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Nonprofiteer
← INDEPENDENCE SEAPORT MUSEUM

Form 990 for tax year 2022

Filed by INDEPENDENCE SEAPORT MUSEUM.

Totals

Total revenue
$3,050,797
Total expenses
$5,133,522
Contributions and grants received
$873,479
Grants paid
$0
Program service revenue
$615,606
Investment income
$808,892
Other revenue
$752,820
Total assets, end of year
$21,290,179
Total liabilities, end of year
$910,691
Net assets or fund balances, end of year
$20,379,488
Program services expenses (Part IX)
$4,036,824
Management and general expenses
$690,559
Fundraising expenses
$406,139
Program service expenses (Part III)
$4,036,824

Program services were 78.6% 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

    $34,812

  • 1f · All other contributions, gifts and grants

    $838,667

  • 1g · Noncash contributions included above

    $100,000

  • 2a · Program service revenue: MUSEUM ADMISSIONS

    total $382,903 · related or exempt $382,903

  • 2b · Program service revenue: BOATSHOP AND DOCKS

    total $158,919 · related or exempt $158,919

  • 2c · Program service revenue: EDUCATIONAL PROGRAMS

    total $73,784 · related or exempt $73,784

  • 3 · Investment income

    total $648,109 · excluded $648,109

  • 6a · Gross rents

    real property $690,702

  • 6b · Less rental expenses

    real property $0

  • 6c · Rental income or loss

    real property $690,702

  • 6d · Net rental income or loss

    total $690,702 · excluded $690,702

  • 7a · Gross sales of assets other than inventory

    securities $3,906,224

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

    securities $3,745,441

  • 7c · Gain or loss

    securities $160,783

  • 7d · Net gain or loss

    total $160,783 · excluded $160,783

  • 8a · Fundraising events: gross income

    $18,918

  • 8b · Fundraising events: direct expenses

    $4,244

  • 8c · Net income from fundraising events

    total $14,674 · excluded $14,674

  • 10a · Gross sales of inventory

    $48,854

  • 10b · Cost of goods sold

    $47,820

  • 10c · Net income from sales of inventory

    total $1,034 · unrelated business $1,034

  • 11a · Other revenue: OTHER REVENUE

    total $46,410 · excluded $46,410

  • 11e · Other revenue, total

    $46,410

Functional expenses

Part IX, the statement of functional expenses.

  • 5 · Compensation of officers, directors and key employees

    total $356,631 · program services $252,333 · management and general $59,980 · fundraising $44,318

  • 7 · Other salaries and wages

    total $1,955,020 · program services $1,383,270 · management and general $328,804 · fundraising $242,946

  • 8 · Pension plan contributions

    total $70,901 · program services $50,166 · management and general $11,925 · fundraising $8,810

  • 9 · Other employee benefits

    total $199,434 · program services $141,110 · management and general $33,541 · fundraising $24,783

  • 10 · Payroll taxes

    total $204,399 · program services $144,622 · management and general $34,377 · fundraising $25,400

  • 11b · Fees: legal

    total $241,385 · program services $217,247 · management and general $21,725 · fundraising $2,413

  • 11f · Fees: investment management

    total $94,425 · management and general $94,425

  • 11g · Fees: other

    total $238,441 · program services $222,540 · management and general $13,410 · fundraising $2,491

  • 12 · Advertising and promotion

    total $144,087 · program services $109,031 · management and general $10,160 · fundraising $24,896

  • 16 · Occupancy

    total $484,249 · program services $443,040 · management and general $41,209

  • 20 · Interest

    total $11,581 · management and general $11,581

  • 22 · Depreciation, depletion and amortization

    total $549,088 · program services $543,602 · management and general $5,486

  • 23 · Insurance

    total $210,348 · program services $197,824 · management and general $10,366 · fundraising $2,158

  • 24a · Other expenses: MISCELLANEOUS

    total $162,525 · program services $121,531 · management and general $13,070 · fundraising $27,924

  • 24b · Other expenses: PROGRAM SUPPLIES AND MA

    total $144,638 · program services $144,638

  • 24c · Other expenses: EXHIBIT MAINTENANCE

    total $51,160 · program services $51,160

  • 24d · Other expenses: EQUIPMENT LEASE

    total $15,210 · program services $14,710 · management and general $500

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $24,436 · end of year $120,624

