Civic Intelligence

The Morikami Inc

990 • Fiscal year 2022 • EIN 59-1767023

Oct 01, 2021 to Sep 30, 2022 • Filed on Jun 19, 2023

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

41st percentile

0.07x

Higher debt load relative to assets than 41% of similar nonprofits.

2022 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2022

Liabilities / Revenue

64th percentile

0.29x

Higher debt load relative to revenue than 64% of similar nonprofits.

2022 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2022

Net Margin

10th percentile

-32%

Higher net margin than 10% of similar nonprofits.

2022 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2022

Top Officer Pay

35th percentile

$89,142

Higher top officer pay than 35% of similar nonprofits.

Top officer pay equals 4.2% of source-year revenue.

2022 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2022

Asset Growth

19th percentile

-9.9%

Faster asset growth than 19% of similar nonprofits.

2022 filings • 501(c)3 • $5M-$10M nonprofits • Annualized from 2021 to 2022

Revenue Growth

93rd percentile

113%

Faster revenue growth than 93% of similar nonprofits.

2022 filings • 501(c)3 • $5M-$10M nonprofits • Annualized from 2021 to 2022

Balance Sheet
Liabilities / Assets41st percentile

Assets

Down

$8,394,072

Down $922,795 (-9.9%) from 2021

Net Assets

Down

$7,783,476

Down $958,902 (-11%) from 2021

Liabilities

Up

$610,596

Up $36,107 (+6.3%) from 2021

Revenue And Expenses
Liabilities / Revenue64th percentileNet Margin10th percentile

Revenue

Up

$2,109,171

Up $1,119,330 (+113%) from 2021

Expenses

Up

$2,774,435

Up $338,776 (+14%) from 2021

Net Income

Up

-$665,264

Up $780,554 (+54%) from 2021

Historical Trend

Balance Sheet Trend

Asset Growth19th 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

2022

Assets$8,394,072
Liabilities$610,596
Net Assets$7,783,476
Open 2022 Filing

Operations Trend

Revenue Growth93rd 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

2022

Revenue$2,109,171
Expenses$2,774,435
Net Income-$665,264
Open 2022 Filing
Jump To
Filing Snapshot
Filing Period
Oct 1, 2021 to Sep 30, 2022
Signed
Jun 19, 2023
Return Version
2021v4.2
Gross Receipts
$2,628,130
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$7,110,492$6,003,788▼ $1,106,704
Land, Buildings, and Equipment, Net$1,178,878$1,295,694▲ $116,816
Cash and Non-Interest-Bearing Accounts$573,816$738,315▲ $164,499
Savings and Temporary Cash Investments$137,418$117,001▼ $20,417
Prepaid Expenses and Deferred Charges$169,276$94,390▼ $74,886
Inventories for Sale or Use$66,280$71,097▲ $4,817
Accounts Receivable$11,144$14,458▲ $3,314
Total Assets$9,316,867$8,394,072▼ $922,795
Other Assets Total$69,563$59,329▼ $10,234
Liabilities
Deferred Revenue$302,193$268,242▼ $33,951
Other Liabilities$146,946$189,837▲ $42,891
Accounts Payable and Accrued Expenses$125,350$152,517▲ $27,167
Total Liabilities$574,489$610,596▲ $36,107
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$5,263,051$4,246,002▼ $1,017,049
Net Assets With Donor Restrictions$3,479,327$3,537,474▲ $58,147
Total Net Assets Fund Balance$8,742,378$7,783,476▼ $958,902
Total Liabilities and Net Assets / Fund Balance$9,316,867$8,394,072▼ $922,795

Asset Categories

AssetBook ValueDepreciationBasis
Equipment$1,295,694$650,968$1,946,662
Other Assets Org$59,329--

Endowment Activity

PeriodBeginningContrib.Gain/LossOther UsesEnd
2022$7,110,492-▼ $1,045,552$61,152$6,003,788
2021$6,555,153-▲ $898,402$343,063$7,110,492
2020$6,502,974-▲ $378,858$326,679$6,555,153
2019$6,585,962-▲ $248,794$331,782$6,502,974
2018$6,491,575-▲ $466,117$371,730$6,585,962
Compensation and Service Providers
Top Officer Pay35th percentile

