Civic Intelligence

Shelburne Museum Incorporated

990 • Fiscal year 2022 • EIN 03-0179436

Apr 01, 2021 to Mar 31, 2022 • Filed on Feb 06, 2023

6000 Shelburne Road PO Box 10Shelburne, VT 05482

(802) 985-3346

Siviq Scores

Precomputed percentiles for this filing year versus similar nonprofits in the same peer cohort.

Liabilities / Assets

18th percentile

0.03x

Higher debt load relative to assets than 18% of similar nonprofits.

2022 filings • 501(c)3 • $50M-$100M nonprofits • Source year 2022

Liabilities / Revenue

28th percentile

0.15x

Higher debt load relative to revenue than 28% of similar nonprofits.

2022 filings • 501(c)3 • $50M-$100M nonprofits • Source year 2022

Net Margin

86th percentile

42%

Higher net margin than 86% of similar nonprofits.

2022 filings • 501(c)3 • $50M-$100M nonprofits • Source year 2022

Top Officer Pay

45th percentile

$321,436

Higher top officer pay than 45% of similar nonprofits.

Top officer pay equals 2.8% of source-year revenue.

2022 filings • 501(c)3 • $50M-$100M nonprofits • Source year 2022

Asset Growth

70th percentile

7.0%

Faster asset growth than 70% of similar nonprofits.

2022 filings • 501(c)3 • $50M-$100M nonprofits • Annualized from 2021 to 2022

Revenue Growth

89th percentile

57%

Faster revenue growth than 89% of similar nonprofits.

2022 filings • 501(c)3 • $50M-$100M nonprofits • Annualized from 2021 to 2022

Assets

Up

$56,455,494

Up $3,700,114 (+7.0%) from 2021

Net Assets

Up

$54,781,224

Up $4,447,105 (+8.8%) from 2021

Liabilities

Down

$1,674,270

Down $746,991 (-31%) from 2021

Revenue

Up

$11,449,784

Up $4,144,722 (+57%) from 2021

Expenses

Up

$6,603,440

Up $821,982 (+14%) from 2021

Net Income

Up

$4,846,344

Up $3,322,740 (+218%) from 2021

Historical Trend

Balance Sheet Trend

The highlighted filing sits inside the broader history for assets, liabilities, and net assets.

$80M$60M$40M$20M$0Assets 2010: $57,311,024Liabilities 2010: $1,960,484Net Assets 2010: $55,350,5402010Assets 2011: $56,384,973Liabilities 2011: $2,073,228Net Assets 2011: $54,311,7452011Assets 2012: $58,162,893Liabilities 2012: $2,381,540Net Assets 2012: $55,781,3532012Assets 2013: $62,580,508Liabilities 2013: $2,110,687Net Assets 2013: $60,469,8212013Assets 2014: $60,045,388Liabilities 2014: $1,557,658Net Assets 2014: $58,487,7302014Assets 2015: $49,289,960Liabilities 2015: $1,531,951Net Assets 2015: $47,758,0092015Assets 2016: $47,788,563Liabilities 2016: $1,590,888Net Assets 2016: $46,197,6752016Assets 2017: $48,570,801Liabilities 2017: $1,474,165Net Assets 2017: $47,096,6362017Assets 2018: $46,446,767Liabilities 2018: $1,893,248Net Assets 2018: $44,553,5192018Assets 2019: $48,285,196Liabilities 2019: $1,848,595Net Assets 2019: $46,436,6012019Assets 2020: $44,310,171Liabilities 2020: $1,816,197Net Assets 2020: $42,493,9742020Assets 2021: $52,755,380Liabilities 2021: $2,421,261Net Assets 2021: $50,334,1192021Assets 2022: $56,455,494Liabilities 2022: $1,674,270Net Assets 2022: $54,781,2242022Assets 2023: $52,308,238Liabilities 2023: $1,605,392Net Assets 2023: $50,702,8462023Assets 2024: $52,000,767Liabilities 2024: $1,480,570Net Assets 2024: $50,520,1972024Assets 2025: $61,637,712Liabilities 2025: $1,390,285Net Assets 2025: $60,247,4272025

Highlighted filing

2022

Assets$56,455,494
Liabilities$1,674,270
Net Assets$54,781,224

Operations Trend

Revenue, expenses, and net income across loaded years, with this filing highlighted.

