Phillip and Patricia Frost Museum of Science Inc

What it reported doing in 2024

Ancillary services - retailretail at the phillip and patricia frost museum of science (frost science) is an extension of the museum's mission, offering thoughtfully curated products that inspire curiosity, reinforce learning, and deepen the visitor experience. The museum store features a wide assortment of science focused items including educational toys, books, apparel, and exhibition related merchandise that connect directly to the content and themes explored throughout the museum. The museum has placed a strong emphasis on aligning its retail strategy with its values by increasing the sourcing of products made in the united states and from local vendors, while reducing reliance on internationally produced goods. Partnerships with small businesses, including women-owned and minority-owned enterprises, further support a more sustainable and community focused retail program. Many product lines are developed in house by the museum's design team, creating unique and mission-driven collections that are exclusive to frost science. These include exhibition-inspired assortments such as the reeflorida collection, as well as the 'adopt an animal' plush program, which highlights species represented in the museum's aquarium and encourages connections to conservation. Through intentional product development and sourcing, the museum's retail operation enhances engagement, supports local and national makers, and extends the impact of the visitor experience beyond the galleries.other programmatic activitiesin addition to its core programs, the phillip and patricia frost museum of science (frost science) delivers a range of complementary activities that extend its reach, deepen engagement, and support long term sustainability. These efforts create additional pathways for audiences to connect with science while strengthening the museum's role as a dynamic community hub. Group visits and field trips provide structured, curriculum aligned experiences for schools, community organizations, and youth groups, often serving as an entry point for first time visitors. The museum also produces a robust calendar of public programs, including science-based lectures, screenings, and signature events such as nightlab, an adults-only evening series held twice annually that blends science, culture, and entertainment to engage new and diverse audiences. Private events and facility rentals further activate the museum during evening and off-peak hours, welcoming corporate and social gatherings including weddings, galas, product launches, and nonprofit events. These experiences introduce new audiences to the museum while generating critical earned revenue in support of its mission. Audience engagement is reinforced through strategic communications, including targeted marketing campaigns, digital outreach, and newsletters that keep the community informed and connected. Together, these programmatic activities enhance visibility, expand access, and reinforce the museum's role as a leading cultural and educational resource for south Florida.in addition to its core programs, the phillip and patricia frost museum of science (frost science) delivers a range of complementary activities that extend its reach, deepen engagement, and support long term sustainability. These efforts create additional pathways for audiences to connect with science while strengthening the museum's role as a dynamic community hub. Group visits and field trips provide structured, curriculum aligned experiences for schools, community organizations, and youth groups, often serving as an entry point for first time visitors. The museum also produces a robust calendar of public programs, including science-based lectures, screenings, and signature events such as nightlab, an adults-only evening series held twice annually that blends science, culture, and entertainment to engage new and diverse audiences. Private events and facility rentals further activate the museum during evening and off-peak hours,

Financial Efficiency

• Mission deployment rate: 100%; rating input score 100
• Program expense ratio: 84.9%; rating input score 85
• Fundraising efficiency: $4.06 raised per $1 spent on fundraising; rating input score 16; 16th percentile among comparable filings

Transparency & Controls

• Consistency checks: 100%; rating input score 100; 62nd percentile among comparable filings
• Pay-setting controls: 3 of 6 controls in place; rating input score 50
  • Compensation committee: Missing
  • Independent consultant: Missing
  • Other Form 990s reviewed: Pass
  • Written employment contract: Pass
  • Compensation survey or study: Missing
  • Board or committee approval: Pass
• Foreign activity oversight: Limited
• Grant itemization coverage: 100%; rating input score 100; 72nd percentile among comparable filings
• Major donor itemization: Yes; rating input score 100
• Related-party transparency: Limited

Accountability

• Independent voting board: 100%; rating input score 100; 66th percentile among comparable filings
• Governance controls: 9 of 9 controls in place; rating input score 100
  • Conflict-of-interest policy: Pass
  • Whistleblower policy: Pass
  • Document-retention policy: Pass
  • CEO compensation review process: Pass
  • Other executive compensation review process: Pass
  • Form 990 shared with the board: Pass
  • Board meeting minutes documented: Pass
  • Audit committee oversight: Pass
  • Independent financial-statement audit: Pass

Sustainability

• Operating margin: -40.8%; rating input score 2; 2nd percentile among comparable filings
• Total-asset coverage ratio: 5.93; rating input score 87; 87th percentile among comparable filings
• Liabilities to assets ratio: 0.02; rating input score 89; 89th percentile among comparable filings
• Officer compensation ratio: 7.7%; rating input score 32; 32nd percentile among comparable filings

Growth

• Program expense growth: 5.8% per year; rating input score 100; 48th percentile among comparable filings
• Revenue growth: -4.3% per year; rating input score 0; 2nd percentile among comparable filings
• Asset growth: 5.3% per year; rating input score 100; 37th percentile among comparable filings