Form 990 for tax year 2024

Revenue

Part VIII, the statement of revenue.

• 1a · Federated campaigns

  $27,505

• 1b · Membership dues

  $26,788,016

• 1c · Fundraising events

  $3,895,911

• 1e · Government grants (contributions)

  $1,337,081,967

• 1f · All other contributions, gifts and grants

  $165,596,165

• 1g · Noncash contributions included above

  $67,415,596

• 2a · Program service revenue: ADMISSION-VISITOR/MEMBER/EMPLOYEE

  total $64,459,277 · related or exempt $46,048,872 · excluded $18,410,405

• 2b · Program service revenue: SUBSCRIPTIONS-MAGAZINES/LICENSING

  total $15,708,056 · related or exempt $15,708,056

• 2c · Program service revenue: TOURS AND EDUCATION

  total $28,373,092 · related or exempt $26,712,906 · unrelated business $1,660,186

• 2d · Program service revenue: THEATER & ENTERTAINMENT

  total $984,961 · related or exempt $139,882 · unrelated business $845,079

• 2e · Program service revenue: TRAVELING EXHIBITIONS

  total $1,764,633 · related or exempt $1,764,633

• 2f · All other program service revenue

  total $514,644 · related or exempt $514,644 · unrelated business $0 · excluded $0

• 3 · Investment income

  total $52,234,405 · unrelated business $6,826,023 · excluded $45,408,382

• 5 · Royalties

  total $16,678,518 · excluded $16,678,518

• 6a · Gross rents

  real property $11,086,602

• 6b · Less rental expenses

  real property $2,633,001

• 6c · Rental income or loss

  real property $8,453,601 · personal property $0

• 6d · Net rental income or loss

  total $8,453,601 · unrelated business $2,018,960 · excluded $6,434,641

• 7a · Gross sales of assets other than inventory

  securities $703,690,166

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

  securities $571,318,466

• 7c · Gain or loss

  securities $132,371,700 · other assets $0

• 7d · Net gain or loss

  total $132,371,700 · excluded $132,371,700

• 8a · Fundraising events: gross income

  $434,020

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

  $3,895,911

• 8b · Fundraising events: direct expenses

  $1,390,803

• 8c · Net income from fundraising events

  total -$956,783 · excluded -$956,783

• 10a · Gross sales of inventory

  $73,567,301

• 10b · Cost of goods sold

  $29,945,695

• 10c · Net income from sales of inventory

  total $43,621,606 · related or exempt $43,604,662 · unrelated business $16,944

• 11a · Other revenue: MAG/WEBSITE ADVERTISING

  total $9,360,552 · unrelated business $9,360,552

• 11b · Other revenue: INTERCOMPANY REVENUE

  total $4,104,755 · related or exempt $4,104,755

• 11c · Other revenue: EXEMPT OPERATIONS REVENUE

  total $80,325 · related or exempt $80,325

• 11d · All other revenue

  total $0 · related or exempt $0 · unrelated business $0 · excluded $0

• 11e · Other revenue, total

  $13,545,632

Functional expenses

Part IX, the statement of functional expenses.

• 1 · Grants to domestic organizations and governments

  total $610,947 · program services $610,947

• 2 · Grants to domestic individuals

  total $14,345,407 · program services $14,345,407

• 3 · Grants to foreign organizations and individuals

  total $5,169,606 · program services $5,169,606

• 5 · Compensation of officers, directors and key employees

  total $7,698,874 · program services $1,613,573 · management and general $5,529,206 · fundraising $556,095

• 6 · Compensation of disqualified persons

  total $2,837,712 · program services $759,454 · management and general $2,078,258 · fundraising $0

• 7 · Other salaries and wages

  total $654,461,978 · program services $496,743,345 · management and general $115,113,966 · fundraising $42,604,667

• 8 · Pension plan contributions

  total $70,388,490 · program services $39,187,845 · management and general $31,160,008 · fundraising $40,637

• 9 · Other employee benefits

  total $101,795,600 · program services $70,366,185 · management and general $20,791,159 · fundraising $10,638,256

• 10 · Payroll taxes

  total $37,461,988 · program services $18,460,776 · management and general $18,975,002 · fundraising $26,210

• 11b · Fees: legal

  total $714,585 · program services $366,579 · management and general $190,882 · fundraising $157,124

• 11c · Fees: accounting

  total $858,971 · management and general $858,971

• 11d · Fees: lobbying

  total $0 · fundraising $0

• 11e · Fees: professional fundraising services

  total $2,552,758 · fundraising $2,552,758

• 11f · Fees: investment management

  total $305,508 · management and general $305,508

• 11g · Fees: other

  total $242,488,032 · program services $191,394,936 · management and general $31,202,411 · fundraising $19,890,685

