Civic Intelligence

Institute for Shipboard Education

EIN 95-3075415 • 501(c)3 • Fort Collins, CO

Profile

The institute for shipboard education (the institute) organizes and administers the semester at sea program, the world's premier program for study abroad. Open to students of all majors, semester at sea offers 12 to 15 transferable credit college level courses per semi-annual voyage, as well as a 9 to 12 credit summer voyage, which coincides with traditional university semesters. The program is academically sponsored by the university of virginia. Driven by the intention to educate individuals with the global understanding necessary to address the challenges of an interdependent world, the institute also sponsors short duration educational voyages attended by alumni, lifelong learners and staff as ship availability permits.

2243 Centre Avenue No 300Fort Collins, CO 80526

www.semesteratsea.com

Siviq Scores

Precomputed percentiles relative to similar nonprofits. These scores are descriptive rather than judgmental.

Liabilities / Assets

69th percentile

0.46x

Higher debt load relative to assets than 69% of similar nonprofits.

501(c)3 • $50M-$100M nonprofits • Source year 2023

Liabilities / Revenue

68th percentile

0.68x

Higher debt load relative to revenue than 68% of similar nonprofits.

501(c)3 • $50M-$100M nonprofits • Source year 2023

Net Margin

42nd percentile

2.0%

Higher net margin than 42% of similar nonprofits.

501(c)3 • $50M-$100M nonprofits • Source year 2023

Top Officer Pay

37th percentile

$271,501

Higher top officer pay than 37% of similar nonprofits.

Top officer pay equals 4.7% of source-year revenue.

501(c)3 • $50M-$100M nonprofits • Source year 2021

Asset Growth

24th percentile

-0.5%

Faster asset growth than 24% of similar nonprofits.

501(c)3 • $50M-$100M nonprofits • Annualized from 2022 to 2023

Revenue Growth

93rd percentile

88%

Faster revenue growth than 93% of similar nonprofits.

501(c)3 • $50M-$100M nonprofits • Annualized from 2022 to 2023

Assets

Down

$57,956,921

Down $275,198 (-0.5%) from 2022

Liabilities

Down

$26,784,316

Down $777,619 (-2.8%) from 2022

Net Assets

Up

$31,172,605

Up $502,421 (+1.6%) from 2022

Revenue

Up

$39,471,061

Up $18,475,591 (+88%) from 2022

Expenses

Up

$38,700,369

Up $13,906,964 (+56%) from 2022

Net Income

Up

$770,692

Up $4,568,627 (+120%) from 2022

Trend Graphs

Balance Sheet Trend

Grouped bars show assets, liabilities, and net assets across loaded filings.

$150M$100M$50M$0-$50MAssets 2010: $105,760,433Liabilities 2010: $105,160,688Net Assets 2010: $599,7452010Assets 2011: $100,649,939Liabilities 2011: $95,845,088Net Assets 2011: $4,804,8512011Assets 2012: $89,176,165Liabilities 2012: $91,831,996Net Assets 2012: -$2,655,8312012Assets 2013: $83,141,750Liabilities 2013: $90,083,571Net Assets 2013: -$6,941,8212013Assets 2014: $19,286,171Liabilities 2014: $18,924,955Net Assets 2014: $361,2162014Assets 2015: $16,913,270Liabilities 2015: $2,618,784Net Assets 2015: $14,294,4862015Assets 2016: $21,432,357Liabilities 2016: $3,750,574Net Assets 2016: $17,681,7832016Assets 2017: $28,328,694Liabilities 2017: $4,048,454Net Assets 2017: $24,280,2402017Assets 2018: $59,713,891Liabilities 2018: $30,428,889Net Assets 2018: $29,285,0022018Assets 2019: $68,226,956Liabilities 2019: $29,646,001Net Assets 2019: $38,580,9552019Assets 2020: $66,150,264Liabilities 2020: $24,470,278Net Assets 2020: $41,679,9862020Assets 2021: $59,066,099Liabilities 2021: $23,156,215Net Assets 2021: $35,909,8842021Assets 2022: $58,232,119Liabilities 2022: $27,561,935Net Assets 2022: $30,670,1842022Assets 2023: $57,956,921Liabilities 2023: $26,784,316Net Assets 2023: $31,172,6052023

Highlighted filing

2023

Assets$57,956,921
Liabilities$26,784,316
Net Assets$31,172,605

Operations Trend

Revenue, expenses, and net income by year, with the latest filing highlighted.

