Form 990 for tax year 2022

Revenue

Part VIII, the statement of revenue.

• 1c · Fundraising events

  $75,000

• 1e · Government grants (contributions)

  $35,000

• 1f · All other contributions, gifts and grants

  $2,600,957

• 1g · Noncash contributions included above

  $21,977

• 2a · Program service revenue: ADMISSIONS

  total $4,902,875 · related or exempt $4,902,875

• 2b · Program service revenue: FRIENDS OF HOF MEMBERSHIP

  total $2,015,989 · related or exempt $2,015,989

• 2c · Program service revenue: PROGRAM SERVICES

  total $170,426 · related or exempt $170,426

• 2d · Program service revenue: TRAVELING EXHIBITIONS

  total $27,000 · related or exempt $27,000

• 3 · Investment income

  total $3,763,961 · unrelated business $2,057 · excluded $3,761,904

• 4 · Income from investment of tax-exempt bond proceeds

  total $1,195,770 · excluded $1,195,770

• 7a · Gross sales of assets other than inventory

  securities $3,279,210

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

  securities $3,289,803 · other assets $13,129

• 7c · Gain or loss

  securities -$10,593 · other assets -$13,129

• 7d · Net gain or loss

  total -$23,722 · excluded -$23,722

• 8a · Fundraising events: gross income

  $137,811

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

  $75,000

• 8b · Fundraising events: direct expenses

  $193,048

• 8c · Net income from fundraising events

  total -$55,237 · excluded -$55,237

• 10a · Gross sales of inventory

  $6,540,106

• 10b · Cost of goods sold

  $4,748,271

• 10c · Net income from sales of inventory

  total $1,791,835 · related or exempt $1,791,835

• 11a · Other revenue: FACILITY USE FEES

  total $63,505 · unrelated business $3,750 · excluded $59,755

• 11b · Other revenue: MISCELLANEOUS INCOME

  total $21,460 · related or exempt $4,860 · unrelated business $16,600

• 11e · Other revenue, total

  $84,965

Functional expenses

Part IX, the statement of functional expenses.

• 5 · Compensation of officers, directors and key employees

  total $1,482,531 · program services $311,073 · management and general $1,096,504 · fundraising $74,954

• 7 · Other salaries and wages

  total $3,782,878 · program services $2,855,916 · management and general $747,105 · fundraising $179,857

• 8 · Pension plan contributions

  total $281,787 · program services $208,904 · management and general $55,145 · fundraising $17,738

• 9 · Other employee benefits

  total $695,909 · program services $522,613 · management and general $123,112 · fundraising $50,184

• 10 · Payroll taxes

  total $340,981 · program services $230,004 · management and general $93,115 · fundraising $17,862

• 11b · Fees: legal

  total $96,544 · management and general $96,544

• 11c · Fees: accounting

  total $151,175 · management and general $151,175

• 11e · Fees: professional fundraising services

  total $49,100 · fundraising $49,100

• 11f · Fees: investment management

  total $380,328 · management and general $380,328

• 11g · Fees: other

  total $347,658 · program services $210,839 · management and general $95,280 · fundraising $41,539

• 12 · Advertising and promotion

  total $281,501 · program services $247,805 · management and general $210 · fundraising $33,486

• 13 · Office expenses

  total $451,031 · program services $386,184 · management and general $31,967 · fundraising $32,880

• 14 · Information technology

  total $286,527 · program services $160,499 · management and general $113,940 · fundraising $12,088

• 16 · Occupancy

  total $723,722 · program services $555,716 · management and general $168,006

• 17 · Travel

  total $253,328 · program services $69,069 · management and general $174,001 · fundraising $10,258

• 22 · Depreciation, depletion and amortization

  total $1,587,471 · program services $1,289,820 · management and general $297,651

• 23 · Insurance

  total $268,773 · program services $173,787 · management and general $94,986

• 24a · Other expenses: HALL OF FAME WEEKEND

  total $1,752,441 · program services $1,752,441

• 24b · Other expenses: EXPRESS AND POSTAGE

  total $469,712 · program services $425,373 · management and general $19,545 · fundraising $24,794

• 24c · Other expenses: MERCHANT DISCOUNTS

  total $184,603 · program services $177,160 · fundraising $7,443

• 24d · Other expenses: CONSERVATION REFURBISH

  total $72,122 · program services $72,122

• 24e · All other expenses

  total $281,624 · program services $237,015 · management and general $35,537 · fundraising $9,072

Balance sheet

Part X, book values.