• 12 · Advertising and promotion

  total $2,657,890 · program services $2,015,964 · management and general $3,710 · fundraising $638,216

• 13 · Office expenses

  total $46,828,452 · program services $34,095,061 · management and general $6,763,752 · fundraising $5,969,639

• 14 · Information technology

  total $66,162,448 · program services $29,395,865 · management and general $35,033,721 · fundraising $1,732,862

• 15 · Royalties

  total $259,648 · program services $112,379 · management and general $147,269

• 16 · Occupancy

  total $98,686,544 · program services $84,355,300 · management and general $13,304,494 · fundraising $1,026,750

• 17 · Travel

  total $17,336,086 · program services $15,239,361 · management and general $870,572 · fundraising $1,226,153

• 19 · Conferences, conventions and meetings

  total $4,768,560 · program services $3,798,811 · management and general $826,869 · fundraising $142,880

• 20 · Interest

  total $8,220,332 · program services $499,937 · management and general $7,580,701 · fundraising $139,694

• 22 · Depreciation, depletion and amortization

  total $206,625,953 · program services $165,238,775 · management and general $41,139,227 · fundraising $247,951

• 23 · Insurance

  total $2,657,870 · program services $1,094,125 · management and general $1,561,761 · fundraising $1,984

• 24a · Other expenses: PROGRAM PRODUCTION

  total $62,631,298 · program services $56,529,835 · management and general $362,973 · fundraising $5,738,490

• 24b · Other expenses: RESEARCH/SUBCONTRACT

  total $33,904,994 · program services $33,904,994

• 24c · Other expenses: EQUIPMENT

  total $7,113,041 · program services $6,056,640 · management and general $871,409 · fundraising $184,992

• 24d · Other expenses: UBIT

  total $1,505,190 · management and general $1,505,190

• 24e · All other expenses

  total $0 · program services $0 · management and general $0 · fundraising $0

Balance sheet

Part X, book values.

• 1 · Cash, non-interest-bearing

  beginning of year $903,030,111 · end of year $781,751,921

• 2 · Savings and temporary cash investments

  beginning of year $307,021,334 · end of year $303,868,695

• 3 · Pledges and grants receivable

  beginning of year $241,902,020 · end of year $201,658,789

• 4 · Accounts receivable

  beginning of year $16,355,514 · end of year $14,581,777

• 5 · Loans and receivables from officers and key people

  beginning of year $0 · end of year $0

• 6 · Loans and receivables from disqualified persons

  beginning of year $0 · end of year $0

• 8 · Inventories for sale or use

  beginning of year $16,587,991 · end of year $18,719,186

• 9 · Prepaid expenses and deferred charges

  beginning of year $9,876,297 · end of year $12,450,006

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

  $6,637,366,520

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

  $3,492,095,223

• 10c · Land, buildings and equipment, net

  beginning of year $3,084,091,030 · end of year $3,145,271,297

• 11 · Investments: publicly traded securities

  beginning of year $1,160,582 · end of year -$287,652

• 12 · Investments: other securities

  beginning of year $2,889,536,036 · end of year $3,325,261,345

• 13 · Investments: program-related

  beginning of year $0

• 14 · Intangible assets

  beginning of year $84,834,443 · end of year $75,244,482

• 15 · Other assets

  beginning of year $11,861,364 · end of year $12,004,275

• 17 · Accounts payable and accrued expenses

  beginning of year $263,532,744 · end of year $239,080,408

• 19 · Deferred revenue

  beginning of year $664,569,014 · end of year $661,974,915

• 20 · Tax-exempt bond liabilities

  beginning of year $89,870,749 · end of year $81,018,224

• 22 · Loans and payables to officers and key people

  beginning of year $0 · end of year $0

• 23 · Secured mortgages and notes payable

  beginning of year $342,961,162 · end of year $327,567,047

• 25 · Other liabilities

  beginning of year $71,458,043 · end of year $71,553,562

• 27 · Net assets without donor restrictions

  beginning of year $3,352,818,104 · end of year $3,402,753,246

• 28 · Net assets with donor restrictions

  beginning of year $2,781,046,906 · end of year $3,106,576,719

The filer's explanations (Part III)

SCHEDULE J, PART I, LINE 1A FIRST-CLASS OR CHARTER TRAVEL

FIRST-CLASS TRAVEL FOR BONA-FIDE BUSINESS PURPOSES WAS AUTHORIZED FOR INDIVIDUALS ON PART VII, SECTION A, LINE 1A WHEN THE CIRCUMSTANCES OF THEIR TRAVEL MET THE REQUIREMENTS OF THE SMITHSONIAN'S POLICY FOR SUCH TRAVEL. ANY USE OF NON-COACH CLASS TRAVEL MUST BE APPROVED BY THE TRAVELER'S APPROVING OFFICIAL FOR TRAVEL. THE SMITHSONIAN'S TRAVEL POLICY IS GUIDED BY THE FEDERAL TRAVEL REGULATIONS AS SUPPLEMENTED BY THE SMITHSONIAN'S TRAVEL HANDBOOK. THE ACCOUNTABLE PLAN FOR TRAVEL REIMBURSEMENTS MAINTAINED BY THE SMITHSONIAN MEETS IRS REQUIREMENTS, THEREFORE NO PORTION OF THIS TRAVEL WAS TREATED AS TAXABLE COMPENSATION.

