Form 990 for tax year 2023

Revenue

Part VIII, the statement of revenue.

• 1b · Membership dues

  $705,287

• 1c · Fundraising events

  $498,751

• 1e · Government grants (contributions)

  $306,835

• 1f · All other contributions, gifts and grants

  $4,604,255

• 1g · Noncash contributions included above

  $816,573

• 2a · Program service revenue: ADMISSIONS

  total $1,637,885 · related or exempt $1,637,885

• 2b · Program service revenue: FUNCTIONS

  total $365,011 · related or exempt $365,011

• 2c · Program service revenue: EDUCATION PROGRAM REV.

  total $87,094 · related or exempt $87,094

• 2d · Program service revenue: OTHER PROGRAM REVENUE

  total $57,698 · related or exempt $57,698

• 2e · Program service revenue: TRAVELING EXHIBITIONS

  total $45,000 · related or exempt $45,000

• 3 · Investment income

  total $2,743,544 · excluded $2,743,544

• 5 · Royalties

  total $16,729 · excluded $16,729

• 6a · Gross rents

  real property $78,969

• 6b · Less rental expenses

  real property $19,981

• 6c · Rental income or loss

  real property $58,988

• 6d · Net rental income or loss

  total $58,988 · excluded $58,988

• 7a · Gross sales of assets other than inventory

  securities $73,415,766

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

  securities $66,310,053

• 7c · Gain or loss

  securities $7,105,713

• 7d · Net gain or loss

  total $7,105,713 · excluded $7,105,713

• 8a · Fundraising events: gross income

  $128,720

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

  $498,751

• 8b · Fundraising events: direct expenses

  $265,817

• 8c · Net income from fundraising events

  total -$137,097 · excluded -$137,097

• 10a · Gross sales of inventory

  $1,500,066

• 10b · Cost of goods sold

  $726,506

• 10c · Net income from sales of inventory

  total $773,560 · related or exempt $747,566 · unrelated business $25,994

• 11a · Other revenue: MISC INVESTMENT INCOME

  total $911,365 · excluded $911,365

• 11d · All other revenue

  total $169,970 · related or exempt $169,970

• 11e · Other revenue, total

  $1,081,335

Functional expenses

Part IX, the statement of functional expenses.

• 5 · Compensation of officers, directors and key employees

  total $2,014,348 · management and general $1,121,409 · fundraising $892,939

• 7 · Other salaries and wages

  total $13,845,493 · program services $11,191,044 · management and general $1,476,027 · fundraising $1,178,422

• 8 · Pension plan contributions

  total $729,605 · program services $589,726 · management and general $77,781 · fundraising $62,098

• 9 · Other employee benefits

  total $1,447,800 · program services $1,170,229 · management and general $154,345 · fundraising $123,226

• 10 · Payroll taxes

  total $1,066,201 · program services $861,790 · management and general $113,664 · fundraising $90,747

• 11b · Fees: legal

  total $96,589 · management and general $96,589

• 11c · Fees: accounting

  total $143,582 · management and general $143,582

• 11f · Fees: investment management

  total $2,045,968 · program services $1,791,606 · management and general $181,304 · fundraising $73,058

• 11g · Fees: other

  total $3,896,790 · program services $2,867,714 · management and general $819,965 · fundraising $209,111

• 12 · Advertising and promotion

  total $827,490 · program services $824,111 · fundraising $3,379

• 13 · Office expenses

  total $1,278,522 · program services $842,390 · management and general $329,406 · fundraising $106,726

• 16 · Occupancy

  total $2,752,859 · program services $2,752,559 · fundraising $300

• 17 · Travel

  total $669,609 · program services $487,775 · management and general $126,646 · fundraising $55,188

• 20 · Interest

  total $2,239,049 · program services $2,231,945 · management and general $7,104

• 22 · Depreciation, depletion and amortization

  total $8,564,481 · program services $7,509,509 · management and general $920,964 · fundraising $134,008

