2024-11-11T12:36:43-06:00 2023-12-31 540504608 BROWN EDWARDS & COMPANY LLP 701 TOWN CENTER DRIVE SUITE 700 NEWPORT NEWS VA 23606 990 2023-01-01 540541801 THE MARINERS' MUSEUM MARI 7575917701 100 MUSEUM DRIVE NEWPORT NEWS VA 23606 HOWARD H HOEGE III PRESIDENT AND CEO 7575917701 2024-10-15 1 0 LESLIE F ROBERTS P00040492 7578731033 2024-10-14 2023 2024-10-15 13:58:12Z HOWARD H HOEGE III 100 MUSEUM DRIVE NEWPORT NEWS VA 23606 13473914 0 X WWW.MARINERSMUSEUM.ORG X 1930 VA THE MARINERS' MUSEUM AND PARK CONNECTS PEOPLE TO THE WORLD'S WATERS, BECAUSE THROUGH THE WATERS - THROUGH OUR SHARED MARITIME HERITAGE - WE ARE CONNECTED TO ONE ANOTHER. 15 15 153 159 1796 0 13595370 7044235 138123 144518 408718 1680718 635290 646092 14777501 9515563 21178 42507 0 0 6177721 7051341 0 0 1296805 4239934 4185112 10438833 11278960 4338668 -1763397 139665066 147592225 9337792 9112894 130327274 138479331 X THE MARINERS' MUSEUM AND PARK CONNECTS PEOPLE TO THE WORLD'S WATERS, BECAUSE THROUGH THE WATERS - THROUGH OUR SHARED MARITIME HERITAGE - WE ARE CONNECTED TO ONE ANOTHER. 0 0 1593726 134434 ACCESS - MARINERS' LAKE - AFTER NEARLY TEN YEARS, MARINERS' LAKE REOPENED IN 2023. MORE THAN 850 MEMBERS OF THE COMMUNITY BECAME MARINERS THROUGH WEEKEND KAYAK RENTALS, CATCH-AND-RELEASE FISHING, AND GUIDED PADDLES. ADDITIONALLY, A NEW KAYAKING-FOCUSED EDUCATIONAL ENRICHMENT PROGRAM, MARINERS' LAKE EFFECT, PROVIDED OVER 1,000 STUDENTS WITH THE OPPORTUNITY TO HAVE A MEANINGFUL WATER EXPERIENCE, MANY FOR THE FIRST TIME. 2287173 9671 224325 VALUE - EDUCATIONAL PROGRAMS - WITH A PARTICULAR FOCUS ON EDUCATIONAL ENRICHMENT PROGRAMS FOR SCHOOL-AGED CHILDREN, THE MARINERS' MUSEUM SERVED MORE THAN 23,000 STUDENT ENGAGEMENTS DURING THE 2022-2023 ACADEMIC YEAR, WITH OVER 80% OF STUDENTS PARTICIPATING FOR FREE. 2799498 23036 190879 CONSERVATION - PRINCESS CAROLINA - OUR ARCHAEOLOGICAL CONSERVATORS CLEANED AND RELOCATED OVER 400 TIMBERS FROM THE BOW OF THE MERCHANT SHIP PRINCESS CAROLINA INTO AN UPGRADED, ON-SITE COLLECTION STORAGE AREA. THE PRINCESS CAROLINA TIMBERS ARE THE OLDEST SURVIVING REMNANTS OF A COLONIAL-BUILT SHIP. THE PRINCESS CAROLINA WAS BUILT BETWEEN 1710 AND 1720 IN SOUTH CAROLINA AND SUPPORTED TRANSATLANTIC COMMERCE AND COMMERCE THROUGHOUT WHAT WERE THEN BRITISH COLONIES IN NORTH AMERICA. 2588739 9800 11100 RESEARCH - CONSERVATION SCIENCE - OUR CONSERVATION RESEARCH SCIENTIST, IN COLLABORATION WITH A CONSERVATION SCIENCE FELLOW, FURTHER REFINED AN APPROACH TO CAPTURE AND/OR MITIGATE THE EFFECTS OF SULPHUR TRAPPED IN WATERLOGGED ARCHAEOLOGICAL WOOD. THIS PROBLEM, UNTREATED, MANIFESTS ITSELF IN THE DEVELOPMENT OF SULFURIC ACID WHEN FORMERLY WATERLOGGED ARCHAEOLOGICAL WOOD THAT IS DRIED AND DISPLAYED - A PARTICULARLY THORNY PROBLEM FOR RECOVERED AND CONSERVED HISTORIC SHIPWRECKS GLOBALLY. 