Portsmouth Submarine Memorial Association
- Assets
- $1.9m
- Revenue
- $374.4k
- Investments
- $0.0
- Employees
- 0
- Location
- Portsmouth, NH
- Founding
- 09/1983
- Data as of
- 12/2022
- EIN
- 02-0364509
Organization Overview
Portsmouth Submarine Memorial Association, operating under the name Albacore Park, is located in Portsmouth, NH. The organization was established in 1983. According to its NTEE Classification (A54) the organization is classified as: History Museums, under the broad grouping of Arts, Culture & Humanities and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Albacore Park is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
For the year ending 12/2022, Albacore Park generated $374.4k in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 5.8% each year. All expenses for the organization totaled $456.2k during the year ending 12/2022. While expenses have increased by 9.9% per year over the past 8 years. They've been increasing with an increasing level of total revenue. You can explore the organizations financials more deeply in the financial statements section below.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2022
Describe the Organization's Mission:
Part 3 - Line 1
TO EDUCATE THE PUBLIC ABOUT THE MARITIME HISTORY OF THE PISCATAQUA RIVER BASIN, AND THE SIGNIFICANCE OF THE PORTSMOUTH NAVAL SHIPYARD AND THE U.S. NAVY'S SUBMARINE SERVICE. IT'S MOST SIGNIFICANT ACTIVITY IS THE DISPLAY OF A SUBMARINE, THE FORMER USS ALBACORE, AND AN ASSOCIATED MUSEUM.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE FORMER USS ALBACORE IS SITUATED IN A DRY BASIN IN ALBACORE PARK WHERE THE GENERAL PUBLIC CAN ENTER AND WALK THROUGH IT, TOUCH AND OPERATE EQUIPMENT, AND LISTEN TO AUDIO EXPLANATIONS AT NUMEROUS LOCATIONS INSIDE AND OUTSIDE THE VESSEL. THERE IS A SMALL MUSEUM BUILDING WITH DISPLAYS RELATING TO THE SUBMARINE'S HISTORY, SUBMARINE DESIGN AND THE PORTSMOUTH NAVAL SHIPYARD. ATTENDANCE AT THE PARK WAS 38,276 VISITORS. A VARITEY OF EDUCATIONAL PROGRAMS FOCUSING ON THE MARITIME ENVIRONMENT OF THE PISCATAQUA RIVER BASIN INCLUDING LECTURES, WORKSHOPS, DEVELOPMENT OF TOOLS FOR STEM EDUCATORS, AND DAY CAMPS WERE CONDUCTED.
A MEMORIAL GARDEN IS LOCATED WITHIN THE PARK WITH MONUMENTS DISPLAYING THE NAMES OF SUBMARINES LOST IN WORLD WAR II INCLUDING THE CREW OF THE CURRENT SUBMARINE'S NAMESAKE, USS ALBACORE (SS218). MOST VISITORS TO THE PARK ALSO VISITED THE GARDEN.
A MAJOR PROJECT TO PROVIDE FOR LONG TERM PRESERVATION OF THE SUBMARINE'S EXTERNAL HULL WAS COMPLETED. THE WORK INCLUDED SEALING VARIOUS OPENINGS TO PREVENT BIRDS NESTING, COMPLETE CLEANING OF ALL EXTERIOR SURFACES, AND REPAINTING WITH A LONG LIVED SPECIAL COATING.THE TOTAL COSTS INCURRED ON THIS PROJECT WERE $413,598 WHICH HAS BEEN CAPITALIZED AND IS BEING DEPRECIATED OVER THE ESTIMATED USEFUL LIFE OF FIFTEEN YEARS.
SPECIAL EVENTS CONDUCTED DURING THE YEAR INCLUDED A DAY LONG NAVAL HISTORY DAY PROGRAM IN SEPTMBER AND A WREATHS AROUND AMERICA MEMORIAL SERVICE IN DECEMBER.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Kenneth Latchaw President | OfficerTrustee | 12 | $0 |
Lawrence Herrick Vice President | OfficerTrustee | 16 | $0 |
Gary Woods Secretary | OfficerTrustee | 5 | $0 |
Philip Munck Treasurer | OfficerTrustee | 20 | $0 |
Joseph Freda Director | Trustee | 5 | $0 |
Kenneth Linscott Director | Trustee | 8 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $7,225 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $13,522 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $20,747 |
| Total Program Service Revenue | $286,937 |
| Investment income | $1,317 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $65,399 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $374,400 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $59,155 |
| Compensation of current officers, directors, key employees. | $20,704 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $132,014 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $140 |
| Fees for services: Accounting | $10,640 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $16,905 |
| Advertising and promotion | $20,731 |
| Office expenses | $15,877 |
| Information technology | $14,856 |
| Royalties | $0 |
| Occupancy | $52,513 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $2,554 |
| Interest | $528 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $121,638 |
| Insurance | $0 |
| All other expenses | $127 |
| Total functional expenses | $456,202 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $32,561 |
| Savings and temporary cash investments | $360,127 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $26,091 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $1,491,663 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $1,910,442 |
| Accounts payable and accrued expenses | $2,360 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $2,360 |
| Net assets without donor restrictions | $1,902,799 |
| Net assets with donor restrictions | $5,283 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $0 |
| Total liabilities and net assets/fund balances | $1,910,442 |