Civic Intelligence

Massachusetts Maritime Academy Foundation Inc

990 • Fiscal year 2016 • EIN 23-7025807

Jul 01, 2015 to Jun 30, 2016 • Filed on Nov 10, 2016

Organization ProfileWWW.MARITIME.EDU

Refreshing map…

101 Academy DriveBuzzards Bay, MA 02532-1803

(508) 830-5099

Siviq Scores

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

Liabilities / Assets

14th percentile

0.01x

Higher debt load relative to assets than 14% of similar nonprofits.

2016 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2016

Liabilities / Revenue

29th percentile

0.10x

Higher debt load relative to revenue than 29% of similar nonprofits.

2016 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2016

Net Margin

88th percentile

34%

Higher net margin than 88% of similar nonprofits.

2016 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2016

Top Officer Pay

55th percentile

$189,824

Higher top officer pay than 55% of similar nonprofits.

Top officer pay equals 10.4% of source-year revenue.

2016 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2016

Asset Growth

55th percentile

3.0%

Faster asset growth than 55% of similar nonprofits.

2016 filings • 501(c)3 • $10M-$25M nonprofits • Annualized from 2015 to 2016

Revenue Growth

15th percentile

-19%

Faster revenue growth than 15% of similar nonprofits.

2016 filings • 501(c)3 • $10M-$25M nonprofits • Annualized from 2015 to 2016

Balance Sheet
Liabilities / Assets14th percentile

Assets

Up

$15,540,366

Up $449,066 (+3.0%) from 2015

Net Assets

Up

$15,350,657

Up $284,701 (+1.9%) from 2015

Liabilities

Up

$189,709

Up $164,365 (+649%) from 2015

Revenue And Expenses
Liabilities / Revenue29th percentileNet Margin88th percentile

Revenue

Down

$1,830,335

Down $423,982 (-19%) from 2015

Expenses

Up

$1,211,256

Up $384,075 (+46%) from 2015

Net Income

Down

$619,079

Down $808,057 (-57%) from 2015

Historical Trend

Balance Sheet Trend

Asset Growth55th 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

2016

Assets$15,540,366
Liabilities$189,709
Net Assets$15,350,657
Open 2016 Filing

Operations Trend

Revenue Growth15th percentile

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

2016

Revenue$1,830,335
Expenses$1,211,256
Net Income$619,079
Open 2016 Filing
Jump To
Filing Snapshot
Filing Period
Jul 1, 2015 to Jun 30, 2016
Signed
Nov 10, 2016
Return Version
2015v2.1
Gross Receipts
$8,348,561
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$10,465,333$11,148,369▲ $683,036
Savings and Temporary Cash Investments$2,661,830$2,356,212▼ $305,618
Land, Buildings, and Equipment, Net$1,598,645$1,582,592▼ $16,053
Pledges and Grants Receivable$327,715$412,764▲ $85,049
Accounts Receivable$24,247$40,429▲ $16,182
Total Assets$15,091,300$15,540,366▲ $449,066
Other Assets Total$13,530$0▼ $13,530
Liabilities
Other Liabilities$16,534$173,409▲ $156,875
Accounts Payable and Accrued Expenses$8,810$16,300▲ $7,490
Total Liabilities$25,344$189,709▲ $164,365
Net Assets / Fund Balance
Temporarily Rstr Net Assets$5,730,454$6,550,696▲ $820,242
Permanently Rstr Net Assets$5,468,681$5,590,479▲ $121,798
Unrestricted Net Assets$3,866,821$3,209,482▼ $657,339
Total Net Assets Fund Balance$15,065,956$15,350,657▲ $284,701
Total Liabilities and Net Assets / Fund Balance$15,091,300$15,540,366▲ $449,066

Asset Categories

AssetBook ValueDepreciationBasis
Land$963,200-$963,200
Buildings$619,392$22,742$642,134
Other Securities$2,191,524--

Endowment Activity

PeriodBeginningContrib.Gain/LossOther UsesEnd
2015$9,593,801$754,100▼ $151,691$0$10,558,583
2014$9,160,771$810,575▲ $236,800$0$9,593,801
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
Compensation and Service Providers
Top Officer Pay55th percentile