$20M$10M$0-$10MExpenses 2010: $5,538,0452010Expenses 2011: $5,704,7142011Expenses 2012: $5,852,5682012Revenue 2013: $8,202,635Expenses 2013: $6,432,091Net Income 2013: $1,770,5442013Revenue 2014: $7,232,480Expenses 2014: $6,650,771Net Income 2014: $581,7092014Revenue 2015: $5,887,118Expenses 2015: $6,624,274Net Income 2015: -$737,1562015Revenue 2016: $2,907,070Expenses 2016: $6,648,591Net Income 2016: -$3,741,5212016Revenue 2017: $5,282,069Expenses 2017: $6,774,923Net Income 2017: -$1,492,8542017Revenue 2018: $8,754,143Expenses 2018: $7,292,984Net Income 2018: $1,461,1592018Revenue 2019: $1,425,840Expenses 2019: $1,633,336Net Income 2019: -$207,4962019Revenue 2020: $5,512,578Expenses 2020: $7,317,101Net Income 2020: -$1,804,5232020Revenue 2021: $7,305,062Expenses 2021: $5,781,458Net Income 2021: $1,523,6042021Revenue 2022: $11,449,784Expenses 2022: $6,603,440Net Income 2022: $4,846,3442022Revenue 2023: $6,856,793Expenses 2023: $7,866,549Net Income 2023: -$1,009,7562023Revenue 2024: $5,151,469Expenses 2024: $8,977,815Net Income 2024: -$3,826,3462024Revenue 2025: $19,058,612Expenses 2025: $9,678,671Net Income 2025: $9,379,9412025

Highlighted filing

2022

Revenue$11,449,784
Expenses$6,603,440
Net Income$4,846,344
Jump To
Filing Snapshot
Filing Period
Apr 1, 2021 to Mar 31, 2022
Signed
Feb 6, 2023
Return Version
2021v4.0
Gross Receipts
$12,505,545
Mission and Program Overview

Mission

To broaden our audience, engage their curiosity, animate their creativity, and give them an extraordinary, educational museum experience.

Balance Sheet Detail
LineBeginningEndChange
Assets
Investments in Publicly Traded Securities$31,657,175$36,324,327▲ $4,667,152
Land, Buildings, and Equipment, Net$18,228,311$17,832,199▼ $396,112
Pledges and Grants Receivable$1,903,856$1,765,894▼ $137,962
Cash and Non-Interest-Bearing Accounts$90,259$203,809▲ $113,550
Inventories for Sale or Use$197,201$191,414▼ $5,787
Prepaid Expenses and Deferred Charges$96,000$110,652▲ $14,652
Accounts Receivable$2,167$19,305▲ $17,138
Savings and Temporary Cash Investments$580,411$7,894▼ $572,517
Total Assets$52,755,380$56,455,494▲ $3,700,114
Liabilities
Mortgage Notes Payable Secured by Investment Property$1,790,547$950,607▼ $839,940
Accounts Payable and Accrued Expenses$617,802$645,686▲ $27,884
Deferred Revenue$12,912$77,977▲ $65,065
Total Liabilities$2,421,261$1,674,270▼ $746,991
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$32,887,684$31,639,868▼ $1,247,816
Net Assets With Donor Restrictions$17,446,435$23,141,356▲ $5,694,921
Total Net Assets Fund Balance$50,334,119$54,781,224▲ $4,447,105
Total Liabilities and Net Assets / Fund Balance$52,755,380$56,455,494▲ $3,700,114

