2024-03-19T18:05:02-05:00 2023-06-30 232896692 BBD LLP 1835 MARKET STREET SUITE 300 PHILADELPHIA PA 19103 990 2022-07-01 231584971 INDEPENDENCE SEAPORT MUSEUM INDE 2154138655 211 S COLUMBUS BLVD PHILADELPHIA PA 19106 KEN WOOD TREASURER 2154138655 2024-03-19 1 KEN WOOD 999009999 0 ADAM WATSON P01367206 2155677770 2024-03-19 0 AAL1 IAL1 2022 2023-04-26 12:10:37Z KEN WOOD 211 S COLUMBUS BLVD PHILADELPHIA PA 19106 6848302 0 X WWW.PHILLYSEAPORT.ORG X 1960 PA DISCOVER PHILADELPHIA'S RIVER OF HISTORY AND WORLD OF CONNECTIONS. 16 16 90 65 1034 34 1280481 873479 604532 615606 847365 808892 350825 752820 3083203 3050797 42602 0 0 0 2605082 2786385 0 0 406139 2112149 2347137 4759833 5133522 -1676630 -2082725 22539825 21290179 976297 910691 21563528 20379488 TO DISCOVER PHILADELPHIA'S RIVER OF HISTORY AND WORLD OF CONNECTIONS. SERVING A WIDE AND DIVERSE AUDIENCE AND HOLDING ITS COLLECTIONS IN TRUST FOR THE COMMUNITY, THE MUSEUM TELLS THE STORIES OF THE PEOPLE, HISTORICAL EVENTS AND ENVIRONMENTAL CHANGES (CONTINUED ON SCHEDULE O) 0 0 4036824 615606 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. 4036824 1 1 0 1 0 0 0 1 0 1 1 0 0 0 0 1 0 1 0 0 0 0 0 0 1 0 0 0 0 1 0 0 0 0 0 0 0 0 1 1 0 0 0 1 0 0 0 1 40 0 1 90 1 1 1 0 0 0 0 0 0 0 0 0 0 0 X 16 16 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 1 1 PA X X JAEWOOK SHIM 2154138655 211 S COLUMBUS BLVD PHILADELPHIA PA 19106 PETER ERNST CHAIR 0.50 X 0 0 0 COURTNEY DISSTON VICE-CHAIR 0.50 X 0 0 0 THOMAS G ASHTON VICE-CHAIR 0.50 X 0 0 0 JAMES T GILES SECRETARY 0.50 X 0 0 0 KENNETH WOOD TREASURER 0.50 X 0 0 0 JOE BENTON DIRECTOR 0.50 X 0 0 0 JOHN C DEVEREUX DIRECTOR 0.50 X 0 0 0 DEBORAH GIBBONS-NEFF DIRECTOR 0.50 X 0 0 0 BRETT E J GORMAN DIRECTOR 0.50 X 0 0 0 SCOTT G HUSTON DIRECTOR 0.50 X 0 0 0 ERIK C KLEIN DIRECTOR 0.50 X 0 0 0 JOSEPH B LOCKLEY DIRECTOR 0.50 X 0 0 0 WILLIAM F MOEN JR DIRECTOR 0.50 X 0 0 0 TIM MCGRATH DIRECTOR 0.50 X 0 0 0 JOANNE PHILLIPS DIRECTOR 0.50 X 0 0 0 JOHN P VENTURA DIRECTOR 0.50 X 0 0 0 PETER SEIBERT CEO & PRESIDENT 40.00 5.00 X 179901 0 11058 MICHAEL FLYNN EXECUTIVE VP AND COO 40.00 X 122553 0 10563 302454 0 21621 2 0 1 0 FOX ROTHSCHILD LLP 2000 MARKET STREET 20TH FLOOR PHILADELPHIA PA 19103 LEGAL FEES 273129 BN PAINTING & FLOORING 1713 S BROAD STREET UNIT 54492 PHILADELPHIA PA 19148 FLOORING 125772 MARCUM LLP 1601 MARKET STREET 4TH FLOOR PHILADELPHIA PA 19103 ACCOUNTING FEES 110189 3 34812 838667 100000 873479 MUSEUM ADMISSIONS 713990 382903 382903 BOATSHOP AND DOCKS 713990 158919 158919 EDUCATIONAL PROGRAMS 713990 73784 73784 