2016-11-15T15:21:14-06:00 2015-12-31 131610809 FRIEDMAN LLP 2000 MARKET STREET SUITE 500 PHILADELPHIA PA 19103 990 2015-01-01 231584971 INDEPENDENCE SEAPORT MUSEUM INDE 2154138655 211 S COLUMBUS BLVD WALNUT ST PHILADELPHIA PA 19106 PETER HAVENS TREASURER 2154138655 2016-11-01 1 MICHAEL SUTTER CPA P01400284 2154969200 2016-10-26 2015 2017-02-10 21:41:12Z JOHN BRADY 211 S COLUMBUS BLVD WALNUT ST PHILADELPHIA PA 19106 20766453 0 X WWW.PHILLYSEAPORT.ORG X 1960 PA INDEPENDENCE SEAPORT MUSEUM DEEPENS THE APPRECIATION, UNDERSTANDING AND EXPERIENCE OF THE PHILADELPHIA REGION'S WATERWAYS. 30 30 87 71 -18110 -18110 1967601 14906733 652474 911049 650052 1745220 114590 183971 3384717 17746973 0 0 0 0 2029846 2022844 101701 0 382990 2348139 2256267 4479686 4279111 -1094969 13467862 15269653 27493904 2226786 2016848 13042867 25477056 X INDEPENDENCE SEAPORT MUSEUM DEEPENS THE APPRECIATION, UNDERSTANDING AND EXPERIENCE OF THE PHILADELPHIA REGION'S WATERWAYS THROUGH FUN, ENGAGING AND EDUCATIONAL EXPERIENCES THAT EXPLORE THE CONNECTIONS OF HISTORY, SCIENCE AND ART THROUGH A MARITIME LENS. MAINTAINING ONE OF THE LARGEST MARITIME COLLECTIONS IN NORTH AMERICA, THE MUSEUM COMBINES MORE THAN 25,000 ARTIFACTS WITH HANDS-ON EXHIBITS, SMALL BOAT RENTALS AND LARGE-SCALE MODELS. THE MUSEUM HOUSES A TRADITIONAL BOAT SHOP, THE WORKSHOP ON THE WATER; THE J. WELLES HENDERSON ARCHIVES AND LIBRARY; AND THE PENN'S LANDING PLAYHOUSE. THE MUSEUM ALSO INCLUDES TWO NATIONAL HISTORIC LANDMARK SHIPS, THE CRUISER OLYMPIA, AND THE SUBMARINE BECUNA. 0 0 2346032 937283 THE HISTORIC SHIPS, CRUISER OLYMPIA AND SUBMARINE BECUNA; CURATORIAL, INCLUDING THE GALLERIES, COLLECTION AND ARCHIVAL MATERIALS; AND EDUCATIONAL PROGRAMMING. SIGNIFICANT ACHIEVEMENTS INCLUDED THE PRESERVATION OF OVER 41 LINEAR FEET OF THE HULL AT CRITICAL WATERLINE AREAS AND CONTINUED RESTORATION OF THE DECKS ON OLYMPIA; ONGOING CONSTRUCTION IN OUR GALLERIES OF A FULL-SCALE, WATERLINE MODEL OF THE 1790S SCHOONER DILIGENCE; THE SUCCESSFUL OPENINGS OF THE TEMPORARY EXHIBITS, "MARKING TIME: VOYAGE TO VIETNAM AND "HUCKSTERS: THE TUMULT OF DOCK STREET;" TWO DUCK BOATS BUILT AND LAUNCHED BY STUDENTS IN OUR SCIENCE AND ART INNOVATIVE LEARNING ON THE RIVER (SAILOR) STEAM EDUCATION PROGRAM; AND WELL-ATTENDED PUBLIC PROGRAMS, INCLUDING LUNAR NEW YEAR AND PARADE OF LIGHTS. OVER 120,000 PEOPLE VISITED THE MUSEUM DURING 2015, INCLUDING 15,000 STUDENTS WHO TOOK PART IN OUR EDUCATIONAL PROGRAMS. 