TrnsfrExmptNonChrtblRltdOrgInd>false</TrnsfrExmptNonChrtblRltdOrgInd>
      <PartVIOfCompOfHghstPdEmplTxt>NONE</PartVIOfCompOfHghstPdEmplTxt>
      <PartVIHghstPdCntrctProfSrvcTxt>NONE</PartVIHghstPdCntrctProfSrvcTxt>
      <FiledScheduleAInd>true</FiledScheduleAInd>
    </IRS990EZ>
    <IRS990ScheduleA documentId="RetDoc3">
      <PubliclySupportedOrg509a2Ind>X</PubliclySupportedOrg509a2Ind>
      <GiftsGrantsContrisRcvd509Grp>
        <CurrentTaxYearMinus4YearsAmt>38552</CurrentTaxYearMinus4YearsAmt>
        <CurrentTaxYearMinus3YearsAmt>95349</CurrentTaxYearMinus3YearsAmt>
        <CurrentTaxYearMinus2YearsAmt>9185</CurrentTaxYearMinus2YearsAmt>
        <CurrentTaxYearMinus1YearAmt>25769</CurrentTaxYearMinus1YearAmt>
        <CurrentTaxYearAmt>33918</CurrentTaxYearAmt>
        <TotalAmt>202773</TotalAmt>
      </GiftsGrantsContrisRcvd509Grp>
      <Total509Grp>
        <CurrentTaxYearMinus4YearsAmt>38552</CurrentTaxYearMinus4YearsAmt>
        <CurrentTaxYearMinus3YearsAmt>95349</CurrentTaxYearMinus3YearsAmt>
        <CurrentTaxYearMinus2YearsAmt>9185</CurrentTaxYearMinus2YearsAmt>
        <CurrentTaxYearMinus1YearAmt>25769</CurrentTaxYearMinus1YearAmt>
        <CurrentTaxYearAmt>33918</CurrentTaxYearAmt>
        <TotalAmt>202773</TotalAmt>
      </Total509Grp>
      <PublicSupportTotal509Amt>202773</PublicSupportTotal509Amt>
      <GrossInvestmentIncome509Grp>
        <CurrentTaxYearMinus4YearsAmt>1982</CurrentTaxYearMinus4YearsAmt>
        <CurrentTaxYearMinus3YearsAmt>2455</CurrentTaxYearMinus3YearsAmt>
        <CurrentTaxYearMinus2YearsAmt>4926</CurrentTaxYearMinus2YearsAmt>
        <CurrentTaxYearMinus1YearAmt>25</CurrentTaxYearMinus1YearAmt>
        <CurrentTaxYearAmt>6904</CurrentTaxYearAmt>
        <TotalAmt>16292</TotalAmt>
      </GrossInvestmentIncome509Grp>
      <InvestmentIncomeAndUBTIGrp>
        <CurrentTaxYearMinus4YearsAmt>1982</CurrentTaxYearMinus4YearsAmt>
        <CurrentTaxYearMinus3YearsAmt>2455</CurrentTaxYearMinus3YearsAmt>
        <CurrentTaxYearMinus2YearsAmt>4926</CurrentTaxYearMinus2YearsAmt>
        <CurrentTaxYearMinus1YearAmt>25</CurrentTaxYearMinus1YearAmt>
        <CurrentTaxYearAmt>6904</CurrentTaxYearAmt>
        <TotalAmt>16292</TotalAmt>
      </InvestmentIncomeAndUBTIGrp>
      <TotalSupportCalendarYearGrp>
        <CurrentTaxYearMinus4YearsAmt>40534</CurrentTaxYearMinus4YearsAmt>
        <CurrentTaxYearMinus3YearsAmt>97804</CurrentTaxYearMinus3YearsAmt>
        <CurrentTaxYearMinus2YearsAmt>14111</CurrentTaxYearMinus2YearsAmt>
        <CurrentTaxYearMinus1YearAmt>25794</CurrentTaxYearMinus1YearAmt>
        <CurrentTaxYearAmt>40822</CurrentTaxYearAmt>
        <TotalAmt>219065</TotalAmt>
      </TotalSupportCalendarYearGrp>
      <PublicSupportCY509Pct>0.92560</PublicSupportCY509Pct>
      <PublicSupportPY509Pct>0.96570</PublicSupportPY509Pct>
      <InvestmentIncomeCYPct>0.07000</InvestmentIncomeCYPct>
      <InvestmentIncomePYPct>0.03000</InvestmentIncomePYPct>
      <ThirtyThrPctSuprtTestsCY509Ind>X</ThirtyThrPctSuprtTestsCY509Ind>
    </IRS990ScheduleA>
    <IRS990ScheduleO documentId="RetDoc2">
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>FORM 990-EZ, PART I, LINE 20</FormAndLineReferenceDesc>
        <ExplanationTxt>UNREALIZED LOSS -13,308</ExplanationTxt>
      </SupplementalInformationDetail>
    </IRS990ScheduleO>
  </ReturnData>
</Return>