Independence Seaport Museum
- Assets
- $22.5m
- Revenue
- $3.1m
- Investments
- $0.0
- Employees
- 90
- Location
- Philadelphia, PA
- Founding
- 04/1961
- Data as of
- 06/2022
- EIN
- 23-1584971
Organization Overview
Independence Seaport Museum is located in Philadelphia, PA. The organization was established in 1961. 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 06/2023, Independence Seaport Museum employed 90 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Independence Seaport Museum 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 06/2022, Independence Seaport Museum generated $3.1m in total revenue. This represents a relatively dramatic decline in revenue. Over the past 7 years, the organization has seen revenues fall by an average of (22.1%) each year. All expenses for the organization totaled $4.8m during the year ending 06/2022. You can explore the organizations financials more deeply in the financial statements section below.
Since 2018, Independence Seaport Museum has awarded 24 individual grants totaling $455,420. If you would like to learn more about the grant giving history of this organization, scroll down to the grant profile section of this page.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2022
Describe the Organization's Mission:
Part 3 - Line 1
DISCOVER PHILADELPHIA'S RIVER OF HISTORY AND WORLD OF CONNECTIONS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
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.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Peter Ernst Chair | Trustee | 0.5 | $0 |
Courtney Disston Vice-Chair | Trustee | 0.5 | $0 |
Thomas G Ashton Vice-Chair | Trustee | 0.5 | $0 |
James T Giles Secretary | Trustee | 0.5 | $0 |
Kenneth Wood Treasurer | Trustee | 0.5 | $0 |
Joe Benton Director | Trustee | 0.5 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Marcum Llp Accounting Fees | 6/29/23 | $110,189 |
Bn Painting & Flooring Flooring | 6/29/23 | $125,772 |
Fox Rothschild Llp Legal Fees | 6/29/23 | $273,129 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $33,779 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $704,484 |
| All other contributions, gifts, grants, and similar amounts not included above | $542,218 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $1,280,481 |
| Total Program Service Revenue | $604,532 |
| Investment income | $847,365 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $317,763 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $7,682 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | -$8,038 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $3,083,203 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $42,602 |
| 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. | $201,208 |
| Compensation of current officers, directors, key employees. | $14,777 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $1,915,148 |
| Pension plan accruals and contributions | $64,387 |
| Other employee benefits | $270,223 |
| Payroll taxes | $154,116 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $177,019 |
| Fees for services: Accounting | $69,503 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $117,281 |
| Fees for services: Other | $121,049 |
| Advertising and promotion | $129,231 |
| Office expenses | $77,116 |
| Information technology | $54,881 |
| Royalties | $0 |
| Occupancy | $504,882 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $11,715 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $502,490 |
| Insurance | $125,949 |
| All other expenses | $0 |
| Total functional expenses | $4,759,833 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $24,436 |
| Savings and temporary cash investments | $5,121 |
| Pledges and grants receivable | $143,869 |
| Accounts receivable, net | $58,614 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $44,765 |
| Prepaid expenses and deferred charges | $52,738 |
| Net Land, buildings, and equipment | $3,922,942 |
| Investments—publicly traded securities | $18,168,987 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $118,353 |
| Total assets | $22,539,825 |
| Accounts payable and accrued expenses | $331,854 |
| Grants payable | $0 |
| Deferred revenue | $156,726 |
| 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 | $372,422 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $115,295 |
| Total liabilities | $976,297 |
| Net assets without donor restrictions | $21,476,708 |
| Net assets with donor restrictions | $86,820 |
| 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 | $22,539,825 |
Grants Awarded
Over the last fiscal year, Independence Seaport Museum has awarded $42,602 in support to 3 organizations.
| Grant Recipient | Amount |
|---|---|
MARITIME CHARTER SCHOOL PURPOSE: Maritime Education | $13,817 |
PORT OF PHILADELPHIA MARITIME SOCIETY PURPOSE: Maritime Education | $13,817 |
THE SCHUYKILL CENTER FOR ENVIRONMENTAL EDUCATION PURPOSE: Maritime Education | $14,968 |