Civic Intelligence

The Pierpont Morgan Library

990 • Fiscal year 2018 • EIN 13-1624146

Apr 01, 2017 to Mar 31, 2018 • Filed on Feb 08, 2019

Refreshing map…

225 Madison AvenueNew York, NY 10016

(212) 685-0008

Siviq Scores

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

Liabilities / Assets

14th percentile

0.05x

Higher debt load relative to assets than 14% of similar nonprofits.

2018 filings • 501(c)3 • $250M-$1B nonprofits • Source year 2018

Liabilities / Revenue

42nd percentile

0.44x

Higher debt load relative to revenue than 42% of similar nonprofits.

2018 filings • 501(c)3 • $250M-$1B nonprofits • Source year 2018

Net Margin

91st percentile

40%

Higher net margin than 91% of similar nonprofits.

2018 filings • 501(c)3 • $250M-$1B nonprofits • Source year 2018

Top Officer Pay

34th percentile

$601,102

Higher top officer pay than 34% of similar nonprofits.

Top officer pay equals 1.4% of source-year revenue.

2018 filings • 501(c)3 • $250M-$1B nonprofits • Source year 2018

Asset Growth

62nd percentile

5.6%

Faster asset growth than 62% of similar nonprofits.

2018 filings • 501(c)3 • $250M-$1B nonprofits • Annualized from 2017 to 2018

Revenue Growth

94th percentile

64%

Faster revenue growth than 94% of similar nonprofits.

2018 filings • 501(c)3 • $250M-$1B nonprofits • Annualized from 2017 to 2018

Assets

Up

$367,845,999

Up $19,526,836 (+5.6%) from 2017

Net Assets

Up

$348,999,777

Up $20,230,348 (+6.2%) from 2017

Liabilities

Down

$18,846,222

Down $703,512 (-3.6%) from 2017

Revenue

Up

$43,314,751

Up $16,900,148 (+64%) from 2017

Expenses

Up

$26,070,973

Up $137,690 (+0.5%) from 2017

Net Income

Up

$17,243,778

Up $16,762,458 (+3483%) from 2017

Historical Trend

Balance Sheet Trend

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

$600M$400M$200M$0Assets 2010: $290,398,162Liabilities 2010: $23,420,374Net Assets 2010: $266,977,7882010Assets 2011: $304,880,803Liabilities 2011: $26,868,621Net Assets 2011: $278,012,1822011Assets 2012: $297,935,326Liabilities 2012: $22,909,036Net Assets 2012: $275,026,2902012Assets 2013: $312,792,308Liabilities 2013: $24,421,240Net Assets 2013: $288,371,0682013Assets 2014: $336,019,343Liabilities 2014: $23,117,153Net Assets 2014: $312,902,1902014Assets 2015: $342,659,099Liabilities 2015: $23,311,544Net Assets 2015: $319,347,5552015Assets 2016: $330,453,611Liabilities 2016: $18,659,148Net Assets 2016: $311,794,4632016Assets 2017: $348,319,163Liabilities 2017: $19,549,734Net Assets 2017: $328,769,4292017Assets 2018: $367,845,999Liabilities 2018: $18,846,222Net Assets 2018: $348,999,7772018Assets 2019: $370,490,806Liabilities 2019: $19,833,066Net Assets 2019: $350,657,7402019Assets 2020: $345,611,294Liabilities 2020: $18,982,265Net Assets 2020: $326,629,0292020Assets 2021: $418,437,020Liabilities 2021: $21,758,802Net Assets 2021: $396,678,2182021Assets 2022: $416,332,166Liabilities 2022: $20,772,782Net Assets 2022: $395,559,3842022Assets 2023: $386,483,637Liabilities 2023: $19,462,902Net Assets 2023: $367,020,7352023Assets 2024: $435,664,971Liabilities 2024: $19,805,475Net Assets 2024: $415,859,4962024Assets 2025: $445,845,749Liabilities 2025: $20,139,906Net Assets 2025: $425,705,8432025

