American Philosophical Society
- Assets
- $267.4m
- Revenue
- $12.3m
- Investments
- $64.5m
- Employees
- 76
- Location
- Philadelphia, PA
- Founding
- 11/1934
- Data as of
- 12/2022
- EIN
- 23-1353269
Organization Overview
American Philosophical Society is located in Philadelphia, PA. The organization was established in 1934. According to its NTEE Classification (A70) the organization is classified as: Humanities, under the broad grouping of Arts, Culture & Humanities and related organizations. As of 12/2022, American Philosophical Society employed 76 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. American Philosophical Society 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, American Philosophical Society generated $12.3m 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 (3.5%) each year. All expenses for the organization totaled $13.2m during the year ending 12/2022. 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
THE AMERICAN PHILOSOPHICAL SOCIETY, THE OLDEST LEARNED SOCIETY IN THE UNITED STATES, WAS FOUNDED IN 1743 BY BENJAMIN FRANKLIN FOR THE PURPOSE OF "PROMOTING USEFUL KNOWLEDGE." IN THE 21ST CENTURY THE SOCIETY SUSTAINS THIS MISSION WITH VARIOUS PROGRAMS DESCRIBED FURTHER WITHIN.
Describe the Organization's Program Activity:
THE SOCIETY'S PRINTED YEARBOOK FOR 2022 GIVES A COMPLETE ACCOUNT OF THE SOCIETY'S ACTIVITIES. A COPY WILL BE FURNISHED UPON REQUEST. DETAILS CONCERNING CONTRIBUTIONS AND RESEARCH GRANTS ARE ON HAND AND ARE AVAILABLE FOR INSPECTION AT THE SOCIETY'S OFFICE.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Patrick Spero Librarian | Officer | 40 | $261,935 |
Dr Robert M Hauser Exc Officer | OfficerTrustee | 40 | $225,370 |
John Wolfe Financial Offic | Officer | 40 | $209,565 |
Linda Jacobs Development Direct | 40 | $156,920 | |
Nora Monroe Membership Directo | 40 | $126,070 | |
Ann Westcott Meetings Director | 40 | $121,255 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $6,463,558 |
| Noncash contributions included in lines 1a–1f | $2,009,263 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $6,463,558 |
| Total Program Service Revenue | $62,244 |
| Investment income | $5,336,155 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $29,800 |
| Net Gain/Loss on Asset Sales | $381,570 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $12,299,474 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $15,000 |
| Grants and other assistance to domestic individuals. | $1,366,021 |
| Grants and other assistance to Foreign Orgs/Individuals | $68,000 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $796,422 |
| Compensation of current officers, directors, key employees. | $443,024 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $3,290,715 |
| Pension plan accruals and contributions | $190,310 |
| Other employee benefits | $834,260 |
| Payroll taxes | $293,056 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $29,075 |
| Fees for services: Accounting | $96,993 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $930,112 |
| Fees for services: Other | $0 |
| Advertising and promotion | $0 |
| Office expenses | $54,374 |
| Information technology | $116,876 |
| Royalties | $0 |
| Occupancy | $654,503 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $372,731 |
| Interest | $44,984 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $709,863 |
| Insurance | $121,495 |
| All other expenses | $1,226,537 |
| Total functional expenses | $13,165,105 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $8,110,831 |
| Savings and temporary cash investments | $17,803,848 |
| Pledges and grants receivable | $241,474 |
| Accounts receivable, net | $2,811 |
| 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 | $508,474 |
| Net Land, buildings, and equipment | $12,386,709 |
| Investments—publicly traded securities | $163,832,904 |
| Investments—other securities | $64,545,530 |
| Investments—program-related | $0 |
| Intangible assets | $15,466 |
| Other assets | $0 |
| Total assets | $267,448,047 |
| Accounts payable and accrued expenses | $505,189 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| 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 | $53,176 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $7,299,189 |
| Total liabilities | $7,857,554 |
| Net assets without donor restrictions | $37,473,867 |
| Net assets with donor restrictions | $222,116,626 |
| 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 | $267,448,047 |
Grants Awarded
Over the last fiscal year, American Philosophical Society has awarded $110,000 in support to 2 organizations.
| Grant Recipient | Amount |
|---|---|
PHILA AREA CENTER FOR HISTORY OF SCIENC PURPOSE: Public Forums - History of Science | $95,000 |
THE PAPERS OF BENJAMIN FRANKLIN PURPOSE: Franklin Papers Project | $15,000 |