Board Members and Trustees

NameTitle
BRENDAN O'CONNORChair
William WalkerVice Chair
Alan MckimBoard Member
Brenda Cross-sanchezBoard Member
Brian FournierBoard Member
C Russel Hansen JrBoard Member
Dennis HoustonBoard Member
Dr William J GardnerBoard Member
Eric LaubBoard Member
Geoffrey WilkinsonBoard Member
Gerhard KurzBoard Member
J Paul Saccone JrBoard Member
John GallagherBoard Member
John GearyBoard Member
Joseph GallitanoBoard Member
Martin Conroy JrBoard Member
Michael TusianiBoard Member
Penelope HareBoard Member
Peter LawrenceBoard Member
Richard LyallBoard Member
Robert DelhomeBoard Member
Walter Czerny JrBoard Member
Holly KnightExecutive Director
James SanislowSecretary
David SmithTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$1,358,518
Program Service Revenue
$0
Investment Income
$38,877
Other Revenue
$432,940
All Other Contributions
$1,358,518
Change in Net Assets
$619,079

Audited Revenue Reconciliation

Revenue per Audited Statements
$1,788,669
Revenue Not Reported on Financial Statements
$41,666
Revenue Not Reported on Form 990
$167,276
Other Revenue Adjustments
$-51,980
Total Revenue per Audited Statements
$1,955,945
Total Revenue per Form 990
$1,830,335
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Grants and Similar Amounts Paid$681,168
Other Expenses$530,088
Total Fundraising Expense$1,540
Professional Fundraising Fees$0
Salaries, Compensation, and Employee Benefits$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Grants to Domestic Individuals$681,168--$681,168
Fees for Service Investment Mgmnt Fees-$93,646-$93,646
Depreciation Depletion-$16,053-$16,053
Fees for Services Accounting-$15,769-$15,769
All Other Expenses-$771$1,540$2,311
Other Expenses$390,278$1,700-$1,700
Total Functional Expenses$1,071,446$138,270$1,540$1,211,256

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Audited Statements$1,671,244
Total Expenses per Form 990$1,211,256
Expenses per Audited Statements$1,117,610
Expenses Not Reported on Form 990$553,634
Expenses Not Reported on Financial Statements$93,646
Fundraising, Events, and Gaming
Fundraising activities
Yes
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Fundraising Gross Income$484,920
Fundraising Direct Expenses$51,980
Professional Fundraising Fees$0

Fundraising Events

EventGross ReceiptsGross RevenueDirect ExpensesNet Income
ADMIRAL'S BALL$484,920$484,920$51,980$432,940
Total Events$484,920$484,920$51,980$432,940
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
No
Subject to proxy tax
No
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Due to Academy$151,506
Gift Annuity Liability$21,903
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

Filer Name
Massachusetts Maritime Academy
EIN
23-7025807
Phone
5088305099
Address
101 ACADEMY DRIVE, BUZZARDS BAY, MA 02532-1803

Signing Officer

Name
Ms Holly Knight
Title
Vice President of Advancement
Phone
5088305099
Signed
2016-11-10
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
70

Preparer

Firm
O'CONNOR & DREW PC
Address
25 BRAINTREE HILL OFC PK SUITE 102, BRAINTREE, MA 02184
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 V, LINE 4:

“The investment policy for endowment funds is intended to preserve capital to the extent possible and provide a reasonably predictable stream of revenue in order to provide appropriate funding to the programs supported by endowment funds.”

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 - $51,980”

PART XII, LINE 2D - OTHER ADJUSTMENTS:

“Special events direct expenses - $51,980”

Raw XML AppendixShowing 400 of 673 raw XML fields

This appendix keeps the raw XML leaves available for debugging and edge-case review. The human report above is the primary experience.

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IRS990/Form990PartVIISectionAGrp/TitleTxt17BOARD MEMBER
IRS990/Form990PartVIISectionAGrp/TitleTxt18BOARD MEMBER
IRS990/Form990PartVIISectionAGrp/TitleTxt19BOARD MEMBER
IRS990/Form990PartVIISectionAGrp/TitleTxt20SECRETARY
IRS990/Form990PartVIISectionAGrp/TitleTxt21TREASURER
IRS990/Form990PartVIISectionAGrp/TitleTxt22BOARD MEMBER
IRS990/Form990PartVIISectionAGrp/TitleTxt23VICE CHAIR
IRS990/Form990PartVIISectionAGrp/TitleTxt24BOARD MEMBER
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IRS990/LobbyingActivitiesInd00
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IRS990/MembersOrStockholdersInd00
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IRS990/MinutesOfCommitteesInd01
IRS990/MinutesOfGoverningBodyInd01
IRS990/MissionDesc0TO PROVIDE SCHOLARSHIPS AND CONTRIBUTIONS IN SUPPORT OF MASSACHUSETTS MARITIME ACADEMY.
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IRS990/OperateHospitalInd00
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Document Assets

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Filings

Displayed year

2016 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$15,540,366
Liabilities
$189,709
Net assets
$15,350,657
Revenue
$1,830,335
Expenses
$1,211,256
Net income
$619,079
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
2016Detailed filing. Detailed filing data is available for this year.$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