 |
The $7.8 million profit in 2014 was only the hall’s third year in the black in the past 13 years.
Photo by: GETTY IMAGES
|
The National Baseball Hall of Fame and Museum in Cooperstown, N.Y., posted a net profit of $7.8 million in 2014, according to its recently filed federal tax return, after a highly successful coin program with the U.S. Mint. It was just the third year in the black in the last 13 years for the baseball shrine.
The profit during the year ended Dec. 31, 2014, marked a sharp turn from net losses of $1.46 million in 2013 and $3.06 million in 2012. Total revenue also nearly doubled, from $10.1 million in 2013 to $18.8 million in 2014.
The upward spike owes almost entirely to the commemorative coin series issued during the year. A set of gold, silver and clad coins, representing the first curved coins issued in U.S. Mint history, generated $7.9 million in surcharges for the hall and were a major hit in coin collecting circles. The coins also have won several prominent awards within the field, some of which will be presented at February’s World Money Fair in Germany.
The coin program not only helped shore up the hall’s finances, but it also served to promote the institution globally, in part to audiences not familiar with baseball or Cooperstown.
“The coin program has been a tremendous boost, both in worldwide recognition and in the surcharges generated,” said Brad Horn, vice president of communications and education for the hall.
Fundraising and charitable contributions fell from $3.7 million in 2013 to $2.5 million in 2014. Nonprofit accounting guidelines call for multiyear, charitable contributions to be recorded in the year they are pledged, as opposed to when they are received. But the hall in 2013 also received a large donation to help fund the recent opening of its Whole New Ballgame exhibit, showcasing the sport’s modern history.
The hall on Wednesday will announce the results of voting from the Baseball Writers Association of America for its 2016 inductees. Another strong class is expected, led by first-time candidate Ken Griffey Jr., following an induction of six people in 2014 and four more last summer. That 2015 induction of Randy Johnson, Pedro Martinez, John Smoltz and Craig Biggio drew an estimated 45,000 people to Cooperstown, the fourth-largest crowd ever and the second straight year above 40,000.
“We are thrilled by the prospect of large induction crowds in the years to come. … Certainly the years to come look promising in continuing the momentum of 2014 and 2015,” Horn said.
This year’s ballot also includes newcomer Trevor Hoffman and Mike Piazza, who narrowly missed last year, and future ballots will include Derek Jeter and Mariano Rivera.
The strong induction weekends in July haven’t necessarily translated to large bumps in full-year hall attendance, as 2015’s final expected draw of about 275,000 is down slightly from 292,000 the year before. But the hall continues to work on efforts to expand its presence beyond Cooperstown. It’s collaborating with IMAX Corp., MLB Advanced Media, Creative Artists Agency and Boston Red Sox Chairman Tom Werner on a mobile IMAX theater exhibition showing the hall’s collections and historical baseball footage that will travel to MLB cities beginning this spring.
Jeff Idelson, hall president since early 2008, earned $393,495 in total compensation during 2014, according to the tax filing.
