Civic Intelligence

Massachusetts Maritime Academy Foundation Inc

990 • Fiscal year 2014 • EIN 23-7025807

Jul 01, 2013 to Jun 30, 2014 • Filed on Oct 20, 2014

Organization ProfileWWW.MARITIME.EDU
101 Academy Drive02532-1803

(508) 830-5099

Siviq Scores

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

Liabilities / Assets

8th percentile

0.00x

Higher debt load relative to assets than 8% of similar nonprofits.

2014 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2014

Liabilities / Revenue

8th percentile

0.01x

Higher debt load relative to revenue than 8% of similar nonprofits.

2014 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2014

Net Margin

95th percentile

70%

Higher net margin than 95% of similar nonprofits.

2014 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2014

Top Officer Pay

51st percentile

$173,090

Higher top officer pay than 51% of similar nonprofits.

Top officer pay equals 6.7% of source-year revenue.

2014 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2014

Asset Growth

90th percentile

30%

Faster asset growth than 90% of similar nonprofits.

2014 filings • 501(c)3 • $10M-$25M nonprofits • Annualized from 2013 to 2014

Revenue Growth

Score unavailable

No value available

No earlier valid filing was available within the previous three public years.

Source year 2014

Balance Sheet
Liabilities / Assets8th percentile

Assets

Up

$12,377,734

Up $2,827,958 (+30%) from 2013

Net Assets

Up

$12,351,015

Up $2,825,607 (+30%) from 2013

Liabilities

Up

$26,719

Up $2,351 (+9.6%) from 2013

Revenue And Expenses
Liabilities / Revenue8th percentileNet Margin95th percentile

Revenue

$2,577,078

No earlier filing loaded for comparison.

Expenses

Down

$779,641

Down $458,218 (-37%) from 2013

Net Income

$1,797,437

No earlier filing loaded for comparison.

Historical Trend

Balance Sheet Trend

Asset Growth90th percentile

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

$80M$60M$40M$20M$0Assets 2011: $7,442,518Liabilities 2011: $71,268Net Assets 2011: $7,371,2502011Assets 2013: $9,549,776Liabilities 2013: $24,368Net Assets 2013: $9,525,4082013Assets 2014: $12,377,734Liabilities 2014: $26,719Net Assets 2014: $12,351,0152014Assets 2015: $15,091,300Liabilities 2015: $25,344Net Assets 2015: $15,065,9562015Assets 2016: $15,540,366Liabilities 2016: $189,709Net Assets 2016: $15,350,6572016Assets 2017: $19,312,024Liabilities 2017: $86,833Net Assets 2017: $19,225,1912017Assets 2018: $22,666,566Liabilities 2018: $77,548Net Assets 2018: $22,589,0182018Assets 2019: $27,022,685Liabilities 2019: $70,404Net Assets 2019: $26,952,2812019Assets 2020: $32,496,825Liabilities 2020: $147,824Net Assets 2020: $32,349,0012020Assets 2021: $40,250,764Liabilities 2021: $47,247Net Assets 2021: $40,203,5172021Assets 2022: $42,100,464Liabilities 2022: $253,474Net Assets 2022: $41,846,9902022Assets 2025: $77,850,041Liabilities 2025: $63,698Net Assets 2025: $77,786,3432025

