MYSTIC SEAPORT MUSEUM INC (EIN 060653120) - Form 990 Financial Analysis & Trantor Score

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Financial Vulnerability Assessment (Tuckman-Chang)

4 risk indicators measuring financial stability and operational resilience

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Financial Trends

Organization Details

Formation Year

1929

Legal Domicile

Principal Officer

PETER ARMSTRONG

Phone

8605720711

Tax Period

2023-01-01 to 2023-12-31

MYSTIC SEAPORT MUSEUM INC, founded in 1929, is a mid-sized nonprofit in the Arts, Culture & Humanities sector that reported $19.4M in total revenue in fiscal year 2023. Revenue fell 47% from the prior year — a significant decline worth monitoring. Expenses of $25.9M exceeded revenue, resulting in a 33% operating deficit.

Mission

MYSTIC SEAPORT MUSEUM STRIVES TO INSPIRE AN ENDURING CONNECTION TO THE AMERICAN MARITIME EXPERIENCE.

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Trantor Score

Financial Health Score (300–850) · Liquidity · Solvency · Sustainability · Efficiency

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Liquidity (40%) • Solvency (30%) • Sustainability (20%) • Efficiency (10%)

Financial Overview (2023)

Revenue Breakdown

Contributions & Grants $10,772,449

Program Service Revenue $6,631,004

Investment Income $1,909,653

Other Revenue $72,371

TOTAL REVENUE $19,385,477

Expense Breakdown

Grants Paid $357,458

Salaries & Benefits $11,929,366

Fundraising Expenses $1,612,091

Program Expenses $17,113,929

Other Expenses $13,587,863

TOTAL EXPENSES $25,874,687

Year-over-Year Comparison

	2023	2022	Change
Revenue	$19,385,477	$36,462,336	-0.5%
Expenses	$25,874,687	$22,706,958	+0.1%
Net Income	$-6,489,210	$13,755,378	-1.5%

Key Indicators

✓ Grants to Organizations ✓ Grants to Individuals ✓ Lobbying ✗ Political Activity ✗ Foreign Activities ✗ Donor Advised Fund ✓ Schedule B Required

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Financial Health Indicators

Comprehensive financial analysis: Altman Z-Score, liquidity, solvency, sustainability, efficiency, and growth metrics

Financial Distress Indicator

Liquidity & Cash Position

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Altman Z-Score • Liquidity Ratios • Solvency Analysis • Growth Indicators • Efficiency Metrics

