Civic Intelligence

Massachusetts Maritime Academy Foundation Inc

990 • Fiscal year 2022 • EIN 23-7025807

Jul 01, 2021 to Jun 30, 2022 • Filed on Feb 22, 2023

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

0.01x

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

2022 filings • 501(c)3 • $25M-$50M nonprofits • Source year 2022

Liabilities / Revenue

11th percentile

0.04x

Higher debt load relative to revenue than 11% of similar nonprofits.

2022 filings • 501(c)3 • $25M-$50M nonprofits • Source year 2022

Net Margin

96th percentile

79%

Higher net margin than 96% of similar nonprofits.

2022 filings • 501(c)3 • $25M-$50M nonprofits • Source year 2022

Top Officer Pay

28th percentile

$175,850

Higher top officer pay than 28% of similar nonprofits.

Top officer pay equals 2.5% of source-year revenue.

2022 filings • 501(c)3 • $25M-$50M nonprofits • Source year 2022

Asset Growth

62nd percentile

4.6%

Faster asset growth than 62% of similar nonprofits.

2022 filings • 501(c)3 • $25M-$50M nonprofits • Annualized from 2021 to 2022

Revenue Growth

86th percentile

46%

Faster revenue growth than 86% of similar nonprofits.

2022 filings • 501(c)3 • $25M-$50M nonprofits • Annualized from 2021 to 2022

Balance Sheet
Liabilities / Assets9th percentile

Assets

Up

$42,100,464

Up $1,849,700 (+4.6%) from 2021

Net Assets

Up

$41,846,990

Up $1,643,473 (+4.1%) from 2021

Liabilities

Up

$253,474

Up $206,227 (+436%) from 2021

Revenue And Expenses
Liabilities / Revenue11th percentileNet Margin96th percentile

Revenue

Up

$7,083,053

Up $2,241,028 (+46%) from 2021

Expenses

Up

$1,459,370

Up $571,118 (+64%) from 2021

Net Income

Up

$5,623,683

Up $1,669,910 (+42%) from 2021

Historical Trend

Balance Sheet Trend

Asset Growth62nd 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

2022

Assets$42,100,464
Liabilities$253,474
Net Assets$41,846,990
Open 2022 Filing

Operations Trend

Revenue Growth86th 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

2022

Revenue$7,083,053
Expenses$1,459,370
Net Income$5,623,683
Open 2022 Filing
Jump To
Filing Snapshot
Filing Period
Jul 1, 2021 to Jun 30, 2022
Signed
Feb 22, 2023
Return Version
2021v4.2
Gross Receipts
$20,086,062
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$31,029,507$32,203,498▲ $1,173,991
Pledges and Grants Receivable$2,614,029$3,783,843▲ $1,169,814
Savings and Temporary Cash Investments$3,910,757$3,442,517▼ $468,240
Land, Buildings, and Equipment, Net$2,474,116$2,458,063▼ $16,053
Other Notes and Loans Receivable, Net$170,847$137,764▼ $33,083
Accounts Receivable$51,508$74,779▲ $23,271
Total Assets$40,250,764$42,100,464▲ $1,849,700
Liabilities
Accounts Payable and Accrued Expenses$42,446$249,019▲ $206,573
Other Liabilities$4,801$4,455▼ $346
Total Liabilities$47,247$253,474▲ $206,227
Net Assets / Fund Balance
Net Assets With Donor Restrictions$23,959,335$25,706,054▲ $1,746,719
Net Assets Without Donor Restrictions$16,244,182$16,140,936▼ $103,246
Total Net Assets Fund Balance$40,203,517$41,846,990▲ $1,643,473
Total Liabilities and Net Assets / Fund Balance$40,250,764$42,100,464▲ $1,849,700

Asset Categories

AssetBook ValueDepreciationBasis
Land$1,934,991-$1,934,991
Buildings$523,072$119,062$642,134
Other Securities$1,600,000--

Endowment Activity

PeriodBeginningContrib.Gain/LossOther UsesEnd
2021$17,216,729$3,517,851▼ $866,006-$18,930,535
2020$14,757,550$1,438,067▲ $2,005,986-$17,216,729
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
Compensation and Service Providers
Top Officer Pay28th percentile

