Totals
- Total revenue
- $58,672,728
- Total expenses
- $34,392,554
- Contributions and grants received
- $38,669,823
- Grants paid
- $103,549
- Program service revenue
- $3,853,537
- Investment income
- $15,512,252
- Other revenue
- $637,116
- Total assets, end of year
- $435,664,971
- Total liabilities, end of year
- $19,805,475
- Net assets or fund balances, end of year
- $415,859,496
- Program services expenses (Part IX)
- $25,934,265
- Management and general expenses
- $5,427,089
- Fundraising expenses
- $3,031,200
- Program service expenses (Part III)
- $25,934,265
Program services were 75.4% 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
$2,230,368
-
1c · Fundraising events
$1,221,608
-
1e · Government grants (contributions)
$141,815
-
1f · All other contributions, gifts and grants
$35,076,032
-
1g · Noncash contributions included above
$1,278,195
-
2a · Program service revenue: Admissions and Ticket Sales
total $2,580,276 · related or exempt $2,580,276
-
2b · Program service revenue: Member Dues, Events, Access Fees
total $976,549 · related or exempt $844,978 · excluded $131,571
-
2c · Program service revenue: Photographic Income
total $145,401 · related or exempt $145,401
-
2f · All other program service revenue
total $151,311 · related or exempt $151,311
-
3 · Investment income
total $8,087,321 · unrelated business $22,211 · excluded $8,065,110
-
5 · Royalties
total $4,991 · excluded $4,991
-
7a · Gross sales of assets other than inventory
securities $99,175,277
-
7b · Less cost or other basis and sales expenses
securities $91,750,346
-
7c · Gain or loss
securities $7,424,931
-
7d · Net gain or loss
total $7,424,931 · excluded $7,424,931
-
8a · Fundraising events: gross income
$401,145
-
8a · Fundraising events: contributions included on line 1c
$1,221,608
-
8b · Fundraising events: direct expenses
$401,145
-
8c · Net income from fundraising events
total $0
-
10a · Gross sales of inventory
$1,167,004
-
10b · Cost of goods sold
$534,879
-
10c · Net income from sales of inventory
total $632,125 · related or exempt $423,660 · unrelated business $208,465
Functional expenses
Part IX, the statement of functional expenses.
-
2 · Grants to domestic individuals
total $103,549 · program services $103,549
-
5 · Compensation of officers, directors and key employees
total $1,808,294 · program services $973,502 · management and general $440,725 · fundraising $394,067
-
7 · Other salaries and wages
total $11,296,323 · program services $8,073,452 · management and general $2,065,939 · fundraising $1,156,932
-
8 · Pension plan contributions
total $496,930 · program services $358,525 · management and general $89,797 · fundraising $48,608
-
9 · Other employee benefits
total $1,853,071 · program services $1,175,919 · management and general $484,615 · fundraising $192,537
-
10 · Payroll taxes
total $711,119 · program services $463,585 · management and general $170,450 · fundraising $77,084
-
11b · Fees: legal
total $173,936 · program services $6,548 · management and general $167,388
-
11c · Fees: accounting
total $78,189 · management and general $78,189
-
11f · Fees: investment management
total $512,209 · management and general $512,209
-
11g · Fees: other
total $1,092,313 · program services $603,346 · management and general $254,390 · fundraising $234,577
-
12 · Advertising and promotion
total $441,219 · program services $376,125 · management and general $65,094
-
13 · Office expenses
total $431,212 · program services $157,021 · management and general $120,434 · fundraising $153,757
-
14 · Information technology
total $237,717 · program services $166,042 · management and general $20,162 · fundraising $51,513
-
17 · Travel
total $227,841 · program services $84,102 · management and general $72,594 · fundraising $71,145
-
20 · Interest
total $759,122 · program services $616,046 · management and general $88,068 · fundraising $55,008
-
22 · Depreciation, depletion and amortization
total $4,131,376 · program services $3,402,120 · management and general $425,477 · fundraising $303,779
-
23 · Insurance
total $292,383 · program services $256,001 · management and general $18,965 · fundraising $17,417
-
24a · Other expenses: Collection acquisitions
total $4,349,328 · program services $4,349,328
-
24b · Other expenses: Building maintenance
total $2,518,875 · program services $2,068,549 · management and general $272,407 · fundraising $177,919
-
24c · Other expenses: Exhibition expense
total $1,945,828 · program services $1,945,828
-
24d · Other expenses: Reference books
total $166,567 · program services $166,567
-
24e · All other expenses
total $765,153 · program services $588,110 · management and general $80,186 · fundraising $96,857
Balance sheet
Part X, book values.