$80M$60M$40M$20M$0-$20MExpenses 2010: $50,648,7422010Revenue 2011: $63,990,365Expenses 2011: $60,955,623Net Income 2011: $3,034,7422011Expenses 2012: $63,743,0502012Expenses 2013: $60,847,0432013Revenue 2014: $56,927,232Expenses 2014: $56,390,425Net Income 2014: $536,8072014Revenue 2015: $55,355,391Expenses 2015: $41,716,519Net Income 2015: $13,638,8722015Revenue 2016: $36,153,105Expenses 2016: $31,749,743Net Income 2016: $4,403,3622016Revenue 2017: $41,588,478Expenses 2017: $35,076,211Net Income 2017: $6,512,2672017Revenue 2018: $41,429,749Expenses 2018: $36,483,900Net Income 2018: $4,945,8492018Revenue 2019: $49,790,138Expenses 2019: $39,984,432Net Income 2019: $9,805,7062019Revenue 2020: $38,961,541Expenses 2020: $36,477,936Net Income 2020: $2,483,6052020Revenue 2021: $5,792,396Expenses 2021: $13,520,488Net Income 2021: -$7,728,0922021Revenue 2022: $20,995,470Expenses 2022: $24,793,405Net Income 2022: -$3,797,9352022Revenue 2023: $39,471,061Expenses 2023: $38,700,369Net Income 2023: $770,6922023

Highlighted filing

2023

Revenue$39,471,061
Expenses$38,700,369
Net Income$770,692

Filings

Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2023Summary only. Only limited summary data is available for this year.$58.0$26.8$31.2$39.5$38.7$0.77
2022XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$58.2$27.6$30.7$21.0$24.8$3.80
2021Facts available. Structured filing facts are available, but richer extracted sections are limited.$59.1$23.2$35.9$5.79$13.5$7.73
2020XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$66.2$24.5$41.7$39.0$36.5$2.48
2019XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$68.2$29.6$38.6$49.8$40.0$9.81
2018XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$59.7$30.4$29.3$41.4$36.5$4.95
2017XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$28.3$4.05$24.3$41.6$35.1$6.51
2016XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$21.4$3.75$17.7$36.2$31.7$4.40
2015Summary only. Only limited summary data is available for this year.$16.9$2.62$14.3$55.4$41.7$13.6
2014Detailed filing. Detailed filing data is available for this year.$19.3$18.9$0.36$56.9$56.4$0.54
2013Facts available. Structured filing facts are available, but richer extracted sections are limited.$83.1$90.1$6.94$60.8
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$89.2$91.8$2.66$63.7
2011Summary only. Only limited summary data is available for this year.$101$95.8$4.80$64.0$61.0$3.03
2010Facts available. Structured filing facts are available, but richer extracted sections are limited.$106$105$0.60$50.6
Latest Detailed Filing

The latest 2023 filing currently has summary financial data only. Showing the latest detailed filing from 2021 below.

Jump To
Filing Snapshot
Filing Period
Jun 1, 2020 to May 31, 2021
Signed
Feb 18, 2022
Return Version
2020v4.2
Gross Receipts
$6,285,148
Mission and Program Overview

Mission

THE INSTITUTE FOR SHIPBOARD EDUCATION (the institute) organizes and ADMINISTERS THE SEMESTER AT SEA PROGRAm, the world's premier program for study abroad. open to students of all majors, semester at sea offers 12 to 15 transferable credit college level courses per semi-annual voyage which coincides with traditional university semesters. the program is academically sponsored by the University of Virginia. Driven by the intention to educate individuals with the global understanding necessary to address the challenges of an interdependent world, the institute also sponsors short duration educational voyages attended by alumni, lifelong learners and staff as ship availability permits.

The institute for shipboard education ("the institute") organizes & administers the semester at sea study abroad program which offers college level courses in conjunction with traveling the world for a semester to undergrads, graduate students, and gap year students. The semester at sea program is also open to life long learners who add value to the ship community. The institute delivers this program via a floating vessel and plans two voyages to coincide with the traditional semiannual semesters offered by most universities. The program is academically sponsored by our partner colorado state university and administered by the institute.