2588739 9800 11100 9269136 1 1 0 0 0 0 0 1 0 1 1 0 0 1 0 0 1 0 0 0 0 0 0 0 0 0 0 0 1 1 1 1 0 0 0 0 0 0 0 0 0 1 1 0 0 0 0 0 0 0 1 60 0 1 153 1 1 1 0 0 0 0 1 1 0 0 0 0 0 0 X 15 15 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 VA X THE OFFICERS 7575917701 100 MUSEUM DRIVE NEWPORT NEWS VA 23606 KEITH VANDER VENNET TRUSTEE 1.00 X X 0 0 0 JENNIFER BOYKIN CHAIRMAN OF THE BOARD 1.00 X X 0 0 0 STUART HENDERSON TRUSTEE 1.00 X 0 0 0 JOHN R LAWSON II SECRETARY 1.00 X X 0 0 0 MARGARET PODLICH TRUSTEE 1.00 X 0 0 0 KENNETH CROFTON TRUSTEE 1.00 X 0 0 0 JERRY MILLER TRUSTEE 1.00 X 0 0 0 BRIAN SKINNER TRUSTEE 1.00 X 0 0 0 KEVIN SWANN TRUSTEE 1.00 X 0 0 0 LINDSEY CARNEY SMITH TRUSTEE 1.00 X 0 0 0 TINA MORRIS VICE CHAIRMAN 1.00 X X 0 0 0 KEVIN FEWSTER TRUSTEE 1.00 X 0 0 0 CAROLYN KURTZ TRUSTEE 1.00 X 0 0 0 MCKINLEY PRICE TRUSTEE 1.00 X 0 0 0 MARSHA HUDGINS TRUSTEE 1.00 X 0 0 0 HOWARD H HOEGE III PRESIDENT & CEO 40.00 X 224327 0 23249 NELSON FORBES VP COLLECTIONS, CHIEF CURA 40.00 X 104059 0 14866 JEFFREY ESBER CONTROLLER & TREASURER 40.00 X 121491 0 8653 449877 0 46768 3 0 1 0 0 48801 6995434 96199 7044235 ADMISSIONS 611710 73367 73367 PHOTOGRAPHY 611710 31959 31959 EDUCATION PROGRAM FEES 611710 21645 21645 MEMBERSHIP FEES-PROGRAM SVC 611710 17547 17547 144518 588062 588062 228076 0 228076 228076 228076 4979196 3886540 1092656 1092656 1092656 131665 71811 59854 58058 1796 CONTRACT REVENUE 611710 259174 259174 OTHER 611710 98988 98988 358162 9515563 560738 1796 1908794 42507 42507 449877 236038 48196 165643 5316481 4385658 207406 723417 179878 158052 20490 1336 677935 491635 186300 427170 382780 41153 3237 17745 15592 2021 132 45451 39936 5177 338 159813 105919 1369 52525 34383 2250 133 32000 129013 92225 6038 30750 152857 141014 10612 1231 748384 657854 84987 5543 60850 42544 12465 5841 58633 52601 780 5252 118628 104234 13513 881 1626537 1429172 185279 12086 94163 77520 10049 6594 OTHER EXPENSE 471806 413650 21541 36615 REPAIRS AND MAINTENANCE 394180 349459 37596 7125 EVENT AND PROGRAM COSTS 66335 42162 4214 19959 EXHIBITION COSTS 6334 6334 11278960 9269136 713019 1296805 488966 2184248 10392930 6812591 2553699 1852593 77663 79637 76021 50983 141064 16401 71937403 49247733 22851606 22689670 12637152 15780744 90445965 98125358 139665066 147592225 746989 945993 2964876 2891075 5625927 5275826 9337792 9112894 X 20943325 18599523 109383949 119879808 130327274 138479331 139665066 147592225 -1763397 9915454 0 X X 0 1 X 1 0 X 10492893 4072214 9054420 13595370 7044235 44259132 10492893 4072214 9054420 13595370 7044235 44259132 9117629 35141503 632205 117298 512335 557708 816138 2635684 296751 318822 358162 973735 47868551 1373540 0.73410 0.71670 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED X X X X X PUBLICATIONS (BOOKS, MOVIES 0 19283377 500401 3207096 4281948 18708926 17263871 6336237 -1904936 2411795 19283377 14631099 3882655 2184457 3434340 17263871 13608366 643136 545836 