Highlighted filing

2018

Assets$367,845,999
Liabilities$18,846,222
Net Assets$348,999,777

Operations Trend

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

$60M$40M$20M$0-$20MExpenses 2010: $20,456,0412010Expenses 2011: $22,917,0452011Expenses 2012: $23,171,9272012Revenue 2013: $23,177,157Expenses 2013: $22,444,658Net Income 2013: $732,4992013Revenue 2014: $41,530,000Expenses 2014: $23,801,608Net Income 2014: $17,728,3922014Revenue 2015: $28,313,804Expenses 2015: $23,917,548Net Income 2015: $4,396,2562015Revenue 2016: $32,170,193Expenses 2016: $24,575,232Net Income 2016: $7,594,9612016Revenue 2017: $26,414,603Expenses 2017: $25,933,283Net Income 2017: $481,3202017Revenue 2018: $43,314,751Expenses 2018: $26,070,973Net Income 2018: $17,243,7782018Revenue 2019: $35,929,819Expenses 2019: $27,775,744Net Income 2019: $8,154,0752019Revenue 2020: $30,703,871Expenses 2020: $28,143,549Net Income 2020: $2,560,3222020Revenue 2021: $25,823,209Expenses 2021: $22,832,553Net Income 2021: $2,990,6562021Revenue 2022: $59,153,120Expenses 2022: $26,123,983Net Income 2022: $33,029,1372022Revenue 2023: $23,737,274Expenses 2023: $31,437,927Net Income 2023: -$7,700,6532023Revenue 2024: $58,672,728Expenses 2024: $34,392,554Net Income 2024: $24,280,1742024Revenue 2025: $55,087,598Expenses 2025: $42,662,741Net Income 2025: $12,424,8572025

Highlighted filing

2018

Revenue$43,314,751
Expenses$26,070,973
Net Income$17,243,778
Jump To
Filing Snapshot
Filing Period
Apr 1, 2017 to Mar 31, 2018
Signed
Feb 8, 2019
Return Version
2017v2.3
Gross Receipts
$148,049,459
Mission and Program Overview

Mission

The Morgan Library & Museum celebrates and shares the history and process of human creativity from antiquity to the present day through the preservation, study, and interpretation of a dynamic and growing collection.

Museum and independent research library (see Schedule O)Home to one of the world's foremost collections of manuscripts, rare books, music, drawings, and ancient and other works of art, The Morgan Library & Museum offers visitors a stimulating range of exhibitions and public programs while providing researchers with access to its collection, both on site and electronically.

Balance Sheet Detail
LineBeginningEndChange
Assets
Investments Other Securities$163,991,375$175,066,691▲ $11,075,316
Land, Buildings, and Equipment, Net$101,015,322$97,795,453▼ $3,219,869
Investments in Publicly Traded Securities$68,149,160$79,016,014▲ $10,866,854
Savings and Temporary Cash Investments$5,744,306$5,825,141▲ $80,835
Pledges and Grants Receivable$5,228,411$4,132,457▼ $1,095,954
Cash and Non-Interest-Bearing Accounts$1,360,234$2,278,227▲ $917,993
Prepaid Expenses and Deferred Charges$797,578$1,291,268▲ $493,690
Accounts Receivable$953,554$1,246,140▲ $292,586
Inventories for Sale or Use$248,229$204,182▼ $44,047
Total Assets$348,319,163$367,845,999▲ $19,526,836
Other Assets Total$830,994$990,426▲ $159,432
Liabilities
Tax Exempt Bond Liabilities$14,542,828$14,569,987▲ $27,159
Other Liabilities$2,098,286$2,246,590▲ $148,304
Accounts Payable and Accrued Expenses$2,451,366$1,780,830▼ $670,536
Deferred Revenue$457,254$248,815▼ $208,439
Total Liabilities$19,549,734$18,846,222▼ $703,512
Net Assets / Fund Balance
Permanently Rstr Net Assets$141,195,739$145,898,803▲ $4,703,064
Unrestricted Net Assets$104,978,354$103,267,925▼ $1,710,429
Temporarily Rstr Net Assets$82,595,336$99,833,049▲ $17,237,713
Total Net Assets Fund Balance$328,769,429$348,999,777▲ $20,230,348
Total Liabilities and Net Assets / Fund Balance$348,319,163$367,845,999▲ $19,526,836

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$82,073,067$51,788,990$133,862,057
Land$14,974,914-$14,974,914
Equipment$747,472$5,480,406$6,227,878
Other Securities$10,677,593--

Endowment Activity

PeriodBeginningContrib.Gain/LossOther UsesEnd
2017$231,265,281$5,781,851▲ $27,081,237$9,764,436$254,363,933
2016$206,308,489$7,622,396▲ $27,229,496$9,895,100$231,265,281
2015$212,109,889$11,952,206▼ $7,861,021$9,892,585$206,308,489
2014$191,080,273$13,267,683▲ $14,111,933$6,350,000$212,109,889
2013$173,084,555$9,801,047▲ $18,138,917$9,944,246$191,080,273
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseOtherTotal
Colin B BaileyDirectorFT$565,547$35,555$601,102
Kristina W StillmanDirector of Fin./Adm & Asst. TreasurerFT$274,641$61,737$336,378
Patrick MillimanDirector of Marketing and CommunicationsFT$189,280$29,002$218,282
Lauren StakiasDirector of Institutional AdvancementFT$217,216$701$217,917
Jessica B LudwigDeputy Dir.& Asst.SecretaryFT$179,831$7,318$187,149
John BidwellAstor Curator, Dept Head, CUR. ChairFT$163,488$21,794$185,282
Eileen M CurranDirector of EventsFT$134,862$23,962$158,824
John J MarciariCharles W Engelhard Curator and Dept HeadFT$139,727$15,522$155,249
John J MarciariCharles W Engelhard Curator and Dept-$139,727$15,522$155,249

