Form 990 for tax year 2023

Filed by MARINERS MUSEUM.

Totals

Total revenue: $9,515,563
Total expenses: $11,278,960
Contributions and grants received: $7,044,235
Grants paid: $42,507
Program service revenue: $144,518
Investment income: $1,680,718
Other revenue: $646,092
Total assets, end of year: $147,592,225
Total liabilities, end of year: $9,112,894
Net assets or fund balances, end of year: $138,479,331
Program services expenses (Part IX): $9,269,136
Management and general expenses: $713,019
Fundraising expenses: $1,296,805
Program service expenses (Part III): $9,269,136

Program services were 82.2% of total expenses calculated — Part IX's program-services column over total expenses, both as filed.

Line items

Every line the filer filed in Parts VIII, IX and X, as filed and in filed order. Blank columns are left out, and the lines are not forced to add up to the totals above.

Revenue

Part VIII, the statement of revenue.

1b · Membership dues

$48,801
1f · All other contributions, gifts and grants

$6,995,434
1g · Noncash contributions included above

$96,199
2a · Program service revenue: ADMISSIONS

total $73,367 · related or exempt $73,367
2b · Program service revenue: PHOTOGRAPHY

total $31,959 · related or exempt $31,959
2c · Program service revenue: EDUCATION PROGRAM FEES

total $21,645 · related or exempt $21,645
2d · Program service revenue: MEMBERSHIP FEES-PROGRAM SVC

total $17,547 · related or exempt $17,547
3 · Investment income

total $588,062 · excluded $588,062
6a · Gross rents

real property $228,076
6b · Less rental expenses

real property $0
6c · Rental income or loss

real property $228,076
6d · Net rental income or loss

total $228,076 · excluded $228,076
7a · Gross sales of assets other than inventory

securities $4,979,196
7b · Less cost or other basis and sales expenses

securities $3,886,540
7c · Gain or loss

securities $1,092,656
7d · Net gain or loss

total $1,092,656 · excluded $1,092,656
10a · Gross sales of inventory

$131,665
10b · Cost of goods sold

$71,811
10c · Net income from sales of inventory

total $59,854 · related or exempt $58,058 · unrelated business $1,796
11a · Other revenue: CONTRACT REVENUE

total $259,174 · related or exempt $259,174
11b · Other revenue: OTHER

total $98,988 · related or exempt $98,988
11e · Other revenue, total

$358,162

Functional expenses

Part IX, the statement of functional expenses.

2 · Grants to domestic individuals

total $42,507 · program services $42,507
5 · Compensation of officers, directors and key employees

total $449,877 · program services $236,038 · management and general $48,196 · fundraising $165,643
7 · Other salaries and wages

total $5,316,481 · program services $4,385,658 · management and general $207,406 · fundraising $723,417
8 · Pension plan contributions

total $179,878 · program services $158,052 · management and general $20,490 · fundraising $1,336
9 · Other employee benefits

total $677,935 · program services $491,635 · fundraising $186,300
10 · Payroll taxes

total $427,170 · program services $382,780 · management and general $41,153 · fundraising $3,237
11b · Fees: legal

total $17,745 · program services $15,592 · management and general $2,021 · fundraising $132
11c · Fees: accounting

total $45,451 · program services $39,936 · management and general $5,177 · fundraising $338
11g · Fees: other

total $159,813 · program services $105,919 · management and general $1,369 · fundraising $52,525
12 · Advertising and promotion

total $34,383 · program services $2,250 · management and general $133 · fundraising $32,000
13 · Office expenses

total $129,013 · program services $92,225 · management and general $6,038 · fundraising $30,750
14 · Information technology

total $152,857 · program services $141,014 · management and general $10,612 · fundraising $1,231
16 · Occupancy

total $748,384 · program services $657,854 · management and general $84,987 · fundraising $5,543
17 · Travel

total $60,850 · program services $42,544 · management and general $12,465 · fundraising $5,841
19 · Conferences, conventions and meetings

total $58,633 · program services $52,601 · management and general $780 · fundraising $5,252
20 · Interest

total $118,628 · program services $104,234 · management and general $13,513 · fundraising $881
22 · Depreciation, depletion and amortization

total $1,626,537 · program services $1,429,172 · management and general $185,279 · fundraising $12,086
23 · Insurance

total $94,163 · program services $77,520 · management and general $10,049 · fundraising $6,594
24a · Other expenses: OTHER EXPENSE

total $471,806 · program services $413,650 · management and general $21,541 · fundraising $36,615
24b · Other expenses: REPAIRS AND MAINTENANCE

total $394,180 · program services $349,459 · management and general $37,596 · fundraising $7,125
24c · Other expenses: EVENT AND PROGRAM COSTS

total $66,335 · program services $42,162 · management and general $4,214 · fundraising $19,959
24d · Other expenses: EXHIBITION COSTS

total $6,334 · program services $6,334

Balance sheet

Part X, book values.