Governance

Voting Members

Independent Members

Employees

366

Volunteers

337

Governance Policies

✓ Conflict of Interest Policy

✓ Whistleblower Policy

✓ Document Retention Policy

Special Practices & Reported Activities

✗ Operated a School

✗ Operated a Hospital

✗ Provided First Class Travel

✗ Reported Conflict of Interest

✗ Reported Asset Diversion

✗ Excess Benefit Transaction

✗ Made Political Expenditures

✓ Engaged in Lobbying

✗ Operated Donor Advised Fund

✓ Maintained Art Collections

✗ Filed Form 720

Compensation of Officers, Directors & Key Employees

Total Officers

$630,347

Total Directors

$341,441

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
PETER ARMSTRONG	PRESIDENT/CEO & TRUSTEE	35.00	Officer Director	$301,685	$39,756	$341,441
JAY S BENET	TRUSTEE	1.00	Director	$0	$0	$0
ALEXANDER D BULAZEL	TRUSTEE	1.00	Director	$0	$0	$0
GRANT L CAMBRIDGE	VICE CHAIRMAN	1.00	Officer Director	$0	$0	$0
RICHARD W CLARY	VICE CHAIRMAN	1.00	Officer Director	$0	$0	$0
SHARON E COHEN	TREASURER	1.00	Officer Director	$0	$0	$0
J BARCLAY COLLINS II	TRUSTEE	1.00	Director	$0	$0	$0
HUGH DAVIS	TRUSTEE	1.00	Director	$0	$0	$0
MAARTEN C DE JONG	TRUSTEE	1.00	Director	$0	$0	$0
JOSEPH M DWYER	TRUSTEE	1.00	Director	$0	$0	$0
SKIP FINLEY	TRUSTEE	1.00	Director	$0	$0	$0
WILLIAM D FORSTER	TRUSTEE	1.00	Director	$0	$0	$0
CASEY FRYE	TRUSTEE	1.00	Director	$0	$0	$0
PETER GLEYSTEEN	TRUSTEE	1.00	Director	$0	$0	$0
MICHAEL S HUDNER	CHAIRMAN	1.00	Officer Director	$0	$0	$0
CHESTER W KITCHINGS JR	TRUSTEE	1.00	Director	$0	$0	$0
J ROBERT MANN JR	TRUSTEE	1.00	Director	$0	$0	$0
ROBERT C MARTIN	SECRETARY	1.00	Officer Director	$0	$0	$0
MICHAEL T MASIN	OUTGOING TRUSTEE	1.00	Director	$0	$0	$0
SHEILA MCCURDY	TRUSTEE	1.00	Director	$0	$0	$0
ROBERT L W MCGRAW	TRUSTEE	1.00	Director	$0	$0	$0
CAROLYN MICHAS	TRUSTEE	1.00	Director	$0	$0	$0
ROBERT C MUSETTI	TRUSTEE	1.00	Director	$0	$0	$0
LAURIE J OLSON	TRUSTEE	1.00	Director	$0	$0	$0
ROBERT B RODGERS	TRUSTEE	1.00	Director	$0	$0	$0
DONNA F ROEHSLER	OUTGOING TRUSTEE	1.00	Director	$0	$0	$0
KENNETH S SIEGEL	TRUSTEE	1.00	Director	$0	$0	$0
RICHARD SIEWERT	TRUSTEE	1.00	Director	$0	$0	$0
RAYMOND B STRONG III	TRUSTEE	1.00	Director	$0	$0	$0
ALEXANDRA T THORNE	TRUSTEE	1.00	Director	$0	$0	$0
RICHARD R VIETOR	TRUSTEE	1.00	Director	$0	$0	$0
ROBERT A VINCENT	TRUSTEE	1.00	Director	$0	$0	$0
SUSAN J WAYNE	TRUSTEE	1.00	Director	$0	$0	$0
STANLEY T WELLS	TRUSTEE	1.00	Director	$0	$0	$0
MICHAEL M WISEMAN	TRUSTEE	1.00	Director	$0	$0	$0
MAGGIE DOLAN	ASST. TREASURER	35.00	Officer	$194,070	$22,254	$216,324
BECCA MCBEE	ASST. SECRETARY	35.00	Officer	$69,970	$2,612	$72,582
CHRISTINA BROPHY	SR. VP OF CURATORIAL AFFAIRS	35.00	Highest	$215,135	$39,178	$254,313
CHRISTOPHER GASIOREK	SR. VP OF OPERATIONS AND WATERCRAFT	35.00	Highest	$181,925	$5,535	$187,460
CHRISTOPHER FREEMAN	VP IN ADVANCEMENT	35.00	Highest	$167,928	$40,522	$208,450
SHANNON MCKENZIE	VP OPERATIONS	35.00	Highest	$153,765	$10,768	$164,533
MARGARET MILNES	VP CURATORIAL ADMIN	35.00	Highest	$135,347	$26,180	$161,527

Note: Compensation data is self-reported by the organization on their Form 990. "Reportable Comp" includes salary, bonuses, and other reportable compensation from the organization and related organizations. "Other Comp" includes benefits, deferred compensation, and non-taxable benefits.

Historical Data

Year	Revenue	Expenses	Assets	Net Income
2024	No data	No data	No data	No data
2023	$19,385,477	$25,874,687	$109,319,754	$-6,489,210
2022	$36,462,336	$22,706,958	$107,691,888	$13,755,378
2021	$26,794,983	$18,251,395	$122,267,932	$8,543,588
2020	$12,420,783	$16,306,783	$111,398,062	$-3,886,000
2019	$24,939,678	$22,219,464	$101,622,938	$2,720,214
2018	$23,642,079	$21,689,824	$93,821,819	$1,952,255

MYSTIC SEAPORT MUSEUM INC