Form 990 for tax year 2022

Revenue

Part VIII, the statement of revenue.

• 1b · Membership dues

  $1,731,617

• 1e · Government grants (contributions)

  $1,450,000

• 1f · All other contributions, gifts and grants

  $8,602,289

• 1g · Noncash contributions included above

  $6,400

• 3 · Investment income

  total $136,744 · related or exempt $136,744

• 7a · Gross sales of assets other than inventory

  securities $11,963

• 7b · Less cost or other basis and sales expenses

  securities $11,004

• 7c · Gain or loss

  securities $959

• 7d · Net gain or loss

  total $959 · related or exempt $959

Functional expenses

Part IX, the statement of functional expenses.

• 5 · Compensation of officers, directors and key employees

  total $902,733 · program services $326,628 · management and general $334,910 · fundraising $241,195

• 7 · Other salaries and wages

  total $1,017,277 · program services $368,072 · management and general $377,405 · fundraising $271,800

• 9 · Other employee benefits

  total $304,098 · program services $101,315 · management and general $133,392 · fundraising $69,391

• 11d · Fees: lobbying

  total $83,500 · management and general $83,500

• 11e · Fees: professional fundraising services

  total $2,568,766 · fundraising $2,568,766

• 11g · Fees: other

  total $3,022,002 · program services $2,045,405 · management and general $575,971 · fundraising $400,626

• 12 · Advertising and promotion

  total $7,593 · program services $1,274 · management and general $569 · fundraising $5,750

• 13 · Office expenses

  total $176,781 · program services $10,732 · management and general $161,244 · fundraising $4,805

• 14 · Information technology

  total $273,562 · program services $60,836 · management and general $174,645 · fundraising $38,081

• 16 · Occupancy

  total $834,157 · program services $201,540 · management and general $632,602 · fundraising $15

• 17 · Travel

  total $40,049 · program services $5,378 · management and general $30,132 · fundraising $4,539

• 22 · Depreciation, depletion and amortization

  total $3,853 · management and general $3,853

• 24a · Other expenses: TRANSFER TO ENDOWMENT

  total $8,720,000 · fundraising $8,720,000

• 24b · Other expenses: COLLECTIONS ACQUISITION

  total $650,711 · program services $650,711

• 24c · Other expenses: DISCOUNT OF PLEDGE RECE

  total $197,648 · fundraising $197,648

• 24d · Other expenses: FUNDRAISING COSTS

  total $133,831 · fundraising $133,831

• 24e · All other expenses

  total $184,319 · program services $58,760 · management and general $67,323 · fundraising $58,236

Balance sheet

Part X, book values.

• 1 · Cash, non-interest-bearing

  beginning of year $26,322,048 · end of year $10,555,901

• 2 · Savings and temporary cash investments

  beginning of year $2,501,617 · end of year $2,404,671

• 3 · Pledges and grants receivable

  beginning of year $6,784,956 · end of year $6,634,621

• 7 · Other notes and loans receivable

  beginning of year $11,970,480 · end of year $11,970,480

• 8 · Inventories for sale or use

  beginning of year $7,677 · end of year $41,995

• 9 · Prepaid expenses and deferred charges

  beginning of year $141,133 · end of year $767,175

• 10a · Land, buildings and equipment: cost or other basis

  $50,824

• 10b · Land, buildings and equipment: accumulated depreciation

  $19,177

• 10c · Land, buildings and equipment, net

  beginning of year $9,238 · end of year $31,647

• 12 · Investments: other securities

  beginning of year $2,335,367 · end of year $2,480,473

• 15 · Other assets

  beginning of year $19,826,755 · end of year $29,034,942

• 17 · Accounts payable and accrued expenses

  beginning of year $1,071,566 · end of year $2,168,471

• 19 · Deferred revenue

  end of year $125,000

• 27 · Net assets without donor restrictions

  beginning of year $47,729,949 · end of year $47,035,796

• 28 · Net assets with donor restrictions

  beginning of year $21,097,756 · end of year $14,592,638

The filer's explanations (Part III)

PART I, LINE 3

THE IAAM CEO COMPENSATION WAS DETERMINED THROUGH THE EXECUTIVE COMMITTEE'S SURVEY AND REVIEW OF THE SALARIES OF CEOS OF RELATIVELY COMPARABLE INSTITUTIONS IN THE LOCAL AREA, SUCH AS THE CHARLESTON MUSEUM, THE GIBBES, THE AQUARIUM, HISTORIC CHARLESTON FOUNDATION, THE COASTAL COMMUNITY FOUNDATION, ETC. ALONG WITH A REVIEW OF CEO COMPENSATION OF THOSE ENTITIES, THE EXECUTIVE COMMITTEE TOOK INTO ACCOUNT THE RELATIVE DUTIES OF THE CEOS, CONSIDERING SUCH MATTERS AS FUNDRAISING RESPONSIBILITY, MANAGEMENT SUPPORT FOR THE CEOS, STAFF CURRENTLY UNDER MANAGEMENT, PROJECTED STAFF UNDER MANAGEMENT AND UNIQUE CHALLENGES (E.G. RESPONSIBILITY FOR OVERSIGHT OF BUILDING DESIGN AND CONSTRUCTION, AND PROGRAMMING; RESPONSIBILITY FOR PARTNERSHIP WITH THE CITY STAFF; PUBLIC ENGAGEMENT).