-
1 · Cash, non-interest-bearing
beginning of year $962,408 · end of year $2,082,924
-
2 · Savings and temporary cash investments
beginning of year $10,818,711 · end of year $14,176,709
-
3 · Pledges and grants receivable
beginning of year $2,987,906 · end of year $16,442,515
-
4 · Accounts receivable
beginning of year $492,428 · end of year $916,498
-
8 · Inventories for sale or use
beginning of year $200,600 · end of year $268,999
-
9 · Prepaid expenses and deferred charges
beginning of year $809,103 · end of year $1,262,085
-
10a · Land, buildings and equipment: cost or other basis
$173,890,869
-
10b · Land, buildings and equipment: accumulated depreciation
$80,244,665
-
10c · Land, buildings and equipment, net
beginning of year $96,419,454 · end of year $93,646,204
-
11 · Investments: publicly traded securities
beginning of year $111,343,609 · end of year $126,137,383
-
12 · Investments: other securities
beginning of year $160,947,747 · end of year $178,969,440
-
15 · Other assets
beginning of year $1,501,671 · end of year $1,762,214
-
17 · Accounts payable and accrued expenses
beginning of year $1,725,300 · end of year $1,681,370
-
19 · Deferred revenue
beginning of year $342,158 · end of year $406,979
-
20 · Tax-exempt bond liabilities
beginning of year $14,705,780 · end of year $14,732,939
-
25 · Other liabilities
beginning of year $2,689,664 · end of year $2,984,187
-
27 · Net assets without donor restrictions
beginning of year $105,093,130 · end of year $107,897,976
-
28 · Net assets with donor restrictions
beginning of year $261,927,605 · end of year $307,961,520
Mission and programs · 2023
Mission
The Morgan Library & Museum celebrates and shares the history and process of human creativity from antiquity to the present day through the preservation, study, and interpretation of a dynamic and growing collection.
Activities or mission (Part I)
Museum and independent research library (see Schedule O)located in the heart of New York City, the Morgan Library & Museum began as the personal library of financier, collector, and cultural benefactor J. Pierpont Morgan (1837-1913). The Morgan offers the public close encounters with great works of human accomplishment in a setting treasured for its intimate scale and historic significance. Its collections of manuscripts, rare books, music, drawings, and other works of art comprise a unique record of civilization, as well as an incomparable repository of ideas and the creative process.
-
Curatorial: The Morgan Library & Museum ("the Morgan") occupies a midtown Manhattan campus comprised of three landmarked buildings that are joined by pavilions constructed of steel-and-glass panels designed by renowned architect Renzo Piano. The Morgan houses one of the world's greatest collections of artistic, literary, musical, and historical works. Included in its holdings are original scores of Mozart and Beethoven, drawings by Rembrandt and Rubens, medieval and Renaissance works, three Gutenberg Bibles, literary manuscripts by Dickens and Twain, and five-thousand-year-old carvings from the countries of ancient Western Asia. The Morgan recorded 234,610 visitors over the fiscal year, primarily for a wide variety of changing exhibitions encompassing works from the Morgan's (continued on Schedule O)permanent collection and from other museums and libraries in the U.S. and abroad. Exhibitions during fiscal year 2024 included "Beatrix Potter: Drawn to Nature;" "Walton Ford: Animal Studies and Sketches;" "Spirit and Invention: Drawings by Giambattista and Domenico Tiepolo; and "Medieval Money, Merchants, and Morality." The Morgan's curators plan the exhibitions, oversee the permanent collection, prepare exhibition and collection-related catalogs, organize symposia, host graduate seminars, and provide research and other services to the scholarly community.The extraordinary group of medieval and Renaissance manuscripts; printed books and bindings; literary, historical, and music manuscripts; drawings and prints; and ancient cylinder seals that J. Pierpont Morgan brought together were among the first important collections of their kind in America and form what is today the core of the Morgan's holdings. (The collection now includes photography and modern and contemporary drawings as well.) In overall quality and importance, these collections are among the finest in the world, distinguished by the high percentage of items that are unique or exceptionally rare. One of only a handful of American institutions devoted to these specialized areas, the Morgan maintains an active acquisitions program and now holds several hundred thousand items in its collection.The Morgan's Drawing Institute is devoted to the interpretation, conservation, and theory of old master and modern drawing with the goal of stimulating new lines of investigation and discourse. The Drawing Institute supports research through annual fellowships; publications; small, focused exhibitions; and an ongoing series of symposia, seminars, and lectures.
