Civic Intelligence

The Morikami Inc

990 • Fiscal year 2018 • EIN 59-1767023

Oct 01, 2017 to Sep 30, 2018 • Filed on Dec 14, 2018

Organization Profilewww.morikami.org

View Organization Page

4000 Morikami Park RoadDelray Beach, FL 33446

(561) 495-0233

Siviq Scores

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

Liabilities / Assets

39th percentile

0.08x

Higher debt load relative to assets than 39% of similar nonprofits.

2018 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2018

Liabilities / Revenue

54th percentile

0.20x

Higher debt load relative to revenue than 54% of similar nonprofits.

2018 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2018

Net Margin

28th percentile

-3.0%

Higher net margin than 28% of similar nonprofits.

2018 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2018

Top Officer Pay

34th percentile

$87,550

Higher top officer pay than 34% of similar nonprofits.

Top officer pay equals 2.7% of source-year revenue.

2018 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2018

Asset Growth

58th percentile

3.8%

Faster asset growth than 58% of similar nonprofits.

2018 filings • 501(c)3 • $5M-$10M nonprofits • Annualized from 2017 to 2018

Revenue Growth

79th percentile

24%

Faster revenue growth than 79% of similar nonprofits.

2018 filings • 501(c)3 • $5M-$10M nonprofits • Annualized from 2017 to 2018

Balance Sheet
Liabilities / Assets39th percentile

Assets

Up

$8,049,574

Up $297,327 (+3.8%) from 2017

Net Assets

Up

$7,403,192

Up $303,049 (+4.3%) from 2017

Liabilities

Down

$646,382

Down $5,722 (-0.9%) from 2017

Revenue And Expenses
Liabilities / Revenue54th percentileNet Margin28th percentile

Revenue

Up

$3,253,369

Up $628,293 (+24%) from 2017

Expenses

Up

$3,351,049

Up $207,219 (+6.6%) from 2017

Net Income

Up

-$97,680

Up $421,074 (+81%) from 2017

Historical Trend

Balance Sheet Trend

Asset Growth58th percentile

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

$10M$5.0M$0Assets 2011: $5,954,251Liabilities 2011: $469,069Net Assets 2011: $5,485,1822011Assets 2012: $6,309,739Liabilities 2012: $481,489Net Assets 2012: $5,828,2502012Assets 2013: $6,422,711Liabilities 2013: $377,252Net Assets 2013: $6,045,4592013Assets 2014: $6,756,747Liabilities 2014: $501,693Net Assets 2014: $6,255,0542014Assets 2015: $6,443,138Liabilities 2015: $554,171Net Assets 2015: $5,888,9672015Assets 2016: $7,313,378Liabilities 2016: $657,767Net Assets 2016: $6,655,6112016Assets 2017: $7,752,247Liabilities 2017: $652,104Net Assets 2017: $7,100,1432017Assets 2018: $8,049,574Liabilities 2018: $646,382Net Assets 2018: $7,403,1922018Assets 2019: $8,254,750Liabilities 2019: $616,502Net Assets 2019: $7,638,2482019Assets 2020: $8,248,559Liabilities 2020: $513,440Net Assets 2020: $7,735,1192020Assets 2021: $9,316,867Liabilities 2021: $574,489Net Assets 2021: $8,742,3782021Assets 2022: $8,394,072Liabilities 2022: $610,596Net Assets 2022: $7,783,4762022Assets 2023: $8,976,474Liabilities 2023: $624,082Net Assets 2023: $8,352,3922023Assets 2024: $9,737,003Liabilities 2024: $586,212Net Assets 2024: $9,150,7912024

