Historic Muscatine, Inc. (HMI) is the governing board of the Muscatine History and Industry Center. HMI is a private, not-for-profit organization certified as tax exempt under section 501(c)3. The seven to eleven member board of directors is comprised of local volunteers with a broad range of expertise.

The operating budget of the Muscatine History and Industry Center is not funded through city, county, or state government. Donations at the door; individual, family, and corporate memberships; special fundraising efforts; sales through the museum store; and income from an investment property sustain the organization. Grants for specific projects contribute to physical improvements and program development. HMI is working towards the growth of its endowment fund.