2015-11-03T08:59:11-06:00 2014-12-31 232628828 SHECHTMAN MARKS DEVOR PC 2000 MARKET STREET SUITE 500 PHILADELPHIA PA 19103 990 2014-01-01 231584971 INDEPENDENCE SEAPORT MUSEUM INDE 2159255439 211 S COLUMBUS BLVD WALNUT ST PHILADELPHIA PA 19106 PETER HAVENS TREASURER 2159255439 2015-10-15 1 MICHAEL SUTTER CPA P01400284 2154969200 2015-10-15 2014 2016-04-25 22:37:26Z JOHN BRADY 211 S COLUMBUS BLVD WALNUT ST PHILADELPHIA PA 19106 6117573 0 X WWW.PHILLYSEAPORT.ORG X 1960 PA INDEPENDENCE SEAPORT MUSEUM IS A NATIONALLY PROMINENT, NON-PROFIT, EDUCATIONAL INSTITUTION THAT COLLECTS, PRESERVES, EXHIBITS, AND INTERPRETS ARTIFACTS AND ARCHIVAL MATERIALS, AND NURTURES THE SKILLS AND CULTURE OF OUR RICH MARITIME PAST AND PRESENT, FOR A DIVERSE AUDIENCE. 26 26 74 77 -33500 -33500 947298 1967601 513977 652474 987109 650052 69688 114590 2518072 3384717 0 0 0 0 2041102 2029846 48455 101701 363474 2268372 2348139 4357929 4479686 -1839857 -1094969 16292988 15269653 2219242 2226786 14073746 13042867 X INDEPENDENCE SEAPORT MUSEUM IS A NATIONALLY PROMINENT, NON-PROFIT, EDUCATIONAL INSTITUTION THAT COLLECTS, PRESERVES, EXHIBITS, AND INTERPRETS ARTIFACTS AND ARCHIVAL MATERIALS, AND NURTURES THE SKILLS AND CULTURE OF OUR RICH MARITIME PAST AND PRESENT, FOR A DIVERSE AUDIENCE. 0 0 2399552 704822 INDEPENDENCE SEAPORT MUSEUM IS A NATIONALLY PROMINENT, NON-PROFIT, EDUCATIONAL INSTITUTION THAT COLLECTS, PRESERVES, EXHIBITS, AND INTERPRETS ARTIFACTS AND ARCHIVAL MATERIALS, AND NURTURES THE SKILLS AND CULTURE OF OUR RICH MARITIME PAST AND PRESENT, FOR A DIVERSE AUDIENCE. IN SO DOING, THE MUSEUM FOSTERS AN UNDERSTANDING OF THE CONNECTIONS BETWEEN CIVILIZATION AND THE SEA, PARTICULARLY MARITIME ASPECTS OF THE SOCIAL, CULTURAL, POLITICAL, ENVIRONMENTAL, AND ECONOMIC HISTORY OF THE NATION'S BIRTHPLACE AND SURROUNDING REGION, FROM THE ARRIVAL OF THE EARLIEST INHABITANTS TO THE PRESENT. THE MUSEUM EXECUTES ITS MISSION THROUGH EXHIBITS, EDUCATIONAL PROGRAMS, A RESEARCH LIBRARY, AND PUBLICATIONS. APPROXIMATELY 89,000 PEOPLE VISITED THE MUSEUM DURING 2014. 2399552 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 1 1 0 0 0 0 0 0 0 0 1 43 0 1 74 1 1 1 0 0 0 0 0 0 0 0 0 X 26 26 0 0 0 0 0 0 0 1 1 0 0 0 1 1 0 1 1 1 1 0 PA X MANAGEMENT 2159255439 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 DONALD U SMITH DIRECTOR 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 SUZANNE BAIRD PEROT 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 B CHANDLEE JR FORMER DIRECTOR 0.50 X 0 0 0 WILLIAM L GAUNT DIRECTOR 0.50 X 0 0 0 WILLIAM L LANE III DIRECTOR 0.50 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 TREASURER 0.50 X X 0 0 0 PETER MCCAUSLAND VICE CHAIRMAN 0.50 X X 0 0 0 JOHN BRADY CHIEF EXECUTIVE OFFICER 40.00 X 135000 0 16006 135000 0 16006 1 0 1 0 0 37097 100451 142730 1687323 1037213 1967601 MUSEUM ADMISSIONS 713990 396285 396285 CURATORIAL INCOME 900099 125562 125562 BOAT WORKSHOP 900099 71639 71639 EDUCATION & OTHER 900099 58988 58988 652474 177757 177757 220281 93500 126781 126781 -33500 160281 2987993 2515698 472295 472295 472295 12695 100451 77234 -64539 -64539 98772 46424 52348 52348 3384717 704822 -33500 745794 151006 99664 37751 13591 1554037 1025665 388509 139863 73198 48310 18300 6588 122336 80741 30585 11010 129269 85318 32317 