Civic Intelligence

Atlantic Challenge Foundation Inc D/B/A the Apprenticeshop

990 • Fiscal year 2021 • EIN 22-3132234

Jan 01, 2021 to Dec 31, 2021 • Filed on Nov 07, 2022

655 Main StreetRockland, ME 04841

(207) 594-1800

Siviq Scores

Precomputed percentiles for this filing year versus similar nonprofits in the same peer cohort.

Liabilities / Assets

84th percentile

0.41x

Higher debt load relative to assets than 84% of similar nonprofits.

2021 filings • 501(c)3 • $500k-$1M nonprofits • Source year 2021

Liabilities / Revenue

84th percentile

0.49x

Higher debt load relative to revenue than 84% of similar nonprofits.

2021 filings • 501(c)3 • $500k-$1M nonprofits • Source year 2021

Net Margin

49th percentile

12%

Higher net margin than 49% of similar nonprofits.

2021 filings • 501(c)3 • $500k-$1M nonprofits • Source year 2021

Top Officer Pay

74th percentile

$63,479

Higher top officer pay than 74% of similar nonprofits.

Top officer pay equals 9.2% of source-year revenue.

2021 filings • 501(c)3 • $500k-$1M nonprofits • Source year 2021

Asset Growth

59th percentile

15%

Faster asset growth than 59% of similar nonprofits.

2021 filings • 501(c)3 • $500k-$1M nonprofits • Annualized from 2020 to 2021

Revenue Growth

59th percentile

23%

Faster revenue growth than 59% of similar nonprofits.

2021 filings • 501(c)3 • $500k-$1M nonprofits • Annualized from 2020 to 2021

Assets

Up

$818,704

Up $108,693 (+15%) from 2020

Net Assets

Up

$479,442

Up $96,630 (+25%) from 2020

Liabilities

Up

$339,262

Up $12,063 (+3.7%) from 2020

Revenue

Up

$689,470

Up $128,894 (+23%) from 2020

Expenses

Up

$609,882

Up $82,857 (+16%) from 2020

Net Income

Up

$79,588

Up $46,037 (+137%) from 2020

Historical Trend

Balance Sheet Trend

The highlighted filing sits inside the broader history for assets, liabilities, and net assets.

$2.0M$1.5M$1.0M$500K$0Assets 2010: $1,354,698Liabilities 2010: $1,222,706Net Assets 2010: $131,9922010Assets 2011: $1,917,216Liabilities 2011: $1,118,700Net Assets 2011: $798,5162011Assets 2012: $1,697,890Liabilities 2012: $926,289Net Assets 2012: $771,6012012Assets 2013: $1,510,329Liabilities 2013: $786,151Net Assets 2013: $724,1782013Assets 2014: $1,358,354Liabilities 2014: $869,640Net Assets 2014: $488,7142014Assets 2015: $888,516Liabilities 2015: $499,621Net Assets 2015: $388,8952015Assets 2016: $799,794Liabilities 2016: $441,576Net Assets 2016: $358,2182016Assets 2017: $821,620Liabilities 2017: $434,667Net Assets 2017: $386,9532017Assets 2018: $776,915Liabilities 2018: $385,121Net Assets 2018: $391,7942018Assets 2019: $684,170Liabilities 2019: $333,776Net Assets 2019: $350,3942019Assets 2020: $710,011Liabilities 2020: $327,199Net Assets 2020: $382,8122020Assets 2021: $818,704Liabilities 2021: $339,262Net Assets 2021: $479,4422021Assets 2022: $815,188Liabilities 2022: $320,084Net Assets 2022: $495,1042022Assets 2023: $707,313Liabilities 2023: $269,449Net Assets 2023: $437,8642023Assets 2024: $746,164Liabilities 2024: $235,698Net Assets 2024: $510,4662024

Highlighted filing

2021

Assets$818,704
Liabilities$339,262
Net Assets$479,442

Operations Trend

Revenue, expenses, and net income across loaded years, with this filing highlighted.