• 23 · Insurance

  total $571,768 · program services $112,442 · management and general $459,326

• 24a · Other expenses: COLLECTION ACQUISITIONS

  total $1,175,607 · program services $1,175,607

• 24b · Other expenses: EXHIBITIONS

  total $755,600 · program services $755,600

• 24c · Other expenses: HOSPITALITY

  total $595,546 · program services $248,401 · management and general $90,232 · fundraising $256,913

• 24d · Other expenses: PRINTING AND PUBLICATIO

  total $100,132 · program services $100,132

• 24e · All other expenses

  total $1,519,202 · program services $1,187,978 · management and general $265,488 · fundraising $65,736

Balance sheet

Part X, book values.

• 1 · Cash, non-interest-bearing

  beginning of year $844,659 · end of year $57,874

• 2 · Savings and temporary cash investments

  beginning of year $17,017,165 · end of year $15,597,058

• 3 · Pledges and grants receivable

  beginning of year $5,471,876 · end of year $4,757,691

• 4 · Accounts receivable

  beginning of year $2,339,831 · end of year $2,185,909

• 5 · Loans and receivables from officers and key people

  beginning of year $304,998 · end of year $307,428

• 8 · Inventories for sale or use

  beginning of year $608,205 · end of year $688,844

• 9 · Prepaid expenses and deferred charges

  beginning of year $144,163 · end of year $208,058

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

  $300,698,512

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

  $127,844,499

• 10c · Land, buildings and equipment, net

  beginning of year $179,289,150 · end of year $172,854,013

• 11 · Investments: publicly traded securities

  beginning of year $40,361,975 · end of year $24,891,572

• 12 · Investments: other securities

  beginning of year $546,463,560 · end of year $598,015,636

• 15 · Other assets

  beginning of year $6,506,633 · end of year $6,468,600

• 17 · Accounts payable and accrued expenses

  beginning of year $2,778,478 · end of year $3,764,439

• 19 · Deferred revenue

  beginning of year $178,243 · end of year $257,412

• 20 · Tax-exempt bond liabilities

  beginning of year $68,707,520 · end of year $65,562,171

• 23 · Secured mortgages and notes payable

  beginning of year $1,664,156 · end of year $1,578,815

• 25 · Other liabilities

  beginning of year $492,665 · end of year $178,486

• 27 · Net assets without donor restrictions

  beginning of year $165,107,814 · end of year $164,902,528

• 28 · Net assets with donor restrictions

  beginning of year $560,423,339 · end of year $589,788,832

The filer's explanations (Part III)

PART I, LINE 1A

FIRST CLASS TRAVEL IS NOT AUTHORIZED, WITH NOTED EXCEPTIONS THAT INCLUDE CERTAIN ROUTES AND AIR TRAVEL WHEN BUSINESS CLASS WOULD HAVE BEEN THE CHOICE BUT THE AIRLINE ONLY OFFERED ECONOMY AND FIRST CLASS. EXECUTIVE DIRECTOR TRAVEL IS REVIEWED BY AN OFFICER OF THE BOARD.

PART I, LINE 8

THE CONTRACT ENTERED INTO WITH THE NEW EXECUTIVE DIRECTOR AND CEO CONSTITUTES A CONTRACT SUBJECT TO THE INITIAL CONTRACT EXCEPTION DESCRIBED IN REG. SEC. 53.4958-4(A)(3). THE ORGANIZATION FOLLOWED THE REBUTTABLE PRESUMPTION PROCEDURE UNDER REG. SEC. 53.4958-6(C): THE BOARD OF TRUSTEES REVIEWED AND AUTHORIZED THE CONTRACT, THERE WERE NO CONFLICTS OF INTEREST IN THE CONTRACT NEGOTIATIONS, AND THERE WAS BENCHMARK DATA SUPPORTING THAT THE COMPENSATION ARRANGEMENT IN ITS ENTIRETY IS REASONABLE.

Related corporations and trusts

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

• CRUTS (2)

  CRUT · MA · controlled entity

  Directly controlled by PEABODY ESSEX MUSEUM INC