The Gloucester Adventure Inc
- Assets
- $2.3m
- Revenue
- $745.9k
- Investments
- $0.0
- Employees
- 17
- Location
- Gloucester, MA
- Founding
- 11/1992
- Data as of
- 12/2023
- EIN
- 04-3020719
Organization Overview
The Gloucester Adventure Inc is located in Gloucester, MA. The organization was established in 1992. According to its NTEE Classification (A54) the organization is classified as: History Museums, under the broad grouping of Arts, Culture & Humanities and related organizations. As of 12/2023, Gloucester Adventure Inc employed 17 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Gloucester Adventure Inc 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 12/2023, Gloucester Adventure Inc generated $745.9k in total revenue. This represents relatively stable growth, over the past 9 years the organization has increased revenue by an average of 3.2% each year. All expenses for the organization totaled $784.4k during the year ending 12/2023. While expenses have increased by 2.2% per year over the past 9 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
2023
Describe the Organization's Mission:
Part 3 - Line 1
TO INFORM THE GENERAL PUBLIC ABOUT SCHOONERS AND THEIR PLACE IN HISTORY. FURTHER, THE PRESERVATION OF THE SCHOONER ADVENTURE.
Describe the Organization's Program Activity:
Part 3 - Line 4a
TO PRESERVE THE SCHOONER ADVENTURE AS A LIVING SYMBOL OF AMERICA'S MARITIME HERITAGE, AND AS A COMMUNITY RESOURCE FOR EDUCATIONAL PROGRAMMING FOCUSING ON MARITIME,CULTURAL, AND ENVIRONMENTAL ISSUES
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
John Morris President | OfficerTrustee | 10 | $0 |
William Barton Director | Trustee | 8 | $0 |
Tom Dexter Secretary | OfficerTrustee | 2 | $0 |
Greg Bover Director | Trustee | 20 | $0 |
Susannah Winder Director | Trustee | 2 | $0 |
William Whitney Director | Trustee | 2 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $6,649 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $486,567 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $493,216 |
| Total Program Service Revenue | $123,505 |
| Investment income | $2,186 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $130,452 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | -$3,497 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $745,862 |
| 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. | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $348,416 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $33,728 |
| Payroll taxes | $35,814 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $8,775 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $2,490 |
| Advertising and promotion | $13,841 |
| Office expenses | $4,078 |
| Information technology | $6,909 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $18,625 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $154,368 |
| Insurance | $57,970 |
| All other expenses | $15,198 |
| Total functional expenses | $784,380 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $148,231 |
| Savings and temporary cash investments | $10,124 |
| Pledges and grants receivable | $33,881 |
| Accounts receivable, net | $1,500 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $5,808 |
| Prepaid expenses and deferred charges | $4,006 |
| Net Land, buildings, and equipment | $2,052,561 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $2,256,111 |
| Accounts payable and accrued expenses | $90,078 |
| Grants payable | $0 |
| Deferred revenue | $13,107 |
| 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 | $226,583 |
| Unsecured mortgages and notes payable | $150,000 |
| Other liabilities | $0 |
| Total liabilities | $479,768 |
| Net assets without donor restrictions | $1,766,219 |
| Net assets with donor restrictions | $10,124 |
| 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 | $2,256,111 |