2346032 1 1 0 0 0 0 0 1 0 1 1 0 0 0 1 1 1 0 0 0 0 0 0 1 1 0 0 0 0 1 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 1 15 0 1 87 1 1 1 0 0 0 0 1 1 0 0 0 0 X 30 30 0 0 0 0 0 0 0 1 1 0 0 0 1 1 1 1 1 1 1 0 PA X MANAGEMENT 2154138655 211 S COLUMBUS BLVD WALNUT ST PHILADELPHIA PA 19106 WILLIAM F MCLAUGHLIN JR BOARD CHAIRMAN 0.50 X X 0 0 0 DEBORAH GIBBONS-NEFF CHAIRMAN OF DEVELOPMENT CO 0.50 X 0 0 0 EMILIO GRAVAGNO DIRECTOR 0.50 X 0 0 0 GORDON L KEEN JR DIRECTOR 0.50 X 0 0 0 JAMES W MCLANE DIRECTOR 0.50 X 0 0 0 JASON INGLE DIRECTOR 0.50 X 0 0 0 JOHN A GREGG DIRECTOR 0.50 X 0 0 0 JOSEPH P WATKINS DIRECTOR 0.50 X 0 0 0 PAUL THOMPSON III DIRECTOR 0.50 X 0 0 0 RICHARD A HAYNE DIRECTOR 0.50 X 0 0 0 SAM KATZ DIRECTOR 0.50 X 0 0 0 STAN SWITLIK DIRECTOR 0.50 X 0 0 0 STEPHAN K PAHIDES DIRECTOR 0.50 X 0 0 0 STEPHEN J DRISCOLL DIRECTOR 0.50 X 0 0 0 DONALD U SMITH FORMER DIRECTOR 0.50 X 0 0 0 THOMAS F EMLEN DIRECTOR 0.50 X 0 0 0 THOMAS S GREENWOOD DIRECTOR 0.50 X 0 0 0 WILLIAM L GAUNT DIRECTOR 0.50 X 0 0 0 WILLIAM L LANE III TREASURER 0.50 X X 0 0 0 JOHN C DEVEREUX DIRECTOR 0.50 X 0 0 0 WINFIELD DOUGHERTY DIRECTOR 0.50 X 0 0 0 MAX KAISERMAN DIRECTOR 0.50 X 0 0 0 TIM MCGRATH DIRECTOR 0.50 X 0 0 0 JAMES T GILES SECRETARY 0.50 X X 0 0 0 PETER H HAVENS DIRECTOR 0.50 X 0 0 0 PETER MCCAUSLAND CHAIR EMERITUS 0.50 X X 0 0 0 THAYER ADAMS DIRECTOR 0.50 X 0 0 0 ANTHONY N BRADY DIRECTOR 0.50 X 0 0 0 PETER ERNST DIRECTOR 0.50 X 0 0 0 JOSEPH F HUBER DIRECTOR 0.50 X 0 0 0 STEVEN B UJIFUSA DIRECTOR 0.50 X 0 0 0 JOHN BRADY CHIEF EXECUTIVE OFFICER 40.00 X 144877 0 20536 144877 0 20536 1 0 1 0 0 39100 103180 169850 14594603 8551904 14906733 MUSEUM ADMISSIONS 713990 401726 401726 BOAT WORKSHOP 900099 206609 206609 CURATORIAL INCOME 900099 171050 171050 EDUCATION & OTHER 900099 131664 131664 911049 735900 735900 231896 93069 138827 138827 -17236 156063 3562973 2553653 1009320 1009320 1009320 236500 103180 216716 19784 19784 181402 156042 25360 26234 -874 17746973 937283 -18110 1921067 165413 91137 50853 23423 1502710 827947 461979 212784 62378 41169 15595 5614 163424 94973 40423 28028 128919 85086 32230 11603 97750 97750 8422 8422 100471 100471 80548 80548 129330 126387 2943 81928 78579 3349 328857 195222 77834 55801 444713 253192 183395 8126 36992 36992 675308 405184 256617 13507 96214 43884 52330 STAFF DEVELOPMENT 75774 30517 40084 5173 EXHIBIT MAINTENANCE 64182 63307 875 TAVERN SALES EXPENSE 13657 13657 BAD DEBT EXPENSE 9793 1519 8274 12328 7929 4399 4279111 2346032 1550089 382990 31312 