Mystic Seaport Museum Inc
- Assets
- $107.7m
- Revenue
- $36.5m
- Investments
- $0.0
- Employees
- 274
- Location
- Mystic, CT
- Founding
- 08/1938
- Data as of
- 12/2022
- EIN
- 06-0653120
Organization Overview
Mystic Seaport Museum Inc is located in Mystic, CT. The organization was established in 1938. 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 12/2022, Mystic Seaport Museum Inc employed 274 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Mystic Seaport 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 12/2022, Mystic Seaport Museum Inc generated $36.5m in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 11.4% each year . All expenses for the organization totaled $22.7m during the year ending 12/2022. While expenses have increased by 2.1% per year over the past 7 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
990T
Mission & Program ActivityExcerpts From the 990T Filing
TAX YEAR
2022
Describe the Organization's Mission:
Part 3 - Line 1
THROUGH KNOWLEDGE, AUTHENTICITY, INSPIRATION, STEWARDSHIP AND COMMUNITY, MYSTIC SEAPORT MUSEUM STRIVES TO INSPIRE AN ENDURING CONNECTION TO THE AMERICAN MARITIME EXPERIENCE.
Describe the Organization's Program Activity:
VISITOR EXPERIENCE - MYSTIC SEAPORT MUSEUM WELCOMES 250,000 VISITORS ANNUALLY. DEPARTMENTS INCLUDING VISITOR SERVICES, EXHIBITIONS, INTERPRETATION, AND PUBLIC PROGRAMS WELCOME VISITORS; RESEARCH, DESIGN, PRODUCE, AND CARE FOR EXHIBITS; OFFER EDUCATIONAL AND ILLUSTRATIVE EXPERIENCES ABOUT AMERICA AND THE SEA; AND OFFER A VARIETY OF SEASONAL AND THEMED PROGRAMS, ACTIVITIES, AND SPECIAL EVENTS.
EDUCATIONAL PROGRAMS - MYSTIC SEAPORT MUSEUM SERVES 25,000 STUDENTS AND TEACHERS ANNUALLY WITH A VARIETY OF EDUCATIONAL OPPORTUNITIES, INCLUDING SUMMER CAMPS; SAILING PROGRAMS; SCHOOL FIELD TRIPS; AND AFTERSCHOOL, IN-SCHOOL, HOMESCHOOL, VIRTUAL, AND OVERNIGHT PROGRAMS.
COLLECTIONS & RESEARCH - MYSTIC SEAPORT MUSEUM'S COLLECTION CONTAINS MORE THAN 2 MILLION ITEMS SPANNING THE EIGHTEENTH THROUGH TWENTY-FIRST CENTURIES, INCLUDING WATERCRAFT, HISTORIC BUILDINGS, PHOTOGRAPHS AND FILM, ART, TOOLS, AND ARTIFACTS. THE WATERCRAFT COLLECTION IS THE LARGEST IN THE WORLD WITH MORE THAN 560 VESSELS, INCLUDING FOUR NATIONAL HISTORIC LANDMARKS. THE HENRY B. DUPONT PRESERVATION SHIPYARD CARES FOR THESE VESSELS, WHILE THE CURATORIAL DEPARTMENT ACQUIRES, RESEARCHES, DOCUMENTS, RESTORES, AND CONSERVES ITEMS FOR THE COLLECTION. THE MUSEUM'S COLLECTION ARE HOUSED IN A STATE OF THE ART FACILITY, THE COLLECTIONS RESEARCH CENTER, WHICH SERVES STUDENTS, MEMBERS, STAFF, AND OUTSIDE SCHOLARS.THE MUSEUM'S COLLECTION INCLUDES 560 WATERCRAFT (INCLUDING 5 MAJOR VESSELS), 24 HISTORIC HOUSES AND BUILDINGS, 2000 SHIP MODELS, 1100 SCRIMSHAW PIECES, 5000 VIDEO TAPES, 1,500,000 FEET OF HISTORIC FILM AND A COLLECTION OF MORE THAN 1,000,000 PHOTOGRAPHS, AS WELL AS SIGNIFICANT COLLECTIONS OF PRINTS, NAVIGATIONAL INSTRUMENTS, TOOLS, MARINE PAINTINGS AND OTHER MARITIME MEMORABILIA. IN ADDITION, THE COLLECTION CONTAINS LARGE QUANTITIES OF NONNAUTICAL FURNISHINGS FOR THE HISTORIC BUILDINGS, AS WELL AS SHIP AND BOAT PARTS, ENGINES, AND SIMILAR OBJECTS. THE MUSEUM'S LIBRARY COLLECTION CONTAINS APPROXIMATELY 75,000 BOOKS AND PERIODICALS, 1,000,000 MANUSCRIPTS, 10,000 MAPS, WELL OVER 100,000 SHIP PLANS, 2,000 ROLLS OF MICROFILM, AND 600 ORAL HISTORY TAPES.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Peter Armstrong President & Trustee | OfficerTrustee | 40 | $288,379 |
