The National Baseball Hall of Fame, a renowned institution dedicated to preserving baseball history, faced significant financial challenges in 2023. According to its most recently filed tax return, the nonprofit organization experienced a loss of $1.26 million, marking the first time in a decade that it ended the year in the red. Revenue dropped from $16.6 million in 2022 to $13.7 million in 2023, and even further from $23.1 million in 2021.

President's Perspective on Growth

Despite these numbers, Hall of Fame president Josh Rawitch emphasized that 2023 was "one of growth" for the organization. He noted that the staff had been increased and expected expenses were incurred as they worked towards an extraordinary 2024. Rawitch, who earned a salary of $401,479, highlighted the successes of 2024, including an incredible induction weekend and numerous new mission-based initiatives. These achievements, he stated, would not have been possible without the resources invested in 2023.

Induction Ceremonies and Crowd Sizes

In July 2024, Adrian Beltré and Joe Mauer were first-ballot electees and joined Todd Helton and Jim Leyland. The estimated crowd of 28,000 for the 2024 induction was a significant increase from the previous summer. In contrast, the 2023 induction of Scott Rolen and Fred McGriff drew about 10,000. The Class of 2025 is expected to be even more significant, with Ichiro Suzuki and CC Sabathia as the headline candidates. Billy Wagner, a sole returnee in his 10th and final year on the BBWAA ballot, missed by five votes earlier this year. BBWAA voters have until Dec. 31 to submit their ballots, and the results will be announced Jan. 21 in Cooperstown.

Classic Era Committee and Voting

This year, the Classic Era Committee will vote on Dec. 8 at the Winter Meetings in Dallas for eight candidates, all players. Dick Allen, Ken Boyer, John Donaldson, Steve Garvey, Vic Harris, Tommy John, Dave Parker, and Luis Tiant are on the ballot. Allen is on an Era Committee ballot for the third time, missing by a single vote twice. Donaldson and Harris played in the Negro Leagues.

Impact of COVID on Hall's Finances

Many of the Hall's recent financial losses can be attributed to the lost year of 2020 during the COVID pandemic. Public grants helped plug the holes from severely diminished revenue during 2020 and 2021, but those have now ended. The Hall also reported smaller gains on investment, with $375,922 in revenue from investment income in 2023 compared to $4.9 million in 2022. However, overall, the organization enjoyed a slight year-over-year increase in its net assets, rising from $63 million to $64.7 million.

Recovery and Future Outlook

Since the pandemic shutdown, museum attendance has gradually increased, from 167,178 in 2021 to 236,406 last year. Although complete figures for 2024 are not yet available, attendance is expected to show another increase, creeping back towards pre-COVID levels. Private fundraising, however, has dried up everywhere, as noted by Jeff Katz, the executive director of the Community Foundation of Otsego County. "A lot of nonprofits I look at, they all suffered investment hits, because the market was down about 20%," he said earlier this year.The National Baseball Hall of Fame and Museum continues to fulfill its nonprofit mission of preserving history, honoring excellence, and connecting generations through the game of baseball. Despite the financial setbacks, efforts are being made to ensure its continued success and growth.