615606 648109 648109 690702 0 690702 690702 690702 3906224 3745441 160783 160783 160783 18918 4244 14674 14674 48854 47820 1034 1034 OTHER REVENUE 900099 46410 46410 46410 3050797 615606 1034 1560678 356631 252333 59980 44318 1955020 1383270 328804 242946 70901 50166 11925 8810 199434 141110 33541 24783 204399 144622 34377 25400 241385 217247 21725 2413 94425 94425 238441 222540 13410 2491 144087 109031 10160 24896 484249 443040 41209 11581 11581 549088 543602 5486 210348 197824 10366 2158 MISCELLANEOUS 162525 121531 13070 27924 PROGRAM SUPPLIES AND MA 144638 144638 EXHIBIT MAINTENANCE 51160 51160 EQUIPMENT LEASE 15210 14710 500 5133522 4036824 690559 406139 24436 120624 5121 78225 143869 117556 58614 32395 44765 54094 52738 46182 26120842 22410387 3922942 3710455 18168987 16997743 118353 132905 22539825 21290179 331854 427210 156726 132682 372422 350799 115295 0 976297 910691 X 21476708 20271973 86820 107515 21563528 20379488 22539825 21290179 X -2082725 879882 18803 X X 0 1 X 1 0 X 2121270 807124 1305107 1280481 873479 6387461 527093 235503 604532 615606 1982734 2121270 1334217 1540610 1885013 1489085 8370195 161263 142119 99530 50600 453512 0 161263 142119 99530 50600 453512 7916683 876300 718304 722413 1165127 1338811 4820955 876300 718304 722413 1165127 1338811 4820955 -420 3390 3541 1229 1034 8774 7351 67659 33418 65328 173756 2997150 2063262 2334223 3084787 2894258 13373680 0.59200 0.69540 0.36050 0.27120 X SCHEDULE A, PART III, LINE 12, EXPLANATION OF OTHER INCOME: OTHER INCOME - 2019 AMOUNT: $ 7,351. 2020 AMOUNT: $ 67,659. 2021 AMOUNT: $ 33,418. 2022 AMOUNT: $ 46,410. GROSS INCOME FROM FUNDRAISING EVENTS - 2022 AMOUNT: $ 18,918. RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 0 0 0 0 0 1 54455 0 0 54455 0 X X X 0 18169081 1594349 2687368 17076062 23103305 -2593878 2340346 18169081 18903674 5635231 1435600 23103305 20439460 128464 176186 1840436 18903674 23844633 876300 314786 4596259 20439460 1.00000 0 0 17267980 16071671 1196309 1176896 1015789 161107 7675966 5322927 2353039 3710455 X 3859302 879882 -75621 804261 3055041 -4244 -4244 3050797 5045738 6641 6641 5039097 94425 94425 5133522 PART III, LINE 1A: THE MUSEUM'S COLLECTIONS CONSIST OF HISTORICAL ARTIFACTS, ANTIQUES, AND OTHER IRREPLACEABLE ITEMS THAT ARE MAINTAINED FOR PUBLIC EXHIBITION, EDUCATION, AND RESEARCH IN FURTHERANCE OF PUBLIC SERVICE RATHER THAN FOR FINANCIAL GAIN. COLLECTIONS ARE THE MOST VALUABLE ASSETS OF THE MUSEUM AND ARE PROTECTED, KEPT UNENCUMBERED, CARED FOR AND PRESERVED. THE COLLECTIONS, WHICH WERE ACQUIRED