Employees

NameTitleFull / Part TimeBaseTotal
Donald BlackmanControllerFT$89,142$89,142
Sharyn SamuelsMembership and Development MaFT$81,159$81,159
Susan KellerMuseum Store ManagerFT$64,203$64,203

Board Members and Trustees

NameTitle
Celia T ZahringerPresident
Juan NogureasSecond Vice President
Robin MayVice President
Bonnie W LemayDirector
Christine CartonSecretaryTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$1,864,171
Program Service Revenue
$149,790
Investment Income
$-850,526
Other Revenue
$945,736
All Other Contributions
$923,902
Change in Net Assets
$-665,264

Audited Revenue Reconciliation

Revenue per Audited Statements
$2,109,171
Revenue Not Reported on Form 990
$225,321
Total Revenue per Audited Statements
$2,334,492
Total Revenue per Form 990
$2,109,171
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$1,496,518
Salaries, Compensation, and Employee Benefits$1,277,917
Total Fundraising Expense$356,511
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$935,685$227,099$115,133$1,277,917
All Other Expenses$121,357$20,077$26,524$167,958
Advertising$19,584-$115,190$134,774
Office Expenses$50,942$18,647$40,653$110,242
Depreciation Depletion-$90,832-$90,832
Other Expenses$71,443$15,234$23,169$71,443
Fees for Services Other$52,642$8,243$291$61,176
Insurance$27,724$7,891$25,368$60,983
Information Technology$8,984$1,513$8,681$19,178
Travel$2,633$703$1,502$4,838
Total Functional Expenses$1,956,527$461,397$356,511$2,774,435

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Audited Statements$3,293,394
Expenses per Audited Statements$2,774,435
Total Expenses per Form 990$2,774,435
Expenses Not Reported on Form 990$518,959
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
Facilty Rental and Advance Deposit$189,837
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 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
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
2023-06-19
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Celia T Zahringer
Formed
1977
Legal Domicile
Fl
Voting Board Members
4
Independent Board Members
4
Employees
37
Volunteers
139

Preparer

Firm
Parks & Company LLC
Address
6810 Lyons Technology Cir 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 (loss) on investments”

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 andconservation expense while the proceeds from sales of artifacts are reported as curatorial andconservation 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 andoutreach 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 2018 - 2020 tax years. The adoption of ASC 740-10 had no impact on the Museums financial statements.”

Raw XML AppendixShowing 400 of 492 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/PrincipalOfficerNm0Celia T Zahringer
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IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc0Facilty Rental and Advance Deposit
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IRS990ScheduleD/SolicitedAssetsSaleInd0false
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt0In 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 andconservation expense while the proceeds from sales of artifacts are reported as curatorial andconservation revenue.
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt1The 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 andoutreach participants of all ages.
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt2The endowment fund provides funding for the Morikami museum programs and services.
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt3Museum store - Cost of goods sold
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt4Museum store - Cost of goods sold
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt5The 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 2018 - 2020 tax years. The adoption of ASC 740-10 had no impact on the Museums financial statements.
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc0Not reporting collections (Part III, line 1a)
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc1Collections descriptions (Part III, line 4)
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc2Endowment funds intended uses (Part V, line 4)
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc3Other revenues not included on Form 990 (Part XI, line 2d)
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc4Other expenses not included on Form 990 (Part XII, line 2d)
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc5Footnote for uncertain tax position under FIN 48 (Part X)
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IRS990/ScheduleORequiredInd0true
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0The 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.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1The 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.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2The Morikami, Inc board or a designated committee reviews any proposed compensation increases for officers, management and staff.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3The Morikami, Inc board or a designated committee reviews any proposed compensation increases for officers, management and staff.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4All Governing documents, financial statements and tax filings are available upon request.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt5Unrealized gain (loss) on investments

Document Assets

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Filings

Displayed year

2022 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$8,394,072
Liabilities
$610,596
Net assets
$7,783,476
Revenue
$2,109,171
Expenses
$2,774,435
Net income
-$665,264
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