Balance Sheet Detail
LineBeginningEndChange
Assets
Investments in Publicly Traded Securities$24,683,964$26,010,101▲ $1,326,137
Land, Buildings, and Equipment, Net$19,585,357$16,673,676▼ $2,911,681
Investments Program Related$8,000,000$8,000,000→ $0
Pledges and Grants Receivable$6,194,387$5,118,454▼ $1,075,933
Savings and Temporary Cash Investments$6,389,562$2,454,446▼ $3,935,116
Prepaid Expenses and Deferred Charges$450,688$715,552▲ $264,864
Inventories for Sale or Use$101,643$66,720▼ $34,923
Accounts Receivable$730,808$20,500▼ $710,308
Total Assets$66,150,264$59,066,099▼ $7,084,165
Other Assets Total$13,855$6,650▼ $7,205
Liabilities
Other Liabilities$21,901,365$19,317,065▼ $2,584,300
Deferred Revenue$914,658$2,316,182▲ $1,401,524
Unsecured Notes Loans Payable$1,029,202$1,029,202→ $0
Accounts Payable and Accrued Expenses$625,053$493,766▼ $131,287
Total Liabilities$24,470,278$23,156,215▼ $1,314,063
Net Assets / Fund Balance
Net Assets With Donor Restrictions$17,243,561$18,721,534▲ $1,477,973
Net Assets Without Donor Restrictions$24,436,425$17,188,350▼ $7,248,075
Total Net Assets Fund Balance$41,679,986$35,909,884▼ $5,770,102
Total Liabilities and Net Assets / Fund Balance$66,150,264$59,066,099▼ $7,084,165

Asset Categories

AssetBook ValueDepreciationBasis
Equipment$16,673,676$10,303,204$26,976,880
Investment Program Related Org$8,000,000--

Endowment Activity

PeriodBeginningContrib.Gain/LossOther UsesEnd
2020$8,719,369$160,871▲ $1,714,537-$10,383,487
2019$5,746,676$2,715,210▲ $257,483-$8,719,369
2018$3,568,159$2,115,895▲ $62,622-$5,746,676
2017$2,579,873$690,438▲ $297,848-$3,568,159
2016$2,154,831$257,802▲ $167,240-$2,579,873
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseOtherTotal
Larry D GrantVP of Strategic InitiativeFT$207,560$63,941$271,501
Scott MarshallTrustee, CEOFT$202,500$33,728$236,228
Audra BricknerVP of AdvancementFT$168,856$37,960$206,816
Bobby BarberVP of FinanceFT$157,500$24,065$181,565
Layne HansonVP of Public AffairsFT$125,813$20,180$145,993
Laura RothVP of Student Affairs/enrollment ManagementFT$117,558$22,651$140,209
Gary RansdellTrustee, PresidentFT$74,384$11,913$86,297

Board Members and Trustees

Highest Paid Contractors

ContractorServicesLocationCompensation
Cruise Management InternationalShip Technical And Hotel Management4770 BISCAYNE BLVD, Miami, FL 33137, Hk$1,718,925
Togut Segal And Segal LLPLegalONE PENN PLAZA SUITE 3335, New York, NY 10119$398,711
Vedder PriceLegal8677 SOLUTION CENTER, Chicago, IL 60677-8006$204,209
Shield Geo Services LimitedRisk Management150 S E SECOND AVE STE 1200, Miami, FL 33131$176,040
Hamilton Miller & Birthisel LLPLegal-$174,529
Revenue and Support

Revenue Composition

Contributions and Grants
$3,425,379
Program Service Revenue
$693,047
Investment Income
$1,673,013
Other Revenue
$957
All Other Contributions
$2,396,177
Change in Net Assets
$-7,728,092

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 Traded13$95,504Fair Market Value (FMV)
Total Noncash Contributions13$95,504-

Audited Revenue Reconciliation

Revenue per Audited Statements
$5,818,501
Revenue Not Reported on Financial Statements
$-26,105
Revenue Not Reported on Form 990
$2,111,330
Other Revenue Adjustments
$-39,550
Total Revenue per Audited Statements
$7,929,831
Total Revenue per Form 990
$5,792,396
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$9,261,029
Salaries, Compensation, and Employee Benefits$4,259,459
Total Fundraising Expense$1,260,422
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$1,345,023$1,282,262$477,096$3,104,381
Depreciation Depletion$2,780,437$102,858$43,766$2,927,061
Fees for Services Other$478,638$88,004$208,064$774,706
Other Employee Benefits$272,089$201,490$128,984$602,563
Information Technology$247,905$225,434$95,923$569,262
Current Officers, Directors, Trustees, and Key Employees$139,739$133,219$49,567$322,525
Fees for Services Legal-$291,581-$291,581
Insurance$109,673$99,732$42,436$251,841
Payroll Taxes$111,775$81,875$36,340$229,990
Office Expenses$90,866$78,227$58,551$227,644
Fees for Services Accounting-$56,603-$56,603
Occupancy$20,314$18,472$7,860$46,646
All Other Expenses$8,728$8,305$3,380$20,413
Fees for Service Investment Mgmnt Fees-$13,445-$13,445
Interest$3,090$2,810$1,195$7,095
Conferences and Meetings$714$649$276$1,639
Other Expenses$288,162$17,349$497$497
Travel$37-$139$176
Total Functional Expenses$9,557,751$2,702,315$1,260,422$13,520,488

