Civic Intelligence

Tall Ship Providence Foundation

990 • Fiscal year 2018 • EIN 82-2485535

Jan 01, 2018 to Dec 31, 2018 • Filed on Oct 28, 2019

Organization Profiletallshipprovidence.org
201 N Union St Ste 100Alexandria, VA 22314

(703) 915-1600

Siviq Scores

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

Liabilities / Assets

88th percentile

0.77x

Higher debt load relative to assets than 88% of similar nonprofits.

2018 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2018

Liabilities / Revenue

96th percentile

5.67x

Higher debt load relative to revenue than 96% of similar nonprofits.

2018 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2018

Net Margin

10th percentile

-30%

Higher net margin than 10% of similar nonprofits.

2018 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2018

Top Officer Pay

54th percentile

$71,369

Higher top officer pay than 54% of similar nonprofits.

Top officer pay equals 47.6% of source-year revenue.

2018 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2018

Asset Growth

95th percentile

88%

Faster asset growth than 95% of similar nonprofits.

2018 filings • 501(c)3 • $1M-$5M nonprofits • Annualized from 2017 to 2018

Revenue Growth

3rd percentile

-62%

Faster revenue growth than 3% of similar nonprofits.

2018 filings • 501(c)3 • $1M-$5M nonprofits • Annualized from 2017 to 2018

Balance Sheet
Liabilities / Assets88th percentile

Assets

Up

$1,100,650

Up $514,649 (+88%) from 2017

Net Assets

Down

$250,645

Down $119,447 (-32%) from 2017

Liabilities

Up

$850,005

Up $634,096 (+294%) from 2017

Revenue And Expenses
Liabilities / Revenue96th percentileNet Margin10th percentile

Revenue

Down

$149,979

Down $246,527 (-62%) from 2017

Expenses

Up

$194,426

Up $168,012 (+636%) from 2017

Net Income

Down

-$44,447

Down $414,539 (-112%) from 2017

Historical Trend

Balance Sheet Trend

Asset Growth95th percentile

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

$8.0M$6.0M$4.0M$2.0M$0-$2.0MAssets 2017: $586,001Liabilities 2017: $215,909Net Assets 2017: $370,0922017Assets 2018: $1,100,650Liabilities 2018: $850,005Net Assets 2018: $250,6452018Assets 2019: $1,620,699Liabilities 2019: $1,609,661Net Assets 2019: $11,0382019Assets 2020: $2,102,096Liabilities 2020: $2,395,301Net Assets 2020: -$293,2052020Assets 2021: $2,543,328Liabilities 2021: $2,830,582Net Assets 2021: -$287,2542021Assets 2022: $5,101,475Liabilities 2022: $1,609,578Net Assets 2022: $3,491,8972022Assets 2023: $7,395,699Liabilities 2023: $4,385,855Net Assets 2023: $3,009,8442023Assets 2024: $7,168,782Liabilities 2024: $4,842,062Net Assets 2024: $2,326,7202024

Highlighted filing

2018

Assets$1,100,650
Liabilities$850,005
Net Assets$250,645
Open 2018 Filing

Operations Trend

Revenue Growth3rd percentile

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

$6.0M$4.0M$2.0M$0-$2.0MRevenue 2017: $396,506Expenses 2017: $26,414Net Income 2017: $370,0922017Revenue 2018: $149,979Expenses 2018: $194,426Net Income 2018: -$44,4472018Revenue 2019: $328,510Expenses 2019: $568,117Net Income 2019: -$239,6072019Revenue 2020: $399,296Expenses 2020: $703,539Net Income 2020: -$304,2432020Revenue 2021: $1,034,666Expenses 2021: $1,028,715Net Income 2021: $5,9512021Revenue 2022: $4,773,820Expenses 2022: $994,669Net Income 2022: $3,779,1512022Revenue 2023: $1,168,729Expenses 2023: $1,650,782Net Income 2023: -$482,0532023Revenue 2024: $1,149,554Expenses 2024: $1,832,678Net Income 2024: -$683,1242024

Highlighted filing

2018

Revenue$149,979
Expenses$194,426
Net Income-$44,447
Open 2018 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2018 to Dec 31, 2018
Signed
Oct 28, 2019
Return Version
2018v3.1
Gross Receipts
$149,979
Mission and Program Overview

Mission

Our mission is to bring history to life on Alexandria's waterfront while educating our visitors on the important role the Continental Navy played in the American Revolution. The story of the Continental Navy in the Revolution is not widely known, but one that was crucial to the maritime and merchant interests of our country.