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$16,184,915$9,378,453$25,563,368
Equipment$238,826$1,319,134$1,557,960
Leasehold Improvements$148,398$921,597$1,069,995
Land$923,932-$923,932
Other Land Buildings$336,128$49,657$385,785

Endowment Activity

PeriodBeginningContrib.Gain/LossOther UsesEnd
2021$31,319,675$5,391,432▲ $1,426,951$1,725,097$36,322,328
2020$22,564,996$3,596,579▲ $7,633,696$2,408,655$31,319,675
2019$26,451,038$1,519,786▼ $1,572,953$3,765,254$22,564,996
2018$26,940,663$2,300,292▲ $501,964$3,220,722$26,451,038
2017$27,889,562$2,936,869▼ $1,782,326$2,027,939$26,940,663
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseOtherTotal
Thomas DenenbergExecutive DiFT$290,795$30,641$321,436
Thomas DenenbergExecutive Director-$274,641$46,795$321,436
Berenice SarafzadeDeputy DirecFT$111,254$20,446$131,700
Leslie WrightDirector ofFT$102,308$9,674$111,982

Highest Paid Contractors

ContractorServicesLocationCompensation
Trillium Hold CoSolar ArrayPO BOX 15007, Portland, ME 04112$130,850
New England Holiday Light CompanyLight Install209 WEST RIVER ROAD UNIT 5, Hooksett, NH 03106$106,950
Revenue and Support

Revenue Composition

Contributions and Grants
$8,295,573
Program Service Revenue
$1,028,902
Investment Income
$1,827,297
Other Revenue
$298,012
All Other Contributions
$7,062,352
Change in Net Assets
$4,846,344

Noncash Contribution Practices

Property subject to holding requirements
No
Reviewed unusual noncash gifts
Yes
Third parties used for noncash contributions
Yes

Noncash Contributions

Contribution TypeContribution CountReported AmountValuation Method
Securities Publicly Traded25$2,928,887Fair Market Value
Total Noncash Contributions25$2,928,887-

Audited Revenue Reconciliation

Revenue per Audited Statements
$11,353,298
Revenue Not Reported on Financial Statements
$96,486
Revenue Not Reported on Form 990
$-375,726
Total Revenue per Audited Statements
$10,977,572
Total Revenue per Form 990
$11,449,784
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$3,840,264
Other Expenses$2,763,176
Total Fundraising Expense$649,464
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$1,899,791$652,115$235,631$2,787,537
Depreciation Depletion$450,043$192,876-$642,919
Fees for Services Other$443,843$148,941$44,787$637,571
Other Employee Benefits$301,335$69,286$30,419$401,040
Current Officers, Directors, Trustees, and Key Employees$100,472$100,472$133,963$334,907
Occupancy$266,921$494$2,786$270,201
Payroll Taxes$163,826$39,676$19,750$223,252
Insurance$95,761$95,925$21,298$212,984
Office Expenses$55,595$10,873$47,111$113,579
Fees for Service Investment Mgmnt Fees-$96,486-$96,486
Pension Plan Contributions$73,728$15,185$4,615$93,528
Other Expenses$8,297$6,505$66,501$81,303
All Other Expenses$63,499-$7,249$70,748
Interest$55,434--$55,434
Fees for Services Accounting-$38,799-$38,799
Fees for Services Legal-$23,832-$23,832
Advertising$10,714$1,091$10,902$22,707
Information Technology$12,802--$12,802
Travel$1,675$1,912$177$3,764
Conferences and Meetings$-8,546$3,924$8,161$3,539
Total Functional Expenses$4,431,388$1,522,588$649,464$6,603,440

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Form 990$6,603,440
Total Expenses per Audited Statements$6,530,467
Expenses per Audited Statements$6,506,954
Expenses Not Reported on Financial Statements$96,486
Expenses Not Reported on Form 990$23,513
Fundraising, Events, and Gaming
Fundraising activities
Yes
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Fundraising Gross Income$13,236
Fundraising Direct Expenses$8,512
Professional Fundraising Fees$0