Board Members and Trustees

NameTitle
BRENDAN O'CONNORChair
William WalkerVice Chair
Alan MckimBoard Member
Brian FournierBoard Member
Bruce RosenblattBoard Member
Dennis HoustonBoard Member
Geoffrey WilkinsonBoard Member
Gerhard KurzBoard Member
John GallagherBoard Member
Louis RicciardiBoard Member
Martin ConroyBoard Member
Paul Saccone JrBoard Member
Penelope HareBoard Member
Peter LawrenceBoard Member
Richard LyallBoard Member
Robert DelhomeBoard Member
Timothy GriffinBoard Member
Walter CzernyBoard Member
William DicroceBoard Member
William GardnerBoard Member
William Kelly JrBoard Member
Daniel McauliffeEx-officio
Elizabeth SimmonsEx-officio
Francis X McdonaldEx-officio
Jessica WatersEx-officio
Lauren DelmolinaEx-officio
Peter J SewardEx-officio
James SanislowSecretary
David SmithTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$5,276,872
Program Service Revenue
$0
Investment Income
$1,733,343
Other Revenue
$72,838
All Other Contributions
$5,276,872
Change in Net Assets
$5,623,683

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$35,081Fair Market Value (FMV)
Total Noncash Contributions1$35,081-

Audited Revenue Reconciliation

Revenue per Audited Statements
$6,924,897
Revenue Not Reported on Financial Statements
$158,156
Revenue Not Reported on Form 990
$-3,437,590
Total Revenue per Audited Statements
$3,487,307
Total Revenue per Form 990
$7,083,053
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Grants and Similar Amounts Paid$1,019,960
Other Expenses$439,410
Total Fundraising Expense$3,675
Professional Fundraising Fees$0
Salaries, Compensation, and Employee Benefits$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Grants to Domestic Individuals$1,019,960--$1,019,960
Fees for Service Investment Mgmnt Fees-$158,156-$158,156
Depreciation Depletion-$16,053-$16,053
Fees for Services Accounting-$14,938-$14,938
Office Expenses-$6,175-$6,175
Other Expenses$236,902$2,899$3,675$2,899
Insurance-$612-$612
Total Functional Expenses$1,256,862$198,833$3,675$1,459,370

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Audited Statements$1,843,834
Total Expenses per Form 990$1,459,370
Expenses per Audited Statements$1,301,214
Expenses Not Reported on Form 990$542,620
Expenses Not Reported on Financial Statements$158,156
Fundraising, Events, and Gaming
Fundraising activities
Yes
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Fundraising Gross Income$72,838
Fundraising Direct Expenses$0
Professional Fundraising Fees$0

Fundraising Events

EventGross ReceiptsGross RevenueDirect ExpensesNet Income
ADMIRAL'S BALL$50,000$50,000-$50,000
Homecoming$22,838$22,838-$22,838
Total Events$72,838$72,838-$72,838
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$4,455
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
Elizabeth Simmons
Title
Vice President of External Affairs
Phone
5088305099
Signed
2023-02-22
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Elizabeth Simmons
Formed
1968
Legal Domicile
Ma
Voting Board Members
23
Independent Board Members
23
Employees
0
Volunteers
117

Preparer

Firm
Withum Smith Brown Pc
Address
25 BRAINTREE HILL OFC PK SUITE 102, BRAINTREE, MA 02184
Preparer
David a Diiulis
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 V, Line 1B

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

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IRS990/Form990PartVIISectionAGrp/PersonNm8PENELOPE HARE
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IRS990/Form990PartVIISectionAGrp/PersonNm12PETER LAWRENCE
IRS990/Form990PartVIISectionAGrp/PersonNm13RICHARD LYALL
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IRS990/Form990PartVIISectionAGrp/PersonNm19MARTIN CONROY
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IRS990/Form990PartVIISectionAGrp/PersonNm27DANIEL MCAULIFFE
IRS990/Form990PartVIISectionAGrp/PersonNm28PETER J SEWARD
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IRS990/Form990PartVIISectionAGrp/TitleTxt2SECRETARY
IRS990/Form990PartVIISectionAGrp/TitleTxt3TREASURER
IRS990/Form990PartVIISectionAGrp/TitleTxt4BOARD MEMBER
IRS990/Form990PartVIISectionAGrp/TitleTxt5BOARD MEMBER
IRS990/Form990PartVIISectionAGrp/TitleTxt6BOARD MEMBER
IRS990/Form990PartVIISectionAGrp/TitleTxt7BOARD MEMBER
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IRS990/GroupReturnForAffiliatesInd00
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IRS990/IndependentAuditFinclStmtInd01
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IRS990/IndivRcvdGreaterThan100KCnt00
IRS990/IndoorTanningServicesInd00
IRS990/InfoInScheduleOPartVIInd0X
IRS990/InfoInScheduleOPartXIIInd0X
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IRS990/LobbyingActivitiesInd00
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IRS990/MaterialDiversionOrMisuseInd00
IRS990/MembersOrStockholdersInd00
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IRS990/MinutesOfCommitteesInd01
IRS990/MinutesOfGoverningBodyInd01
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Filings

Displayed year

2022 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$42,100,464
Liabilities
$253,474
Net assets
$41,846,990
Revenue
$7,083,053
Expenses
$1,459,370
Net income
$5,623,683
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
2022Detailed filing. Detailed filing data is available for this year.$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