Peabody Essex Museum Inc
- Assets
- $834.9m
- Revenue
- $58.0m
- Investments
- $520.5m
- Employees
- 259
- Location
- Salem, MA
- Founding
- 01/1993
- Data as of
- 06/2021
- EIN
- 04-3157815
Organization Overview
Peabody Essex Museum Inc is located in Salem, MA. The organization was established in 1993. According to its NTEE Classification (A50) the organization is classified as: Museums, under the broad grouping of Arts, Culture & Humanities and related organizations. As of 06/2022, Peabody Essex Museum Inc employed 259 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Peabody Essex Museum Inc is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
For the year ending 06/2021, Peabody Essex Museum Inc generated $58.0m in total revenue. This represents relatively stable growth, over the past 6 years the organization has increased revenue by an average of 7.2% each year. All expenses for the organization totaled $41.9m during the year ending 06/2021. While expenses have increased by 2.3% per year over the past 6 years. They've been increasing with an increasing level of total revenue. You can explore the organizations financials more deeply in the financial statements section below.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2021
Describe the Organization's Mission:
Part 3 - Line 1
THE MISSION OF THE PEABODY ESSEX MUSEUM IS TO CELEBRATE OUTSTANDING ARTISTIC AND CULTURAL CREATIVITY BY COLLECTING, STEWARDING AND INTERPRETING OBJECTS OF ART AND CULTURE IN WAYS THAT INCREASE KNOWLEDGE, ENRICH THE SPIRIT, ENGAGE THE MIND AND STIMULATE THE SENSES. THROUGH ITS EXHIBITIONS, PROGRAMS, PUBLICATIONS, MEDIA AND RELATED ACTIVITIES, PEM STRIVES TO CREATE EXPERIENCES THAT TRANSFORM PEOPLE'S LIVES BY BROADENING THEIR PERSPECTIVES, ATTITUDES, AND KNOWLEDGE OF THEMSELVES AND THE WIDER WORLD.
Describe the Organization's Program Activity:
Part 3 - Line 4a
EXHIBITIONS AND PUBLICATIONS: SEE SCHEDULE O.
CURATORIAL AND COLLECTIONS: SEE SCHEDULE O.
EDUCATION: SEE SCHEDULE O.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Jeffrey Beale Vice President | OfficerTrustee | 2 | $0 |
Clement Benenson Trustee | Trustee | 1 | $0 |
Stephanie Benenson Trustee | Trustee | 1 | $0 |
Jennifer Borggaard Secretary | OfficerTrustee | 2 | $0 |
C Richard Carlson Treasurer | OfficerTrustee | 2 | $0 |
Alfred Chandler III Trustee | Trustee | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Cambridge Associates Llc Investments Consulting | 6/29/22 | $1,071,761 |
Schwartz Hannum Pc Legal Services | 6/29/22 | $113,415 |
Windsor Conservation Conservation Services | 6/29/22 | $106,834 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Total Revenue from Contributions, Gifts, Grants & Similar | $9,977,640 |
| Investment income | $1,405,929 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $14,971 |
| Net Rental Income | $42,506 |
| Net Gain/Loss on Asset Sales | $44,982,611 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $393,329 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $57,993,478 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $1,624,575 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $11,984,551 |
| Pension plan accruals and contributions | $639,913 |
| Other employee benefits | $782,795 |
| Payroll taxes | $841,406 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $245,884 |
| Fees for services: Accounting | $116,200 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $4,661,591 |
| Fees for services: Other | $3,543,472 |
| Advertising and promotion | $511,556 |
| Office expenses | $866,453 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $2,196,422 |
| Travel | $40,542 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $2,531,984 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $8,876,242 |
| Insurance | $460,122 |
| All other expenses | $0 |
| Total functional expenses | $41,867,763 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $29,286 |
| Savings and temporary cash investments | $13,697,364 |
| Pledges and grants receivable | $3,630,380 |
| Accounts receivable, net | $2,159,132 |
| Loans from Officers, Directors, or Controlling Persons | $300,143 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $537,595 |
| Prepaid expenses and deferred charges | $168,010 |
| Investments—publicly traded securities | $93,656,950 |
| Investments—other securities | $520,533,832 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $7,361,819 |
| Total assets | $834,878,169 |
| Accounts payable and accrued expenses | $3,521,330 |
| Grants payable | $0 |
| Deferred revenue | $176,598 |
| Tax-exempt bond liabilities | $74,994,431 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $1,834,839 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $504,125 |
| Total liabilities | $81,031,323 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Total liabilities and net assets/fund balances | $753,846,846 |