Highlighted filing

2014

Assets$12,377,734
Liabilities$26,719
Net Assets$12,351,015
Open 2014 Filing

Operations Trend

Revenue GrowthScore unavailable

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

$15M$10M$5.0M$0Expenses 2011: $3,855,8962011Expenses 2013: $1,237,8592013Revenue 2014: $2,577,078Expenses 2014: $779,641Net Income 2014: $1,797,4372014Revenue 2015: $2,254,317Expenses 2015: $827,181Net Income 2015: $1,427,1362015Revenue 2016: $1,830,335Expenses 2016: $1,211,256Net Income 2016: $619,0792016Revenue 2017: $4,451,488Expenses 2017: $1,285,875Net Income 2017: $3,165,6132017Revenue 2018: $4,596,135Expenses 2018: $1,374,952Net Income 2018: $3,221,1832018Revenue 2019: $5,166,737Expenses 2019: $1,261,186Net Income 2019: $3,905,5512019Revenue 2020: $5,723,768Expenses 2020: $1,289,033Net Income 2020: $4,434,7352020Revenue 2021: $4,842,025Expenses 2021: $888,252Net Income 2021: $3,953,7732021Revenue 2022: $7,083,053Expenses 2022: $1,459,370Net Income 2022: $5,623,6832022Revenue 2025: $11,300,957Expenses 2025: $4,247,201Net Income 2025: $7,053,7562025

Highlighted filing

2014

Revenue$2,577,078
Expenses$779,641
Net Income$1,797,437
Open 2014 Filing
Jump To
Filing Snapshot
Filing Period
Jul 1, 2013 to Jun 30, 2014
Signed
Oct 20, 2014
Return Version
2013v3.0
Gross Receipts
$4,798,350
Mission and Program Overview

Mission

To provide scholorships and contributions in support of massachusetts maritime academy.

The massachusetts maritime academy foundation exists to promote the general welfare, academic posture, and quality of life of the regiment of cadets by generating and managing private funds to support the mission of the massachusetts maritime academy. The foundation's missions is to enhance our graduates' preeminent leadership qualifications.

Balance Sheet Detail
LineBeginningEndChange
Assets
Investments Other Securities$6,647,448$9,930,958▲ $3,283,510
Savings and Temporary Cash Investments$2,357,348$2,055,312▼ $302,036
Pledges and Grants Receivable$455,106$302,987▼ $152,119
Accounts Receivable$12,725$23,333▲ $10,608
Prepaid Expenses and Deferred Charges$15,000$0▼ $15,000
Total Assets$9,549,776$12,377,734▲ $2,827,958
Other Assets Total$62,149$65,144▲ $2,995
Liabilities
Other Liabilities$19,764$18,149▼ $1,615
Accounts Payable and Accrued Expenses$4,604$8,570▲ $3,966
Total Liabilities$24,368$26,719▲ $2,351
Net Assets / Fund Balance
Permanently Rstr Net Assets$5,308,038$5,389,596▲ $81,558
Temporarily Rstr Net Assets$2,916,673$3,771,175▲ $854,502
Unrestricted Net Assets$1,300,697$3,190,244▲ $1,889,547
Total Net Assets Fund Balance$9,525,408$12,351,015▲ $2,825,607
Total Liabilities and Net Assets / Fund Balance$9,549,776$12,377,734▲ $2,827,958

Asset Categories

AssetBook ValueDepreciationBasis
Other Securities$1,317,866--

Endowment Activity

PeriodBeginningContrib.Gain/LossOther UsesEnd
2013$8,224,711$898,222▲ $590,936-$9,160,771
2012$8,312,391$520,912▲ $385,664-$8,224,711
2011$7,500,862$1,157,274▼ $69,219-$8,312,391
2010$6,417,487$2,496,633▲ $335,483-$7,500,862
2009$5,741,022$762,941▲ $136,573-$6,417,487
Compensation and Service Providers
Top Officer Pay51st percentile

Board Members and Trustees

NameTitle
BRENDAN O'CONNORChair
Alan S MckimBoard Member
Albert R Schofield JrBoard Member
C Russel Hansen JrBoard Member
Capt Martin E Conroy JrBoard Member
Capt Peter J LawrenceBoard Member
David S Smith EsqBoard Member
Dennis M HoustonBoard Member
Dr William J GardnerBoard Member
Eric a LaubBoard Member
Felicia R PennBoard Member
Geoffrey C WilkinsonBoard Member
Gerard F ScannellBoard Member
Gerhard E KurzBoard Member
John D GearyBoard Member
Joseph R Gallitano EsqBoard Member
Michael D TusianiBoard Member
Penelope HareBoard Member
Richard C HurleyBoard Member
Robert D SomervilleBoard Member
Robert L DelhomeBoard Member
Robert T CoyneBoard Member
Walter Czerny JrBoard Member
William L WalkerBoard Member
Holly KnightExecutive Director
Revenue and Support