Our mission is to promote the rich maritime history in Alexandria, Virginia.

Balance Sheet Detail
LineBeginningEndChange
Assets
Cash and Non-Interest-Bearing Accounts$45,613$250,793▲ $205,180
Pledges and Grants Receivable$304,172$162,972▼ $141,200
Loans From Officers Directors$75,569$132,986▲ $57,417
Investments in Publicly Traded Securities-$10,483-
Prepaid Expenses and Deferred Charges-$2,817-
Total Assets$586,001$1,100,650▲ $514,649
Other Assets Total$236,216$673,585▲ $437,369
Liabilities
Unsecured Notes Loans Payable-$500,000-
Accounts Payable and Accrued Expenses$40,340$117,019▲ $76,679
Mortgage Notes Payable Secured by Investment Property$100,000$100,000→ $0
Total Liabilities$215,909$850,005▲ $634,096
Net Assets / Fund Balance
Unrestricted Net Assets$370,092$250,645▼ $119,447
Total Net Assets Fund Balance$370,092$250,645▼ $119,447
Total Liabilities and Net Assets / Fund Balance$586,001$1,100,650▲ $514,649

Asset Categories

AssetBook ValueDepreciationBasis
Other Assets Org$730--
Compensation and Service Providers
Top Officer Pay54th percentile

Employees

NameTitleFull / Part TimeBaseOtherTotal
Clair S SassinDirectorFT$63,500$7,869$71,369

Board Members and Trustees

NameTitle
William Scott ShawChair
Agi OgorekDirector
Henry FonvielleDirector
John T Mitchell JrDirector
Per Huge-JensenDirector
Trip HowellDirector
Valerie IanieriDirector
Serge SarandinakiSecretary
Albert T ChurchTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$149,979
Program Service Revenue
$0
Investment Income
$0
Other Revenue
$0
All Other Contributions
$149,979
Change in Net Assets
$-44,447
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$107,989
Other Expenses$86,437
Total Fundraising Expense$19,039
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Current Officers, Directors, Trustees, and Key Employees$46,390$14,274$10,705$71,369
Advertising$28,285-$6,572$34,857
Other Salaries and Wages$26,615$2,957-$29,572
Fees for Services Accounting-$24,140-$24,140
Interest-$10,142-$10,142
Travel$8,320--$8,320
Payroll Taxes$3,524$1,762$1,762$7,048
Occupancy$2,142$536-$2,678
Fees for Services Legal-$2,550-$2,550
Office Expenses$1,163$1,164-$2,327
Other Expenses$930--$930
Insurance-$332-$332
Information Technology$161--$161
Total Functional Expenses$117,530$57,857$19,039$194,426
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
Loans from Officers, Directors, Trustees, and Key Employees$75,569$132,986▲ $57,417
Debt and Bond Financing

Bond Issues

BondIssuerIssuedIssue PricePurpose
ATall Ship Providence2018-12-28$250,000To restore Providence and pre-opening costs.

Bond Proceeds

BondTotal ProceedsSpentRetiredIssuance Costs
A$250,000---

Bond Financing Compliance

No rebate due
Yes
Rebate not yet due
No
Form 8038-T filed
No
Gross proceeds invested
No
Gross proceeds invested in GIC
No
Exception to rebate
No
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 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

“The Executive Director and Treasurer review the 990 before sending it to the full board for review.”

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

“The conflict of interest policy will be reviewed on an annual basis with board members.”

Form 990, Part VI, Section C, line 19

“The governing documents are made available to the public upon request.”