Highlighted filing

2018

Assets$8,049,574
Liabilities$646,382
Net Assets$7,403,192
Open 2018 Filing

Operations Trend

Revenue Growth79th percentile

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

$4.0M$2.0M$0-$2.0MExpenses 2011: $2,213,8702011Expenses 2012: $2,373,3302012Revenue 2013: $1,612,952Expenses 2013: $2,290,577Net Income 2013: -$677,6252013Revenue 2014: $2,353,294Expenses 2014: $2,577,450Net Income 2014: -$224,1562014Revenue 2015: $2,490,817Expenses 2015: $2,720,123Net Income 2015: -$229,3062015Revenue 2016: $3,297,504Expenses 2016: $3,120,539Net Income 2016: $176,9652016Revenue 2017: $2,625,076Expenses 2017: $3,143,830Net Income 2017: -$518,7542017Revenue 2018: $3,253,369Expenses 2018: $3,351,049Net Income 2018: -$97,6802018Revenue 2019: $3,233,793Expenses 2019: $3,449,213Net Income 2019: -$215,4202019Revenue 2020: $2,789,845Expenses 2020: $3,049,761Net Income 2020: -$259,9162020Revenue 2021: $989,841Expenses 2021: $2,435,659Net Income 2021: -$1,445,8182021Revenue 2022: $2,109,171Expenses 2022: $2,774,435Net Income 2022: -$665,2642022Revenue 2023: $2,313,599Expenses 2023: $2,872,941Net Income 2023: -$559,3422023Revenue 2024: $1,683,694Expenses 2024: $2,953,453Net Income 2024: -$1,269,7592024

Highlighted filing

2018

Revenue$3,253,369
Expenses$3,351,049
Net Income-$97,680
Open 2018 Filing
Jump To
Filing Snapshot
Filing Period
Oct 1, 2017 to Sep 30, 2018
Signed
Dec 14, 2018
Return Version
2017v2.2
Gross Receipts
$3,781,896
Mission and Program Overview

Mission

To support and enhance the operation of the Morikami Museum whose purpose is to preserve and provide education regarding japanese customs and culture.

Balance Sheet Detail
LineBeginningEndChange
Assets
Investments in Publicly Traded Securities$6,491,575$6,585,962▲ $94,387
Land, Buildings, and Equipment, Net$562,326$689,420▲ $127,094
Cash and Non-Interest-Bearing Accounts$512,187$631,946▲ $119,759
Inventories for Sale or Use$121,694$87,342▼ $34,352
Savings and Temporary Cash Investments$36,634$34,641▼ $1,993
Prepaid Expenses and Deferred Charges$18,646$19,121▲ $475
Total Assets$7,752,247$8,049,574▲ $297,327
Other Assets Total$9,185$1,142▼ $8,043
Liabilities
Deferred Revenue$264,760$245,243▼ $19,517
Accounts Payable and Accrued Expenses$212,648$211,044▼ $1,604
Other Liabilities$174,696$190,095▲ $15,399
Total Liabilities$652,104$646,382▼ $5,722
Net Assets / Fund Balance
Unrestricted Net Assets$3,621,861$3,622,173▲ $312
Permanently Rstr Net Assets$3,183,892$3,183,892→ $0
Temporarily Rstr Net Assets$294,390$597,127▲ $302,737
Total Net Assets Fund Balance$7,100,143$7,403,192▲ $303,049
Total Liabilities and Net Assets / Fund Balance$7,752,247$8,049,574▲ $297,327

Asset Categories

AssetBook ValueDepreciationBasis
Equipment$689,420$363,559$1,052,979
Other Assets Org$1,142--

Endowment Activity

PeriodBeginningContrib.Gain/LossOther UsesEnd
2018$6,491,575-▲ $466,117$371,730$6,585,962
2017$6,055,067-▲ $561,757$125,248$6,491,576
2016$5,571,358$264,214▲ $409,495$190,000$6,055,067
2015$6,117,688-▼ $234,323$312,007$5,571,358
2014$5,973,776-▲ $418,910$274,998$6,117,688
Compensation and Service Providers
Top Officer Pay34th percentile

Employees

NameTitleFull / Part TimeBaseTotal
Sanders LewallenAdvancement DirectorFT$87,550$87,550
Donald BlackmanControllerFT$79,568$79,568
Kizzy SanchezFestival and Event ManagerFT$64,237$64,237
Susan KellerMuseum Store ManagerFT$55,697$55,697
Wendy LoCurator of EducationFT$55,045$55,045