Expenses $14,829,001 · Grants $103,549 · Revenue $3,357,405
-
Library and Museum Services: The Morgan Library & Museum is one of nineteen independent research libraries in the United States and, as such, makes its collections available to qualified researchers for study on-site in the Sherman Fairchild Reading Room and the Drawing Study Center. An online catalog of the collections is accessible at www.themorgan.org and assists researchers both on and off-site. Active digitization and publication programs help to extend the reach of the Morgan's scholarly services and support study of the collections.The Morgan has had professional paper and book conservation facilities since the 1950s, when they were among the first such labs in the United States. The Morgan's conservation facilities (continued on Schedule O) were dramatically enhanced with the 2002 completion of the Thaw Conservation Center. The Morgan's conservators oversee the preservation of the collections and also undertake surveys and treatment projects of discrete collection areas. The collections consist almost entirely of works on paper and related porous supports (vellum, parchment, papyri), and the conservators have developed special expertise in the conservation, restoration, and repair of such objects. Both a working and teaching facility, the Thaw Center receives requests for assistance from institutions in the United States and abroad. It offers fellowships in conservation techniques and practices.
Expenses $4,750,115 · Revenue $296,711
-
Public Programs: In fiscal year 2024, the Morgan hosted 418 programs onsite, attracting 9,809 attendees to a diverse array of talks, lectures, symposiums, conversations, workshops, and docent-led public tours. Additionally, 23 concerts were presented in Gilder Lehrman Hall, drawing a total of 3,471 people. Virtual docent-led tours continued, with 17 programs reaching 727 participants worldwide. The Morgan's school programs offered both in-person and virtual activities, engaging 7,150 K-12 students; 1,129 participants in family and teen programs; and 372 college students, spanning diverse communities.
Expenses $4,180,536 · Revenue $67,849
-
Museum Publications and Retail: The Morgan maintains an active publications program, producing catalogues related to its exhibitions and items in its permanent collections. These catalogues are made available to the public, along with other exhibition and collection-related merchandise, through the Morgan's on-site retail shop and through the Morgan's website.
Expenses $2,174,613 · Revenue $632,126
As filed on the 2023 return. The filer continues this part on Schedule O, which is not shown here.
Listed in Part VII
-
Lawrence R Ricciardi
President
- Total calculated
- $0
- Hours/week
- 5
-
Richard L Menschel
Vice President
- Total calculated
- $0
- Hours/week
- 3
-
Clement C Moore II
Vice President
- Total calculated
- $0
- Hours/week
- 3
-
George L K Frelinghuysen
Treasurer
- Total calculated
- $0
- Hours/week
- 3
-
Thomas J Reid
Secretary
- Total calculated
- $0
- Hours/week
- 3
-
Mohit Assomull
Trustee
- Total calculated
- $0
- Hours/week
- 1
-
Allison Binns
Trustee
- Total calculated
- $0
- Hours/week
- 1
-
Susanna Borghese
Trustee
- Total calculated
- $0
- Hours/week
- 1
-
G Scott Clemons
Trustee
- Total calculated
- $0
- Hours/week
- 1
-
Karen B Cohen
Trustee
- Total calculated
- $0
- Hours/week
- 1
-
Martha J Fleischman
Trustee
- Total calculated
- $0
- Hours/week
- 1
-
Frederick J Iseman
Trustee
- Total calculated
- $0
- Hours/week
- 1
-
Jerker M Johansson
Trustee
- Total calculated
- $0
- Hours/week
- 1
-
Martha McGarry Miller
Trustee
- Total calculated
- $0
- Hours/week
- 1
-
John A Morgan
Trustee
- Total calculated
- $0
- Hours/week
- 1
-
Patricia Morton
Trustee
- Total calculated
- $0
- Hours/week
- 1
-
Eric L Motley
Trustee
- Total calculated
- $0
- Hours/week
- 1
-
Peter Pennoyer
Trustee
- Total calculated
- $0
- Hours/week
- 1
-
Katharine J Rayner
Trustee
- Total calculated
- $0