Fundraising Events

EventGross ReceiptsGross RevenueDirect ExpensesNet Income
Holiday Auction$15,576$12,719$4,314$8,405
Total Events$15,576$12,719$4,314$8,405
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
No
Subject to proxy tax
No
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
Yes
Business relationship with 35% controlled entity
No
Business relationship with family members
No
Business relationship with organization members
No
Material changes to governing documents
No
Compensation from other sources disclosed
No
CEO compensation reviewed
Yes
Other officer compensation reviewed
No
Conflict-of-interest policy
Yes
Audited financial statements prepared
No
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

Form 990, Page 6, Part VI, Line 11B

Draft of 990 is presented to the board of trustees for review prior to filing.

Form 990, Page 6, Part VI, Line 12C

All trustees are required to read the conflict of interest policy and sign disclosure forms annually. Members regularly excuse themselves from votes when there is a conflict.

Form 990, Page 6, Part VI, Line 15A

The board of trustees does an annual review. Part of the review includes a survey with boardsource 360, trustees and senior management contribute to the online review. The board also works with legal counsel to draft revised employment agreement.

Form 990, Page 6, Part VI, Line 19

Governing documents are made available upon request.

Filing and Contact Details

Filer

Filer Name
Shelburne Museum Inc
EIN
03-0179436
Phone
8029853346
Address
6000 SHELBURNE ROAD PO BOX 10, SHELBURNE, VT 05482

Signing Officer

Name
Erin Moore
Title
Comptroller
Phone
8029853346
Signed
2023-02-06
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Erin Moore
Formed
1947
Legal Domicile
Vt
Voting Board Members
20
Independent Board Members
20
Employees
139
Volunteers
40

Preparer

Firm
Jmm & Associates Pc
Address
336 WATER TOWER CIR STE 801, COLCHESTER, VT 05446
Preparer
Randall L Sargent CPA
Phone
8026555665
Supplemental Narrative

Additional Explanations

Form 990, Page 2, Part III, Line 2

In november 2021, shelburne museum created a new event, winter lights, that was an outdoor light show and experience for community members. The event welcomed over 27,000 visitors from late november through january 1st.

Form 990, Page 2, Part III, Line 4A

Operation of a museum of art and americana including impressionist paintings, folk art, quilts, textiles, decorative arts, furniture, american paintings and 17th to 20th century artifacts. During the year ended march 31, 2022, the museum's overall visitors totaled 74,669 including 11,126 school-aged children. Special exhibitions included: shelburne museum organizes and presents exhibitions and programs for the enrichment of the community. Each year it presents approximately ten to twelve exhibitions. During the fiscal year 2022, shelburne museum presented a total of 5 in-person exhibitions that were open to the public along with 4 online exhibitions. In-person exhibitions consisted of luigi lucioni: modern light, eyesight & insight, nancy winship miliken, stagecoach inn reinstallation, and maria shell quilts. Online exhibits consisted of quilts from shelburne museum's collection, art in motion: automata & whirligigs, curtis, and sm alternate history. Special programs: during the fiscal year 2022 in-person programming continued to be decreased due to the covid 19 pandemic, yet many programs returned. Shelburne museum did see a return to programs for the visually imparied and those with alzheimer's disease and dementia; school partnerships with public elementary, middle and high schools; summer camps that specialized in art programming such as knitting and print making;yoga classes in partnership with a local studio; ongoing webinars regarding conservation efforts; and school programs for students pre-k through college, including underwriting of transportation for schools with high percentages (50% or more) of students on free and reduced lunch. We reinstated free first fridays, free admission to the publc after 3pm on the first friday of every month during the season. This program welcomed a total of 6,105 visitors, 20 food & beverage vendors, 19 musicians and 3 guest speakers. In addition, we started winter lights, an outdoor light show & experience, running from late november throuh january 1st. This event was created to engage our community members during the winter months. Winter lights proved to be incredibly successful, welcoming over 27,000 visitors.

