Form 990 for tax year 2022

Filed by PEABODY ESSEX MUSEUM INC.

Totals

Total revenue: $40,068,783
Total expenses: $42,794,658
Contributions and grants received: $20,509,422
Grants paid: $0
Program service revenue: $1,762,993
Investment income: $16,378,560
Other revenue: $1,417,808
Total assets, end of year: $799,352,215
Total liabilities, end of year: $73,821,062
Net assets or fund balances, end of year: $725,531,153
Program services expenses (Part IX): $33,560,990
Management and general expenses: $6,085,879
Fundraising expenses: $3,147,789
Program service expenses (Part III): $33,560,990

Program services were 78.4% 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

$765,219
1e · Government grants (contributions)

$140,077
1f · All other contributions, gifts and grants

$19,604,126
1g · Noncash contributions included above

$903,983
2a · Program service revenue: ADMISSIONS

total $1,239,428 · related or exempt $1,239,428
2b · Program service revenue: FUNCTIONS

total $366,792 · related or exempt $366,792
2c · Program service revenue: EDUCATION PROGRAM REV.

total $115,796 · related or exempt $115,796
2d · Program service revenue: TRAVELING EXHIBITIONS

total $22,500 · related or exempt $22,500
2e · Program service revenue: OTHER PROGRAM REVENUE

total $18,477 · related or exempt $18,477
3 · Investment income

total $3,656,599 · unrelated business $452,832 · excluded $3,203,767
5 · Royalties

total $11,089 · excluded $11,089
6a · Gross rents

real property $72,457
6b · Less rental expenses

real property $17,854
6c · Rental income or loss

real property $54,603
6d · Net rental income or loss

total $54,603 · excluded $54,603
7a · Gross sales of assets other than inventory

securities $35,633,356
7b · Less cost or other basis and sales expenses

securities $22,911,395
7c · Gain or loss

securities $12,721,961
7d · Net gain or loss

total $12,721,961 · excluded $12,721,961
10a · Gross sales of inventory

$1,041,184
10b · Cost of goods sold

$498,338
10c · Net income from sales of inventory

total $542,846 · related or exempt $520,875 · unrelated business $21,971
11a · Other revenue: MISC INVESTMENT INCOME

total $633,960 · excluded $633,960
11d · All other revenue

total $175,310 · related or exempt $175,310
11e · Other revenue, total

$809,270

Functional expenses

Part IX, the statement of functional expenses.

5 · Compensation of officers, directors and key employees

total $1,450,953 · management and general $1,008,441 · fundraising $442,512
7 · Other salaries and wages

total $12,543,527 · program services $10,013,571 · management and general $1,176,014 · fundraising $1,353,942
8 · Pension plan contributions

total $687,380 · program services $548,740 · management and general $64,445 · fundraising $74,195
9 · Other employee benefits

total $1,205,164 · program services $962,089 · management and general $112,990 · fundraising $130,085
10 · Payroll taxes

total $926,954 · program services $739,993 · management and general $86,906 · fundraising $100,055
11b · Fees: legal

total $193,866 · program services $1,285 · management and general $192,581
11c · Fees: accounting

total $133,282 · management and general $133,282
11f · Fees: investment management

total $2,065,692 · program services $1,785,998 · management and general $203,677 · fundraising $76,017
11g · Fees: other

total $3,850,613 · program services $2,422,160 · management and general $1,045,263 · fundraising $383,190
12 · Advertising and promotion

total $634,535 · program services $631,886 · fundraising $2,649
13 · Office expenses

total $1,146,248 · program services $709,374 · management and general $345,756 · fundraising $91,118
16 · Occupancy

total $2,627,535 · program services $2,617,502 · fundraising $10,033
17 · Travel

total $521,665 · program services $421,427 · management and general $58,364 · fundraising $41,874
20 · Interest

total $2,330,873 · program services $2,325,777 · management and general $5,096
22 · Depreciation, depletion and amortization

total $8,848,651 · program services $7,760,267 · management and general $949,460 · fundraising $138,924
23 · Insurance

total $537,592 · program services $106,250 · management and general $431,342
24a · Other expenses: EXHIBITIONS

total $632,024 · program services $632,024 · management and general $0 · fundraising $0
24b · Other expenses: HOSPITALITY

total $520,788 · program services $229,934 · management and general $43,283 · fundraising $247,571
24c · Other expenses: COLLECTION ACQUISITIONS

total $499,562 · program services $499,562 · management and general $0 · fundraising $0
24d · Other expenses: PRINTING AND PUBLICATIO

total $63,464 · program services $63,464 · management and general $0 · fundraising $0
24e · All other expenses

total $1,374,290 · program services $1,089,687 · management and general $228,979 · fundraising $55,624

Balance sheet

Part X, book values.

