Tea Party Ship loses $3.6m
In 3d year, museum boosts revenue but losses continue
THE BOSTON TEA PARTY Ships and Museum boosted revenue in its third year of operation, but continued to lose money, nearly $3.6 million.
Damaged by fire in 2001, the museum commemorating the 1773 tax rebellion against the British by the Sons of Liberty reopened in 2012 with the help of an $18 million loan from the Massachusetts Convention Center Authority. The museum had forecast net operating income of $1.5 million to $1.8 million a year, but so far hasn’t yet been able to turn a profit.For the year ending March 31, 2015, the museum reported revenue of $4.4 million (up $1 million from the previous year) and expenses of $7.2 million. Once interest expenses were included, the museum’s net loss was $3.6 million. Financial records of the museum’s for-profit owner, Historic Tours of America, are provided to the Convention Center Authority, which released them to CommonWealth on request.
In a January 2015 CommonWealth story on the museum’s finances, officials said they expected another loss during the year ending March 31, 2015, before attaining profitability the following fiscal year.