American Bureau Of Shipping
- Assets
- $1.9b
- Revenue
- $487.8m
- Investments
- $186.5m
- Employees
- 1,363
- Location
- Spring, TX
- Founding
- 06/1919
- Data as of
- 12/2022
- EIN
- 13-4921556
Organization Overview
American Bureau Of Shipping is located in Spring, TX. The organization was established in 1919. According to its NTEE Classification (S41) the organization is classified as: Chambers of Commerce & Business Leagues, under the broad grouping of Community Improvement & Capacity Building and related organizations. As of 12/2022, American Bureau Of Shipping employed 1,363 individuals. This organization is the central organization for a national or regional group of organizations. American Bureau Of Shipping is a 501(c)(6) and as such, is described as a "Business League, Chambers of Commerce, or Real Estate Board" by the IRS.
For the year ending 12/2022, American Bureau Of Shipping generated $487.8m in total revenue. This represents a relatively dramatic decline in revenue. Over the past 8 years, the organization has seen revenues fall by an average of (4.0%) each year. All expenses for the organization totaled $427.4m during the year ending 12/2022. As we would expect to see with falling revenues, expenses have declined by (3.9%) per year over the past 8 years. You can explore the organizations financials more deeply in the financial statements section below.
Since 2014, American Bureau Of Shipping has awarded 143 individual grants totaling $10,608,620. 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
2022
Describe the Organization's Mission:
Part 3 - Line 1
TO PROMOTE THE SAFETY OF LIFE AND PROPERTY AND TO PRESERVE THE NATURAL ENVIRONMENT.
Describe the Organization's Program Activity:
Part 3 - Line 4a
AS A CLASSIFICATION SOCIETY FOUNDED IN 1862, THE CORE COMMITMENT OF ABS HAS BEEN SETTING SAFETY STANDARDS FOR THE MARINE AND OFFSHORE INDUSTRIES. THIS IS ACHIEVED THROUGH THE ESTABLISHMENT AND APPLICATION OF TECHNICAL STANDARDS, KNOWN AS RULES, FOR THE DESIGN, CONSTRUCTION, AND OPERATIONAL MAINTENANCE OF SHIPS AND MARINE RELATED FACILITIES. CLASSIFICATION IS THE PROCESS THAT CERTIFIES ADHERENCE TO THESE RULES, COMPRISING TECHNICAL DESIGN REVIEW, CONSTRUCTION MONITORING, AND ONGOING SURVEY OF SHIPS AND MARINE RELATED FACILITIES OVER THEIR OPERATING LIFE AND THE MAINTENANCE OF THE ABS RECORD. THESE ACTIVITIES ARE CONDUCTED THROUGH A NETWORK OF OFFICES IN OVER 60 COUNTRIES.TOGETHER WITH CLASSIFICATION SERVICES, THE COMPANY PROVIDES STATUTORY AUDIT SERVICES ON BEHALF OF CERTAIN REGULATORS AND FLAG STATE REGISTRIES IN OVER 100 COUNTRIES.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Christopher J Wiernicki Chairman, President And CEO | OfficerTrustee | 40 | $2,965,585 |
David W Grzebinski Director | Trustee | 1 | $210,000 |
Craig H Stevenson Jr Director | Trustee | 1 | $210,000 |
Elizabeth D Whitaker Director | Trustee | 1 | $210,000 |
Louis A Raspino Jr Director | Trustee | 1 | $200,000 |
Michael L Carthew Director | Trustee | 1 | $230,000 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
David R Nix Dba Akoimatos Llc It Consulting Services | 12/30/22 | $1,566,500 |
Alvarez & Marsal Consulting Services | 12/30/22 | $972,926 |
System One Holdings Llc Professional Services | 12/30/22 | $1,433,867 |
Core Recruitment Llc Staffing Services | 12/30/22 | $816,908 |
Pricewaterhousecoopers Llp Auditing Services | 12/30/22 | $611,200 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $0 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $0 |
| Total Program Service Revenue | $428,260,487 |
| Investment income | $38,204,853 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $20,463,545 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $487,783,327 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $956,131 |
| Grants and other assistance to domestic individuals. | $5,000 |
| Grants and other assistance to Foreign Orgs/Individuals | $202,242 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $20,978,011 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $182,768,272 |
| Pension plan accruals and contributions | $4,569,212 |
| Other employee benefits | $24,269,762 |
| Payroll taxes | $13,255,234 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $1,106,264 |
| Fees for services: Accounting | $2,126,476 |
| Fees for services: Lobbying | $33,755 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $6,149,171 |
| Fees for services: Other | $41,312,785 |
| Advertising and promotion | $462,459 |
| Office expenses | $1,925,502 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $22,944,023 |
| Travel | $8,883,581 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $1,610,103 |
| Interest | $139,436 |
| Payments to affiliates | $37,061,525 |
| Depreciation, depletion, and amortization | $12,084,310 |
| Insurance | $12,102,399 |
| All other expenses | -$17,087,382 |
| Total functional expenses | $427,437,389 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $83,435,390 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $145,860,545 |
| 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 | $23,349,954 |
| Net Land, buildings, and equipment | $35,117,121 |
| Investments—publicly traded securities | $1,175,527,434 |
| Investments—other securities | $186,454,713 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $268,041,758 |
| Total assets | $1,917,786,915 |
| Accounts payable and accrued expenses | $61,083,042 |
| Grants payable | $0 |
| Deferred revenue | $93,499,602 |
| 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 | $170,661,100 |
| Total liabilities | $325,243,744 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $1,592,543,171 |
| 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 | $1,917,786,915 |
Grants Awarded
Over the last fiscal year, American Bureau Of Shipping has awarded $956,131 in support to 19 organizations.
| Grant Recipient | Amount |
|---|---|
CALIFORNIA MARITIME ACADEMY PURPOSE: ABS 2022 Scholarships for tuition and books. | $30,000 |
COLORADO SCHOOL OF MINES PURPOSE: ABS 2022 Scholarships for tuition and books. | $40,000 |
MAINE MARITIME ACADEMY PURPOSE: ABS 2022 Scholarships for tuition and books. | $60,000 |
MASSACHUSETTS INSTITUTE OF TECHNOLOGY PURPOSE: ABS 2022 Scholarships for tuition and books. | $60,000 |
STEVENS INSTITUTE OF TECHNOLOGY PURPOSE: ABS 2022 Scholarships for tuition and books. | $50,000 |
MASSACHUSETTS MARITIME ACADEMY PURPOSE: ABS 2022 Scholarships for tuition and books. | $60,000 |