Highest Paid Contractors

ContractorServicesLocationCompensation
Allied Security Holdings LLCSecurity officersPO Box 828854, Philadelphia, PA 19182$444,190
LaPlaca Cohen Advertising IncAdvertising and Marketing43 W 24th Street, New York, NY 10010$363,499
JP Morgan Asset Management IncInvestment Management Fees460 Polaris Parkway Floor 2, Westerville, OH 43082$273,102
Integrated Conservation ResourcesConservation and Restoration Services131 S Dearborn, Chicago, IL 60603$210,938
JP Morgan Chase BankFees131 S Dearborn, Chicago, IL 60603$192,845
Revenue and Support

Revenue Composition

Contributions and Grants
$14,198,466
Program Service Revenue
$3,540,878
Investment Income
$24,928,494
Other Revenue
$646,913
All Other Contributions
$10,927,324
Change in Net Assets
$17,243,778

Noncash Contribution Practices

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

Noncash Contributions

Contribution TypeContribution CountReported AmountValuation Method
Securities Publicly Traded28$664,907Quoted Market Price
Total Noncash Contributions28$664,907-

Audited Revenue Reconciliation

Revenue per Audited Statements
$42,480,924
Revenue Not Reported on Financial Statements
$833,827
Revenue Not Reported on Form 990
$3,579,094
Total Revenue per Audited Statements
$46,060,018
Total Revenue per Form 990
$43,314,751
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$12,958,905
Other Expenses$12,854,422
Total Fundraising Expense$2,551,264
Grants and Similar Amounts Paid$257,646
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$6,540,892$1,639,908$1,029,048$9,209,848
Depreciation Depletion$2,872,665$359,262$256,504$3,488,431
Current Officers, Directors, Trustees, and Key Employees$760,020$343,982$289,459$1,393,461
Other Employee Benefits$858,592$194,349$153,623$1,206,564
Fees for Service Investment Mgmnt Fees-$833,827-$833,827
All Other Expenses$499,175$76,314$60,105$635,594
Payroll Taxes$450,096$95,801$77,158$623,055
Pension Plan Contributions$382,586$77,806$65,585$525,977
Office Expenses$263,200$92,129$98,009$453,338
Other Expenses$426,151$384,986$142,002$426,151
Travel$99,160$68,044$234,808$402,012
Interest$316,766$39,615$28,284$384,665
Fees for Services Other$255,544$42,342$73,541$371,427
Advertising$342,816$4,183-$346,999
Grants to Domestic Individuals$257,646--$257,646
Insurance$205,648$19,134$13,661$238,443
Information Technology$120,014$47,823$29,477$197,314
Fees for Services Accounting-$87,028-$87,028
Fees for Services Legal$10,268$61,250-$71,518
Total Functional Expenses$19,051,926$4,467,783$2,551,264$26,070,973

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Form 990$26,070,973
Total Expenses per Audited Statements$25,829,670
Expenses per Audited Statements$25,237,146
Expenses Not Reported on Financial Statements$833,827
Expenses Not Reported on Form 990$592,524
International Activity

International Summary

Offices
0
Employees
0
Spending
$101,283,205

International Compliance

Activity in boycott countries
No
Foreign corporation ownership
Yes
Foreign partnership interest
No
Interest in foreign trust
No
Passive foreign investment company interest
No
Transfers to foreign corporations
Yes

International Activities

RegionActivityServicesOfficesEmployeesSpending
Central America and the CaribbeanInvestments-00$101,283,205
Fundraising, Events, and Gaming
Fundraising activities
Yes
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Fundraising Direct Expenses$110,900
Fundraising Gross Income$110,900
Professional Fundraising Fees$0

Fundraising Events

EventGross ReceiptsGross RevenueDirect ExpensesNet Income
Winter Benefit-Gala$547,600$67,900-$67,900
Spring Luncheon$127,500$43,000-$43,000
Total Events$675,100$110,900$110,900$0
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
No
Subject to proxy tax
No
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Accrued Post-Retirement Health Benefits$1,256,164
Section 457(b) Retirement Plan Liability$990,426

Bond Issues

BondIssuerIssuedIssue PricePurpose
AThe Trust for Cultural Resources of The City of New York2004-01-22$50,000,000Construction, renovation, and equipping a portion of the Morgan's facility.

