THE FRANKLIN INSTITUTE

EIN: 231370501 501(c)(3) Arts, Culture & Humanities

PHILADELPHIA, PA

Total Revenue
$39,597,836
Total Expenses
$31,213,719
Total Assets
$189,649,707
Net Assets
$178,787,579
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Financial Vulnerability Assessment (Tuckman-Chang)

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Financial Trends

Organization Details

Formation Year
1824
Legal Domicile
PA
Principal Officer
LARRY DUBINSKI
Phone
2154481200
Tax Period
2023-01-01 to 2023-12-31

THE FRANKLIN INSTITUTE, founded in 1824, is a mid-sized nonprofit in the Arts, Culture & Humanities sector that reported $39.6M in total revenue in fiscal year 2023. Revenue grew 10% year-over-year, indicating healthy expansion. The organization ran a surplus of $8.4M, a strong 21% operating margin.

Mission

IN THE SPIRIT OF INQUIRY AND DISCOVERY EMBODIED BY BENJAMIN FRANKLIN, THE MISSION OF THE FRANKLIN INSTITUTE IS TO INSPIRE A PASSION FOR LEARNING ABOUT SCIENCE AND TECHNOLOGY.

Program Service Accomplishments

Program 1
Expenses: $4,254,793 Revenue: $648,605

EDUCATIONAL PROGRAMS, SERVICES & GRANTS: COMPLETING ITS 31ST YEAR IN 2023, THE PARTNERS FOR ACHIEVING CAREERS IN TECHNOLOGY AND SCIENCE (PACTS) PROGRAM IS ONE OF THE REGION'S OLDEST AND MOST...

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EDUCATIONAL PROGRAMS, SERVICES & GRANTS: COMPLETING ITS 31ST YEAR IN 2023, THE PARTNERS FOR ACHIEVING CAREERS IN TECHNOLOGY AND SCIENCE (PACTS) PROGRAM IS ONE OF THE REGION'S OLDEST AND MOST COMPREHENSIVE SCIENCE IMMERSION PROGRAMS FOR MIDDLE SCHOOL STUDENTS. PACTS SERVED 63 STUDENTS FROM AREA PUBLIC SCHOOLS DURING THE 2022-2023 SCHOOL YEAR. IN ITS 23RD YEAR, THE INSTITUTE'S STEM SCHOLARS PROGRAM, A CONCENTRATED PROGRAM OF HIGH SCHOOL STUDENTS WHO SHOW HIGH INTEREST IN AND APTITUDE FOR STEM FIELDS, SERVED 77 STUDENTS. PACTS AND STEM SCHOLARS PROVIDE STUDENTS WITH ACCESS TO STEM PROFESSIONALS, AS WELL AS COLLEGE EDUCATIONAL PROGRAMS AND SERVICES, APPLICATION AND FINANCIAL AID COUNSELING, EXPOSURE TO STEM CAREERS, AND ANNUAL ROBOTICS PROGRAMS. THESE TWO PROGRAMS DELIVER UNIQUE STEM PROGRAMMING TO A DIVERSE AUDIENCE.THE FRANKLIN INSTITUTE ALSO DEVELOPS MODEL PROGRAMS IN SCIENCE LEARNING FOR THE K-12 EDUCATION COMMUNITY THAT ARE DELIVERED BOTH INSIDE AND OUTSIDE THE MUSEUM WALLS, INCLUDING SCIENCE IN THE SUMMER, MISSION2MARS, AND THE CHILDREN'S VACCINE EDUCATION PROGRAM, WHICH SERVED 53,965 PARTICIPANTS ACROSS 33 STATES.

Program 2
Expenses: $14,937,655 Revenue: $13,713,610

MUSEUM ADMISSIONS & OPERATIONS: AS THE MOST VISITED MUSEUM IN THE COMMONWEALTH AND A TOP-FIVE TOURIST DESTINATION IN THE CITY OF PHILADELPHIA, THE FRANKLIN INSTITUTE SERVES AS BOTH A PROMINENT...

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MUSEUM ADMISSIONS & OPERATIONS: AS THE MOST VISITED MUSEUM IN THE COMMONWEALTH AND A TOP-FIVE TOURIST DESTINATION IN THE CITY OF PHILADELPHIA, THE FRANKLIN INSTITUTE SERVES AS BOTH A PROMINENT EDUCATION AND CULTURAL RESOURCE, AND AS AN ANCHOR OF THE LOCAL ECONOMY. IN 2023, THE INSTITUTE WELCOMED 663,335 VISITORS TO THE MUSEUM, INCLUDING 78,000 FREE AND DISCOUNTED VISITS PROVIDED TO UNDERSERVED SCHOOLS AND FAMILIES THROUGH THE ACCESS PROGRAM. THE FRANKLIN INSTITUTE'S LONGSTANDING REPUTATION HELPS TO ELEVATE THE COMMONWEALTH AND THE CITY OF PHILADELPHIA AS MODELS FOR CULTURAL AND INFORMAL EDUCATION EXCELLENCE. THE INSTITUTE WELCOMES VISITORS OF ALL AGES TO EXPLORE SCIENCE IN INTERACTIVE EXHIBITS AND PUBLIC PROGRAMS. THE INSTITUTE REMAINS FULLY COMMITTED TO PROVIDING AN EXCEPTIONAL EXPERIENCE FOR ITS MANY VISITORS AND INCREASING SERVICE TO ITS AUDIENCE, EXTENDING THE INSTITUTE'S MISSION- TO INSPIRE A PASSION FOR LEARNING ABOUT SCIENCE AND TECHNOLOGY-TO CHILDREN AND FAMILIES THROUGHOUT GREATER PHILADELPHIA, REGARDLESS OF MEANS, REMAINS, AS ALWAYS, AT THE HEART OF ITS PRIORITIES. IT DOES SO THROUGH OUTSTANDING EXHIBITS AND MANY EDUCATION AND OUTREACH PROGRAMS.