Form 990, Part XI, Line 9

Fundraising event expenses 8,512 fundraising event expenses -8,512

Financial Statement Notes

Schedule D, Page 1, Part III, Line 1A

The museum's collection consists of fine art, folk art, decorative art, furniture, textiles, historic buildings, tools, toys, transportation vehicles, and historical artifacts. The collection is maintained under the care of the collections department staff and is held for research, education and public exhibition in furtherance of public service, rather than for financial gain. As a matter of policy, proceeds from sales of collection items are used to acquire other items for the collection. In 2015, the museum changed its policy regarding the accounting for collection items. Under the policy, the museum does not include either the cost or the value of its collections in the statements of financial position, nor does it recognize gifts of collection items as revenues in the statements of activities. Since items acquired for the collection by purchase are not capitalized, the costs of these acquisitions are reported as decreases in net assets in the statements of activities.

Schedule D, Page 2, Part III, Line 4

The museum's collection consists of fine art, folk art, decorative art, furniture, textiles, historic buildings, tools, toys, transportation vehicles, and historical artifacts. Shelburne museum, inc., a nonprofit organization, was incorporated in 1947 for educational and charitable purposes to acquire, preserve and exhibit property, objects and material of historical and cultural interest.

Schedule D, Page 2, Part V, Line 4

The museum's endowment includes both board designated funds and donor designated funds. The following separate purpose funds are maintained: board designated collections care endowment expendable only for the care and maintenance of the collections and the general operating endowment to support museum general operations. The donor designated funds are: the brick house fund, for the care and maintenance of the museum founders' home; two ticonderoga endowments for the care and maintenance of our national historic landmark; and grounds and gardens endowment for the care and maintenance of our landscaping and gardens.

Schedule D, Page 3, Part X

The organization believes that it has appropriate support for any tax positions taken and, as such, does not have any uncertain tax positions that are material to the financial statements.

Schedule D, Page 4, Part XI, Line 2D

Fundraising event expenses 8,512

Schedule D, Page 4, Part XII, Line 2D

Fundraising event expenses 8,512

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Document Assets

No mirrored PDF or thumbnail assets are attached yet.

Filings

Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2025Detailed filing. Detailed filing data is available for this year.$61.6$1.39$60.2$19.1$9.68$9.38
2024Detailed filing. Detailed filing data is available for this year.$52.0$1.48$50.5$5.15$8.98$3.83
2023Detailed filing. Detailed filing data is available for this year.$52.3$1.61$50.7$6.86$7.87$1.01
2022Detailed filing. Detailed filing data is available for this year.$56.5$1.67$54.8$11.4$6.60$4.85
2021Detailed filing. Detailed filing data is available for this year.$52.8$2.42$50.3$7.31$5.78$1.52
2020Detailed filing. Detailed filing data is available for this year.$44.3$1.82$42.5$5.51$7.32$1.80
2019Summary only. Only limited summary data is available for this year.$48.3$1.85$46.4$1.43$1.63$0.21
2018Detailed filing. Detailed filing data is available for this year.$46.4$1.89$44.6$8.75$7.29$1.46
2017Detailed filing. Detailed filing data is available for this year.$48.6$1.47$47.1$5.28$6.77$1.49
2016Detailed filing. Detailed filing data is available for this year.$47.8$1.59$46.2$2.91$6.65$3.74
2015Detailed filing. Detailed filing data is available for this year.$49.3$1.53$47.8$5.89$6.62$0.74
2014Detailed filing. Detailed filing data is available for this year.$60.0$1.56$58.5$7.23$6.65$0.58
2013Detailed filing. Detailed filing data is available for this year.$62.6$2.11$60.5$8.20$6.43$1.77
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$58.2$2.38$55.8$5.85
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$56.4$2.07$54.3$5.70
2010Facts available. Structured filing facts are available, but richer extracted sections are limited.$57.3$1.96$55.4$5.54
Peer Organizations

Similar nonprofits based on the same Siviq industry and scale cohort. 2022 filings • 501(c)3 • $50M-$100M nonprofits