SCHEDULE J, PART I, LINE 6A COMPENSATION CONTINGENT ON NET EARNINGS OF THE ORGANIZATION

THE SMITHSONIAN ENTERPRISES (SE) ANNUAL INCENTIVE PLAN IS BASED ON THE ACHIEVEMENT OF PRE-DETERMINED GOALS FOR THREE COMPONENTS: SE CONSOLIDATED NET EARNINGS, NET EARNINGS FOR INDIVIDUAL LINES OF BUSINESS, AND INDIVIDUAL QUALITATIVE/OPERATIONAL GOALS. THESE GOALS ARE ESTABLISHED ON AN ANNUAL BASIS: GOALS RELATED TO NET EARNINGS ARE ESTABLISHED AS PART OF THE ANNUAL BUDGETING PROCESS, AND THE INDIVIDUAL QUALITATIVE/OPERATIONAL GOALS ARE ESTABLISHED ANNUALLY FOR EACH EMPLOYEE. A SET FORMULA IS USED TO CALCULATE THE FINAL PAYOUT, AND QUANTITATIVE RESULTS ARE AUDITED PRIOR TO REGENT APPROVAL.

SCHEDULE J, PART I, LINE 7 NON-FIXED PAYMENTS

OFFICE OF INVESTMENTS INCENTIVE PLAN: THE INCENTIVE PLAN PAYOUT IS BASED ON A POLICY BENCHMARK OVER A THREE YEAR PERIOD, AND QUALITATIVE GOALS ARE THE FINAL PAYOUT, AND QUANTITATIVE RESULTS ARE AUDITED BEFORE REGENT PRE-DETERMINED GOALS. QUANTITATIVE GOALS COMPARE OUR PORTFOLIO PERFORMANCE ESTABLISHED ANNUALLY FOR EACH EMPLOYEE. A SET FORMULA IS USED TO CALCULATE APPROVAL.

SCHEDULE J, PART II

NAME: CHARLES ALCOCK COMPENSATION FROM UNRELATED ORGANIZATION: 190,190 NAME OF UNRELATED ORGANIZATION: HARVARD UNIVERSITY

Related partnerships

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

• BLACKBIRD 1846 ENERGY FUND LP

  EXCLUDED · INVESTMENT · DE · 100% owned

  Directly controlled by BLACKBIRD 1846 ENERGY FUND GP LP

Related corporations and trusts

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

• CHARITABLE REMAINDER TRUSTS (1)

  TRUST · CHARITABLE REMAINDER TRUST · AZ · controlled entity

  Directly controlled by NA

• CHARITABLE REMAINDER TRUSTS (2)

  TRUST · CHARITABLE REMAINDER TRUST · CO · controlled entity

  Directly controlled by NA

• CHARITABLE REMAINDER TRUSTS (1)

  TRUST · CHARITABLE REMAINDER TRUST · CT · controlled entity

  Directly controlled by NA

• CHARITABLE REMAINDER TRUSTS (2)

  TRUST · CHARITABLE REMAINDER TRUST · DC · controlled entity

  Directly controlled by NA

• CHARITABLE REMAINDER TRUSTS (2)

  TRUST · CHARITABLE REMAINDER TRUST · IL · controlled entity

  Directly controlled by NA

• CHARITABLE REMAINDER TRUSTS (1)

  TRUST · CHARITABLE REMAINDER TRUST · MI · controlled entity

  Directly controlled by NA

• CHARITABLE REMAINDER TRUSTS (3)

  TRUST · CHARITABLE REMAINDER TRUST · NJ · controlled entity

  Directly controlled by NA

• CHARITABLE REMAINDER TRUSTS (1)

  TRUST · CHARITABLE REMAINDER TRUST · NY · controlled entity

  Directly controlled by NA

• CHARITABLE REMAINDER TRUSTS (1)

  TRUST · CHARITABLE REMAINDER TRUST · PA · controlled entity

  Directly controlled by NA

• CHARITABLE REMAINDER TRUSTS (5)

  TRUST · CHARITABLE REMAINDER TRUST · VA · controlled entity

  Directly controlled by NA