1 · Cash, non-interest-bearing

beginning of year $488,966 · end of year $2,184,248
2 · Savings and temporary cash investments

beginning of year $10,392,930 · end of year $6,812,591
3 · Pledges and grants receivable

beginning of year $2,553,699 · end of year $1,852,593
4 · Accounts receivable

beginning of year $77,663 · end of year $79,637
8 · Inventories for sale or use

beginning of year $76,021 · end of year $50,983
9 · Prepaid expenses and deferred charges

beginning of year $141,064 · end of year $16,401
10a · Land, buildings and equipment: cost or other basis

$71,937,403
10b · Land, buildings and equipment: accumulated depreciation

$49,247,733
10c · Land, buildings and equipment, net

beginning of year $22,851,606 · end of year $22,689,670
11 · Investments: publicly traded securities

beginning of year $12,637,152 · end of year $15,780,744
15 · Other assets

beginning of year $90,445,965 · end of year $98,125,358
17 · Accounts payable and accrued expenses

beginning of year $746,989 · end of year $945,993
19 · Deferred revenue

beginning of year $2,964,876 · end of year $2,891,075
20 · Tax-exempt bond liabilities

beginning of year $5,625,927 · end of year $5,275,826
27 · Net assets without donor restrictions

beginning of year $20,943,325 · end of year $18,599,523
28 · Net assets with donor restrictions

beginning of year $109,383,949 · end of year $119,879,808

Mission and programs · 2023

Mission

THE MARINERS' MUSEUM AND PARK CONNECTS PEOPLE TO THE WORLD'S WATERS, BECAUSE THROUGH THE WATERS - THROUGH OUR SHARED MARITIME HERITAGE - WE ARE CONNECTED TO ONE ANOTHER.

ACCESS - MARINERS' LAKE - AFTER NEARLY TEN YEARS, MARINERS' LAKE REOPENED IN 2023. MORE THAN 850 MEMBERS OF THE COMMUNITY BECAME MARINERS THROUGH WEEKEND KAYAK RENTALS, CATCH-AND-RELEASE FISHING, AND GUIDED PADDLES. ADDITIONALLY, A NEW KAYAKING-FOCUSED EDUCATIONAL ENRICHMENT PROGRAM, MARINERS' LAKE EFFECT, PROVIDED OVER 1,000 STUDENTS WITH THE OPPORTUNITY TO HAVE A MEANINGFUL WATER EXPERIENCE, MANY FOR THE FIRST TIME.

Expenses $1,593,726 · Revenue $134,434
VALUE - EDUCATIONAL PROGRAMS - WITH A PARTICULAR FOCUS ON EDUCATIONAL ENRICHMENT PROGRAMS FOR SCHOOL-AGED CHILDREN, THE MARINERS' MUSEUM SERVED MORE THAN 23,000 STUDENT ENGAGEMENTS DURING THE 2022-2023 ACADEMIC YEAR, WITH OVER 80% OF STUDENTS PARTICIPATING FOR FREE.

Expenses $2,287,173 · Grants $9,671 · Revenue $224,325
CONSERVATION - PRINCESS CAROLINA - OUR ARCHAEOLOGICAL CONSERVATORS CLEANED AND RELOCATED OVER 400 TIMBERS FROM THE BOW OF THE MERCHANT SHIP PRINCESS CAROLINA INTO AN UPGRADED, ON-SITE COLLECTION STORAGE AREA. THE PRINCESS CAROLINA TIMBERS ARE THE OLDEST SURVIVING REMNANTS OF A COLONIAL-BUILT SHIP. THE PRINCESS CAROLINA WAS BUILT BETWEEN 1710 AND 1720 IN SOUTH CAROLINA AND SUPPORTED TRANSATLANTIC COMMERCE AND COMMERCE THROUGHOUT WHAT WERE THEN BRITISH COLONIES IN NORTH AMERICA.

Expenses $2,799,498 · Grants $23,036 · Revenue $190,879
RESEARCH - CONSERVATION SCIENCE - OUR CONSERVATION RESEARCH SCIENTIST, IN COLLABORATION WITH A CONSERVATION SCIENCE FELLOW, FURTHER REFINED AN APPROACH TO CAPTURE AND/OR MITIGATE THE EFFECTS OF SULPHUR TRAPPED IN WATERLOGGED ARCHAEOLOGICAL WOOD. THIS PROBLEM, UNTREATED, MANIFESTS ITSELF IN THE DEVELOPMENT OF SULFURIC ACID WHEN FORMERLY WATERLOGGED ARCHAEOLOGICAL WOOD THAT IS DRIED AND DISPLAYED - A PARTICULARLY THORNY PROBLEM FOR RECOVERED AND CONSERVED HISTORIC SHIPWRECKS GLOBALLY.