PRIMARILY THOUGH DONATION, ARE NOT RECOGNIZED OR CAPITALIZED AS ASSETS IN THE STATEMENT OF FINANCIAL POSITION. PART V, LINE 4: THE GENERAL FUND HAS BEEN ESTABLISHED BY THE MUSEUM FOR THE INCOME TO SUPPORT AND PROMOTE THE GROWTH, PROGRESS AND GENERAL WELFARE OF THE MUSEUM. THE BOATSHOP FUND HAS BEEN ESTABLISHED BY THE MUSEUM FOR THE INCOME TO SUPPORT THE BOAT WORKSHOP. PART X, LINE 2: GAAP PRESCRIBES A MINIMUM RECOGNITION THRESHOLD THAT A TAX POSITION IS REQUIRED TO MEET IN ORDER TO BE RECOGNIZED IN THE FINANCIAL STATEMENTS. THE MUSEUM BELIEVES THAT IT HAD NO UNCERTAIN TAX POSITIONS AS DEFINED IN THE STANDARD. PART XI, LINE 2D - OTHER ADJUSTMENTS: INVESTMENT MANAGEMENT FEES -94,425. CHANGE IN CASH SURRENDER VALUE OF LIFE INSURANCE POLICY 18,803. FLAGSHIP OLYMPIA FOUNDATION REVENUE 1. PART XI, LINE 4B - OTHER ADJUSTMENTS: SPECIAL EVENT EXPENSES -4,244. PART XII, LINE 2D - OTHER ADJUSTMENTS: FLAGSHIP OLYMPIA FOUNDATION EXPENSES 2,397. SPECIAL EVENT EXPENSES 4,244. MARITIME DAY 18918 18918 3600 644 18918 18918 3600 644 4244 14674 X X 0 0 0 0 0 0 0 0 0 PETER SEIBERT CEO & PRESIDENT 179901 0 0 0 0 0 6895 0 4163 0 190959 0 0 0 X 20 0 SEE PART II FOR DETAILS X 1 100000 FMV 0 0 1 0 PART I, LINE 33: HISTORICAL TREASURES ACQUIRED EITHER THROUGH PURCHASE OR DONATION ARE NOT CAPITALIZED. THE COST OF COLLECTION ITEMS PURCHASED IS REPORTED AS A DECREASE IN NET ASSETS AND PROCEEDS FROM THE SALE OF COLLECTION ITEMS IS REPORTED AS AN INCREASE IN NET ASSETS. FORM 990, PART III, LINE 1, DESCRIPTION OF ORGANIZATIONS MISSION: OF THE DELAWARE RIVER AND ITS TRIBUTARIES. IT LOOKS TO A BROAD REGIONAL DEFINITION OF THE RIVER TO INCLUDE BOTH PHILADELPHIA AND CAMDEN AS WELL AS PORTIONS OF THE SOUTHERN COAST OF NEW JERSEY AND THE SCHUYLKILL RIVER DRAINAGE. THE MUSEUM IS THE LEADING EDUCATIONAL ORGANIZATION IN THE REGION DEDICATED TO THE HISTORY AND CULTURE OF THE DELAWARE RIVER AND ITS ESTUARIES. WE FOCUS UPON BUILDING K-16 EDUCATIONAL PROGRAMS THAT ENGAE STUDENTS IN THE RICH HISTORY OF THIS REGION AS IT RELATES TO THE WATERWAYS IN ADDTION TO PROVIDNG STEM AND ENVIRONMENTAL EDUCATIONAL OPPORTUNITIES. OUR EDUCATIONAL MISSION IS TO BUILD AN UNDERSTANDING OF THE HISTORICAL, CULTURAL, AND ENVIRONMENTAL IMPORTANCE OF THE DELAWARE RIVER WATERSHED. THE MUSEUM RETAINS A NATIONALLY RECOGNIZED COLLECTION OF ARTIFACTS AND DOCUMENTS CHRONICLING THE HISTORY OF THE COMMUNITIES ALONG THE DELAWARE RIVER. OF PARTICULAR NOTE ARE THE HOLDINGS RELATED TO THE SHIPBUILDING IN PHILADELPHIA. CHESTER, CAMDEN AND GLOUCESTER AS WELL AS PERSONAL PAPERS OF