$1.5M$1.0M$500K$0-$500KExpenses 2010: $603,6422010Revenue 2011: $1,358,727Expenses 2011: $692,203Net Income 2011: $666,5242011Expenses 2012: $602,4842012Revenue 2013: $550,260Expenses 2013: $597,683Net Income 2013: -$47,4232013Revenue 2014: $400,334Expenses 2014: $635,800Net Income 2014: -$235,4662014Revenue 2015: $389,818Expenses 2015: $504,637Net Income 2015: -$114,8192015Revenue 2016: $422,122Expenses 2016: $453,537Net Income 2016: -$31,4152016Revenue 2017: $566,025Expenses 2017: $537,290Net Income 2017: $28,7352017Revenue 2018: $526,297Expenses 2018: $564,063Net Income 2018: -$37,7662018Revenue 2019: $514,634Expenses 2019: $576,857Net Income 2019: -$62,2232019Revenue 2020: $560,576Expenses 2020: $527,025Net Income 2020: $33,5512020Revenue 2021: $689,470Expenses 2021: $609,882Net Income 2021: $79,5882021Revenue 2022: $682,608Expenses 2022: $683,788Net Income 2022: -$1,1802022Revenue 2023: $616,463Expenses 2023: $690,927Net Income 2023: -$74,4642023Revenue 2024: $733,417Expenses 2024: $682,497Net Income 2024: $50,9202024

Highlighted filing

2021

Revenue$689,470
Expenses$609,882
Net Income$79,588
Jump To
Filing Snapshot
Filing Period
Jan 1, 2021 to Dec 31, 2021
Signed
Nov 7, 2022
Return Version
2021v4.1
Gross Receipts
$806,341
Mission and Program Overview

Mission

The Apprenticeshop is a school for traditional boatbuilding and seamanship with a mission to inspire personal growth through craftsmanship, community service and traditions of the sea.

The Apprenticeshop is a school for traditional boatbuilding and seamanship with a mission to inspire personal growth through craftsmanship, community and traditions of the sea.

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$398,187$394,235▼ $3,952
Cash and Non-Interest-Bearing Accounts$188,550$297,669▲ $109,119
Accounts Receivable$24,165$10,698▼ $13,467
Savings and Temporary Cash Investments-$0-
Other Notes and Loans Receivable, Net-$0-
Pledges and Grants Receivable-$0-
Receivable From Disqualified Prsn-$0-
Receivables From Officers Etc-$0-
Investments Other Securities-$0-
Investments Program Related-$0-
Investments in Publicly Traded Securities-$0-
Intangible Assets-$0-
Inventories for Sale or Use-$0-
Prepaid Expenses and Deferred Charges-$0-
Total Assets$710,011$818,704▲ $108,693
Other Assets Total$99,109$116,102▲ $16,993
Liabilities
Mortgage Notes Payable Secured by Investment Property$303,715$286,841▼ $16,874
Deferred Revenue$16,250$31,110▲ $14,860
Accounts Payable and Accrued Expenses$1,896$12,437▲ $10,541
Other Liabilities$5,338$8,874▲ $3,536
Total Liabilities$327,199$339,262▲ $12,063
Net Assets / Fund Balance
Net Assets With Donor Restrictions$179,644$298,971▲ $119,327
Net Assets Without Donor Restrictions$203,168$180,471▼ $22,697
Total Net Assets Fund Balance$382,812$479,442▲ $96,630
Total Liabilities and Net Assets / Fund Balance$710,011$818,704▲ $108,693

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$302,585$1,018,613$1,321,198
Equipment$18,947$279,071$298,018
Land$70,991-$70,991
Other Land Buildings$1,712$2,238$3,950
Other Assets Org$116,102--
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseTotal
Isabella Zp FeracciExecutive DirectorFT$63,479$63,479