Bond Proceeds

BondTotal ProceedsSpentRetiredIssuance Costs
A$50,000,000-$35,000,000$828,776

Bond Financing Compliance

No rebate due
Yes
Rebate not yet due
No
Form 8038-T filed
No
Gross proceeds invested
No
Gross proceeds invested in GIC
Yes
Exception to rebate
No
Corrective action procedures
Yes
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
Yes
Backup withholding compliance
Yes
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
Yes
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, Part VI, Section A, line 1

The By-Laws provide for an Executive Committee that shall have the powers of the Board of Trustees, with certain exceptions, and the ability to exercise its powers between meetings of the Board of Trustees. The Executive Committee shall consist of three or more members of the Board of Trustees, including the President and the Director. As of March 31, 2018, there were nine such Trustee members. In addition, three Life Trustees served as advisory members.

Form 990, Part VI, Section A, line 2

John A. Morgan and Peter M. Pennoyer have a family relationship.

Form 990, Part VI, Section B, line 11B

The Form 990 was reviewed by the Director of Finance and Administration/CFO, the Director, and the Audit Committee, and was made available to all voting members of the Board of Trustees prior to filing.

Form 990, Part VI, Section B, line 12C

Disclosure forms are distributed annually to officers, members of the Board, and key employees. Responses are reviewed by the Secretary, who provides a copy of all completed disclosure statements to the Chairman of the Audit Committee and periodically updates the Chairman regarding compliance with disclosure requirements. The conflict of interest policy establishes a procedure under which the Audit Committee reviews, addresses, and documents its determination regarding a potential conflict of interest.

Form 990, Part VI, Section B, line 15

The Compensation Committee of the Board of Trustees reviews and determines compensation for key employees, utilizing comparable data from sources they deem appropriate.

Form 990, Part VI, Section C, line 19

Requests for copies of the Morgan's governing documents, conflict of interest policy, and financial statements are evaluated on a case-by-case basis.

Filing and Contact Details

Filer

Filer Name
The Pierpont Morgan Library
EIN
13-1624146
Phone
2126850008
Address
225 Madison Avenue, New York, NY 10016
Doing Business As
The Morgan Library & Museum

Signing Officer

Name
Colin B Bailey
Title
Director
Phone
2126850008
Signed
2019-02-08
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Colin B Bailey
Formed
1924
Legal Domicile
Ny
Voting Board Members
24
Independent Board Members
23
Employees
267
Volunteers
81

Preparer

Firm
Lutz and Carr Cpas Llp
Address
551 FIFTH AVENUE SUITE 400, NEW YORK, NY 10176
Preparer
Frederick Martens
Phone
2126972299
Supplemental Narrative

Financial Statement Notes

Part III, Line 1A:

The Morgan's collections are maintained under curatorial care and are held for research, education and public exhibition. It is the Morgan's policy that any proceeds from the sales of collection items be used for acquisitions for the collections. The Morgan excludes the carrying value of collections from its statement of financial position. Acquisitions for the collections are reflected as decreases in the Morgan's unrestricted net assets in the year in which the items are acquired. Contributed collection items are not reflected in the Morgan's financial statements.

Part III, Line 4:

The extraordinary group of medieval and Renaissance manuscripts; printed books and bindings; literary, historical, and music manuscripts; master drawings; and ancient cylinder seals that Pierpont Morgan brought together were among the first important collections of their kind in America. From these core holdings, the Morgan's collections have grown to more than 500,000 objects that in their respective fields are among the finest in the world. The Morgan continues to acquire in the fields established by Pierpont Morgan and is one of only a handful of American institutions devoted to collecting and exhibiting in these specialized areas. The collections now also include Photography and Modern & Contempary Drawings. In addition, the Morgan presents a broad range of public offerings (lectures, concerts, adult and children's educational programs) based on the collections.

Part V, Line 4:

The Morgan's endowment consists of numerous individual funds established for a broad range of institutional purposes and includes both donor-restricted endowment funds and funds designated by the Board of Trustees to function as endowments. Endowment funds are classified and reported based on the existence or absence of donor-imposed restrictions.