- Hours/week
- 1
-
Annette de la Renta
Trustee
- Total calculated
- $0
- Hours/week
- 1
-
Donna Perret Rosen
Trustee
- Total calculated
- $0
- Hours/week
- 1
-
Joshua W Sommer
Trustee
- Total calculated
- $0
- Hours/week
- 1
-
Robert King Steel
Trustee
- Total calculated
- $0
- Hours/week
- 1
-
Beatrice Stern
Trustee
- Total calculated
- $0
- Hours/week
- 1
-
Rachel R Stern
Trustee
- Total calculated
- $0
- Hours/week
- 1
-
Alyce Williams Toonk
Trustee
- Total calculated
- $0
- Hours/week
- 1
-
Colin B Bailey
Director
- Total calculated
- $851,136
- From this org
- $728,063
- From related orgs
- $0
- Other
- $123,073
- Hours/week
- 35
Schedule J breakdown matched by us
- Base
- $728,063
- Bonus
- $0
- Other
- $0
- Deferred
- $91,682
- Nontaxable benefits
- $31,391
- Filer's total
- $851,136
-
Kristina W Stillman
Dir. of Fin./Adm & Asst. Treasurer
- Total calculated
- $405,388
- From this org
- $330,428
- From related orgs
- $0
- Other
- $74,960
- Hours/week
- 35
Schedule J breakdown matched by us
- Base
- $330,428
- Bonus
- $0
- Other
- $0
- Deferred
- $41,682
- Nontaxable benefits
- $33,278
- Filer's total
- $405,388
-
Jessica B Ludwig
Deputy Dir.& Asst.Secretary
- Total calculated
- $316,325
- From this org
- $270,107
- From related orgs
- $0
- Other
- $46,218
- Hours/week
- 35
Schedule J breakdown matched by us
- Base
- $270,107
- Bonus
- $0
- Other
- $0
- Deferred
- $31,651
- Nontaxable benefits
- $14,567
- Filer's total
- $316,325
-
Lauren Stakias
Dir. of Institutional Advancement
- Total calculated
- $295,060
- From this org
- $263,628
- From related orgs
- $0
- Other
- $31,432
- Hours/week
- 35
Schedule J breakdown matched by us
- Base
- $263,628
- Bonus
- $0
- Other
- $0
- Deferred
- $30,307
- Nontaxable benefits
- $1,125
- Filer's total
- $295,060
-
John J Marciari
Charles W Engelhard Curator
- Total calculated
- $229,870
- From this org
- $196,247
- From related orgs
- $0
- Other
- $33,623
- Hours/week
- 35
Schedule J breakdown matched by us
- Base
- $196,247
- Bonus
- $0
- Other
- $0
- Deferred
- $19,019
- Nontaxable benefits
- $14,604
- Filer's total
- $229,870
-
Mary Schlitzer
Controller
- Total calculated
- $247,801
- From this org
- $191,493
- From related orgs
- $0
- Other
- $56,308
- Hours/week
- 35
Schedule J breakdown matched by us
- Base
- $191,493
- Bonus
- $0
- Other
- $0
- Deferred
- $18,624
- Nontaxable benefits
- $37,684
- Filer's total
- $247,801
-
Maria Fredericks
Sherman Fairchild Head of Thaw Conservation Center
- Total calculated
- $211,955
- From this org
- $166,167
- From related orgs
- $0
- Other
- $45,788
- Hours/week
- 35
Schedule J breakdown matched by us
- Base
- $166,167
- Bonus
- $0
- Other
- $0
- Deferred
- $14,668
- Nontaxable benefits
- $31,120
- Filer's total
- $211,955
-
Gilbert Parilla
Engineer
- Total calculated
- $170,864
- From this org
- $157,346
- From related orgs
- $0
- Other
- $13,518
- Hours/week
- 35
Schedule J breakdown matched by us
- Base
- $157,346
- Bonus
- $0
- Other
- $0
- Deferred
- $12,380
- Nontaxable benefits
- $1,138
- Filer's total
- $170,864
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 · Health or social club dues or initiation fees
- 1b · Written policy on the line-1a expenses
- 2 · Substantiation required before reimbursing expenses
- 3 · Compensation committee
- 3 · Form 990 of other organizations
- 3 · Written employment contract
- 3 · Approval by the board or compensation committee
- 4b · Supplemental nonqualified retirement plan
Answered no
- 4a · Severance or change-of-control payment
- 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 Morgan paid dues associated with one social club for Mr. Bailey which was used for business purposes.
- Part I, Line 4b
- Colin B. Bailey - Deferred compensation accrued under supplemental nonqualified retirement plan - $50,000
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 February 2025
- IRS schema version
- 2023v6.0
- Source object
- 202510429349301346
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