Board Members and Trustees

NameTitle
Celia T ZahringerPresident
Michael GallacherFirst Vice President
Bonnie White LemayDirector
June GelbTrustee
Norma GellerTrustee
Robin S MayTrustee
Rosie P BurkmanTrustee
Janice D FlorinSecretary
Randal BakerTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$2,273,044
Program Service Revenue
$126,677
Investment Income
$6,528
Other Revenue
$847,120
All Other Contributions
$1,419,952
Change in Net Assets
$-97,680

Audited Revenue Reconciliation

Revenue per Audited Statements
$3,253,369
Revenue Not Reported on Form 990
$929,256
Total Revenue per Audited Statements
$4,182,625
Total Revenue per Form 990
$3,253,369
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$1,706,143
Salaries, Compensation, and Employee Benefits$1,644,906
Total Fundraising Expense$393,950
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$1,002,246$198,703$102,119$1,303,068
All Other Expenses$287,235$43,516$69,069$399,820
Other Employee Benefits$62,994$69,670$26,824$159,488
Payroll Taxes$101,534$14,696$14,081$130,311
Advertising$43,831-$83,397$127,228
Other Expenses$94,748$14,767$63,464$94,748
Depreciation Depletion-$56,139-$56,139
Pension Plan Contributions$38,093$9,247$4,699$52,039
Fees for Services Other$30,686$10,566-$41,252
Insurance$17,224$7,389$14,404$39,017
Information Technology$12,672$1,821$14,703$29,196
Travel$9,932$2,654$1,190$13,776
Total Functional Expenses$2,459,760$497,339$393,950$3,351,049

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Audited Statements$3,879,576
Expenses per Audited Statements$3,351,049
Total Expenses per Form 990$3,351,049
Expenses Not Reported on Form 990$528,527
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Professional Fundraising Fees$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
Facility Rental and Advance Deposit$190,095
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 governing body review Part VI line 11

“The form 990 is reviewed by the controller as well as the president and treasurer before it is filed with the IRS. The review involves discussing specific items with the auditors and may involve revisions by the auditors.”

Conflict of interest policy compliance Part VI line 12C

“The board of directors are covered under The Morikami, Incs conflict of interest policy. Anyone covered by the policy signs a disclosure which certifies that the individual does not have an interest or affiliation that could give rise to a conflict. If the individual does have a conflict, it is disclosed on the annual statement.”

CEO executive director top management comp Part VI line 15A

“The Morikami, Inc board or a designated committee reviews any proposed compensation increases for officers, management and staff.”

Other officer or key employee compensation Part VI line 15B

“The Morikami, Inc. board or a designated committee reviews any proposed compensation increases for officers, management and staff.”

Governing documents etc available to public Part VI line 19

“All Governing documents, financial statements and tax filings are available upon request.”

Filing and Contact Details

Filer

Filer Name
The Morikami Inc
EIN
59-1767023
Address
4000 Morikami Park Road, Delray Beach, FL 33446

Signing Officer

Name
Don Blackman
Title
Controller
Phone
5614950233
Signed
2018-12-14
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Celia T Zahringer
Formed
1977
Legal Domicile
Fl
Voting Board Members
8
Independent Board Members
8
Employees
48
Volunteers
269

Preparer

Firm
Parks & Company LLC
Address
6810 Lyons Technology Pkwy Ste 130, Coconut Creek, FL 33073
Preparer
Christian Parks CPA
Phone
9547197569
Supplemental Narrative

Additional Explanations

Explanation of other changes in net assets or fund balances Part XI line 9

“Unrealized gain on investments”

List of other expenses Part IX line 24E

“Acquisitions 81,292Cafe fees 8,940 Entertainment 10,023Miscellaneous 27,211Postage/freight 39,652Printing 61,547Supplies 125,495Volunteer 45,660Total 399,820”

Financial Statement Notes

Not reporting collections (Part III, line 1A)

“In conformity with the practice followed by many museums, donated artifacts, which the museum displays at various locations throughout Palm Beach County, are not included in the museums statement of financial position. The cost of artifacts purchased is reported as curatorial and conservation expense while the proceeds from sales of artifacts are reported as curatorial and conservation revenue.”