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Audited Statements$13,699,933
Total Expenses per Form 990$13,520,488
Expenses per Audited Statements$13,507,043
Expenses Not Reported on Form 990$192,890
Expenses Not Reported on Financial Statements$13,445
International Activity

International Summary

Offices
0
Employees
5
Spending
$8,314,326

International Compliance

Activity in boycott countries
No
Foreign corporation ownership
Yes
Foreign partnership interest
No
Interest in foreign trust
No
Passive foreign investment company interest
No
Transfers to foreign corporations
No

International Activities

RegionActivityServicesOfficesEmployeesSpending
East Asia and the PacificProgram-related Investment-00$8,000,000
North AmericaProgram ServicesField Excursion01$176,040
Europe (including Iceland & Greenland)Program ServicesField Excursion02$116,466
Sub-saharan AfricaProgram ServicesField Excursion01$21,583
East Asia and the PacificProgram ServicesField Excursion01$237
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
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Capital Lease$17,618,498
Deferred Gain on Sale Leaseback of Vessel$1,577,940
Other Current Liabilities$120,627
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
Yes
Other officer compensation reviewed
Yes
Conflict-of-interest policy
Yes
Audited financial statements prepared
Yes
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

Form 990, Part VI, Section A, Line 7A

On june 4th, 2015, the institute entered into an affiliation agreement with colorado state university to help administer and supervise the academic component of the program, which includes but not limited to faculty approval, admissions criteria, course approval, library services, course registration, awarding course credits, and issuing transcripts. The university shall appoint, in consultation with the institute, up to two members of the university administration to act as non-voting, non-fiduciary observers at meetings of the institute governing board. Such observers shall be subject to requirements of confidentiality with respect to information learned at any meeting of the institute board of trustees, except that it is permitted and expected that the observers shall make regular and full reports to the university.

Form 990, Part VI, Section B, Line 11B

The form 990 is prepared by a certified public accounting firm. A draft is submitted to management for their review. Upon approval by management, the 990 is submitted to the board of directors for their review and approval prior to filing.

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

The institute for shipboard education (ise) devotes three pages of its employee policy manual to the area of "conflict of interest and business ethics." every full time employee of ise receives a copy of this manual when they are hired and must be accountable and adhere to all policies during the employment tenure. Each department vice president is responsible to ensure that all ise policies are followed in their specific department. In the event of a potential conflict, the interested person refrains from all discussions and vote on the matter. Ise board members are required to fill out a conflict of interest questionnaire on a routine basis. The board then reviews any conflicts of interest and the party with a conflict is abstained from voting in any matters related.

Form 990, Part VI, Section B, Line 15

The process for the president and other employees involves performing an analysis based on various salary survey publications, such as the college and university personnel association ("cupa") and the chronicle of higher education salary survey. The president and board of trustees executive committee approve all salary increases for all employees. The president/ceo's contract was prepared by a higher education attorney who specializes in senior management contracts. It was reviewed by the full board. The full board approves the contract of the president and the minutes from the meeting are documented.

Form 990, Part VI, Section C, Line 19

The organization provides copies of its governing instruments, conflict of interest policy and other matters to the public upon request.

Filing and Contact Details

Filer

Filer Name
Institute for Shipboard Education
EIN
95-3075415
Phone
9702364319
Address
2243 CENTRE AVENUE NO 300, FORT COLLINS, CO 80526

Signing Officer

Name
Bobby Barber
Title
CFO/VP of Finance
Phone
9702364319
Signed
2022-02-18
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Bobby Barber
Formed
1971
Legal Domicile
De
Voting Board Members
23
Independent Board Members
21
Employees
174
Volunteers
23

Preparer

Firm
Cherry Bekaert Llp
Address
1111 METROPOLITAN AVE STE 900, CHARLOTTE, NC 28204
Preparer
Amanda Adams
Phone
7043771678
Supplemental Narrative

Additional Explanations

FORM 990, PART XI, LINE 9:

Gain on foreign currency transaction 563. Bad debt expense -123,274. Allowance on pledges 69,784.