1 · Cash, non-interest-bearing

beginning of year $1,394,677 · end of year $844,659
2 · Savings and temporary cash investments

beginning of year $6,477,529 · end of year $17,017,165
3 · Pledges and grants receivable

beginning of year $5,303,481 · end of year $5,471,876
4 · Accounts receivable

beginning of year $3,002,631 · end of year $2,339,831
5 · Loans and receivables from officers and key people

beginning of year $305,816 · end of year $304,998
8 · Inventories for sale or use

beginning of year $593,992 · end of year $608,205
9 · Prepaid expenses and deferred charges

beginning of year $221,900 · end of year $144,163
10a · Land, buildings and equipment: cost or other basis

$298,807,007
10b · Land, buildings and equipment: accumulated depreciation

$119,517,857
10c · Land, buildings and equipment, net

beginning of year $186,285,710 · end of year $179,289,150
11 · Investments: publicly traded securities

beginning of year $73,858,752 · end of year $40,361,975
12 · Investments: other securities

beginning of year $497,692,065 · end of year $546,463,560
15 · Other assets

beginning of year $6,343,161 · end of year $6,506,633
17 · Accounts payable and accrued expenses

beginning of year $2,857,646 · end of year $2,778,478
19 · Deferred revenue

beginning of year $190,973 · end of year $178,243
20 · Tax-exempt bond liabilities

beginning of year $71,851,607 · end of year $68,707,520
23 · Secured mortgages and notes payable

beginning of year $1,749,497 · end of year $1,664,156
25 · Other liabilities

beginning of year $500,679 · end of year $492,665
27 · Net assets without donor restrictions

beginning of year $166,198,872 · end of year $165,107,814
28 · Net assets with donor restrictions

beginning of year $538,130,440 · end of year $560,423,339

Mission and programs · 2022

Mission

PEM OFFERS THOUGHT-PROVOKING EXPERIENCES OF THE ARTS, HUMANITIES, AND SCIENCES TO ACTIVATE UNDERSTANDING OF OUR SHARED HUMANITY AND TO EMPOWER IMAGINATION AND LEARNING THROUGH EXPERIMENTATION. WE STEWARD, BUILD, AND MAKE OUR COLLECTIONS ACCESSIBLE TO ENCOURAGE APPRECIATION OF THE INTERCONNECTED HISTORIES AND CREATIVITY OF PEOPLE IN OUR COMPLEX, ALWAYS CHANGING WORLD.

EXHIBITIONS AND PUBLICATIONS: SEE SCHEDULE O.

Expenses $11,895,836 · Revenue $1,276,807
CURATORIAL AND COLLECTIONS: SEE SCHEDULE O.

Expenses $13,774,139 · Revenue $3,598
LEARNING & CIVIC ENGAGEMENT: SEE SCHEDULE O.