166239 14631099 8506696 5533426 1088859 1520615 13608366 0.09910 0.90090 1 0 1995993 1995993 55636405 38599148 17037257 8245475 6923392 1322083 6059530 3725193 2334337 22689670 FUNDS HELD IN TRUST BY OTHERS - SEE SCHEDULE O 98125358 98125358 19502828 9915454 71811 9987265 9515563 0 9515563 11350772 71811 71811 11278961 0 11278961 PART III, LINE 1A: THE MUSEUM MAINTAINS SIGNIFICANT COLLECTION ASSETS, INCLUDING MODELS, SMALL CRAFTS, PRINTS, PAINTINGS, BOOKS, PHOTOGRAPHS, AND NAVIGATION INSTRUMENTS. IN ACCORDANCE WITH INDUSTRY PRACTICE, THE VALUE OF THE COLLECTION HAS BEEN EXCLUDED FROM THE STATEMENT OF FINANCIAL POSITION. ONLY CURRENT YEAR PURCHASES AND PROCEEDS FROM SALE ARE REFLECTED IN THE STATEMENT OF ACTIVITIES. IT IS THE POLICY OF THE MUSEUM THAT PROCEEDS FROM THE SALE OF ANY COLLECTION ITEMS ARE TO BE USED FOR THE ACQUISITION OF OBJECTS FOR THE PERMANENT COLLECTIONS OR FOR THE CONSERVATION OR MAINTENANCE OF ITEMS CURRENTLY OWNED BY THE MUSEUM BY EXTERNAL CONSERVATORS. PART III, LINE 4: THE COLLECTION INCLUDES MARITIME RELATED OBJECTS AND EPHEMERA USED FOR EDUCATIONAL PURPOSES. PART V, LINE 4: THE MARINERS' MUSEUM ENDOWMENT (ENDOWMENT) WAS ESTABLISHED TO SUPPORT ITS MISSION. THE ENDOWMENT SUBSTANTIALLY CONTRIBUTES TO THE GROWTH, FINANCIAL SECURITY AND THE LONG-TERM STABILITY OF THE MUSEUM. SCHEDULE D ON THE 990 INCLUDES BOARD DESIGNATED FUNDS (QUASI-ENDOWMENTS). PART XI, LINE 2D - OTHER ADJUSTMENTS: MUSEUM SHOP COGS SHOWN NET ON 990 71,811. PART XII, LINE 2D - OTHER ADJUSTMENTS: MUSEUM SHOP COGS SHOWN NET ON 990 71,811. 1 GRANTS TO INTERNS IN ORDER TO TRAIN AND EMPLOY COLLEGE-LEVEL STUDENTS IN THE AREAS OF EDUCATION, CONSERVATION, COLLECTIONS AND MARKETING TO CULTIVATE THEIR INTEREST IN WORKING IN THE MUSEUM FIELD. 15 42507 PART I, LINE 2: GRANT FUNDING WAS USED TO OFFER INTERNSHIP OPPORTUNITIES. INTERNSHIP CANDIDATES ARE SELECTED THROUGH A COMPETITIVE INTERVIEW PROCESS AND PERFORMANCE MONITORED THROUGHOUT THE INTERNSHIP PERIOD. X 1 0 X X X 0 0 0 0 0 0 0 0 0 HOWARD H HOEGE III PRESIDENT & CEO 224327 0 0 0 0 0 9211 0 14038 0 247576 0 0 0 PART I, LINE 1A THE MUSEUM BUILT A RESIDENCE IN THE 1940'S AS A GUEST HOUSE FOR VISITING DIGNITARIES, OUT OF TOWN TRUSTEES AND OTHER GUESTS OF THE MUSEUM. THE PRESIDENT AND CEO LIVES IN THE HOUSE TO ACT AS HOST TO THESE GUESTS AND TO SPONSOR EVENTS FOR THE MUSEUM AND THE LOCAL COMMUNITY. THIS INCLUDES FUND RAISING ACTIVITIES AND MEETINGS. PART I, LINE 1B THE MUSEUM BY-LAWS GIVE THE EXECUTIVE COMMITTEE OF THE BOARD OF TRUSTEES THE AUTHORITY TO SET THE COMPENSATION OF THE CEO. THE CEO IS EMPLOYED PURSUANT TO A FORMAL EMPLOYMENT AGREEMENT BETWEEN THE MUSEUM AND CEO. THIS EMPLOYMENT AGREEMENT SETS THE TERMS OF THE CEO'S EMPLOYMENT AND MANDATES THAT THE CEO LIVE IN THE MUSEUM HOUSE FOR THE PRIMARY BENEFIT OF THE MUSEUM. A TOWNEBANK 541910608 2021-11-01 6000000 REFINANCE NOTE DTD 