Board Members and Trustees

Revenue and Support

Revenue Composition

Contributions and Grants
$475,494
Program Service Revenue
$209,115
Investment Income
$18,443
Other Revenue
$-13,582
All Other Contributions
$405,879
Change in Net Assets
$79,588
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$378,145
Other Expenses$205,727
Grants and Similar Amounts Paid$26,010
Total Fundraising Expense$4,000
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$183,460$78,556-$262,016
Current Officers, Directors, Trustees, and Key Employees-$63,479-$63,479
Payroll Taxes$16,002$11,210-$27,212
Depreciation Depletion$18,817$8,065-$26,882
Grants to Domestic Individuals$26,010--$26,010
Other Employee Benefits$25,438--$25,438
Office Expenses$9,926$13,218-$23,144
Insurance$13,056$5,596-$18,652
Interest$16,043--$16,043
Fees for Services Other-$14,244-$14,244
Advertising$8,071-$4,000$12,071
Other Expenses$7,767$5,348-$7,767
All Other Expenses$1,216$515-$1,731
Total Functional Expenses$405,651$200,231$4,000$609,882
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Professional Fundraising Fees$0
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
No
Subject to proxy tax
No
Insider Transactions and Loans

Loans and Receivables

Line ItemBeginningEndChange
Receivables from Disqualified Persons-$0-
Receivables from Officers, Directors, Trustees, and Key Employees-$0-
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Payroll Taxes$5,503
Health Insurance Liability$2,774
Other Liabilities$390
Sales Tax Payable$207
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Backup withholding compliance
Yes
Business relationship with 35% controlled entity
No
Business relationship with family members
No
Business relationship with organization members
No
Material changes to governing documents
No
Compensation from other sources disclosed
No
CEO compensation reviewed
Yes
Other officer compensation reviewed
Yes
Conflict-of-interest policy
Yes
Audited financial statements prepared
No
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

Form 990, Part VI, Line 11B: Form 990 Review Process

The 990 is reviewed by the treasurer and then shared with all directors prior to filling.

Form 990, Part VI, Line 12C: Explanation of Monitoring and Enforcement of Conflicts

Board members and key employees are required to disclose conflicts of interest to the board when applicable and abstain from voting. Formal conflict of interest and whistleblower policies are in place.

Form 990, Part VI, Line 15B: Compensation Review and Approval Process for Officers and Key Employees

Salaries are determined by comparison to industry standards and qualifications of the individual. Salaries are approved and reviewed annually by the executive committee of the board.

Form 990, Part VI, Line 19: Other Organization Documents Publicly Available

Tax returns are provided upon request to the public.

Filing and Contact Details

Filer

Filer Name
Atlantic Challenge Foundation Inc
EIN
22-3132234
Phone
2075941800
Address
655 MAIN STREET, ROCKLAND, ME 04841

Signing Officer

Name
Isabella Zp Feracci
Title
Executive Director
Signed
2022-11-07
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Rachel Davis
Formed
1991
Legal Domicile
Me
Voting Board Members
14
Independent Board Members
13
Employees
23
Volunteers
7

Preparer

Firm
Toshie Ichiyanagi Tesler CPA
Address
PO BOX 1286, ROCKLAND, ME 04841
Preparer
Toshie Tesler
Phone
2075963595
Supplemental Narrative

Additional Explanations

Statement Note 1

Assets Exchange on July 30, 2021The apprenticeshop, City of Rockland, Maine Coast Heritage Trust and Paul & Elysa Coster collaborated to ensure public access to Rockland Harbor through an expansion of the Harbor Trail. The Maine Coast Heritage Trust purchased 685 Main Street and transferred ownership to The Apprenticeshop in exchange for The Apprenticeshop giving ownership of its boat launch to the City of Rockland, as well as recreational easements across Apprenticeshop property allowing physical and visual access to the harbor.