Revenue Composition

Contributions and Grants
$2,044,551
Program Service Revenue
$0
Investment Income
$442,698
Other Revenue
$89,829
All Other Contributions
$2,044,551
Change in Net Assets
$1,797,437

Noncash Contribution Practices

Property subject to holding requirements
No
Reviewed unusual noncash gifts
No
Third parties used for noncash contributions
No

Noncash Contributions

Contribution TypeContribution CountReported AmountValuation Method
Securities Publicly Traded1$119,190Fair Market Value
Total Noncash Contributions1$119,190-

Audited Revenue Reconciliation

Revenue per Audited Statements
$2,559,878
Revenue Not Reported on Financial Statements
$17,200
Revenue Not Reported on Form 990
$1,028,170
Other Revenue Adjustments
$-54,591
Total Revenue per Audited Statements
$3,588,048
Total Revenue per Form 990
$2,577,078
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Grants and Similar Amounts Paid$590,164
Other Expenses$189,477
Total Fundraising Expense$2,616
Professional Fundraising Fees$0
Salaries, Compensation, and Employee Benefits$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Grants to Domestic Individuals$590,164--$590,164
Fees for Service Investment Mgmnt Fees-$71,791-$71,791
Fees for Services Accounting-$10,300-$10,300
Other Expenses$97,284$2,565$2,616$2,565
All Other Expenses-$1,679-$1,679
Advertising-$100-$100
Office Expenses-$49-$49
Total Functional Expenses$687,448$89,577$2,616$779,641

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Form 990$779,641
Total Expenses per Audited Statements$762,441
Expenses per Audited Statements$707,850
Expenses Not Reported on Financial Statements$71,791
Expenses Not Reported on Form 990$54,591
Fundraising, Events, and Gaming
Fundraising activities
Yes
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Fundraising Gross Income$144,420
Fundraising Direct Expenses$54,591
Professional Fundraising Fees$0

Fundraising Events

EventGross ReceiptsGross RevenueDirect ExpensesNet Income
Event 1$144,420$144,420$54,591$89,829
Total Events$144,420$144,420$54,591$89,829
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
No
Subject to proxy tax
No
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Gift Annuity Liability$18,149
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
Yes
Backup withholding compliance
Yes
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
No
Other officer compensation reviewed
No
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, Section B, Line 11

“As part of the form 990 review process the form 990 needs to be reviewed by the massachusetts maritime academy foundation board of trustees or will be delegated to a sub-committee where a member of the finance committee will be able to review the return for completeness and accuracy. Once the form 990 has been approved by the board of trustees or a member of the finance committee the form 990 then can be filed with the internal revenue service and the massachusetts attorney general's office (if applicable).”

Form 990, Part VI, Section B, Line 12C

“Persons covered by this policy will annually disclose or update to the chairman of the board of directors on a form provided by the massachusetts maritime academy foundation, inc. Their interests that could give rise to conflicts of interest, such as a list of family members, substantial business or investment holdings, and other transactions or affiliations with businesses and other organizations or those of family members.”

Form 990, Part VI, Section C, Line 19

“The organization makes its governing documents, conflicts of interest policy, and financial statements available to the public through the use of its web site and the publishing of printed reports.”

