Civic Intelligence

Massachusetts Maritime Academy Foundation Inc

990 • Fiscal year 2020 • EIN 23-7025807

Jul 01, 2019 to Jun 30, 2020 • Filed on Dec 10, 2020

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

9th percentile

0.00x

Higher debt load relative to assets than 9% of similar nonprofits.

2020 filings • 501(c)3 • $25M-$50M nonprofits • Source year 2020

Liabilities / Revenue

9th percentile

0.03x

Higher debt load relative to revenue than 9% of similar nonprofits.

2020 filings • 501(c)3 • $25M-$50M nonprofits • Source year 2020

Net Margin

96th percentile

77%

Higher net margin than 96% of similar nonprofits.

2020 filings • 501(c)3 • $25M-$50M nonprofits • Source year 2020

Top Officer Pay

8th percentile

$0

Higher top officer pay than 8% of similar nonprofits.

Top officer pay equals 0.0% of source-year revenue.

2020 filings • 501(c)3 • $25M-$50M nonprofits • Source year 2020

Asset Growth

75th percentile

20%

Faster asset growth than 75% of similar nonprofits.

2020 filings • 501(c)3 • $25M-$50M nonprofits • Annualized from 2019 to 2020

Revenue Growth

68th percentile

11%

Faster revenue growth than 68% of similar nonprofits.

2020 filings • 501(c)3 • $25M-$50M nonprofits • Annualized from 2019 to 2020

Balance Sheet
Liabilities / Assets9th percentile

Assets

Up

$32,496,825

Up $5,474,140 (+20%) from 2019

Net Assets

Up

$32,349,001

Up $5,396,720 (+20%) from 2019

Liabilities

Up

$147,824

Up $77,420 (+110%) from 2019

Revenue And Expenses
Liabilities / Revenue9th percentileNet Margin96th percentile

Revenue

Up

$5,723,768

Up $557,031 (+11%) from 2019

Expenses

Up

$1,289,033

Up $27,847 (+2.2%) from 2019

Net Income

Up

$4,434,735

Up $529,184 (+14%) from 2019

Historical Trend

Balance Sheet Trend

Asset Growth75th 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

2020

Assets$32,496,825
Liabilities$147,824
Net Assets$32,349,001
Open 2020 Filing

Operations Trend

Revenue Growth68th 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

2020

Revenue$5,723,768
Expenses$1,289,033
Net Income$4,434,735
Open 2020 Filing
Jump To
Filing Snapshot
Filing Period
Jul 1, 2019 to Jun 30, 2020
Signed
Dec 10, 2020
Return Version
2019v5.1
Gross Receipts
$21,435,394
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$20,301,538$22,317,905▲ $2,016,367
Savings and Temporary Cash Investments$1,844,853$4,970,626▲ $3,125,773
Pledges and Grants Receivable$3,294,591$2,665,597▼ $628,994
Land, Buildings, and Equipment, Net$1,534,432$2,490,169▲ $955,737
Accounts Receivable$47,271$52,528▲ $5,257
Total Assets$27,022,685$32,496,825▲ $5,474,140
Liabilities
Other Liabilities$56,644$125,064▲ $68,420
Accounts Payable and Accrued Expenses$13,760$22,760▲ $9,000
Total Liabilities$70,404$147,824▲ $77,420
Net Assets / Fund Balance
Net Assets With Donor Restrictions$19,385,256$21,500,156▲ $2,114,900
Net Assets Without Donor Restrictions$7,567,025$10,848,845▲ $3,281,820
Total Net Assets Fund Balance$26,952,281$32,349,001▲ $5,396,720
Total Liabilities and Net Assets / Fund Balance$27,022,685$32,496,825▲ $5,474,140

Asset Categories

AssetBook ValueDepreciationBasis
Land$1,934,991-$1,934,991
Buildings$555,178$86,956$642,134
Other Securities$1,600,000--

Endowment Activity

PeriodBeginningContrib.Gain/LossOther UsesEnd
2019$13,614,441$1,630,300▲ $312,951-$14,757,550
2018$12,127,939$1,625,914▲ $608,383-$13,614,441
2017$11,108,112$1,384,172▲ $415,562-$12,127,939
2016$10,558,583$874,557▲ $473,828-$11,108,112
2015$9,593,801$754,100▼ $151,691-$10,558,583
Compensation and Service Providers
Top Officer Pay8th percentile