Form 990, Part III, Line 2: New Services

Jr. Apprenticeship: For local youth in middle and high school, we partner with school districts in the region to offer a Junior Apprenticeship. Students come to The Apprenticeshop during and after school to learn both traditional boatbuilding and seamanship. The centerpiece of the Jr. Apprenticeship is the construction of a traditional Portuguese sailing sardine carrier or Canoa da Picada. While Jr. Apprentices will practice a variety of skills, from shop safety, basic tool use and woodworking to knot tying and rowing, all of the students will contribute to some part of the construction of this large, multi-year project. As with all of our programs, the Jr. Apprenticeship requires collaboration and pushes young people to see what they are capable of, while building resilience, self-confidence, and resourcefulness in the process.

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IRS990/Form990PartVIISectionAGrp/TitleTxt10Director
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IRS990/MissionDesc0The Apprenticeshop is a school for traditional boatbuilding and seamanship with a mission to inspire personal growth through craftsmanship, community and traditions of the sea.
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IRS990/ProgramServiceRevenueGrp/Desc0JR. APPRENTICESHIP
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IRS990/ProgSrvcAccomActy2Grp/Desc0Sailing youth and adult: From March through October we provide access to the water and our maritime heritage through sailing programs for ages 6 and up. Our programs include: a)Fall and spring High School Sailing; b)Fall Middle School Sailing; c)Youth Summer Sailing Camp, and d)Adult Sailing courses. No previous experience is required and all participants are given the opportunity to develop resilience, self-confidence and resourcefulness while building seamanship skills in a fun and supportive environment. With support from organizations and individuals, we strive to make all our programs accessible regardless of ability to pay.
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IRS990/ProgSrvcAccomActy2Grp/RevenueAmt087925
IRS990/ProgSrvcAccomActy3Grp/Desc0Jr. Apprenticeship: For local youth in middle and high school, we partner with school districts in the region to offer a Junior Apprenticeship. Students come to The Apprenticeshop during and after school to learn both traditional boatbuilding and seamanship. The centerpiece of the Jr. Apprenticeship is the construction of a traditional Portuguese sailing sardine carrier or Canoa da Picada. While Jr. Apprentices will practice a variety of skills, from shop safety, basic tool use and woodworking to knot tying and rowing, all of the students will contribute to some part of the construction of this large, multi-year project. As with all of our programs, the Jr. Apprenticeship requires collaboration and pushes young people to see what they are capable of, while building resilience, self-confidence, and resourcefulness in the process.
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Document Assets

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Filings

Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$0.75$0.24$0.51$0.73$0.68$0.05
2023Detailed filing. Detailed filing data is available for this year.$0.71$0.27$0.44$0.62$0.69$0.07
2022Detailed filing. Detailed filing data is available for this year.$0.82$0.32$0.50$0.68$0.68$0.00
2021Detailed filing. Detailed filing data is available for this year.$0.82$0.34$0.48$0.69$0.61$0.08
2020Detailed filing. Detailed filing data is available for this year.$0.71$0.33$0.38$0.56$0.53$0.03
2019Detailed filing. Detailed filing data is available for this year.$0.68$0.33$0.35$0.51$0.58$0.06
2018Detailed filing. Detailed filing data is available for this year.$0.78$0.39$0.39$0.53$0.56$0.04
2017Detailed filing. Detailed filing data is available for this year.$0.82$0.43$0.39$0.57$0.54$0.03
2016Detailed filing. Detailed filing data is available for this year.$0.80$0.44$0.36$0.42$0.45$0.03
2015Detailed filing. Detailed filing data is available for this year.$0.89$0.50$0.39$0.39$0.50$0.11
2014Detailed filing. Detailed filing data is available for this year.$1.36$0.87$0.49$0.40$0.64$0.24
2013Detailed filing. Detailed filing data is available for this year.$1.51$0.79$0.72$0.55$0.60$0.05
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$1.70$0.93$0.77$0.60
2011Summary only. Only limited summary data is available for this year.$1.92$1.12$0.80$1.36$0.69$0.67
2010Facts available. Structured filing facts are available, but richer extracted sections are limited.$1.35$1.22$0.13$0.60
Peer Organizations

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