Collections descriptions (Part III, line 4)

“The collections include japanese exhibits, presentations and gardens which serve as a bridge of appreciation and understanding between Japan and all other cultures represented by visitors and outreach participants of all ages.”

Endowment funds intended uses (Part V, line 4)

“The endowment fund provides funding for the Morikami museum programs and services.”

Other revenues not included on Form 990 (Part XI, line 2D)

“Museum store - Cost of goods sold”

Other expenses not included on Form 990 (Part XII, line 2D)

“Museum store - Cost of goods sold”

Footnote for uncertain tax position under FIN 48 (Part X)

“The Museum adopted FASB Accounting Standards Codification (ASC) 740-10 during 2009 which clarifies the accounting and recognition for income tax positions taken or expected to be taken in the Museums income tax returns. The Museums income tax filings subject to audit by various taxing authorities are the 2014 - 2016 tax years. The adoption of ASC 740-10 had no impact on the Museums financial statements.”

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IRS990/Form990PartVIISectionAGrp/TitleTxt6First Vice President
IRS990/Form990PartVIISectionAGrp/TitleTxt7Secretary
IRS990/Form990PartVIISectionAGrp/TitleTxt8Treasurer
IRS990/Form990PartVIISectionAGrp/TitleTxt9Controller
IRS990/Form990PartVIISectionAGrp/TitleTxt10Museum Store Manager
IRS990/Form990PartVIISectionAGrp/TitleTxt11Festival and Event Manager
IRS990/Form990PartVIISectionAGrp/TitleTxt12Curator of Education
IRS990/Form990PartVIISectionAGrp/TitleTxt13Advancement Director
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IRS990/OtherExpensesGrp/Desc0Professional Fees
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IRS990/OtherExpensesGrp/Desc2Rental Expenses
IRS990/OtherExpensesGrp/Desc3Artistic Fees
IRS990/OtherExpensesGrp/FundraisingAmt063464
IRS990/OtherExpensesGrp/ManagementAndGeneralAmt068171
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IRS990/OtherExpensesGrp/ProgramServicesAmt1176773
IRS990/OtherExpensesGrp/ProgramServicesAmt2127969
IRS990/OtherExpensesGrp/ProgramServicesAmt394748
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IRS990/OtherSalariesAndWagesGrp/ManagementAndGeneralAmt0198703
IRS990/OtherSalariesAndWagesGrp/ProgramServicesAmt01002246
IRS990/OtherSalariesAndWagesGrp/TotalAmt01303068
IRS990/OtherWebsiteInd0X
IRS990/PartialLiquidationInd0false
IRS990/PayPremiumsPrsnlBnftCntrctInd0false
IRS990/PayrollTaxesGrp/FundraisingAmt014081
IRS990/PayrollTaxesGrp/ManagementAndGeneralAmt014696
IRS990/PayrollTaxesGrp/ProgramServicesAmt0101534
IRS990/PayrollTaxesGrp/TotalAmt0130311
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IRS990/PensionPlanContributionsGrp/ProgramServicesAmt038093
IRS990/PensionPlanContributionsGrp/TotalAmt052039
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IRS990/PrepaidExpensesDefrdChargesGrp/BOYAmt018646
IRS990/PrepaidExpensesDefrdChargesGrp/EOYAmt019121
IRS990/PrincipalOfficerNm0Celia T Zahringer
IRS990/ProfessionalFundraisingInd0false
IRS990/ProgramServiceRevenueGrp/BusinessCd0611710
IRS990/ProgramServiceRevenueGrp/Desc0Education Programs
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IRS990/ProgSrvcAccomActy2Grp/Desc0Sales of japanese household items to educate the public in furtherance of the museums exempt purpose
IRS990/ProgSrvcAccomActy2Grp/ExpenseAmt0481792
IRS990/ProgSrvcAccomActy3Grp/Desc0Improvements to county-owned museum: Through an agreement with Palm Beach County, The Morikami, Inc. assists financially and operationally with the maintenence, upkeep, and improvements to the 32,000 sq ft museum facility.
IRS990/ProgSrvcAccomActy3Grp/ExpenseAmt0386868
IRS990/ProgSrvcAccomActyOtherGrp/Desc0Exhibits of japanese history and culture including display of a typical japanese home and a japanese garden. The museum has approximately 130,000 visitors each year.
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IRS990/ProhibitedTaxShelterTransInd0false
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IRS990/PYExcessBenefitTransInd0false
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IRS990/PYOtherExpensesAmt01589260
IRS990/PYOtherRevenueAmt0855116
IRS990/PYProgramServiceRevenueAmt080437
IRS990/PYRevenuesLessExpensesAmt0-518754
IRS990/PYSalariesCompEmpBnftPaidAmt01554570
IRS990/PYTotalExpensesAmt03143830
IRS990/PYTotalRevenueAmt02625076
IRS990/QuidProQuoContributionsInd0true
IRS990/QuidProQuoContriDisclInd0true
IRS990/RcvFndsToPayPrsnlBnftCntrctInd0false
IRS990/ReconcilationRevenueExpnssAmt0-97680
IRS990/RegularMonitoringEnfrcInd0true
IRS990/RelatedEntityInd0false
IRS990/RelatedOrganizationCtrlEntInd0false
IRS990/RentalIncomeOrLossGrp/RealAmt0249848
IRS990/ReportInvestmentsOtherSecInd0false
IRS990/ReportLandBuildingEquipmentInd0true
IRS990/ReportOtherAssetsInd0false
IRS990/ReportOtherLiabilitiesInd0true
IRS990/ReportProgramRelatedInvstInd0false
IRS990/SavingsAndTempCashInvstGrp/BOYAmt036634
IRS990/SavingsAndTempCashInvstGrp/EOYAmt034641
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IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/CurrentTaxYearMinus1YearAmt03188040
IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/CurrentTaxYearMinus2YearsAmt02464718
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IRS990ScheduleD/CYMinus1YrEndwmtFundGrp/EndYearBalanceAmt06491576
IRS990ScheduleD/CYMinus1YrEndwmtFundGrp/InvestmentEarningsOrLossesAmt0561757
IRS990ScheduleD/CYMinus1YrEndwmtFundGrp/OtherExpendituresAmt0125248
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IRS990ScheduleD/CYMinus2YrEndwmtFundGrp/ContributionsAmt0264214
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IRS990ScheduleD/CYMinus3YrEndwmtFundGrp/EndYearBalanceAmt05571358
IRS990ScheduleD/CYMinus3YrEndwmtFundGrp/InvestmentEarningsOrLossesAmt0-234323