2/1/12 USED TO CONSTRUCT EXHIBIT AND USS MONITOR CENTER 0 0 0 A 6000000 0 0 0 0 A 0 0 0 0 0 0 0 A 0 0 0 0 0 0 0 0 0 A 0 X 36 X 13 96199 FMV STOCK SHARES 0 1 1 PART I, COLUMN (B): NUMBER OF CONTRIBUTIONS PART I, LINE 32B: FROM TIME TO TIME, THE MUSEUM WILL SEND WORKS OF ART TO AUCTION FOR SALE. PROCEEDS FROM THESE SALES ARE RESTRICTED TO FUTURE ACQUISITION AND DIRECT CARE OF OBJECTS FOR THE COLLECTION. PART I, LINE 33: BEGINNING IN 2008, UNDER THE PROVISION OF SFAS NO. 116, THE VALUE OF THE COLLECTION HAS BEEN EXCLUDED FROM THE STATEMENT OF FINANCIAL POSITION. THUS, THE VALUE OF DONATED COLLECTION ITEMS ARE EXCLUDED FROM REVENUE. FAIR MARKET VALUES OF THE DONATED HISTORICAL TREASURES RECEIVED DURING 2022 FOR WHICH THE ORGANIZATION COMPLETED FORMS 8283 ARE APPROXIMATELY $14,956. FORM 990, PART VI, SECTION B, LINE 11B A DRAFT COPY OF THE ORGANIZATION'S FROM 990 IS SENT TO EVERY TRUSTEE FOR REVIEW. FORM 990, PART VI, SECTION B, LINE 12C THE ORGANIZATION'S BOARD REVIEWS THE CONFLICT OF INTEREST POLICY, PROVIDE QUESTIONNAIRES FOR THE BOARD MEMBERS TO REPORT CONFLICTS OF INTEREST, AND REPORT ON ANY FINDINGS OF CONFLICTS OF INTERESTS. FORM 990, PART VI, SECTION B, LINE 15 THE ORGANIZATION'S BOARD OF TRUSTEES REVIEWS AND APPROVES THE COMPENSATION OF THE TOP MANAGEMENT OFFICIAL AND OFFICERS AND KEY EMPLOYEES OF THE ORGANIZATION. FORM 990, PART VI, SECTION C, LINE 19 THE ORGANIZATION'S GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, AND FINANCIAL STATEMENTS ARE MADE AVAILABLE TO THE PUBLIC FOR REVIEW UPON REQUEST. FORM 990, PART XII, LINE 2C: THE ORGANIZATION DID NOT CHANGE ITS OVERSIGHT OR SELECTION PROCESS DURING THE YEAR. SCHEDULE D, PART IX OTHER ASSETS - FUNDS HELD IN TRUST BY OTHERS FUNDS HELD IN TRUST BY OTHERS CONSIST PRIMARILY OF IRREVOCABLE TRUSTS ESTABLISHED BY THE MUSEUM FOUNDER, ARCHER M. HUNTINGTON, WHICH ARE CLASSIFIED AS PERMANENTLY RESTRICTED. THE TRUSTS ARE NOT-FOR-PROFIT SUPPORTING ORGANIZATIONS. THE MUSEUM RECEIVES CONTRIBUTIONS BASED ON DISTRIBUTIONS OF INVESTMENT INCOME FROM THE SECURITIES HELD BY THE TRUSTS. THESE CONTRIBUTIONS ARE BASED ON INVESTMENT INCOME, NET OF EXPENSES, REALIZED AND UNREALIZED GAINS AND LOSSES. THE TRUSTEES OF THE HUNTINGTON TRUSTS HAVE ADOPTED A TOTAL RETURN POLICY WHICH DISTRIBUTES 5% OF THE ROLLING AVERAGE MARKET VALUE OF THE HUNTINGTON TRUSTS, USING QUARTER END VALUE OF THE PRECEDING TWELVE QUARTERS ENDING WITH SEPTEMBER 30 OF THE CURRENT YEAR. THE REMAINING TRUSTS ALSO PAY OUT 5% OF THE TRUST ASSETS ON AN ANNUAL BASIS. THE MUSEUM IS ALSO A CO-BENEFICIARY WITH THREE OTHER NOT-FOR-PROFIT ORGANIZATIONS UNDER THE TRUST AGREEMENT WITH BANK OF AMERICA (FORMERLY U.S. TRUST CO., OF NEW YORK). THEREFORE, THE AMOUNT RECORDED IN THE ACCOMPANYING STATEMENT OF FINANCIAL POSITION IS 25% OF THE TRUST'S VALUE, WHICH REPRESENTS THE MUSEUM'S SHARE UNDER THIS SPLIT-INTEREST AGREEMENT.