11634 180112 74549 105563 56604 56604 81350 81350 101701 101701 41263 41263 46165 26724 19441 93300 51315 27990 13995 312716 130863 181853 429771 210587 210587 8597 37244 37244 676448 378811 284108 13529 153656 64536 89120 STAFF DEVELOPMENT 102238 65432 31694 5112 EXHIBIT MAINTENANCE 70707 70707 BAD DEBT EXPENSE 35098 35098 FUNDRAISING 18413 18413 13054 13054 4479686 2399552 1716660 363474 343554 31312 54381 13240 13240 144936 147244 66657 55486 19851673 15530222 4939839 4321451 10712364 10580024 72398 66515 16292988 15269653 320668 390025 73905 79605 1254669 1224156 570000 533000 2219242 2226786 X 13775701 12912644 298045 130223 14073746 13042867 16292988 15269653 X -1094969 -75354 139444 X X 0 1 X 1 0 X 759432 495107 716821 947298 1967601 4886259 759432 495107 716821 947298 1967601 4886259 1308054 3578205 257937 216800 188923 123659 177757 965076 -23148 -33500 -56648 5794687 0.61750 0.53150 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED X X X 0 10269087 512222 533420 1425025 9889704 9637845 11750 2019492 1400000 10269087 10010022 1413580 1828550 9595052 12069820 -195848 1863950 10010022 11464199 490858 1589237 1474474 12069820 1.00000 0 0 15849349 11612160 4237189 357979 357979 0 3644345 3560083 84262 4321451 DEFERRED RENT OBLIGATION 533000 533000 X 3578307 -75354 36000 232944 193590 3384717 0 3384717 4609186 36000 93500 129500 4479686 0 4479686 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 NOT IDENTIFIED ANY UNCERTAIN TAX POSITIONS SUBJECT TO THE UNRELATED BUSINESS INCOME TAX THAT 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: INCREASE IN CASH SURRENDER VALUE OF LIFE INSURANCE 5,317. EXPENSES PERTAINING TO UNRELATED BUSINESS INCOME ACTIVITIES 93,500. GAIN REALIZED FROM LITIGATION SETTLEMENT 134,127. PART XII, LINE 2D - OTHER ADJUSTMENTS: EXPENSES PERTAINING TO UNRELATED BUSINESS INCOME ACTIVITIES 93,500. X X X X X X X 1 ADVANCEMENT COMPANY LLC 806 PLEASANT AVENUE WYNDMOOR PA 19038 DEVELOPMENT/FUNDRAISING 0 0 56250 -56250 SCHULTZ & WILLIAMS 325 CHESTNUT STREET SUITE 700 PHILADELPHIA PA 19106 DEVELOPMENT/FUNDRAISING 0 0 27142 -27142 83392 -83392 FUNDRAISING AT KELLOGG'S HOUSE 42970 42970 18495 42970 42970 18495 18495 -18495 0 X X 0 0 0 0 0 0 0 0 0 JOHN BRADY CHIEF EXECUTIVE OFFICER 135000 0 0 0 0 0 0 0 16006 0 151006 0 0 0 STEPHEN J DRISCOLL ON BOD AND PARTNER AT LAW FIRM THAT PROVIDED SERVICES TO THE MUSEUM 4588 LEGAL SERVICES 0 X 5 1037213 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 12 ALL STAFF AND BOARD MEMBERS OF THE ORGANIZATION ARE REQUIRED TO SIGN A CONFLICT OF INTEREST STATEMENT DISCLOSING ANY POTENTIAL CONFLICTS ANNAUALLY. 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 2014, NOT ALL INDIVIDUALS COMPLETED THE REQUIRED FORMS ON A TIMELY BASIS. THE BOARD AND MANAGEMENT PLAN TO BE MORE DILIGENT IN ADHERING TO MONITORING OF THE POLICY IN THE FUTURE. 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 2011 FOR THE CHIEF EXECUTIVE OFFICER AND CHIEF OPERATING OFFICER OF THE ORGANIZATION. PLANS ARE UNDERWAY TO GO THROUGH THIS PROCESS AGAIN IN THE NEAR FUTURE. 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: INCREASE IN CASH SURRENDER VALUE OF LIFE INSURANCE 5,317. GAIN REALIZED FROM LITIGATION SETTLEMENT 134,127. 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.