Boston Marine Society
- Assets
- $26.2m
- Revenue
- $1.9m
- Investments
- $1.3m
- Employees
- 2
- Location
- Boston, MA
- Founding
- 09/1938
- Data as of
- 12/2021
- EIN
- 04-2139204
Organization Overview
Boston Marine Society is located in Boston, MA. The organization was established in 1938. According to its NTEE Classification (P60) the organization is classified as: Emergency Assistance, under the broad grouping of Human Services and related organizations. As of 12/2021, Boston Marine Society employed 2 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Boston Marine Society is a 501(c)(4) and as such, is described as a "Civic League, Social Welfare Organization, and Local Association of Employees" by the IRS.
For the year ending 12/2021, Boston Marine Society generated $1.9m in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 14.4% each year . All expenses for the organization totaled $731.8k during the year ending 12/2021. You can explore the organizations financials more deeply in the financial statements section below.
Since 2014, Boston Marine Society has awarded 73 individual grants totaling $660,550. If you would like to learn more about the grant giving history of this organization, scroll down to the grant profile section of this page.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2021
Describe the Organization's Mission:
Part 3 - Line 1
PROMOTE KNOWLEDGE OF THE COAST, RELIEVE MEMBERS & FAMILIES OF POVERTY & FINANCIALLY ASSIST IN THE EDUCATION & TRAINING OF MARITIME ACADEMY STUDENTS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
SCHOLARSHIPS AND MEMORIAL FUNDS GRANTED TO MARITIME ACADEMIES AND OTHERS ASSOCIATED WITH THE EDUCATION AND PRESERVATION OF THE COAST.
FINANCIAL AID AND ASSISTANCE TO MEMBERS & FAMILIES IN POVERTY.
OTHER EXPENSES TO MAINTAIN HISTORICAL ASSETS HELD BY THE SOCIETY THAT ARE USED TO EDUCATE THE PUBLIC ABOUT THE COAST.
CONFERENCES AND MEETINGS TO PROVIDE A FORUM FOR THE DISCUSSION OF THE COAST AND TO PROMOTE PUBLIC AWARENESS OF THE COAST.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Lisa V Walsh Executive Director | 40 | $115,221 | |
Captain Richard R Cunio Treasurer | OfficerTrustee | 2 | $0 |
Captain Martin E Conroy Jr Secretary | OfficerTrustee | 2 | $0 |
Captain Charles G Gifford President | OfficerTrustee | 2 | $0 |
Captain John F Mulderig Vice President | OfficerTrustee | 2 | $0 |
Martha R Bagley ESQ Assistant Secretary/treasu | OfficerTrustee | 2 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $795 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $65,547 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $66,342 |
| Total Program Service Revenue | $0 |
| Investment income | $480,826 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $1,366,608 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $1,915,331 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $105,000 |
| Grants and other assistance to domestic individuals. | $79,500 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $112,928 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $4,083 |
| Payroll taxes | $8,997 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $938 |
| Fees for services: Accounting | $19,031 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $151,681 |
| Fees for services: Other | $0 |
| Advertising and promotion | $0 |
| Office expenses | $5,959 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $134,172 |
| Travel | $1,634 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $24,565 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $4,488 |
| Insurance | $47,111 |
| All other expenses | $250 |
| Total functional expenses | $731,843 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $10,530 |
| Savings and temporary cash investments | $372,727 |
| 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 | $0 |
| Prepaid expenses and deferred charges | $40,324 |
| Net Land, buildings, and equipment | $15,759 |
| Investments—publicly traded securities | $23,658,275 |
| Investments—other securities | $1,306,073 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $758,917 |
| Total assets | $26,162,605 |
| Accounts payable and accrued expenses | $50,893 |
| 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 | $50,893 |
| Net assets without donor restrictions | $25,475,426 |
| Net assets with donor restrictions | $636,286 |
| 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 | $26,162,605 |
Grants Awarded
Over the last fiscal year, Boston Marine Society has awarded $75,000 in support to 8 organizations.
| Grant Recipient | Amount |
|---|---|
Buzzards Bay, MA PURPOSE: PURCHASE OF CELESTIAL NAVIGATION SOFTWARE AND REPLACEMENT OF SURVIVAL SUITS | $20,000 |
Castine, ME PURPOSE: INSTALLATION COSTS FOR COMPLETION AND UPGRADE OF T/V SUSAN CLARK | $20,000 |
Boston, MA PURPOSE: TO ASSIST IN GENERAL OPERATIONSTO SUPPORT THE MARITIME ADVENTURES PROGRAM | $10,000 |
East Boston, MA PURPOSE: SUPPORT INCLUSIVE YOUTH DEVELOPMENT PROGRAMS | $5,000 |
Salem, MA PURPOSE: EXPAND STUDENT REACH PROGRAM | $5,000 |
PROPELLER CLUB PURPOSE: HELP WITH PROMOTING THE RELATIONSHIPS THAT ASSIST WITH PORT OPERATIONS AND SAFETY | $5,000 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that Boston Marine Society has recieved totaling $45,547.
| Awarding Organization | Amount |
|---|---|
Trust Uw Elisha V Ashton C/O Choate Hall & Stewart Boston, MA PURPOSE: GENERAL | $45,547 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Springfield Rescue Mission Inc Springfield, MA | $3,518,136 | $17,540,773 |
Good Plus Foundation Inc New York, NY | $6,013,741 | $13,844,054 |
Ocean State Job Lot Charitable Foundation North Kingstown, RI | $5,018,116 | $7,935,020 |
Greg Hill Foundation Woburn, MA | $6,630,527 | $13,875,487 |
Caties Closet Inc Dracut, MA | $4,577,081 | $8,342,538 |
My Brothers Keeper Inc South Easton, MA | $7,204,366 | $7,147,768 |
Afya Foundation Inc Yonkers, NY | $5,777,434 | $5,238,210 |
Friendly House Inc Worcester, MA | $3,296,125 | $6,043,839 |
Rhode Island Rescue Ministries Providence, RI | $741,664 | $4,494,936 |
National Basketball Players Assoc Foundation New York, NY | $40,266,235 | $3,599,833 |
Bridge Fund Of New York Inc New York, NY | $5,307,792 | $4,504,357 |
Blue Card Inc New York, NY | $3,666,772 | $3,534,542 |