Post the extraordinary challenges of managing a non-profit museum through the Covid health crisis, Boston Children’s Museum is fortunate to present a financially solid fiscal year 2023. This year is highlighted by continued growth in admissions and membership income, expansion of our visitor center and community-based programs, continued improvements to the building and property, and new and increased investments in staff.

During this fiscal year, the Museum welcomed 371,000 visitors, a 54% increase over fiscal year 2022. Membership growth and revenue also improved. Contributing to the increased attendance, the Museum hosted a number of new programs and events along with the opening of a major new exhibit, You, Me, We. This exhibit, along with the financial support from a few key partners, have enabled the Museum to connect with hard-to-reach families and open doors to new and lasting partnerships.

The Museum’s Program and Philanthropy departments collaborated to raise important funding that is supporting the ambitious endeavors of our strategic plan. Our long-term goals of leveraging the Museum’s Visitor Center operation by bringing the learning tools and know-how to our community partners are being realized. These objectives keep building on each other and we are very proud of the deliverables and results we are achieving.

During the year, the Museum completed two major projects: designing and installing a new Building Management System and replacing the existing cooling tower on our roof. Both of these projects were paid for in part with grants. The Museum is grateful to have property management partners that are committed to five-star maintenance and service. With their leadership, coupled with the Museum’s resourcefulness, together we have been able to preserve the highest standards for maintenance, safety, and cleanliness—and have maximized the dollars invested.

Managing expenses while also making essential strategic investments has been a key financial priority for the Museum. Museum leadership made a number of important investments during the year that aligned with our strategic plan, primarily related to critical new hires. While pursuing these activities and projects, the Museum continued to maintain a strong balance sheet. We have also taken advantage of short-term investments to earn a return on excess cash, and this year, our investment portfolio realized a 6.6% increase in its valuation after our spending draw of 4.5%.

Post Covid, the workplace is changing at a rapid pace. The Museum is challenged to attract and retain the staff that are critical to the Museum’s welcoming and service-oriented standards. With our limited resources, we are always seeking to improve and leverage our employee benefits, and this year, we added a number of new products. But, while these benefits are an important part what makes Boston Children’s Museum a great place to work, it is the leadership and staff that work hard to ensure that our values are present every day, supporting growth and a learning work environment for all.

In summary, with a strong balance sheet, operations in the black, and a committed staff, we can all agree that fiscal year 2023 was a successful year.

Amy L. Auerbach
Senior Vice President and CFO