Civic Intelligence

Shelburne Museum Incorporated

990 • Fiscal year 2023 • EIN 03-0179436

Apr 01, 2022 to Mar 31, 2023 • Filed on Feb 13, 2024

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.

2023 filings • 501(c)3 • $50M-$100M nonprofits • Source year 2023

Liabilities / Revenue

36th percentile

0.23x

Higher debt load relative to revenue than 36% of similar nonprofits.

2023 filings • 501(c)3 • $50M-$100M nonprofits • Source year 2023

Net Margin

15th percentile

-15%

Higher net margin than 15% of similar nonprofits.

2023 filings • 501(c)3 • $50M-$100M nonprofits • Source year 2023

Top Officer Pay

59th percentile

$408,799

Higher top officer pay than 59% of similar nonprofits.

Top officer pay equals 6.0% of source-year revenue.

2023 filings • 501(c)3 • $50M-$100M nonprofits • Source year 2023

Asset Growth

9th percentile

-7.3%

Faster asset growth than 9% of similar nonprofits.

2023 filings • 501(c)3 • $50M-$100M nonprofits • Annualized from 2022 to 2023

Revenue Growth

8th percentile

-40%

Faster revenue growth than 8% of similar nonprofits.

2023 filings • 501(c)3 • $50M-$100M nonprofits • Annualized from 2022 to 2023

Assets

Down

$52,308,238

Down $4,147,256 (-7.3%) from 2022

Net Assets

Down

$50,702,846

Down $4,078,378 (-7.4%) from 2022

Liabilities

Down

$1,605,392

Down $68,878 (-4.1%) from 2022

Revenue

Down

$6,856,793

Down $4,592,991 (-40%) from 2022

Expenses

Up

$7,866,549

Up $1,263,109 (+19%) from 2022

Net Income

Down

-$1,009,756

Down $5,856,100 (-121%) from 2022

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

2023

Assets$52,308,238
Liabilities$1,605,392
Net Assets$50,702,846

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

2023

Revenue$6,856,793
Expenses$7,866,549
Net Income-$1,009,756
Jump To
Filing Snapshot
Filing Period
Apr 1, 2022 to Mar 31, 2023
Signed
Feb 13, 2024
Return Version
2022v5.0
Gross Receipts
$21,123,592
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$36,324,327$30,995,961▼ $5,328,366
Land, Buildings, and Equipment, Net$17,832,199$17,742,951▼ $89,248
Pledges and Grants Receivable$1,765,894$2,634,079▲ $868,185
Accounts Receivable$19,305$497,086▲ $477,781
Inventories for Sale or Use$191,414$192,567▲ $1,153
Cash and Non-Interest-Bearing Accounts$203,809$146,514▼ $57,295
Prepaid Expenses and Deferred Charges$110,652$91,162▼ $19,490
Savings and Temporary Cash Investments$7,894$7,918▲ $24
Total Assets$56,455,494$52,308,238▼ $4,147,256
Liabilities
Mortgage Notes Payable Secured by Investment Property$950,607$886,392▼ $64,215
Accounts Payable and Accrued Expenses$645,686$649,066▲ $3,380
Deferred Revenue$77,977$69,934▼ $8,043
Total Liabilities$1,674,270$1,605,392▼ $68,878
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$31,639,868$26,831,804▼ $4,808,064
Net Assets With Donor Restrictions$23,141,356$23,871,042▲ $729,686
Total Net Assets Fund Balance$54,781,224$50,702,846▼ $4,078,378
Total Liabilities and Net Assets / Fund Balance$56,455,494$52,308,238▼ $4,147,256

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$15,735,711$9,948,596$25,684,307
Equipment$347,585$1,393,248$1,740,833
Leasehold Improvements$130,349$939,646$1,069,995
Land$923,932-$923,932
Other Land Buildings$605,374$50,602$655,976

Endowment Activity

PeriodBeginningContrib.Gain/LossOther UsesEnd
2022$36,322,328$487,058▼ $2,470,858$3,260,260$30,993,961
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
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseOtherTotal
Thomas DenenbergExecutive DiFT$378,033$30,766$408,799
Thomas DenenbergExecutive Director-$338,033$70,766$408,799
Leslie WrightDirector ofFT$107,781$10,883$118,664

Board Members and Trustees

Highest Paid Contractors

ContractorServicesLocationCompensation
New England Holiday Light CompanyLight Install209 WEST RIVER ROAD UNIT 5, Hooksett, NH 03106$287,327
Dominion TechIt186 ALLEN BROOK LANE, Williston, VT 05495$194,718
Adjaye AssociatesArchitect Svcs1 LIBERTY PLAZA SUITE 2701, New York, NY 10006$165,000
Alliance GroupMaintenancePO BOX 666, Essex Junction, VT 05453$157,797
Transport Consultants InternationalShipping30 UNION AVENUE SOUTH 2ND FLOOR, Cranford, NJ 07016$129,687
Revenue and Support

Revenue Composition

Contributions and Grants
$4,372,291
Program Service Revenue
$1,279,141
Investment Income
$597,781
Other Revenue
$607,580
All Other Contributions
$3,614,066
Change in Net Assets
$-1,009,756

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 Traded20$218,499Fair Market Value
Total Noncash Contributions20$218,499-

