Independence Seaport Museum

EIN: 231584971 501(c)(3) Arts, Culture & Humanities

PHILADELPHIA, PA

Total Revenue
$4,185,635
Total Expenses
$5,682,578
Total Assets
$21,826,969
Net Assets
$20,232,204
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Financial Trends

Organization Details

Formation Year
1960
Legal Domicile
PA
Principal Officer
KENNETH WOOD
Phone
2154138655
Tax Period
2023-07-01 to 2024-06-30

Independence Seaport Museum, founded in 1960, is a community nonprofit in the Arts, Culture & Humanities sector that reported $4.2M in total revenue in fiscal year 2023. Revenue surged 37% from the prior year, signaling strong growth momentum. Expenses of $5.7M exceeded revenue, resulting in a 36% operating deficit.

Mission

To discover Philadelphia's river of history and world of connections. Serving a wide and diverse audience and holding its collections in trust for the community, the Museum tells the stories of the people, historical events and environmental changes of the Delaware River and its tributaries. It looks to a broad regional definition of the river to include both Philadelphia and Camden as well as portions of the southern coast of New Jersey and the Schuylkill River drainage. The Museum is the leading educational organization in the region dedicated to the history and culture of the Delaware River and its estuaries. We focus upon building K-16 educational programs that engae students in the rich history of this region as it relates to the waterways in addtion to providng STEM and environmental educational opportunities. Our educational mission is to build an understanding of the historical, cultural, and environmental importance of the Delaware River watershed. The Museum retains a nationa

Program Service Accomplishments

Program 1
Expenses: $4,435,691 Revenue: $508,079

THE INDEPENDENCE SEAPORT MUSEUM HOSTED A WIDE RANGE OF PROGRAMS, EVENTS, AND ACTIVITIES. STAFF UNDERTOOK THE FIRST OF NUMEROUS CHANGES TO UPGRADE EXISTING EXHIBITIONS AND PROGRAMS INCLUDING THE NEW...

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THE INDEPENDENCE SEAPORT MUSEUM HOSTED A WIDE RANGE OF PROGRAMS, EVENTS, AND ACTIVITIES. STAFF UNDERTOOK THE FIRST OF NUMEROUS CHANGES TO UPGRADE EXISTING EXHIBITIONS AND PROGRAMS INCLUDING THE NEW SHIP MODEL GALLERY, INTEGRATION OF ITS HISTORIC BOAT COLLECTION INTO ITS EXISTING EXHIBITIONS, AND ENVIRONMENTAL UPGRADES TO THE FACILITIES. THE MUSEUM CONTINUES TO OFFER ITS AWARD-WINNING INSTALLATION "RIVER ALIVE" AS WELL AS THE EXTREMELY POPULAR EXHIBITION "TIDES OF FREEDOM". THE FORMER FOCUSES UPON THE DELAWARE RIVER AND ITS ENVIRONMENT WHILE THE LATTER CLOSELY EXAMINES THE ROLE OF AFRICAN-AMERICANS ALONG THE RIVER. IN ADDITION, THE MUSEUM OPERATES THE CRUISER OLYMPIA AND SUBMARINE BECUNA FOR THE PUBLIC. FINALLY, THE MUSEUM PROVIDES EXTENSIVE ON THE WATER EDUCATIONAL PROGRAMMING THROUGHOUT THE YEAR.

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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 $2,215,665
Program Service Revenue $508,079
Investment Income $727,542
Other Revenue $734,349
TOTAL REVENUE $4,185,635

Expense Breakdown

Grants Paid $0
Salaries & Benefits $3,237,150
Fundraising Expenses $463,215
Program Expenses $4,435,691
Other Expenses $2,445,428
TOTAL EXPENSES $5,682,578

Year-over-Year Comparison

2023 2022 Change
Revenue $4,185,635 $3,050,797 +0.4%
Expenses $5,682,578 $5,133,522 +0.1%
Net Income $-1,496,943 $-2,082,725 -0.3%
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
16
Independent Members
16
Employees
82
Volunteers
22

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
7
$365,511
Total Directors
18
$0
Key Employees
0
$0
Highest Compensated
2
reported
Name Title Hours/Week Role Reportable Comp Other Comp Total
Peter Seibert CEO & President 40.0
Officer
$201,800 $15,223 $217,023
Michael Flynn Executive VP and COO 40.0
Officer
$135,749 $12,739 $148,488
Jaewook Shim Controller 40.0
Highest
$104,182 $10,042 $114,224
Judy Baker Dir. of HR & Volunteer Program 33.0
Highest
$104,703 $5,831 $110,534
Peter Ernst Chair 0.5
Officer Director
$0 $0 $0
Courtney Disston Vice-Chair 0.5
Officer Director
$0 $0 $0
Thomas G Ashton Vice-Chair 0.5
Officer Director
$0 $0 $0
James T Giles Secretary 0.5
Officer Director
$0 $0 $0
Kenneth Wood Treasurer 1.0
Officer Director
$0 $0 $0
John C Devereux Director 0.5
Director
$0 $0 $0
George A Donnelly Esq Director 0.5
Director
$0 $0 $0
Deborah Gibbons-Neff Director 0.5
Director
$0 $0 $0
Brett E J Gorman Director 0.5
Director
$0 $0 $0
Robert T Healey Jr Director 0.5
Director
$0 $0 $0
Scott G Huston Director 0.5
Director
$0 $0 $0
Erik C Klein Director 0.5
Director
$0 $0 $0
Joseph B Lockley Director 0.5
Director
$0 $0 $0
William F Moen Jr Director 0.5
Director
$0 $0 $0
Tim McGrath Director 0.5
Director
$0 $0 $0
Joanne Phillips Esq Director 0.5
Director
$0 $0 $0
Hon Judge Annette Rizzo Director 0.5
Director
$0 $0 $0
John P Ventura Director 0.5
Director
$0 $0 $0
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
2025 No data No data No data No data
2024 $4,185,635 $5,682,578 $21,826,969 $-1,496,943
2023 $3,050,797 $5,133,522 $21,290,179 $-2,082,725
2022 $3,083,203 $4,759,833 $22,539,825 $-1,676,630
2021 $2,388,161 $4,314,588 $28,154,026 $-1,926,427
2020 $2,063,262 $4,908,259 $24,772,705 $-2,844,997
2019 $4,055,981 $5,856,160 $27,635,498 $-1,800,179
2018 $6,642,780 $5,999,363 $30,769,296 $643,417
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