Filing and Contact Details

Filer

Filer Name
Tall Ship Providence Foundation
EIN
82-2485535
Phone
7039151600
Address
201 N Union St Ste 100, Alexandria, VA 22314

Signing Officer

Name
Clair S Sassin
Title
Executive Director
Phone
7039151600
Signed
2019-10-28
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Clair S Sassin
Formed
2017
Legal Domicile
Va
Voting Board Members
8
Independent Board Members
7
Employees
2
Volunteers
0

Preparer

Firm
Kositzka Wicks and Company
Address
5270 Shawnee Road Suite 250, Alexandria, VA 22312
Preparer
Stephen G Travis CPA
Phone
7036422700
Supplemental Narrative

Additional Explanations

Form 990, Part XI, line 9:

“Pledge write-off -75,000.”

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IRS990/Desc0Providence is a reproduction of the first ship authorized to serve in the Continental Navy. Daily tours include an introduction to the history of the ship and its role in the American Revolution. Visitors will be greeted by a guide in period-appropriate clothing at our Visitor Center. The guide will talk about the history of Providence before escorting visitors to the ship. Once aboard, visitors will meet a character interpreter portraying Capt. John Paul Jones and hear a true story of an event that took place while Jones was captain. Our guests will then tour the ship and visit the hold to learn what life was like for the ordinary sailor serving in the Continental Navy. TSPF will also host craft beer and pirate themed cruises on a weekly or monthly basis. The ship is also available for children's birthday parties, private charters and dinners, and we will conduct educational programming for local school groups.
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IRS990/MissionDesc0Our mission is to bring history to life on Alexandria's waterfront while educating our visitors on the important role the Continental Navy played in the American Revolution. The story of the Continental Navy in the Revolution is not widely known, but one that was crucial to the maritime and merchant interests of our country.
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IRS990ScheduleA/TotalSupportCalendarYearGrp/CurrentTaxYearAmt0149979
IRS990ScheduleA/TotalSupportCalendarYearGrp/CurrentTaxYearMinus1YearAmt0396506
IRS990ScheduleA/TotalSupportCalendarYearGrp/TotalAmt0546485
IRS990ScheduleB/ContributorInformationGrp/ContributorBusinessName/BusinessNameLine10RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorNum0RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/AddressLine10RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/AddressLine20RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/City0RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/State0RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/ZIPCode0RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/TotalContributionsAmt0RESTRICTED
IRS990/ScheduleBRequiredInd01
IRS990ScheduleD/OtherAssetsOrgGrp/BookValueAmt0672855
IRS990ScheduleD/OtherAssetsOrgGrp/BookValueAmt1730
IRS990ScheduleD/OtherAssetsOrgGrp/Desc0The Providence - the ship and related costs
IRS990ScheduleD/OtherAssetsOrgGrp/Desc1Security deposits
IRS990ScheduleD/TotalBookValueLandBuildingsAmt00
IRS990ScheduleD/TotalBookValueOtherAssetsAmt0673585
IRS990/ScheduleJRequiredInd00
IRS990ScheduleK/TaxExemptBondsArbitrageGrp/BondReferenceCd0A
IRS990ScheduleK/TaxExemptBondsArbitrageGrp/ExceptionToRebateInd00
IRS990ScheduleK/TaxExemptBondsArbitrageGrp/Form8038TFiledInd00
IRS990ScheduleK/TaxExemptBondsArbitrageGrp/GrossProceedsInvestedInd00