Board Members and Trustees

NameTitle
BRENDAN O'CONNORChair
William WalkerVice Chair
Alan MckimBoard Member
Brenda Cross-sanchezBoard Member
Brian FournierBoard Member
Dennis HoustonBoard Member
Geoffrey WilkinsonBoard Member
Gerhard KurzBoard Member
John GallagherBoard Member
Louis RicciardiBoard Member
Martin ConroyBoard Member
Michael TusianiBoard Member
Paul Saccone JrBoard Member
Penelope HareBoard Member
Peter LawrenceBoard Member
Richard LyallBoard Member
Robert DelhomeBoard Member
Walter CzernyBoard Member
William DicroceBoard Member
William GardnerBoard Member
William Kelly JrBoard Member
Albert Schofield JrBoard Member Emeritus
Robert CoyneBoard Member Emeritus
James SanislowSecretary
David SmithTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$5,669,305
Program Service Revenue
$0
Investment Income
$-4,132
Other Revenue
$58,595
All Other Contributions
$5,669,305
Change in Net Assets
$4,434,735

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$1,331,465Fair Market Value (FMV)
Total Noncash Contributions1$1,331,465-

Audited Revenue Reconciliation

Revenue per Audited Statements
$5,637,522
Revenue Not Reported on Financial Statements
$86,246
Revenue Not Reported on Form 990
$1,467,787
Other Revenue Adjustments
$-6,455
Total Revenue per Audited Statements
$7,105,309
Total Revenue per Form 990
$5,723,768
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Grants and Similar Amounts Paid$694,463
Other Expenses$594,570
Professional Fundraising Fees$0
Salaries, Compensation, and Employee Benefits$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Grants to Domestic Individuals$694,463--$694,463
Fees for Service Investment Mgmnt Fees-$92,701-$92,701
Fees for Services Accounting-$17,819-$17,819
Depreciation Depletion-$16,054-$16,054
Office Expenses-$7,050-$7,050
Other Expenses$458,636$2,310-$2,310
Total Functional Expenses$1,153,099$135,934$0$1,289,033

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Audited Statements$1,708,589
Total Expenses per Form 990$1,289,033
Expenses per Audited Statements$1,196,332
Expenses Not Reported on Form 990$512,257
Expenses Not Reported on Financial Statements$92,701
Fundraising, Events, and Gaming
Fundraising activities
Yes
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Fundraising Gross Income$65,050
Fundraising Direct Expenses$6,455
Professional Fundraising Fees$0

Fundraising Events

EventGross ReceiptsGross RevenueDirect ExpensesNet Income
Homecoming$65,050$65,050$6,455$58,595
Total Events$65,050$65,050$6,455$58,595
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$119,917
Gift Annuity Liability$5,147
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 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
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 11B

“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
Rear Admiral Francis X Mcdonald
Title
President
Phone
5088305099
Signed
2020-12-10
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Rear Admiral Francis X M
Formed
1968
Legal Domicile
Ma
Voting Board Members
25
Independent Board Members
25
Employees
0
Volunteers
64

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”

PART XII, LINE 2D - OTHER ADJUSTMENTS:

“Special events direct expenses”

Part V, Line 1B

“Prior year endowment contributions were revised to reflect proper amount of endowment fund contributions received.”

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IRS990/Form990PartVIISectionAGrp/PersonNm22WALTER CZERNY
IRS990/Form990PartVIISectionAGrp/PersonNm23ROBERT COYNE
IRS990/Form990PartVIISectionAGrp/PersonNm24ALBERT SCHOFIELD JR
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IRS990/Form990PartVIISectionAGrp/TitleTxt7BOARD MEMBER
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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
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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 EMERITUS
IRS990/Form990PartVIISectionAGrp/TitleTxt24BOARD MEMBER EMERITUS
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IRS990/MembersOrStockholdersInd00
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IRS990/MinutesOfCommitteesInd01
IRS990/MinutesOfGoverningBodyInd01
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Document Assets

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Filings

Displayed year

2020 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$32,496,825
Liabilities
$147,824
Net assets
$32,349,001
Revenue
$5,723,768
Expenses
$1,289,033
Net income
$4,434,735
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
2020Detailed filing. Detailed filing data is available for this year.$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. 2020 filings • 501(c)3 • $25M-$50M nonprofits