  • 2 · Savings and temporary cash investments

    beginning of year $5,121 · end of year $78,225

  • 3 · Pledges and grants receivable

    beginning of year $143,869 · end of year $117,556

  • 4 · Accounts receivable

    beginning of year $58,614 · end of year $32,395

  • 8 · Inventories for sale or use

    beginning of year $44,765 · end of year $54,094

  • 9 · Prepaid expenses and deferred charges

    beginning of year $52,738 · end of year $46,182

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

    $26,120,842

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

    $22,410,387

  • 10c · Land, buildings and equipment, net

    beginning of year $3,922,942 · end of year $3,710,455

  • 11 · Investments: publicly traded securities

    beginning of year $18,168,987 · end of year $16,997,743

  • 15 · Other assets

    beginning of year $118,353 · end of year $132,905

  • 17 · Accounts payable and accrued expenses

    beginning of year $331,854 · end of year $427,210

  • 19 · Deferred revenue

    beginning of year $156,726 · end of year $132,682

  • 23 · Secured mortgages and notes payable

    beginning of year $372,422 · end of year $350,799

  • 25 · Other liabilities

    beginning of year $115,295 · end of year $0

  • 27 · Net assets without donor restrictions

    beginning of year $21,476,708 · end of year $20,271,973

  • 28 · Net assets with donor restrictions

    beginning of year $86,820 · end of year $107,515

Mission and programs · 2022

Mission

TO DISCOVER PHILADELPHIA'S RIVER OF HISTORY AND WORLD OF CONNECTIONS. SERVING A WIDE AND DIVERSE AUDIENCE AND HOLDING ITS COLLECTIONS IN TRUST FOR THE COMMUNITY, THE MUSEUM TELLS THE STORIES OF THE PEOPLE, HISTORICAL EVENTS AND ENVIRONMENTAL CHANGES (CONTINUED ON SCHEDULE O)

Activities or mission (Part I)

DISCOVER PHILADELPHIA'S RIVER OF HISTORY AND WORLD OF CONNECTIONS.

  • THE INDEPENDENCE SEAPORT MUSEUM HOSTED A WIDE RANGE OF PROGRAMS, EVENTS, AND ACTIVITIES. STAFF UNDERTOOK THE FIRST OF NUMEROUS CHANGES TO UPGRADE EXISTING EXHIBITIONS AND PROGRAMS INCLUDING THE NEW SHIP MODEL GALLERY, INTEGRATION OF ITS HISTORIC BOAT COLLECTION INTO ITS EXISTING EXHIBITIONS, AND ENVIRONMENTAL UPGRADES TO THE FACILITIES. THE MUSEUM CONTINUES TO OFFER ITS AWARD WINNING INSTALLATION "RIVER ALIVE" AS WELL AS THE EXTREMELY POPULAR EXHIBITION 'TIDES OF FREEDOM." THE FORMER FOCUSES UPON THE DELAWARE RIVER AND ITS ENVIRONMENT WHILE THE LATTER CLOSELY EXAMINES THE ROLE OF AFRICAN-AMERICANS ALONG THE RIVER. IN ADDITION, THE MUSEUM OPERATES THE CRUISER OLYMPIA AND SUBMARINE BECUNA FOR THE PUBLIC. FINALLY, THE MUSEUM PROVIDES EXTENSIVE ON THE WATER EDUCATIONAL PROGRAMMING THROUGHOUT THE YEAR.

    Expenses $4,036,824 · Revenue $615,606

As filed on the 2022 return.

Listed in Part VII

  • Peter Ernst

    CHAIR

    Total calculated
    $0
    Hours/week
    0.5

  • Courtney Disston

    VICE-CHAIR

    Total calculated
    $0
    Hours/week
    0.5

  • Thomas G Ashton

    VICE-CHAIR

    Total calculated
    $0
    Hours/week
    0.5

  • James T Giles

    SECRETARY

    Total calculated
    $0
    Hours/week
    0.5

  • Kenneth Wood

    TREASURER

    Total calculated
    $0
    Hours/week
    0.5

  • Joe Benton

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.5

  • John C Devereux

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.5

  • Deborah Gibbons-Neff

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.5

  • Brett E J Gorman

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.5

  • Scott G Huston

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.5

  • Erik C Klein

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.5

  • Joseph B Lockley

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.5

  • William F Moen Jr

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.5

  • Tim McGrath

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.5

  • Joanne Phillips

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.5

  • John P Ventura

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.5

  • Peter Seibert

    CEO & PRESIDENT

    Total calculated
    $190,959
    From this org
    $179,901
    From related orgs
    $0
    Other
    $11,058
    Hours/week
    40 + 5 related

    Schedule J breakdown matched by us

    Base
    $179,901
    Bonus
    $0
    Other
    $0
    Deferred
    $6,895
    Nontaxable benefits
    $4,163
    Filer's total
    $190,959

  • Michael Flynn

    EXECUTIVE VP AND COO

    Total calculated
    $133,116
    From this org
    $122,553
    From related orgs
    $0
    Other
    $10,563
    Hours/week
    40

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

  • 3 · Compensation committee
  • 3 · Approval by the board or compensation committee

Answered no

  • 4a · Severance or change-of-control payment
  • 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
  • 8 · Paid under the initial-contract exception

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.

Provenance

Return type
form_990
Tax year
2022
Filed
19 March 2024
IRS schema version
2022v5.0
Source object
202420799349301862

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