IRS990ScheduleK/TaxExemptBondsArbitrageGrp/GrossProceedsInvestedInGICInd00
IRS990ScheduleK/TaxExemptBondsArbitrageGrp/HedgeIdentifiedInBksAndRecInd00
IRS990ScheduleK/TaxExemptBondsArbitrageGrp/NoRebateDueInd01
IRS990ScheduleK/TaxExemptBondsArbitrageGrp/RebateNotDueYetInd00
IRS990ScheduleK/TaxExemptBondsArbitrageGrp/VariableRateIssueInd00
IRS990ScheduleK/TaxExemptBondsArbitrageGrp/WrittenProcToMonitorReqsInd00
IRS990ScheduleK/TaxExemptBondsIssuesGrp/BondIssuedDt02018-12-28
IRS990ScheduleK/TaxExemptBondsIssuesGrp/BondIssuerEIN0822485535
IRS990ScheduleK/TaxExemptBondsIssuesGrp/BondReferenceCd0A
IRS990ScheduleK/TaxExemptBondsIssuesGrp/CUSIPNum0000000000
IRS990ScheduleK/TaxExemptBondsIssuesGrp/DefeasedInd00
IRS990ScheduleK/TaxExemptBondsIssuesGrp/IssuePriceAmt0250000
IRS990ScheduleK/TaxExemptBondsIssuesGrp/IssuerName/BusinessNameLine1Txt0Tall Ship Providence
IRS990ScheduleK/TaxExemptBondsIssuesGrp/OnBehalfOfIssuerInd01
IRS990ScheduleK/TaxExemptBondsIssuesGrp/PoolFinancingInd00
IRS990ScheduleK/TaxExemptBondsIssuesGrp/PurposeDesc0To restore Providence and pre-opening costs.
IRS990ScheduleK/TaxExemptBondsProceedsGrp/AdequateBooksAndRecMaintInd01
IRS990ScheduleK/TaxExemptBondsProceedsGrp/BondReferenceCd0A
IRS990ScheduleK/TaxExemptBondsProceedsGrp/FinalAllocationMadeInd00
IRS990ScheduleK/TaxExemptBondsProceedsGrp/RefundingTaxableBondsInd00
IRS990ScheduleK/TaxExemptBondsProceedsGrp/RefundingTaxExemptBondsInd00
IRS990ScheduleK/TaxExemptBondsProceedsGrp/TotalProceedsAmt0250000
IRS990ScheduleK/TaxExemptBondsProceedsGrp/UnspentAmt0225000
IRS990ScheduleK/TaxExemptBondsProceedsGrp/WorkingCapitalExpendituresAmt025000
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/BalanceDueAmt0132986
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/BoardOrCommitteeApprovalInd00
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/DefaultInd00
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/LoanPurposeTxt0Ship Purchase
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/LoanToOrganizationInd0X
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/OriginalPrincipalAmt0175000
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/PersonNm0William Scott Shaw
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/RelationshipWithOrgTxt0Board Chair
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/WrittenAgreementInd01
IRS990ScheduleL/TotalBalanceDueAmt0132986
IRS990/ScheduleORequiredInd01
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0The Executive Director and Treasurer review the 990 before sending it to the full board for review.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1The conflict of interest policy will be reviewed on an annual basis with board members.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2The governing documents are made available to the public upon request.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3Pledge write-off -75,000.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0Form 990, Part VI, Section B, line 11b
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1Form 990, Part VI, Section B, line 12c
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2Form 990, Part VI, Section C, line 19
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3Form 990, Part XI, line 9:
IRS990/SchoolOperatingInd00
IRS990/SignificantChangeInd00
IRS990/SignificantNewProgramSrvcInd00
IRS990/SubjectToExcsTaxNetInvstIncInd00
IRS990/SubjectToProxyTaxInd00
IRS990/SubjToTaxRmnrtnExPrchtPymtInd00
IRS990/TaxablePartyNotificationInd00
IRS990/TaxExemptBondsInd01
IRS990/TempOrPermanentEndowmentsInd00