Part XI, Line 2D - Other Adjustments:

Publications / Shop revenue-net of expenses-Form 990 Part VIII Line 10b 481,624. Fundraising Events revenue-net of direct expenses-Form 990 Part VIII Line 8b 110,900. other

Part XII, Line 2D - Other Adjustments:

Publications / Shop expenses-net against revenue-Form 990 Part VIII Line 10b 481,624. Fundraising Events expenses-net against revenue-Form 990 Part VIII Line 8b 110,900.

Raw XML AppendixShowing 400 of 1,094 raw XML fields

This appendix keeps the raw XML leaves available for debugging and edge-case review. The human report above is the primary experience.

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IRS990/Desc0Curatorial: The Morgan Library & Museum ("the Morgan") occupies a midtown Manhattan campus comprised of three landmarked buildings that are joined by pavilions constructed of steel-and-glass panels designed by renowned architect Renzo Piano. The Morgan houses one of the world's greatest collections of artistic, literary, musical, and historical works. Included in its holdings are original scores of Mozart and Beethoven, drawings by Rembrandt and Rubens, medieval and Renaissance works, three Gutenberg Bibles, literary manuscripts by Dickens and Twain, and five-thousand-year-old Near Eastern carvings. The Morgan recorded over 240,000 visitors in fiscal year 2018, primarily for a wide variety of changing exhibitions encompassing works from the Morgan's permanent collection and from other museums and libraries in the U.S. and abroad. Notable exhibitions in fiscal year 2018 included "Drawn to Greatness: Master Drawings from the Thaw Collection," "This Ever New Self: Thoreau and His Journal, and "Peter Hujar: Speed of Life." The Morgan's curators plan the exhibitions, oversee the permanent collection, prepare exhibition and collection-related catalogues, organize symposia, host graduate seminars, and provide research and other services to the scholarly community.The extraordinary group of medieval and Renaissance manuscripts; printed books and bindings; literary, historical, and music manuscripts; drawings and prints; and ancient cylinder seals that J. Pierpont Morgan brought together were among the first important collections of their kind in America and form what is today the core of the Morgan's holdings. (The collection now includes photography and modern and contemporary drawings as well.) In overall quality and importance, the collections are among the finest in the world. They now number more than 500,000 objects and are distinguished by the high percentage of items that are unique or exceptionally rare. The Morgan continues to acquire in the fields established by Pierpont Morgan and is one of only a handful of American institutions devoted to these specialized areas. The Drawing Institute, established in 2011, is devoted to the interpretation, conservation, and theory of old master and modern drawing with the goal of stimulating new lines of investigation and discourse. The Drawing Institute supports research through annual fellowships; publications;small, focused exhibitions; and an ongoing series of symposia, seminars, and lectures.
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IRS990/Form990PartVIISectionAGrp/TitleTxt0President
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IRS990/Form990PartVIISectionAGrp/TitleTxt27Dir. of Marketing and Communications
IRS990/Form990PartVIISectionAGrp/TitleTxt28Astor Curator, Dept Head, Cur. Chair
IRS990/Form990PartVIISectionAGrp/TitleTxt29Charles W Engelhard Curator and Dept Head
IRS990/Form990PartVIISectionAGrp/TitleTxt30Director of Events
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Document Assets

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Filings

Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2025Facts available. Structured filing facts are available, but richer extracted sections are limited.$446$20.1$426$55.1$42.7$12.4
2024Detailed filing. Detailed filing data is available for this year.$436$19.8$416$58.7$34.4$24.3
2023Detailed filing. Detailed filing data is available for this year.$386$19.5$367$23.7$31.4$7.70
2022Detailed filing. Detailed filing data is available for this year.$416$20.8$396$59.2$26.1$33.0
2021Facts available. Structured filing facts are available, but richer extracted sections are limited.$418$21.8$397$25.8$22.8$2.99
2020XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$346$19.0$327$30.7$28.1$2.56
2019XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$370$19.8$351$35.9$27.8$8.15
2018Detailed filing. Detailed filing data is available for this year.$368$18.8$349$43.3$26.1$17.2
2017XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$348$19.5$329$26.4$25.9$0.48
2016Detailed filing. Detailed filing data is available for this year.$330$18.7$312$32.2$24.6$7.59
2015Detailed filing. Detailed filing data is available for this year.$343$23.3$319$28.3$23.9$4.40
2014Import issue. A filing source exists for this year, but detailed import did not complete cleanly.$336$23.1$313$41.5$23.8$17.7
2013Facts available. Structured filing facts are available, but richer extracted sections are limited.$313$24.4$288$23.2$22.4$0.73
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$298$22.9$275$23.2
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$305$26.9$278$22.9
2010Facts available. Structured filing facts are available, but richer extracted sections are limited.$290$23.4$267$20.5
Peer Organizations

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