140130 54381 214979 13240 147244 191741 55486 29745 19998640 16205531 4321451 3793109 10580024 23059112 66515 65088 15269653 27493904 390025 286465 79605 57329 1224156 1177054 533000 496000 2226786 2016848 X 12912644 24991009 130223 486047 13042867 25477056 15269653 27493904 X 13467862 -1032246 -1427 X X 0 1 X 1 0 X 495107 716821 947298 1967601 7349419 11476246 495107 716821 947298 1967601 7349419 11476246 6529993 4946253 216800 188923 123659 177757 735900 1443039 -23148 -33500 -18110 -74758 12844527 0.38510 0.61750 X SCHEDULE A, PART VI, LIST OF UNUSUAL GRANTS: DESCRIPTION: SECURITIES DATE: 02/02/15 AMOUNT: 4557314. DESCRIPTION: CASH DATE: 06/24/15 AMOUNT: 3000000. RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED X X X 0 9889704 13657814 632378 1596819 22583077 10269087 512222 533420 1425025 9889704 9637845 11750 2019492 1400000 10269087 10010022 1413580 1828550 9595052 12069820 -195848 1863950 10010022 1.00000 0 0 15849349 12268272 3581077 357979 357979 0 3791312 3579280 212032 3793109 DEFERRED RENT OBLIGATION 496000 496000 X 16853412 -1032246 60700 77985 -893561 17746973 0 17746973 4419223 60700 79412 140112 4279111 0 4279111 PART III, LINE 1A: THE MUSEUMS' 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 ON THE STATEMENT OF FINANCIAL POSITION. COLLECTION ITEMS PURCHASED DURING THE YEAR ARE RECORDED AS DECREASES IN UNRESTRICTED NET ASSETS IN THE YEAR IN WHICH THE ITEMS ARE ACQUIRED, OR AS DECREASES IN TEMPORARILY OR PERMANENTLY RESTRICTED NET ASSETS IF THE ASSETS USED TO PURCHASE THE ITEMS ARE RESTRICTED BY DONORS. CONTRIBUTED COLLECTIONS ARE NOT REFLECTED ON THE FINANCIAL STATEMENTS. THE MUSEUM RECORDS PROCEEDS FROM DEACCESSIONS AND INSURANCE RECOVERIES AS INCREASES IN THE STATEMENT OF ACTIVITIES. THE MUSEUM'S POLICY REQUIRES PROCEEDS FROM THE SALE OF COLLECTION ITEMS TO BE USED ONLY FOR ACQUISITION OF ADDITIONAL ITEMS FOR COLLECTIONS. PART V, LINE 4: THE GENERAL FUND HAS BEEN ESTABLISHED TO SUPPORT AND PROMOTE THE GROWTH, PROGRESS AND GENERAL WELFARE OF THE MUSEUM. THE BOATSHIP FUND HAS BEEN ESTABLISHED TO SUPPORT THE BOATSHOP WORKSHOP. PART X, LINE 2: MANAGEMENT OF THE MUSEUM CONSIDERS THE LIKELIHOOD OF CHANGES BY TAXING AUTHORITIES IN ITS FILED INCOME TAX RETURNS AND RECOGNIZES A LIABILITY FOR OR DISCLOSES POTENTIAL SIGNIFICANT CHANGES THAT MANAGEMENT BELIEVES ARE MORE LIKELY THAN NOT TO OCCUR UPON EXAMINATION BY TAX AUTHORITIES, INCLUDING CHANGES TO THE MUSEUM'S STATUS AS A NOT-FOR-PROFIT ENTITY. MANAGEMENT