Audited Revenue Reconciliation

Revenue per Audited Statements
$6,769,068
Revenue Not Reported on Financial Statements
$87,725
Revenue Not Reported on Form 990
$-2,805,504
Total Revenue per Audited Statements
$3,963,564
Total Revenue per Form 990
$6,856,793
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$4,649,068
Other Expenses$3,185,981
Total Fundraising Expense$823,530
Professional Fundraising Fees$31,500
Grants and Similar Amounts Paid$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$2,350,341$725,140$213,199$3,288,680
Fees for Services Other$520,193$151,156$102,077$773,426
Depreciation Depletion$464,276$198,975-$663,251
Other Employee Benefits$403,593$83,336$26,881$513,810
Current Officers, Directors, Trustees, and Key Employees$127,688$127,688$170,251$425,627
Payroll Taxes$235,266$50,754$19,142$305,162
Insurance$106,493$130,021$26,279$262,793
Occupancy$207,856$1,733$10,985$220,574
All Other Expenses$113,838$17,694$25,042$156,574
Office Expenses$83,329$11,474$60,535$155,338
Pension Plan Contributions$98,216$16,718$855$115,789
Other Expenses$93,404$91,502$10,513$93,404
Fees for Service Investment Mgmnt Fees-$87,725-$87,725
Conferences and Meetings$5,474$12,032$55,579$73,085
Interest$35,627$16,414-$52,041
Advertising-$90$36,855$36,945
Travel$12,512$18,489$5,492$36,493
Fees for Services Professional Fundraising--$31,500$31,500
Fees for Services Accounting-$24,800-$24,800
Information Technology$13,186--$13,186
Fees for Services Legal-$3,966-$3,966
Total Functional Expenses$5,255,373$1,787,646$823,530$7,866,549

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Audited Statements$8,041,942
Total Expenses per Form 990$7,866,549
Expenses per Audited Statements$7,778,824
Expenses Not Reported on Form 990$263,118
Expenses Not Reported on Financial Statements$87,725
Fundraising, Events, and Gaming
Fundraising activities
Yes
Gaming activities
No
Professional fundraiser used
Yes

Fundraising and Gaming Totals

Line ItemAmount
Fundraising Direct Expenses$229,077
Fundraising Gross Income$145,154
Professional Fundraising Fees$31,500

Fundraising Events

EventGross ReceiptsGross RevenueDirect ExpensesNet Income
75th Gala$221,587$75,642$50,009$25,633
Ice Bar$47,595$44,095$12,624$31,471
Total Events$294,599$145,154$229,077$-83,923
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
No
Subject to proxy tax
No
Insider Transactions and Loans

Interested-Person Transactions

Interested PartyRelationshipDescriptionShared RevenueAmount
Amber DegnSpouseGrant WritingNo$30,625
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
Yes
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

The 990 is prepared and then sent to the director and the sustainability committee for review before filing the form.

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
Director of Finance
Phone
8029853346
Signed
2024-02-13
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Erin Moore
Formed
1947
Legal Domicile
Vt
Voting Board Members
21
Independent Board Members
21
Employees
153
Volunteers
40

Preparer

Firm
Jmm & Associates Pc
Address
463 MOUNTAIN VIEW DRIVE SUITE 403, COLCHESTER, VT 05446
Preparer
Randall L Sargent CPA
Phone
8026555665
Supplemental Narrative

Additional Explanations

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, 2023, the museum's overall visitors totaled 100,991 including 19,957 school-aged children. Special exhibitions included: shelburne museum organizes and presents exhibitions and programs for the enrichment of the community. Each year the museum presents approximately ten to twelve exhibitions. During the fiscal year 2023, shelburne museum presented a total of 5 in-person exhibitions that were open to the public along with 3 online exhibitions. In-person exhibitions consisted of built from the earth: pueblo pottery from the anthony and teressa perry collection, objects of play: the work of cas holman and karen hewitt, pet friendly: the art of stephen huneck, pop up: outdoor inflated sculpture, and right under your nose: children's printed textiles. Online exhibits consisted of children's printed textiles, stephen huneck, and native american pottery. Special programs: during the fiscal year 2023 in-person programming continued to improve, building upon and expanding programs from fiscal year 2022. Shelburne museum hosted 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 admission and transportation costs for schools with high percentages (50% or more) of students on free and reduced lunch. Shelburne museum continued to host free first fridays, which provides free admission to the public after 3pm on the first friday of every month during the season. This program welcomed a total of 4,311 visitors, 15 food & beverage vendors, and 4 live music performances. In 2023 shelburne museum created a new program, sensory friendly fridays, to allow children and adults with sensory processing differences time to view special exhibitions in a light and sound adjusted environment. Shelburne museum plans to expand this initiative in the coming years. In addition, shelburne museum continued the winter lights programming, which is an outdoor lightshow & experience that runs from late november through january 1st. This event allows us to engage with our community members during the winter months. Winter lights proved to be an incredibly successful program, welcoming over 40,000 visitors in 2023.

Form 990, Part XI, Line 9

Fundraising event expenses 229,077 fundraising event expenses -229,077

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 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; and the american paintings fund to enable acquistions of american paintings and cover exhibition costs. 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; grounds and gardens endowment for the care and maintenance of our landscaping and gardens; endowed positions at the directorial, curatorial and educational level.

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 229,077

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

Fundraising event expenses 229,077

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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

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