Financial Statement Notes

PART V, LINE 4:

The institute's endowment consists of funds established for a variety of purposes including scholarships and program operations. The percentage reported for permanent endowments includes amounts that must be maintained in perpetuity as well as accumulated earnings on such amounts that have not yet been appropriated for expenditure.

PART X, LINE 2:

Management has evaluated the effect of the guidance provided by u.s. Gaap on accounting for uncertainty in income taxes. Management believes that the institute continues to satisfy the requirements of a tax-exempt organization at may 31, 2021. Management has evaluated all other tax positions that could have a significant effect on the financial statements and determined that the institute had no uncertain income tax positions at may 31, 2021 and 2020. The institute is subject to audit by taxing jurisdictions; however, there are currently no audits for tax periods in progress.

PART XI, LINE 2D - OTHER ADJUSTMENTS:

Allowance on pledges 69,784. Gain on foreign currency translation 563.

PART XI, LINE 4B - OTHER ADJUSTMENTS:

Cost of goods sold reported net of revenues -39,550.

PART XII, LINE 2D - OTHER ADJUSTMENTS:

Bad debt expense 123,274. Cost of goods sold reported net of revenues 39,550.

Raw XML AppendixShowing 400 of 888 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/ActivityOrMissionDesc0THE INSTITUTE FOR SHIPBOARD EDUCATION ("THE INSTITUTE") ORGANIZES & ADMINISTERS THE SEMESTER AT SEA STUDY ABROAD PROGRAM WHICH OFFERS COLLEGE LEVEL COURSES IN CONJUNCTION WITH TRAVELING THE WORLD FOR A SEMESTER TO UNDERGRADS, GRADUATE STUDENTS, AND GAP YEAR STUDENTS. THE SEMESTER AT SEA PROGRAM IS ALSO OPEN TO LIFE LONG LEARNERS WHO ADD VALUE TO THE SHIP COMMUNITY. THE INSTITUTE DELIVERS THIS PROGRAM VIA A FLOATING VESSEL AND PLANS TWO VOYAGES TO COINCIDE WITH THE TRADITIONAL SEMIANNUAL SEMESTERS OFFERED BY MOST UNIVERSITIES. THE PROGRAM IS ACADEMICALLY SPONSORED BY OUR PARTNER COLORADO STATE UNIVERSITY AND ADMINISTERED BY THE INSTITUTE.
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IRS990/ContractorCompensationGrp/ContractorName/BusinessName/BusinessNameLine1Txt4HAMILTON MILLER & BIRTHISEL LLP
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IRS990/Desc0THE INSTITUTE FOR SHIPBOARD EDUCATION ORGANIZES & ADMINISTERS THE EDUCATIONAL SEMESTER AT SEA PROGRAM. UNDERGRAD STUDENTS TAKE COLLEGE LEVEL COURSES IN CONJUNCTION WITH TRAVELING THE WORLD FOR A SEMESTER. THE INSTITUTE PLANS TWO VOYAGES TO COINCIDE WITH THE TRADITIONAL SEMIANNUAL SEMESTERS OFFERED BY MOST UNIVERSITIES. THE PROGRAM IS ACADEMICALLY SPONSORED BY COLORADO STATE UNIVERSITY AND ADMINISTERED BY THE INSTITUTE. THE FALL 2020 AND SPRING 2021 VOYAGES WERE CANCELLED DUE TO THE ONGOING PANDEMIC.
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IRS990/MissionDesc0THE INSTITUTE'S MISSION IS TO EDUCATE INDIVIDUALS WITH THE GLOBAL UNDERSTANDING NECESSARY TO ADDRESS THE CHALLENGES OF OUR INTERDEPENDENT WORLD. WITH THE WORLD AS OUR CLASSROOM, OUR PROGRAMS INTEGRATE MULTIPLE-COUNTRY STUDY, INTERDISCIPLINARY COURSEWORK, AND EXPERIENTIAL LEARNING FOR MEANINGFUL ENGAGEMENT IN THE GLOBAL COMMUNITY.
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