Springfield Museums Corporation
- Assets
- $88.9m
- Revenue
- $9.8m
- Investments
- $0.0
- Employees
- 142
- Location
- Springfield, MA
- Founding
- 02/1935
- Data as of
- 06/2023
- EIN
- 04-6002239
Organization Overview
Springfield Museums Corporation is located in Springfield, MA. The organization was established in 1935. According to its NTEE Classification (B70) the organization is classified as: Libraries, under the broad grouping of Education and related organizations. As of 06/2023, Springfield Museums Corporation employed 142 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Springfield Museums Corporation 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 06/2023, Springfield Museums Corporation generated $9.8m in total revenue. This represents a relatively dramatic decline in revenue. Over the past 8 years, the organization has seen revenues fall by an average of (6.0%) each year. All expenses for the organization totaled $8.4m during the year ending 06/2023. You can explore the organizations financials more deeply in the financial statements section below.
Form
990T
Mission & Program ActivityExcerpts From the 990T Filing
TAX YEAR
2023
Describe the Organization's Mission:
Part 3 - Line 1
THE SPRINGFIELD MUSEUMS CORPORATION IS A NON-PROFIT ORGANIZATION WHICH PROVIDES PUBLIC ACCESS TO ITS COLLECTIONS OF LITERATURE, ARTWORK, AND HISTORICAL TREASURES.
Describe the Organization's Program Activity:
PROVIDED THE PUBLIC WITH VARIOUS MATERIALS, PROGRAMS, OBJECTS AND ARTIFACTS FOR EDUCATIONAL, RECREATIONAL AND INFORMATIONAL PURPOSES. SERVING APPROXIMATELY 600,000 INDIVIDUALS.
EDUCATIONAL PROGRAMS FOR SCHOOL CHILDREN INCLUDING INTERPRETIVE TOURS, HANDS-ON SCIENCE PROGRAMS, PLANETARIUM SHOWS, ART DISCOVERY ADVENTURES, AND LOCAL HISTORY ACTIVITIES.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Wayne Gass Trustee | Trustee | 1 | $0 |
Augustine Kim ESQ Trustee | Trustee | 1 | $0 |
Kathleen Kane Trustee | Trustee | 1 | $0 |
Francis J Cataldo Jr Trustee | Trustee | 1 | $0 |
Patrick J Sullivan Trustee | Trustee | 1 | $0 |
Sam Hanmer Trustee | Trustee | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Security Concepts Inc Security | 6/29/18 | $128,713 |
Guarducci Stained Glass Studios Stained Glass | 6/29/18 | $153,124 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $423,415 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $3,368,100 |
| All other contributions, gifts, grants, and similar amounts not included above | $2,362,649 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $6,154,164 |
| Total Program Service Revenue | $1,336,818 |
| Investment income | $1,727,447 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $228,228 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $203,217 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $9,845,732 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| 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. | $326,292 |
| Compensation of current officers, directors, key employees. | $326,292 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $3,546,682 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $305,970 |
| Payroll taxes | $294,139 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $0 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $99,680 |
| Advertising and promotion | $210,526 |
| Office expenses | $340,897 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $754,886 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $109,170 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $1,361,346 |
| Insurance | $112,577 |
| All other expenses | $925,237 |
| Total functional expenses | $8,387,402 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $9,163 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $2,784,614 |
| Accounts receivable, net | $47,045 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $250,356 |
| Net Land, buildings, and equipment | $14,030,505 |
| Investments—publicly traded securities | $49,076,416 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $22,739,633 |
| Total assets | $88,937,732 |
| Accounts payable and accrued expenses | $658,708 |
| Grants payable | $0 |
| Deferred revenue | $110,498 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $2,848,194 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $3,617,400 |
| Net assets without donor restrictions | $53,955,346 |
| Net assets with donor restrictions | $31,364,986 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $0 |
| Total liabilities and net assets/fund balances | $88,937,732 |