Financials 2024-2025
In our era of uncertain economics and the ongoing loss of important cultural landmarks in Philadelphia, we are so grateful for the committed generosity of so many members and friends. The Athenæum ended fiscal year 2025 with a slight surplus that we moved into our reserve funds, even as we feel the uncertainties facing arts and culture nonprofits in the current fiscal year. Careful planning and spending kept costs down, while increases in membership and donations helped us meet budget. You can download the previous Annual Report here.
July 1, 2024 – June 30, 2025
An on-target budget allowed staff to launch a special Spring Appeal to Restore our Bookcases. Member and public support blew past our initial goal to raise $33,000 to restore three bays of bookcases in the Reading Room.
With the enthusiastic help of individual member crowdfunding efforts to fund memorial shelf and/or bay restoration efforts, The Athenæum received gifts totaling $85,185. Restoration efforts have begun, one bay at a time.
During the year ended June 30, 2025, the Board and staff undertook a review of historic gift agreements for our nearly 100 separate funds. As a result, a transfer of $209,964 from the board-designated net assets to the donor-restricted endowment funds occurred. In addition, a number of the board-designated funds were consolidated into the Book Purchase Fund and the Gift & Bequest Fund based on the original board designation of the respective funds. These moves ensure the proper use of donor-restricted funds and more flexible allocation of unrestricted funds.
The Athenæum Board and staff continue to practice conservative, mission-aligned budgeting projection each year. Doing more with less has meant that The Athenæum’s annual budget, when adjusted for inflation, is more than $7,000 less than its budget 25 years ago. This continuous belt-tightening allows us to nurture curiosity and strengthen a growing intergenerational learning community. It also challenges us to identify new sources of funding to offer the level of programming, space and staff that our members and the broader greater Philadelphia community desire.
Income by Type
$2,102,135 total for 2025
No Data Found
Values $US | Compared with contributions of $1,799,972 for 2024.
Programmatic Expenses
$1,833,851 total for 2025
No Data Found
Values $US | Compared with expenses of $1,541,612 for 2024.
Liabilities & Net Assets
$32,749,887 total for 2025
Endowments
Creating a Sustainable Library for Future Generations
A strong and well-invested endowment provides a nonprofit with some breathing space. At The Athenæum, our endowment has been growing slowly but steadily for nearly 150 years. The annual 5% draw supports the purchase of books, the offsite storage costs of our architectural collections and specific programs like the Roger Moss Symposia, the annual Literary Award, the William Strickland lecture and the Charles Peterson HABS prize and research fellowships through donor-restricted gifts. Unrestricted funds help defray the cost of programs, exhibitions, building maintenance and staffing.
In fiscal year 2025, The Athenæum relied on its endowed funds for 39% of its expenditures; another 17% came from the Lewis Elkin Trust, of which we are one of five beneficiaries.
We are grateful to an anonymous supporter who made a legacy gift of $500,000 to our endowment to support Athenæum lectures and programs. The annual draw from this gift will increase the budget funds that allow us to create stimulating and thoughtful programs.
Of course, an endowment is a huge boost. But we could only do a small part of all we accomplish each year without member dues, contributions and program revenue, which accounted for 51% of our income this past year.
When I joined the Athennæum I was writing a book, and the elegant, lofty reading room was a wonderful place to work. The staff are so welcoming that I’ve returned again and again for lectures, concerts, and films, or just to hang out and drink coffee in the lounge!