The Pierpont Morgan Library

What it reported doing in 2024

Curatorial: 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 carvings from the countries of ancient Western Asia. The Morgan recorded 308,582 visitors over the fiscal year, primarily for a wide variety of changing exhibitions encompassing (continued on Schedule O)works from the Morgan's permanent collection and from other museums and libraries in the U.S. and abroad. Exhibitions during fiscal year 2025 included "Beatrix Potter: Drawn to Nature;" "Walton Ford: Animal Studies and Sketches;" "Belle da Costa Greene: A Librarian's Legacy; and "Franz Kafka." The Morgan's curators plan the exhibitions, oversee the permanent collection, prepare exhibition and collection-related catalogs, 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, these collections are among the finest in the world, distinguished by the high percentage of items that are unique or exceptionally rare. One of only a handful of American institutions devoted to these specialized areas, the Morgan maintains an active acquisitions program and now holds several hundred thousand items in its collection.The Morgan's Drawing Institute 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.

Financial Efficiency

• Mission deployment rate: 77.8%; rating input score 78
• Program expense ratio: 79.6%; rating input score 80
• Fundraising efficiency: $8.96 raised per $1 spent on fundraising; rating input score 39; 39th percentile among comparable filings

Transparency & Controls

• Consistency checks: 100%; rating input score 100; 68th percentile among comparable filings
• Pay-setting controls: 4 of 6 controls in place; rating input score 67
  • Compensation committee: Pass
  • 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: Scored; rating input score 0
• Grant itemization coverage: 100%; rating input score 100; 77th percentile among comparable filings
• Major donor itemization: Yes; rating input score 100
• Related-party transparency: Limited

Accountability

• Independent voting board: 95.5%; rating input score 95; 48th percentile among comparable filings
• Governance controls: 8 of 8 controls in place; rating input score 100
  • Conflict-of-interest policy: Pass
  • Whistleblower policy: Pass
  • Document-retention policy: Pass
  • CEO compensation review process: NotApplicable
  • 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: 23.9%; rating input score 90; 90th percentile among comparable filings
• Total-asset coverage ratio: 10.65; rating input score 92; 92nd percentile among comparable filings
• Liabilities to assets ratio: 0.05; rating input score 90; 90th percentile among comparable filings
• Officer compensation ratio: 6.7%; rating input score 8; 8th percentile among comparable filings

Growth

• Program expense growth: 4.6% per year; rating input score 100; 36th percentile among comparable filings
• Revenue growth: 4.8% per year; rating input score 100; 41st percentile among comparable filings
• Asset growth: 2.7% per year; rating input score 100; 19th percentile among comparable filings