Program 3
Expenses: $1,262,133 Revenue: $1,314,164

THE JOURNAL OF THE FRANKLIN INSTITUTE, THE SECOND OLDEST SCHOLARLY JOURNAL IN CONTINUOUS PUBLICATION IN THE UNITED STATES, HAS INCREASED THE VOLUME OF ARTICLES PER ISSUE,, AS WELL AS THE READERSHIP...

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THE JOURNAL OF THE FRANKLIN INSTITUTE, THE SECOND OLDEST SCHOLARLY JOURNAL IN CONTINUOUS PUBLICATION IN THE UNITED STATES, HAS INCREASED THE VOLUME OF ARTICLES PER ISSUE,, AS WELL AS THE READERSHIP. ALL 198 YEARS OF THE JOURNAL ARE AVAILABLE ONLINE THROUGH LIBRARIES AND RESEARCH INSTITUTIONS.

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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%)

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Financial Overview (2023)

Revenue Breakdown

Contributions & Grants $19,920,726
Program Service Revenue $15,328,047
Investment Income $3,391,023
Other Revenue $958,040
TOTAL REVENUE $39,597,836

Expense Breakdown

Grants Paid $367,693
Salaries & Benefits $13,453,369
Fundraising Expenses $1,731,594
Program Expenses $26,266,172
Other Expenses $17,373,044
TOTAL EXPENSES $31,213,719

Year-over-Year Comparison

2023 2022 Change
Revenue $39,597,836 $36,043,314 +0.1%
Expenses $31,213,719 $28,062,151 +0.1%
Net Income $8,384,117 $7,981,163 +0.1%
Key Indicators
Grants to Organizations Grants to Individuals Lobbying Political Activity Foreign Activities Donor Advised Fund Schedule B Required
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Governance

