Independence Seaport Museum

Analysis

Independence Seaport Museum is a registered charity in United States, based in Philadelphia, PA. It received its IRS tax-exemption ruling in April 1961, 65 years ago. Its declared purposes cover arts, culture and humanities, which this site groups under arts, culture, heritage and science. The IRS classifies it as a publicly supported organisation (donations from the general public) under section 501(c)(3), and contributions to it are listed as tax-deductible.

In the financial year ending June 2023, Independence Seaport Museum reported income of $3.1m and spending of $5.1m, spending 168% of what it took in. Across the 5 years on record, from June 2019 to June 2023, income fell from $4.1m to $3.1m (-25%), an average of -6.9% a year. The sharpest change came in the year to June 2020, when income dropped by 49%. Over the whole period it spent 171% of the income it received.

Among 45,478 United States charities whose main cause is arts, culture, heritage and science and that reported income, Independence Seaport Museum sits at the 94th percentile: it is larger than about 94% of them. Against every charity in United States with reported income it ranks in the 89th percentile, and in the 88th percentile within PA. Charities of a similar size with the same main cause include Afro-Latin Jazz Alliance of New York Inc ($3.1m), Winchester Community Music School Trust ($3.1m) and Arts Council of New Orleans ($3.1m).

On its Form 990 for the period ending June 2023, revenue came from contributions and grants 29% and program service revenue 20% of the total. Compensation of current officers, directors and key employees was $357k (6.9% of expenses). Other salaries and wages came to $2.0m. At year end it held assets of $21.3m against liabilities of $911k, net assets of $20.4m. It reported 90 employees.

Data notes from the register: Spending has exceeded income in each of the last three reported years, so the charity has been drawing on reserves or other funds.