Form 990 for tax year 2022

Revenue

Part VIII, the statement of revenue.

• 1b · Membership dues

  $4,220,484

• 1c · Fundraising events

  $897,629

• 1e · Government grants (contributions)

  $1,239,243

• 1f · All other contributions, gifts and grants

  $8,541,957

• 1g · Noncash contributions included above

  $434,227

• 2a · Program service revenue: ADMISSIONS

  total $4,015,962 · related or exempt $4,015,962

• 2b · Program service revenue: MEMBERSHIP DUES

  total $722,283 · related or exempt $722,283

• 2c · Program service revenue: EDUCATIONAL PROGRAMS

  total $433,242 · related or exempt $433,242

• 3 · Investment income

  total $3,447,543 · excluded $3,447,543

• 5 · Royalties

  total $4,077 · excluded $4,077

• 6a · Gross rents

  real property $7,621,784

• 6b · Less rental expenses

  real property $5,522,706

• 6c · Rental income or loss

  real property $2,099,078

• 6d · Net rental income or loss

  total $2,099,078 · excluded $2,099,078

• 7a · Gross sales of assets other than inventory

  securities $66,935,590 · other assets $5,960

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

  securities $63,280,358 · other assets $0

• 7c · Gain or loss

  securities $3,655,232 · other assets $5,960

• 7d · Net gain or loss

  total $3,661,192 · related or exempt $5,960 · excluded $3,655,232

• 8a · Fundraising events: gross income

  $103,201

• 8a · Fundraising events: contributions included on line 1c

  $897,629

• 8b · Fundraising events: direct expenses

  $277,059

• 8c · Net income from fundraising events

  total -$173,858 · excluded -$173,858

• 9a · Gaming: gross income

  $8,460

• 9b · Gaming: direct expenses

  $0

• 9c · Net income from gaming

  total $8,460 · excluded $8,460

• 10a · Gross sales of inventory

  $1,298,527

• 10b · Cost of goods sold

  $715,814

• 10c · Net income from sales of inventory

  total $582,713 · related or exempt $518,808 · unrelated business $63,905

• 11a · Other revenue: FOOD SVC COMMISSION

  total $216,126 · unrelated business $6,467 · excluded $209,659

• 11b · Other revenue: PARKING

  total $44,660 · unrelated business $33,495 · excluded $11,165

• 11c · Other revenue: REIMBURSEMENTS

  total $17,033 · excluded $17,033

• 11d · All other revenue

  total $7,750 · excluded $7,750

• 11e · Other revenue, total

  $285,569

Functional expenses

Part IX, the statement of functional expenses.

• 5 · Compensation of officers, directors and key employees

  total $1,306,485 · program services $527,373 · management and general $502,405 · fundraising $276,707

• 7 · Other salaries and wages

  total $13,854,303 · program services $10,901,228 · management and general $1,739,714 · fundraising $1,213,361

• 8 · Pension plan contributions

  total -$134,387 · program services -$187,703 · management and general $80,063 · fundraising -$26,747

• 9 · Other employee benefits

  total $1,293,510 · program services $1,023,880 · management and general $142,828 · fundraising $126,802

• 10 · Payroll taxes

  total $1,196,242 · program services $916,048 · management and general $167,636 · fundraising $112,558

• 11b · Fees: legal

  total $336,308 · program services $326,223 · management and general $10,085

• 11c · Fees: accounting

  total $132,319 · management and general $132,319

• 11d · Fees: lobbying

  total $24,107 · management and general $24,107

• 11e · Fees: professional fundraising services

  total $283,260 · fundraising $283,260

• 11f · Fees: investment management

  total $595,300 · management and general $595,300

• 11g · Fees: other

  total $1,514,361 · program services $1,375,583 · management and general $114,856 · fundraising $23,922

• 12 · Advertising and promotion

  total $681,002 · program services $667,642 · management and general $3,018 · fundraising $10,342

• 13 · Office expenses

  total $2,005,274 · program services $1,353,564 · management and general $306,306 · fundraising $345,404

• 14 · Information technology

  total $86,266 · program services $1,011 · management and general $82,992 · fundraising $2,263

• 16 · Occupancy

  total $6,644,892 · program services $4,537,513 · management and general $2,107,379

• 17 · Travel

  total $193,475 · program services $158,187 · management and general $3,397 · fundraising $31,891

• 20 · Interest

  total $90,916 · management and general $90,916

• 22 · Depreciation, depletion and amortization

  total $3,811,542 · program services $2,864,585 · management and general $946,957

• 23 · Insurance

  total $1,086,360 · program services $1,086,360

• 24a · Other expenses: EXHIBITIONS

  total $1,255,691 · program services $1,203,897 · management and general $21,113 · fundraising $30,681

• 24b · Other expenses: ART ACCESSION

  total $369,395 · program services $369,395

• 24c · Other expenses: CATERING

  total $364,108 · program services $115,824 · management and general $28,459 · fundraising $219,825

• 24d · Other expenses: TAXES AND LICENSES

  total $153,259 · program services $147,685 · management and general $5,574

Balance sheet

Part X, book values.

• 1 · Cash, non-interest-bearing

  beginning of year $23,097,778 · end of year $21,646,453

• 2 · Savings and temporary cash investments

  beginning of year $4,508,823 · end of year $3,608,571

• 3 · Pledges and grants receivable

  beginning of year $7,006,774 · end of year $6,734,417

• 4 · Accounts receivable

  beginning of year $614,902 · end of year $758,546

• 7 · Other notes and loans receivable

  beginning of year $23,030,282 · end of year $22,547,685

• 8 · Inventories for sale or use

  beginning of year $493,945 · end of year $493,761

• 9 · Prepaid expenses and deferred charges

  beginning of year $1,347,228 · end of year $1,038,654

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

  $177,327,382

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

  $90,764,722

• 10c · Land, buildings and equipment, net

  beginning of year $89,832,106 · end of year $86,562,660

• 11 · Investments: publicly traded securities

  beginning of year $105,512,373 · end of year $111,226,119

• 12 · Investments: other securities

  beginning of year $78,573,752 · end of year $77,388,675

• 13 · Investments: program-related

  beginning of year $22,228,947 · end of year $21,862,058

• 15 · Other assets

  beginning of year $24,859,042 · end of year $64,577,314

• 17 · Accounts payable and accrued expenses

  beginning of year $2,299,598 · end of year $2,932,971

• 19 · Deferred revenue

  beginning of year $1,845,162 · end of year $1,290,162

• 23 · Secured mortgages and notes payable

  beginning of year $5,520,457 · end of year $4,524,116

• 25 · Other liabilities

  beginning of year $1,641,975 · end of year $35,462,039

• 27 · Net assets without donor restrictions

  beginning of year $149,550,969 · end of year $150,346,075

• 28 · Net assets with donor restrictions

  beginning of year $220,247,791 · end of year $223,889,550

The filer's explanations (Part III)

PART I, LINE 7

THE CEO RECEIVES AN ANNUAL BONUS NOT TO EXCEED 15% OF BASE PAY, AT THE DISCRETION OF THE BOARD.

Related partnerships

Part III: related organizations taxable as a partnership, with the filer's share.

• SAAM BUILDING MASTER TENANT LLC

  REAL ESTATE · WA

• SAM BUILDING LANDLORD LLC

  REAL ESTATE · WA

Related corporations and trusts

Part IV: related organizations taxable as a corporation or trust.

• SAM-SAAM RENOVATION LLC

  C · HOLDING COMPANY · WA · 100% owned · share of income -$1,164,009 · share of assets $20,261,089 · controlled entity

  Directly controlled by SEATTLE ART MUSEUM