• 1 · Cash, non-interest-bearing

  beginning of year $2,565,610 · end of year $1,311,474

• 2 · Savings and temporary cash investments

  beginning of year $17,245,745 · end of year $6,425,681

• 3 · Pledges and grants receivable

  beginning of year $5,312,877 · end of year $2,719,445

• 4 · Accounts receivable

  beginning of year $660,073 · end of year $500,981

• 8 · Inventories for sale or use

  beginning of year $589,620 · end of year $864,498

• 9 · Prepaid expenses and deferred charges

  beginning of year $149,431 · end of year $232,473

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

  $62,655,874

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

  $41,227,889

• 10c · Land, buildings and equipment, net

  beginning of year $22,156,655 · end of year $21,427,985

• 11 · Investments: publicly traded securities

  beginning of year $2,583,835 · end of year $11,700,378

• 12 · Investments: other securities

  beginning of year $19,178,354 · end of year $20,711,983

• 17 · Accounts payable and accrued expenses

  beginning of year $316,570 · end of year $325,902

• 19 · Deferred revenue

  beginning of year $552,339 · end of year $632,175

• 25 · Other liabilities

  beginning of year $2,540,728 · end of year $1,923,143

• 27 · Net assets without donor restrictions

  beginning of year $33,578,450 · end of year $31,319,339

• 28 · Net assets with donor restrictions

  beginning of year $33,454,113 · end of year $31,694,339

The filer's explanations (Part III)

PART I, LINE 1A

CERTAIN INDIVIDUALS ON THE BOARD OF DIRECTORS ARE ALSO INDIVIDUALS WHO HAVE BEEN PREVIOUSLY INDUCTED INTO THE HALL OF FAME DUE TO THEIR ACCOMPLISHMENTS DURING THEIR BASEBALL CAREERS. THE HALL OF FAME HOSTS AN ANNUAL INDUCTION WEEKEND AND, AS PART OF THAT WEEKEND, ALL PAST INDUCTEES ARE INVITED TO ATTEND. FOR THE PAST INDUCTEES WHO ARE INVITED, THE HALL OF FAME OFFERS TRAVEL BENEFITS, INCLUDING FIRST CLASS AIRFARE FOR THE INDIVIDUAL AND A COMPANION, AS WELL AS A $100 GIFT CARD TO COVER ADDITIONAL EXPENSES AT THEIR HOTEL ACCOMMODATIONS. TO THE EXTENT INDIVIDUALS ON THE BOARD ARE PAST INDUCTEES, THEY MAY RECEIVE SUCH GIFTED BENEFITS FROM THE HALL OF FAME IN RELATION TO THE ANNUAL INDUCTION WEEKEND. HOWEVER, NONE OF THESE AMOUNTS ARE COMPENSATION FOR THEIR SERVICES RENDERED AS DIRECTORS ON THE BOARD.

PART I, LINE 4A

ERIK STROHL, VP EXHIBITIONS AND COLLECTIONS THROUGH MAY 2022, RECEIVED A SEVERANCE AMOUNT OF $51,065 THROUGH A VOLUNTARY DEPARTURE. THIS AMOUNT IS INCLUDED IN THE TOTAL REPORTED ON 990 PART VII SECTION A COLUMN D.

PART I, LINE 7

DISCRETIONARY BONUSES ARE REVIEWED ANNUALLY BY APPROPRIATE BOARD OFFICERS. FACTORS CONSIDERED INCLUDE ACHIEVEMENT OF PROGRAMMATIC AND CUSTOMER INITIATIVES, THE DEVELOPMENT AND MAINTENANCE OF POSITIVE RELATIONSHIPS WITH MEMBERS, DONORS, AND PATRONS, AND OVERALL ORGANIZATION FINANCIAL CONDITION.