Expenses $2,588,739 · Grants $9,800 · Revenue $11,100

As filed on the 2023 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

KEITH VANDER VENNET

TRUSTEE

Total calculated

$0

Hours/week

1
JENNIFER BOYKIN

CHAIRMAN OF THE BOARD

Total calculated

$0

Hours/week

1
STUART HENDERSON

TRUSTEE

Total calculated

$0

Hours/week

1
JOHN R LAWSON II

SECRETARY

Total calculated

$0

Hours/week

1
MARGARET PODLICH

TRUSTEE

Total calculated

$0

Hours/week

1
KENNETH CROFTON

TRUSTEE

Total calculated

$0

Hours/week

1
JERRY MILLER

TRUSTEE

Total calculated

$0

Hours/week

1
BRIAN SKINNER

TRUSTEE

Total calculated

$0

Hours/week

1
KEVIN SWANN

TRUSTEE

Total calculated

$0

Hours/week

1
LINDSEY CARNEY SMITH

TRUSTEE

Total calculated

$0

Hours/week

1
TINA MORRIS

VICE CHAIRMAN

Total calculated

$0

Hours/week

1
KEVIN FEWSTER

TRUSTEE

Total calculated

$0

Hours/week

1
CAROLYN KURTZ

TRUSTEE

Total calculated

$0

Hours/week

1
MCKINLEY PRICE

TRUSTEE

Total calculated

$0

Hours/week

1
MARSHA HUDGINS

TRUSTEE

Total calculated

$0

Hours/week

1
HOWARD H HOEGE III

PRESIDENT & CEO

Total calculated

$247,576

From this org

$224,327

From related orgs

$0

Other

$23,249

Hours/week

40

Schedule J breakdown matched by us

Base

$224,327

Bonus

$0

Other

$0

Deferred

$9,211

Nontaxable benefits

$14,038

Filer's total

$247,576
NELSON FORBES

VP COLLECTIONS, CHIEF CURA

Total calculated

$118,925

From this org

$104,059

From related orgs

$0

Other

$14,866

Hours/week

40
JEFFREY ESBER

CONTROLLER & TREASURER

Total calculated

$130,144

From this org

$121,491

From related orgs

$0

Other

$8,653

Hours/week

40

Compensation is as filed in Part VII: reportable pay from this organization and from related organizations, other compensation, and hours per week. The total, marked calculated, is our sum of the three dollar columns, with a blank column counted as $0; the form itself has no total. On a Form 990-EZ the columns are Part IV's instead, and on a Form 990-PF Part VIII's — compensation, contributions to benefit plans, and expense account — and the total sums those. A Schedule J breakdown is as filed: base pay, bonus, other, deferred compensation and nontaxable benefits from this organization, with any from related organizations beside each, and the filer's own total. It is shown with the Part VII listing of the same name on the same return. The form gives no key between the two, so that pairing is ours, and is marked matched by us.

Schedule J

Answered yes

1a · Housing allowance or residence for personal use
1b · Written policy on the line-1a expenses
3 · Independent compensation consultant
3 · Written employment contract
3 · Approval by the board or compensation committee

Answered no

2 · Substantiation required before reimbursing expenses
4a · Severance or change-of-control payment
4b · Supplemental nonqualified retirement plan
4c · Equity-based compensation arrangement
5a · Pay contingent on this organization's revenues
5b · Pay contingent on a related organization's revenues
6a · Pay contingent on this organization's net earnings
6b · Pay contingent on a related organization's net earnings
7 · Other non-fixed payments
8 · Paid under the initial-contract exception

The filer's explanations (Part III)

PART I, LINE 1A: THE MUSEUM BUILT A RESIDENCE IN THE 1940'S AS A GUEST HOUSE FOR VISITING DIGNITARIES, OUT OF TOWN TRUSTEES AND OTHER GUESTS OF THE MUSEUM. THE PRESIDENT AND CEO LIVES IN THE HOUSE TO ACT AS HOST TO THESE GUESTS AND TO SPONSOR EVENTS FOR THE MUSEUM AND THE LOCAL COMMUNITY. THIS INCLUDES FUND RAISING ACTIVITIES AND MEETINGS.
PART I, LINE 1B: THE MUSEUM BY-LAWS GIVE THE EXECUTIVE COMMITTEE OF THE BOARD OF TRUSTEES THE AUTHORITY TO SET THE COMPENSATION OF THE CEO. THE CEO IS EMPLOYED PURSUANT TO A FORMAL EMPLOYMENT AGREEMENT BETWEEN THE MUSEUM AND CEO. THIS EMPLOYMENT AGREEMENT SETS THE TERMS OF THE CEO'S EMPLOYMENT AND MANDATES THAT THE CEO LIVE IN THE MUSEUM HOUSE FOR THE PRIMARY BENEFIT OF THE MUSEUM.

Part I's answers as filed. A line not listed was left unanswered; on lines 1a and 3 that means the box was not checked.

Grants on this return

No itemized grants to organizations on this return.

Provenance

Return type: form_990
Tax year: 2023
Filed: 15 October 2024
IRS schema version: 2023v5.1
Source object: 202443169349303959

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