Expenses $2,189,225 · Revenue $115,796
ALL OTHER

Expenses $5,701,790 · Revenue $1,062,977

As filed on the 2022 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

JEFFREY BEALE

VICE PRESIDENT

Total calculated

$0

Hours/week

2
CLEMENT BENENSON

TRUSTEE

Total calculated

$0

Hours/week

1
STEPHANIE BENENSON

TRUSTEE

Total calculated

$0

Hours/week

1
JENNIFER BORGGAARD

SECRETARY

Total calculated

$0

Hours/week

2
ALFRED CHANDLER III

TRUSTEE

Total calculated

$0

Hours/week

1
ANA B COLMENERO

VICE PRESIDENT

Total calculated

$0

Hours/week

2
ANDREW HEISKELL

TRUSTEE

Total calculated

$0

Hours/week

1
ELIZABETH DE MONTRICHARD

TRUSTEE

Total calculated

$0

Hours/week

1
KATE O'NEIL

TRUSTEE

Total calculated

$0

Hours/week

1
JANE PAPPALARDO

TRUSTEE

Total calculated

$0

Hours/week

1
SMITA AMIN PATEL

TRUSTEE

Total calculated

$0

Hours/week

1
SUNITA PEREIRA MD

TRUSTEE

Total calculated

$0

Hours/week

1
STUART PRATT

CHAIR

Total calculated

$0

Hours/week

2
AUSTIN SHAPARD

VICE PRESIDENT

Total calculated

$0

Hours/week

1
JURRIEN TIMMER

TRUSTEE

Total calculated

$0

Hours/week

1
GAIL VON METZSCH

TRUSTEE

Total calculated

$0

Hours/week

2
CATHERINE CREIGHTON

TRUSTEE

Total calculated

$0

Hours/week

1
BRENDA FURLONG

TREASURER

Total calculated

$0

Hours/week

1
LYNDA ROSCOE HARTIGAN

EXECUTIVE DIRECTOR

Total calculated

$814,206

From this org

$729,264

From related orgs

$0

Other

$84,942

Hours/week

40

Schedule J breakdown matched by us

Base

$649,261

Bonus

$0

Other

$80,003

Deferred

$61,675

Nontaxable benefits

$23,267

Filer's total

$814,206
NATHALIE G APCHIN

CFO

Total calculated

$333,052

From this org

$291,384

From related orgs

$0

Other

$41,668

Hours/week

40

Schedule J breakdown matched by us

Base

$291,384

Bonus

$0

Other

$0

Deferred

$18,057

Nontaxable benefits

$23,611

Filer's total

$333,052
KURT STEINBERG

CHIEF OPERATING OFFICER

Total calculated

$0

Hours/week

40
AMANDA CLARK MACMULLAN

CHIEF PHILANTHROPY OFFICER

Total calculated

$424,623

From this org

$383,272

From related orgs

$0

Other

$41,351

Hours/week

40

Schedule J breakdown matched by us

Base

$383,272

Bonus

$0

Other

$0

Deferred

$18,300

Nontaxable benefits

$23,051

Filer's total

$424,623
DEREK C O'BRIEN

CHIEF MARKETING OFFICER

Total calculated

$188,025

From this org

$176,313

From related orgs

$0

Other

$11,712

Hours/week

40

Schedule J breakdown matched by us

Base

$176,313

Bonus

$0

Other

$0

Deferred

$10,579

Nontaxable benefits

$1,133

Filer's total

$188,025
JOHN D CHILDS

DIRECTOR OF COLLECTIONS

Total calculated

$194,245

From this org

$171,992

From related orgs

$0

Other

$22,253

Hours/week

40

Schedule J breakdown matched by us

Base

$171,992

Bonus

$0

Other

$0

Deferred

$10,579

Nontaxable benefits

$11,674

Filer's total

$194,245
PETRA S SLINKARD

DIRECTOR OF CURATORIAL AFFAIRS

Total calculated

$194,245

From this org

$171,992

From related orgs

$0

Other

$22,253

Hours/week

40

Schedule J breakdown matched by us

Base

$171,992

Bonus

$0

Other

$0

Deferred

$10,579

Nontaxable benefits

$11,674

Filer's total

$194,245
SIDDHARTHA V SHAH

DIRECTOR OF EDUCATION & CIVIC ENGAGEMENT

Total calculated

$166,852

From this org

$148,601

From related orgs

$0

Other

$18,251

Hours/week

40

Schedule J breakdown matched by us

Base

$137,596

Bonus

$0

Other

$11,005

Deferred

$7,709

Nontaxable benefits

$10,542

Filer's total

$166,852
BRIAN KENNEDY

FORMER EXECUTIVE DIRECTOR

Total calculated

$190,401

From this org

$190,401

From related orgs

$0

Other

$0

Hours/week

0

Schedule J breakdown matched by us

Base

$0

Bonus

$0

Other

$190,401

Deferred

$0

Nontaxable benefits

$0

Filer's total

$190,401
DAN MONROE

FORMER EXEC DIR/CONSULTANT

Total calculated

$150,000

From this org

$150,000

From related orgs

$0

Other

$0

Hours/week

8

Schedule J breakdown matched by us

Base

$150,000

Bonus

$0

Other

$0

Deferred

$0

Nontaxable benefits

$0

Filer's total

$150,000

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 · First-class or charter travel
1b · Written policy on the line-1a expenses
2 · Substantiation required before reimbursing expenses
3 · Compensation committee
3 · Independent compensation consultant
3 · Form 990 of other organizations
3 · Written employment contract
3 · Compensation survey or study
3 · Approval by the board or compensation committee
4a · Severance or change-of-control payment
8 · Paid under the initial-contract exception
9 · Followed the rebuttable-presumption procedure

Answered no

4b · Supplemental nonqualified retirement plan
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

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 4A: BRIAN KENNEDY RECEIVED SEVERANCE PAYMENTS IN THE AMOUNT OF $190,401.
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.

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.

Related organizations on this return

Schedule R Part II: tax-exempt organizations related to the filer by control. It does not record shared board members or money.

PHILLIPS JAMES DUNCAN TR UWILL

501(C)(3) · SUPPORT PEABODY ESSEX MUSEUM, INC. · MA

Taxable family on this return

Schedule R Parts I, III and IV, as filed. These record ownership and control, not shared board members or money moved.

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

Provenance

Return type: form_990
Tax year: 2022
Filed: 13 May 2024
IRS schema version: 2022v5.0
Source object: 202441359349307274

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