BBB Wise Giving Report for
National September 11 Memorial and Museum

BBB Wise Giving Report issued July 2011
BBB Wise Giving Report expires July 2013


This BBB Accredited charity meets all 20 Standards for Charity Accountability. Find out more...


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Charity Contact Information

Name: National September 11 Memorial and Museum
Address: 1 Liberty Plaza, 20th Floor
  New York , NY 10006
Phone: 212-312-8800
Web Address: www.national911memorial.org
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BBB Wise Giving Alliance Comments

Formerly known as:World Trade Center Memorial Foundation

Year, State Incorporated: 2004, New York
Affiliates: None
Stated Purpose: "to remember and honor the thousands of innocent men, women, and children murdered by terrorists in the horrific attacks of February 26, 1993 and September 11, 2001."

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Evaluation Conclusions

               

In determining that NS11MM meets Standards 8 and 10, the Alliance considered the fact that, during 2009, the organization was in the process of building the National September 11 Memorial & Museum. Funds for this project were withheld until the completion of the construction, at which time the expenses will be reflected in the organization's audited financial statements. The result of this withholding was that program expenses appeared significantly lower than their actual amount and unrestricted net assets appeared higher than their actual amount. See the notes to the Financial section of this report for more information.
National September 11 Memorial and Museum (NS11MM) meets the 20 Standards for Charity Accountability.
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Programs

               

The NS11MM at the World Trade Center will bear witness to the terrorist attacks of September 11, 2001, and February 26, 1993. The Museum will honor the nearly 3,000 victims of these attacks and all those who risked their lives to save others. It will further recognize the thousands who survived and all who demonstrated compassion in the aftermath. Demonstrating the consequences of terrorism on individual lives and its impact on communities at the local, national, and international levels, the Museum will aim to attest to the triumph of human dignity over human depravity and affirm a commitment to the value of human life.

For the year ended December 31, 2010, NS11MM's program expenses were:

  
Programs 6,391,697
Total Program Expenses: $6,391,697
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Governance

               

Chief Executive : Joseph Daniels, Chief Executive Officer/President
Compensation*:
 $371,307

Chair of the Board: Michael R. Bloomberg
Chair's Profession / Business Affiliation: Mayor of New York City

Board Size: 47

Paid Staff Size: 79

*2009 compensation includes annual salary and, if applicable, benefit plans, expense accounts, and other allowances.
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Fund Raising

               

Method(s) Used:

Direct mail, telemarketing, special events, print advertisements, radio, grant proposals, Internet appeals, and planned giving.
Fund raising costs were 3% of related contributions. (Related contributions, which totaled $94,990,512, are donations received as a result of fund raising activities.)
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Tax Status

               

This organization is tax-exempt under section 501(c)(3) of the Internal Revenue Code. It is eligible to receive contributions deductible as charitable donations for federal income tax purposes.
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Financial

               

The following information is based on NS11MM's audited financial statements for the year ended December 31, 2010.

Source of Funds  
Government grants 79,252,830
Contributions 11,771,111
In-kind contributions 2,753,253
Interest income 1,332,950
Special events, net 1,213,318
Other income 444,136
Realized and unrealized (loss) on investments -239,914
Total Income $96,527,684


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Uses of Funds as a % of Total Expenses

Programs: 59%  Fund Raising: 26%  Administrative: 15% 

Total income   $96,527,684
  Program expenses $6,391,697
  Fund raising expenses 2,767,813
  Administrative expenses 1,647,851
 
Total expenses   $10,807,361
Income in Excess of Expenses   85,720,323
Beginning net assets   422,693,652
Other Changes in Net Assets (48,370)
Ending net assets   508,365,605
Total liabilities   37,727,514
Total assets   $546,093,119

Note 1: In the above financial review, total program expenses of $6,391,697 (59% of total expenses) did not reflect the amount paid by the organization toward the building of the National September 11 Memorial & Museum. According to its 2009 audited financial statements, construction-related costs of $226,786,146 were incurred but were set aside and not reflected since the construction had not been completed.

Note 2: For 2009, NS11MM had in-kind contributions in the amount of $2,753,253 including rent ($2,413,945), branding services ($130,000), special events ($53,363), construction in progress ($50,000), legal services ($23,492), and other ($82,453).

Note 3: In the financial section above, "other changes in net assets" in the amount of -$48,370 refers to collections activities.

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An organization may change its practices at any time without notice. A copy of this report has been shared with the organization prior to publication. It is not intended to recommend or deprecate, and is furnished solely to assist you in exercising your own judgment. If the report is about a charity and states the charity meets or does not meet the BBB Standards for Charity Accountability, it reflects the results of an evaluation of information and materials provided voluntarily by the charity. The name Better Business Bureau is a registered service mark of the Council of Better Business Bureaus, Inc.

This report is not to be used for fund raising or promotional purposes.

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