David R Bechtel Trustee | Trustee | 1 | $0 |
Jay S Benet Trustee | Trustee | 1 | $0 |
Alexander D Bulazel Trustee | Trustee | 1 | $0 |
Grant L Cambridge Vice Chairman | OfficerTrustee | 1 | $0 |
Richard W Clary Vice Chairman | OfficerTrustee | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Wiggin & Dana Llp Legal Services | 12/30/22 | $1,360,242 |
Sns Electric Llc Electrical Services | 12/30/22 | $900,490 |
Advanced Improvements Llc Construction Services | 12/30/22 | $629,625 |
Securitas Security Services Usa Inc Security Services | 12/30/22 | $464,326 |
Rockman Inc Painting | 12/30/22 | $233,333 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $1,352,382 |
| Fundraising events | $376,854 |
| Related organizations | $0 |
| Government grants | $1,775,136 |
| All other contributions, gifts, grants, and similar amounts not included above | $10,561,164 |
| Noncash contributions included in lines 1a–1f | $1,863,045 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $14,065,536 |
| Total Program Service Revenue | $6,019,583 |
| Investment income | $1,502,739 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $11,532 |
| Net Rental Income | $124,549 |
| Net Gain/Loss on Asset Sales | $14,484,220 |
| Net Income from Fundraising Events | -$56,789 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $14,485 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $36,462,336 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $5,290 |
| Grants and other assistance to domestic individuals. | $62,209 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $532,256 |
| Compensation of current officers, directors, key employees. | $135,978 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $8,039,012 |
| Pension plan accruals and contributions | $168,781 |
| Other employee benefits | $798,318 |
| Payroll taxes | $625,288 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $1,628,535 |
| Fees for services: Accounting | $78,406 |
| Fees for services: Lobbying | $78,000 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $318,292 |
| Fees for services: Other | $75,742 |
| Advertising and promotion | $198,191 |
| Office expenses | $776,600 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $1,023,076 |
| Travel | $317,864 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $115,296 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $1,860,443 |
| Insurance | $706,300 |
| All other expenses | $694,581 |
| Total functional expenses | $22,706,958 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $4,484,082 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $4,428,238 |
| Accounts receivable, net | $1,039,590 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $188,193 |
| Prepaid expenses and deferred charges | $702,802 |
| Net Land, buildings, and equipment | $24,316,082 |
| Investments—publicly traded securities | $67,741,636 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $4,791,265 |
| Total assets | $107,691,888 |
| Accounts payable and accrued expenses | $1,571,998 |
| Grants payable | $0 |
| Deferred revenue | $3,269,113 |
| 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 | $4,723,817 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $184,324 |
| Total liabilities | $9,749,252 |
| Net assets without donor restrictions | $29,021,636 |
| Net assets with donor restrictions | $68,921,000 |
| 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 | $107,691,888 |