Boston Marine Society
- Assets
- $24.4m
- Revenue
- $630.7k
- Investments
- $1.1m
- Employees
- 3
- Location
- Boston, MA
- Founding
- 09/1938
- Data as of
- 12/2023
- 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 12/2023, Boston Marine Society employed 3 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 12/2023, Boston Marine Society generated $630.7k in total revenue. The organization has seen a slow decline revenue. Over the past 9 years, revenues have fallen by an average of (1.9%) each year. All expenses for the organization totaled $904.5k during the year ending 12/2023. You can explore the organizations financials more deeply in the financial statements section below.
Since 2014, Boston Marine Society has awarded 89 individual grants totaling $854,550. 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
2023
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.
CONFERENCES AND MEETINGS TO PROVIDE A FORUM FOR THE DISCUSSION OF THE COAST AND TO PROMOTE PUBLIC AWARENESS 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.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Captain Peter J Lawrence Trustee | Trustee | 2 | $0 |
Captain Stefan J Palmer Trustee | Trustee | 2 | $0 |
Captain Bruce F Porter Trustee | Trustee | 2 | $0 |
Captain Andrew Triandafilou Trustee | Trustee | 2 | $0 |
Captain Michael R Burns Jr Secretary | Trustee | 2 | $0 |
Captain Robert A Kolofsky Trustee Emeritus | Trustee | 2 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $1,345 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $21,140 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $22,485 |
| Total Program Service Revenue | $9,730 |
| Investment income | $594,815 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $3,669 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $630,699 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $102,500 |
| Grants and other assistance to domestic individuals. | $81,500 |
| 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 | $115,705 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $4,588 |
| Payroll taxes | $8,390 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $1,925 |
| Fees for services: Accounting | $21,462 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $139,363 |
| Fees for services: Other | $0 |
| Advertising and promotion | $0 |
| Office expenses | $20,492 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $155,613 |
| Travel | $9,937 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $112,660 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $2,954 |
| Insurance | $50,864 |
| All other expenses | $256 |
| Total functional expenses | $904,538 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $22,653 |
| Savings and temporary cash investments | $64,185 |
| 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 | $38,115 |
| Net Land, buildings, and equipment | $8,367 |
| Investments—publicly traded securities | $22,224,617 |
| Investments—other securities | $1,093,525 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $958,502 |
| Total assets | $24,409,964 |
| Accounts payable and accrued expenses | $11,997 |
| 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 | $206,087 |
| Total liabilities | $218,084 |
| Net assets without donor restrictions | $23,555,594 |
| 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 | $24,409,964 |
Grants Awarded
Over the last fiscal year, Boston Marine Society has awarded $50,000 in support to 3 organizations.
| Grant Recipient | Amount |
|---|---|
MASSACHUSETTS MARITIME ACADEMY PURPOSE: REPLACE WIRING, UPGRADE CONTROLS, UPGRADE VHF RADIOS AND ANTENNAS, INSTALL NEW GPS IN MODELS | $20,000 |
PENOBSCOT MARINE MUSEUM PURPOSE: UP-KEEP OF EL FARO SALUTE SITE | $10,000 |
MAINE MARITIME ACADEMY PURPOSE: UPGRADE OF ECS AND RADAR UNITS OF T/V SUSAN CLARK | $20,000 |