Document Assets

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Filings

Displayed year

2018 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$8,049,574
Liabilities
$646,382
Net assets
$7,403,192
Revenue
$3,253,369
Expenses
$3,351,049
Net income
-$97,680
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$9.74$0.59$9.15$1.68$2.95$1.27
2023Detailed filing. Detailed filing data is available for this year.$8.98$0.62$8.35$2.31$2.87$0.56
2022Detailed filing. Detailed filing data is available for this year.$8.39$0.61$7.78$2.11$2.77$0.67
2021Detailed filing. Detailed filing data is available for this year.$9.32$0.57$8.74$0.99$2.44$1.45
2020Detailed filing. Detailed filing data is available for this year.$8.25$0.51$7.74$2.79$3.05$0.26
2019Detailed filing. Detailed filing data is available for this year.$8.25$0.62$7.64$3.23$3.45$0.22
2018Detailed filing. Detailed filing data is available for this year.$8.05$0.65$7.40$3.25$3.35$0.10
2017Detailed filing. Detailed filing data is available for this year.$7.75$0.65$7.10$2.63$3.14$0.52
2016Detailed filing. Detailed filing data is available for this year.$7.31$0.66$6.66$3.30$3.12$0.18
2015Detailed filing. Detailed filing data is available for this year.$6.44$0.55$5.89$2.49$2.72$0.23
2014Detailed filing. Detailed filing data is available for this year.$6.76$0.50$6.26$2.35$2.58$0.22
2013Facts available. Structured filing facts are available, but richer extracted sections are limited.$6.42$0.38$6.05$1.61$2.29$0.68
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$6.31$0.48$5.83$2.37
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$5.95$0.47$5.49$2.21