Filing and Contact Details

Filer

EIN
23-7025807
Phone
5088305099

Signing Officer

Name
Ms Holly Knight
Title
Vice President of Advancement
Phone
5088305099
Signed
2014-10-20
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Ms Holly Knight
Formed
1968
Legal Domicile
Ma
Voting Board Members
24
Independent Board Members
24
Employees
0
Volunteers
43

Preparer

Preparer
Christopher Stenmon
Phone
6174711120
Supplemental Narrative

Additional Explanations

Form 990, Part XII, Line 2C

“The organization has an audit committee whose purpose is the oversight and review of the audited financial statements and selection of an independent accountant. This process has not changed from prior year.”

Financial Statement Notes

PART X, LINE 2:

“Generally accepted accounting principles practiced in the united states of america require an entity to assess the probability that a tax position has a more likely than not (mltn) sustainability after review by tax authorities. If a tax position is deemed not to meet this threshold, any unrecognized tax benefits and costs are estimated and recognized. Interest and penalties, if any, related to assessments by tax authorities will be classified as a component of interest expense and other expense, respectively, in the statement of activities. A tax position may be considered as taken any time a taxpayer chooses amongst alternatives that affect the amount of their tax obligations and include for example: tax exempt status; status as a pass-though entity (s corporations); decisions made in the process of conforming with tax laws; decisions not to file in certain jurisdictions; allocation of income between jurisdictions and the characterization of income or expenses. Tax returns are routinely open for review by the tax authorities for three years from their due date. In certain circumstances the statute of limitations may remain open indefinitely. The foundation has been notified by the internal revenue service that it meets the qualifications to be classified as a tax exempt entity under section 501(c)(3) of the internal revenue code. Since the continuance of this status is based upon continuing qualification, the foundation has identified this as a tax position. However, it has determined that this tax position meets mltn sustainability and does not result in an uncertainty requiring recognition.”

PART XI, LINE 4B - OTHER ADJUSTMENTS:

“Special events direct expenses”

PART XII, LINE 2D - OTHER ADJUSTMENTS:

“Special events direct expenses”