IRS990/TerminateOperationsInd00
IRS990/TotalAssetsBOYAmt0586001
IRS990/TotalAssetsEOYAmt01100650
IRS990/TotalAssetsGrp/BOYAmt0586001
IRS990/TotalAssetsGrp/EOYAmt01100650
IRS990/TotalCompGreaterThan150KInd00
IRS990/TotalContributionsAmt0149979
IRS990/TotalEmployeeCnt02
IRS990/TotalFunctionalExpensesGrp/FundraisingAmt019039
IRS990/TotalFunctionalExpensesGrp/ManagementAndGeneralAmt057857
IRS990/TotalFunctionalExpensesGrp/ProgramServicesAmt0117530
IRS990/TotalFunctionalExpensesGrp/TotalAmt0194426
IRS990/TotalGrossUBIAmt00
IRS990/TotalLiabilitiesBOYAmt0215909
IRS990/TotalLiabilitiesEOYAmt0850005
IRS990/TotalLiabilitiesGrp/BOYAmt0215909
IRS990/TotalLiabilitiesGrp/EOYAmt0850005
IRS990/TotalNetAssetsFundBalanceGrp/BOYAmt0370092
IRS990/TotalNetAssetsFundBalanceGrp/EOYAmt0250645
IRS990/TotalOtherCompensationAmt07869
IRS990/TotalProgramServiceExpensesAmt0117530
IRS990/TotalReportableCompFromOrgAmt063500
IRS990/TotalRevenueGrp/ExclusionAmt00
IRS990/TotalRevenueGrp/RelatedOrExemptFuncIncomeAmt00
IRS990/TotalRevenueGrp/TotalRevenueColumnAmt0149979
IRS990/TotalRevenueGrp/UnrelatedBusinessRevenueAmt00
IRS990/TotalVolunteersCnt00
IRS990/TotLiabNetAssetsFundBalanceGrp/BOYAmt0586001
IRS990/TotLiabNetAssetsFundBalanceGrp/EOYAmt01100650
IRS990/TotReportableCompRltdOrgAmt00
IRS990/TravelGrp/ProgramServicesAmt08320
IRS990/TravelGrp/TotalAmt08320
IRS990/TrnsfrExmptNonChrtblRltdOrgInd00
IRS990/TypeOfOrganizationCorpInd0X
IRS990/UnrelatedBusIncmOverLimitInd00
IRS990/UnrestrictedNetAssetsGrp/BOYAmt0370092
IRS990/UnrestrictedNetAssetsGrp/EOYAmt0250645
IRS990/UnsecuredNotesLoansPayableGrp/EOYAmt0500000
IRS990/UponRequestInd0X
IRS990/USAddress/AddressLine1Txt0201 N Union St Ste 100
IRS990/USAddress/CityNm0Alexandria
IRS990/USAddress/StateAbbreviationCd0VA
IRS990/USAddress/ZIPCd022314
IRS990/VotingMembersGoverningBodyCnt08
IRS990/VotingMembersIndependentCnt07
IRS990/WebsiteAddressTxt0tallshipprovidence.org
IRS990/WhistleblowerPolicyInd01
ReturnHeader/BuildTS02020-03-31 21:24:44Z
ReturnHeader/BusinessOfficerGrp/DiscussWithPaidPreparerInd01
ReturnHeader/BusinessOfficerGrp/PersonNm0Clair S Sassin
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0Executive Director
ReturnHeader/BusinessOfficerGrp/PhoneNum07039151600
ReturnHeader/BusinessOfficerGrp/SignatureDt02019-10-28
ReturnHeader/Filer/BusinessName/BusinessNameLine1Txt0Tall Ship Providence Foundation
ReturnHeader/Filer/BusinessNameControlTxt0TALL
ReturnHeader/Filer/EIN0822485535

Document Assets

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Filings

Displayed year

2018 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$1,100,650
Liabilities
$850,005
Net assets
$250,645
Revenue
$149,979
Expenses
$194,426
Net income
-$44,447
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Facts available. Structured filing facts are available, but richer extracted sections are limited.$7.17$4.84$2.33$1.15$1.83$0.68
2023XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$7.40$4.39$3.01$1.17$1.65$0.48
2022Detailed filing. Detailed filing data is available for this year.$5.10$1.61$3.49$4.77$0.99$3.78
2021XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$2.54$2.83$0.29$1.03$1.03$0.01
2020Detailed filing. Detailed filing data is available for this year.$2.10$2.40$0.29$0.40$0.70$0.30
2019Detailed filing. Detailed filing data is available for this year.$1.62$1.61$0.01$0.33$0.57$0.24
2018Detailed filing. Detailed filing data is available for this year.$1.10$0.85$0.25$0.15$0.19$0.04
2017Detailed filing. Detailed filing data is available for this year.$0.59$0.22$0.37$0.40$0.03$0.37