SUCH NOTED FIGURES AS COMMODORE BARRY, FATHER OF THE UNITED STATES NAVY. IN ADDITION, THE MUSEUM ALSO EXHIBITS THE HISTORIC CRUISER OLYMPIA, ADMIRAL DEWEY'S FLAGSHIP AT THE BATTLE OF MANILA BAY AND THE LAST REMAINING 19TH CENTURY IRONCLAD AFLOAT IN THE WORLD, AND THE WORLD WAR II SUBMARINE BECUNA. THESE COLLECTIONS ARE USED FOR BOTH RESEARCH AND AS PART OF EXHIBITIONS THAT SHOWCASE THE PEOPLE, HISTORY AND ENVIRONMENT OF THE REGION. FORM 990, PART VI, SECTION B, LINE 11B THE ORGANIZATION DISTRIBUTES A DRAFT COPY OF FORM 990 TO THE AUDIT AND FINANCE COMMITTEES OF THE BOARD OF PORT WARDENS. THE COMMITTEES REVIEW THE DRAFT AND THEN FORMALLY RECOMMEND APPROVAL TO THE FULL BOARD OF PORT WARDENS. EACH MEMBER OF THE BOARD OF PORT WARDENS IS THEN SENT A COPY OF THE 990 ALONG WITH THE RECOMMENDATION OF THE AUDIT AND FINANCE COMMITTEES. THE BOARD THEN APPROVES FILING OF THE 990 IN A RECORDED MOTION. FORM 990, PART VI, SECTION B, LINE 12C ALL BOARD MEMBERS OF THE ORGANIZATION ARE REQUIRED TO SIGN A CONFLICT OF INTEREST STATEMENT DISCLOSING ANY POTENTIAL CONFLICTS ANNUALLY. ANY CONFLICTS WOULD BE BROUGHT TO THE ATTENTION OF THE BOARD OF PORT WARDENS AND A DECISION MADE AS TO WHETHER THE CONFLICT INTERFERES WITH HIS/HER DUTIES. IF ALLOWED TO REMAIN THEY WOULD BE INELIGIBLE TO BE INVOLVED IN THE DECISION MAKING OR VOTING PROCESS THAT INVOLVES THE CONFLICT. DURING 2022, ALL MEMBERS OF THE BOARD OF PORT WARDENS COMPLETED THE REQUIRED CONFLICT OF INTEREST STATEMENT IN A TIMELY BASIS. FORM 990, PART VI, SECTION B, LINE 15 THE BOARD OF PORT WARDENS ESTABLISHED COMPENSATION LEVELS FOR THE PRESIDENT AND CEO ALONG WITH THE SENIOR MANAGEMENT TEAM THROUGH THE ANNUAL BUDGET PROCESS. THE ORGANIZATION USED COMPARATIVE DATE FROM OUTSIDE SOURCES TO COMPARE THEIR SALARIES TO INDUSTRY RANGES. IN JANUARY 2021, THE BOARD OF PORT WARDENS COMPLETED A REVIEW OF COMPENSATION LEVELS AS PART OF THE RETENTION OF A NEW PRESIDENT AND CEO. FORM 990, PART VI, SECTION C, LINE 19 THE ORGANIZATION MAKES ITS GOVERNING DOCUMENTS AVAILABLE TO THE GENERAL PUBLIC ON ITS WEBSITE AND UPON REQUEST. FORM 990, PART XI, LINE 9: CHANGE IN CASH SURRENDER VALUE OF LIFE INSURANCE POLICY 18,803. FORM 990, PART XII, LINE 2C: THE ORGANIZATION HAD NOT CHANGED ITS OVERSIGHT INVOLVING ITS INDEPENDENT AUDITOR. THE ORGANIZATION IMPLEMENTED A NEW SELECTION PROCESS AND CHANGED ITS INDEPENDENT AUDITOR DURING THE TAX YEAR. FLAGSHIP OLYMPIA FOUNDATION 211 S COLUMBUS BLVD PHILADELPHIA PA 19106 812506869 MUSEUM PA 501(C)(3) LINE 7 N/A 0 0 0 0 0 0 0 0 0 0 0 0 1 0 1 1 0 1 0 1