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IRS990/Form990PartVIISectionAGrp/TitleTxt7BOARD MEMBER
IRS990/Form990PartVIISectionAGrp/TitleTxt8BOARD MEMBER
IRS990/Form990PartVIISectionAGrp/TitleTxt9BOARD MEMBER
IRS990/Form990PartVIISectionAGrp/TitleTxt10BOARD MEMBER
IRS990/Form990PartVIISectionAGrp/TitleTxt11BOARD MEMBER
IRS990/Form990PartVIISectionAGrp/TitleTxt12BOARD MEMBER
IRS990/Form990PartVIISectionAGrp/TitleTxt13BOARD MEMBER
IRS990/Form990PartVIISectionAGrp/TitleTxt14BOARD MEMBER
IRS990/Form990PartVIISectionAGrp/TitleTxt15BOARD MEMBER
IRS990/Form990PartVIISectionAGrp/TitleTxt16BOARD MEMBER
IRS990/Form990PartVIISectionAGrp/TitleTxt17BOARD MEMBER
IRS990/Form990PartVIISectionAGrp/TitleTxt18BOARD MEMBER
IRS990/Form990PartVIISectionAGrp/TitleTxt19BOARD MEMBER
IRS990/Form990PartVIISectionAGrp/TitleTxt20BOARD MEMBER
IRS990/Form990PartVIISectionAGrp/TitleTxt21BOARD MEMBER
IRS990/Form990PartVIISectionAGrp/TitleTxt22BOARD MEMBER
IRS990/Form990PartVIISectionAGrp/TitleTxt23BOARD MEMBER
IRS990/Form990PartVIISectionAGrp/TitleTxt24EXECUTIVE DIRECTOR
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IRS990/FSAuditedInd01
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IRS990/GainOrLossGrp/OtherAmt0265943
IRS990/GamingActivitiesInd00
IRS990/GoverningBodyVotingMembersCnt024
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IRS990/GrantsToOrganizationsInd00
IRS990/GrantToRelatedPersonInd00
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IRS990/GrossReceiptsAmt04798350
IRS990/GroupReturnForAffiliatesInd00
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IRS990/IndependentAuditFinclStmtInd01
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IRS990/IndoorTanningServicesInd00
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IRS990/LobbyingActivitiesInd00
IRS990/LocalChaptersInd00
IRS990/MaterialDiversionOrMisuseInd00
IRS990/MembersOrStockholdersInd00
IRS990/MethodOfAccountingAccrualInd0X
IRS990/MinutesOfCommitteesInd01
IRS990/MinutesOfGoverningBodyInd01
IRS990/MissionDesc0TO PROVIDE SCHOLARSHIPS AND CONTRIBUTIONS IN SUPPORT OF MASSACHUSETTS MARITIME ACADEMY.
IRS990/MoreThan5000KToIndividualsInd00
IRS990/MoreThan5000KToOrgInd00
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IRS990/NetUnrlzdGainsLossesInvstAmt01028170
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IRS990/OfficeExpensesGrp/ManagementAndGeneralAmt049
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IRS990/OfficerMailingAddressInd00
IRS990/OperateHospitalInd00
IRS990/Organization501c3Ind0X
IRS990/OrganizationFollowsSFAS117Ind0X
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IRS990/OtherAssetsTotalGrp/EOYAmt065144
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IRS990/OtherExpensesGrp/Desc1BANK FEES
IRS990/OtherExpensesGrp/Desc2CHARITABLE FUNCTIONS
IRS990/OtherExpensesGrp/Desc3CONTRACT LABOR
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IRS990/OtherExpensesGrp/ManagementAndGeneralAmt03093
IRS990/OtherExpensesGrp/ManagementAndGeneralAmt12565
IRS990/OtherExpensesGrp/ProgramServicesAmt097284
IRS990/OtherExpensesGrp/TotalAmt097284
IRS990/OtherExpensesGrp/TotalAmt13093
IRS990/OtherExpensesGrp/TotalAmt22616
IRS990/OtherExpensesGrp/TotalAmt32565
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IRS990/ProfessionalFundraisingInd00
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IRS990ScheduleA/GrossInvestmentIncome170Grp/CurrentTaxYearMinus4YearsAmt0136558
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IRS990ScheduleA/OtherIncome170Grp/CurrentTaxYearMinus4YearsAmt085191
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IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearMinus3YearsAmt03203564
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Document Assets

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Filings

Displayed year

2014 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$12,377,734
Liabilities
$26,719
Net assets
$12,351,015
Revenue
$2,577,078
Expenses
$779,641
Net income
$1,797,437
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2025Facts available. Structured filing facts are available, but richer extracted sections are limited.$77.9$0.06$77.8$11.3$4.25$7.05
2022Facts available. Structured filing facts are available, but richer extracted sections are limited.$42.1$0.25$41.8$7.08$1.46$5.62
2021Facts available. Structured filing facts are available, but richer extracted sections are limited.$40.3$0.05$40.2$4.84$0.89$3.95
2020XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$32.5$0.15$32.3$5.72$1.29$4.43
2019Facts available. Structured filing facts are available, but richer extracted sections are limited.$27.0$0.07$27.0$5.17$1.26$3.91
2018XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$22.7$0.08$22.6$4.60$1.37$3.22
2017XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$19.3$0.09$19.2$4.45$1.29$3.17
2016XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$15.5$0.19$15.4$1.83$1.21$0.62
2015Detailed filing. Detailed filing data is available for this year.$15.1$0.03$15.1$2.25$0.83$1.43
2014Detailed filing. Detailed filing data is available for this year.$12.4$0.03$12.4$2.58$0.78$1.80
2013Facts available. Structured filing facts are available, but richer extracted sections are limited.$9.55$0.02$9.53$1.24
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$7.44$0.07$7.37$3.86
Peer Organizations

Similar nonprofits based on the same Siviq industry and scale cohort. 2014 filings • 501(c)3 • $10M-$25M nonprofits