Voting Members
42
Independent Members
41
Employees
218
Volunteers
73

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
6
$1,810,184
Total Directors
51
$897,358
Key Employees
4
$1,106,237
Highest Compensated
5
reported
Name Title Hours/Week Role Reportable Comp Other Comp Total
LARRY DUBINSKI PRESIDENT & CEO 37.50
Officer Director
$829,793 $67,565 $897,358
DONALD E MOREL JR PHD TRUSTEE EMERITUS 1.00
Director
$0 $0 $0
THOMAS LYNCH CHAIR 1.00
Officer Director
$0 $0 $0
WADE H BERRETTINI MD PHD TRUSTEE 1.00
Director
$0 $0 $0
SUZANNE BODA TRUSTEE 1.00
Director
$0 $0 $0
RENEE B BOOTH PHD TRUSTEE 1.00
Director
$0 $0 $0
HALLEE ADELMAN TRUSTEE 1.00
Director
$0 $0 $0
PETER K CLASSEN TRUSTEE 1.00
Director
$0 $0 $0
CHRIS FRANKLIN TRUSTEE 1.00
Director
$0 $0 $0
CHRIS FRALIC TRUSTEE 1.00
Director
$0 $0 $0
ELIZABETH H GEMMILL TRUSTEE 1.00
Director
$0 $0 $0
GRETE GREENACRE TRUSTEE 1.00
Director
$0 $0 $0
RICHARD HENRIQUES TRUSTEE 1.00
Director
$0 $0 $0
FRANCES E JENSEN MD FACP TRUSTEE 1.00
Director
$0 $0 $0
STEPHEN E KELLY TRUSTEE 1.00
Director
$0 $0 $0
CHARISSE R LILLIE ESQ TRUSTEE 1.00
Director
$0 $0 $0
IRA M LUBERT TRUSTEE 1.00
Director
$0 $0 $0
SANDRA K BALDINO TRUSTEE 1.00
Director
$0 $0 $0
MIRIAM G MANDELL TRUSTEE 1.00
Director
$0 $0 $0
SANDRA G MARSHALL TRUSTEE 1.00
Director
$0 $0 $0
CHRISTOPHER MCISAAC TRUSTEE 1.00
Director
$0 $0 $0
ROBERT S MCMENAMIN TRUSTEE 1.00
Director
$0 $0 $0
PAUL OFFIT MD TRUSTEE 1.00
Director
$0 $0 $0
QUENTIN ROACH TRUSTEE 1.00
Director
$0 $0 $0
MICHAEL A INNOCENZO TRUSTEE 1.00
Director
$0 $0 $0
JOAN N STERN ESQ TRUSTEE 1.00
Director
$0 $0 $0
ANDREA ANANIA STEWART TRUSTEE 1.00
Director
$0 $0 $0
HAROLD L YOH III TRUSTEE 1.00
Director
$0 $0 $0
KAREN ZIMMER MD TRUSTEE 1.00
Director
$0 $0 $0
THE HONORABLE DARRELL L CLARKE TRUSTEE, EX OFFICIO 1.00
Director
$0 $0 $0
WILLIAM R HITE TRUSTEE 1.00
Director
$0 $0 $0
THE HONORABLE JAMES F KENNEY TRUSTEE, EX OFFICIO 1.00
Director
$0 $0 $0
THE HONORABLE JOSH SHAPIRO TRUSTEE, EX OFFICIO 1.00
Director
$0 $0 $0
VINCENT AMATULLI TRUSTEE 1.00
Director
$0 $0 $0
MAUREEN BRENNAN-MILLER TRUSTEE 1.00
Director
$0 $0 $0
SAMUEL HAMILTON TRUSTEE 1.00
Director
$0 $0 $0
ANTHONY BUCCI TRUSTEE 1.00
Director
$0 $0 $0
TOM CARMANICO TRUSTEE 1.00
Director
$0 $0 $0
MATTHEW ZELESKO TRUSTEE 1.00
Director
$0 $0 $0
SUCHIT BACHALLI TRUSTEE 1.00
Director
$0 $0 $0
MARK DICHTER TRUSTEE 1.00
Director
$0 $0 $0
JULIA DRANOFF TRUSTEE 1.00
Director
$0 $0 $0
ROBERT J MOORE TRUSTEE 1.00
Director
$0 $0 $0
MICHAEL CORRIGAN TRUSTEE 1.00
Director
$0 $0 $0
KAREN FLYNN TRUSTEE 1.00
Director
$0 $0 $0
BARBARA KLOCK TRUSTEE 1.00
Director
$0 $0 $0
NYLA KONCURAT TRUSTEE 1.00
Director
$0 $0 $0
MICHAEL J NEMEROFF TRUSTEE 1.00
Director
$0 $0 $0
IAN WRIGHT TRUSTEE, EX OFFICIO 1.00
Director
$0 $0 $0
ALLEN W NICHOLSON PHD TRUSTEE, EX OFFICIO 1.00
Director
$0 $0 $0
TONY B WATLINGTON SR EDD TRUSTEE, EX OFFICIO 1.00
Director
$0 $0 $0
ERIN ARMSTRONG VP MKT COMM. & DIGITAL MED 37.50
Officer
$229,510 $25,657 $255,167
REBEKAH SASSI VP EXTERNAL AFFAIRS 37.50
Officer
$259,391 $46,833 $306,224
ELBERT BLACK DIRECTOR OF FINANCE 37.50
Officer
$156,769 $29,183 $185,952
KEITH DOUGHTY VP OF FINANCE 37.50
Officer
$153,996 $11,487 $165,483
DARRYL WILLIAMS SVP OF SCIENCE & EDUCATION & HR 37.50
Key Emp
$292,637 $27,753 $320,390
CHRIS RIZZO VP OF BUSINESS OPERATIONS 37.50
Key Emp
$206,828 $42,683 $249,511
ABIGAIL BYSSHE CHIEF EXPERIENCE & STRATEGY OFFICER 37.50
Key Emp
$281,004 $28,057 $309,061
MARK HARMON VP OF OPERATIONS 37.50
Key Emp
$185,789 $41,486 $227,275
JOY MONTEFUSCO DIRECTOR OF DIGITAL EDITOR TERM 12/1/23 37.50
Highest
$137,119 $33,286 $170,405
JOSEPH TORRIERI DIRECTOR OF IT 37.50
Highest
$160,558 $35,496 $196,054
CASEY SATELL DIRECTOR OF INSTITUTIONAL GIVING 37.50
Highest
$136,605 $28,546 $165,151
DERRICK PITTS CHIEF ASTRONOMER 37.50
Highest
$138,036 $32,764 $170,800
STEFANIE SANTO DIRECTOR OF MEDIA RELATIONS & COMMUNICATIONS 37.50
Highest
$128,969 $9,350 $138,319
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 $39,597,836 $31,213,719 $189,649,707 $8,384,117
2022 $36,043,314 $28,062,151 $173,411,426 $7,981,163
2021 $32,040,912 $24,980,303 $191,202,786 $7,060,609
2020 $25,055,602 $26,409,211 $180,641,558 $-1,353,609
2019 $47,708,877 $41,662,901 $166,266,350 $6,045,976
2018 $40,175,651 $38,959,955 $152,099,662 $1,215,696
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