BELIEVES THE MUSEUM MET THE REQUIREMENTS TO MAINTAIN ITS TAX-EXEMPT STATUS AND HAS NO TAXABLE INCOME SUBJECT TO UNRELATED BUSINESS INCOME TAX THAT WOULD REQUIRE RECOGNITION OR DISCLOSURE IN THE ACCOMPANYING FINANCIAL STATEMENTS. THE MUSEUM'S INCOME TAX RETURNS FOR THE PAST THREE YEARS ARE SUBJECT TO EXAMINATION BY TAX AUTHORITIES, AND MAY CHANGE UPON EXAMINATION. PART XI, LINE 2D - OTHER ADJUSTMENTS: DECREASE IN CASH SURRENDER VALUE OF LIFE INSURANCE -1,427. EXPENSES PERTAINING TO UNRELATED BUSINESS INCOME ACTIVITIES 79,412. PART XII, LINE 2D - OTHER ADJUSTMENTS: EXPENSES PERTAINING TO UNRELATED BUSINESS INCOME ACTIVITIES 79,412. X X X X X X X 1 ADVANCEMENT COMPANY LLC 806 PLEASANT AVENUE WYNDMOOR PA 19038 DEVELOPMENT/FUNDRAISING 0 0 24750 -24750 SCHULTZ & WILLIAMS 325 CHESTNUT STREET SUITE 700 PHILADELPHIA PA 19106 DEVELOPMENT/FUNDRAISING 0 0 81342 -81342 106092 -106092 TALL SHIPS GALA 331258 103180 228078 169342 7629 27903 331258 103180 228078 169342 7629 27903 204874 23204 0 X X 0 0 0 0 0 0 0 0 0 JOHN BRADY CHIEF EXECUTIVE OFFICER 144877 0 0 0 0 0 0 0 20536 0 165413 0 0 0 X 5 8551904 FAIR MARKET VALUE X 21 0 X 7 0 0 0 1 0 PART I, LINE 33: THE MUSEUM DID NOT CAPITALIZE ITS COLLECTIONS, AS ALLOWED UNDER SFAS 116. FORM 990, PART VI, SECTION B, LINE 11 THE ORGANIZATION DISTRIBUTES AN ELECTRONIC COPY OF A DRAFT OF FORM 990 FOR REVIEW BY IT'S AUDIT AND FINANCE COMMITTEE. A MEETING IS THEN HELD TO DISCUSS ANY ISSUES OR QUESTIONS WITH THE DRAFT RETURN. ONCE ALL ISSUES HAVE BEEN RESOLVED, THE AUDIT AND FINANCE COMMITTEE APPROVES THE FINAL FORM 990 FOR FILING. FORM 990, PART VI, SECTION B, LINE 12C ALL STAFF AND 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 2015, ALL INDIVIDUALS COMPLETED THE REQUIRED FORMS ON A TIMELY BASIS. FORM 990, PART VI, SECTION B, LINE 15 THE BOARD OF PORT WARDENS APPROVES THE SALARIES OF THE PRESIDENT AND KEY EMPLOYEES THROUGH THE BUDGET PROCESS. THE ORGANIZATION USES COMPARATIVE DATA FROM OUTSIDE SOURCES TO ALSO COMPARE THEIR SALARIES TO INDUSTRY RANGES. THIS PROCESS WAS LAST UNDERTAKEN IN 2014 FOR THE CHIEF EXECUTIVE OFFICER. FORM 990, PART VI, SECTION C, LINE 19 THE ORGANIZATION MAKES ITS GOVERNING DOCUMENTS AVAILABLE TO THE GENERAL PUBLIC UPON REQUEST & VIA GUIDESTAR. FORM 990, PART XI, LINE 9: DECREASE IN CASH SURRENDER VALUE OF LIFE INSURANCE -1,427. FORM 990, PART XII, LINE 2C THE ORGANIZATION HAS NOT CHANGED IT'S OVERSIGHT AND SELECTION PROCESSES INVOLVING IT'S INDEPENDENT AUDITOR DURING THE TAX YEAR.