Ma Maritime Academy Foundation Inc
- Assets
- $42.1m
- Revenue
- $7.1m
- Investments
- $32.2m
- Employees
- 0
- Location
- Buzzards Bay, MA
- Founding
- 06/1969
- Data as of
- 06/2022
- EIN
- 23-7025807
Organization Overview
Ma Maritime Academy Foundation Inc is located in Buzzards Bay, MA. The organization was established in 1969. According to its NTEE Classification (B42) the organization is classified as: Undergraduate Colleges, under the broad grouping of Education and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. MA Maritime Academy Foundation 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 06/2022, MA Maritime Academy Foundation Inc generated $7.1m in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 17.8% each year . All expenses for the organization totaled $1.5m during the year ending 06/2022. While expenses have increased by 8.4% per year over the past 7 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
THE MASSACHUSETTS MARITIME ACADEMY FOUNDATION EXISTS TO PROMOTE THE GENERAL WELFARE, ACADEMIC POSTURE, AND QUALITY OF LIFE OF THE REGIMENT OF CADETS BY GENERATING AND MANAGING PRIVATE FUNDS TO SUPPORT THE MISSION OF THE MASSACHUSETTS MARITIME ACADEMY. THE FOUNDATION'S MISSIONS IS TO ENHANCE OUR GRADUATES' PREEMINENT LEADERSHIP QUALIFICATIONS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
SCHOLARSHIPS AWARDED TO ACADEMY STUDENTS AND EXPENSES RELATED TO RECEIVING AND ACCOUNTING FOR DONATIONS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Brendan O'connor Chair | OfficerTrustee | 1 | $0 |
William Walker Vice Chair | OfficerTrustee | 1 | $0 |
James Sanislow Secretary | OfficerTrustee | 1 | $0 |
David Smith Treasurer | OfficerTrustee | 1 | $0 |
Brian Fournier Board Member | Trustee | 1 | $0 |
William Dicroce Board Member | Trustee | 1 | $0 |
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 | $5,276,872 |
| Noncash contributions included in lines 1a–1f | $35,081 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $5,276,872 |
| Total Program Service Revenue | $0 |
| Investment income | $533,996 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $1,199,347 |
| Net Income from Fundraising Events | $72,838 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $7,083,053 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $1,019,960 |
| 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 | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $14,938 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $158,156 |
| Fees for services: Other | $0 |
| Advertising and promotion | $0 |
| Office expenses | $6,175 |
| Information technology | $0 |
| 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 | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $16,053 |
| Insurance | $612 |
| All other expenses | $0 |
| Total functional expenses | $1,459,370 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $3,442,517 |
| Pledges and grants receivable | $3,783,843 |
| Accounts receivable, net | $74,779 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $137,764 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $2,458,063 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $32,203,498 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $42,100,464 |
| Accounts payable and accrued expenses | $249,019 |
| 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 | $4,455 |
| Total liabilities | $253,474 |
| Net assets without donor restrictions | $16,140,936 |
| Net assets with donor restrictions | $25,706,054 |
| 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 | $42,100,464 |
Grants Recieved
Over the last fiscal year, we have identified 13 grants that Ma Maritime Academy Foundation Inc has recieved totaling $99,552.
| Awarding Organization | Amount |
|---|---|
American Bureau Of Shipping Spring, TX PURPOSE: ABS 2021 Scholarships for tuition and books. | $50,000 |
Boston Marine Society Boston, MA PURPOSE: PURCHASE OF CELESTIAL NAVIGATION SOFTWARE AND REPLACEMENT OF SURVIVAL SUITS | $20,000 |
National Cargo Bureau Inc New York, NY PURPOSE: ANNUAL SCHOLARSHIP | $15,000 |
Ayco Charitable Foundation Cohoes, NY PURPOSE: EDUCATION | $8,250 |
Verizon Foundation Basking Ridge, NJ PURPOSE: MIP PAYOUT FOR 04/07/21 | $2,000 |
Amica Companies Foundation Lincoln, RI PURPOSE: GENERAL PURPOSE | $1,750 |
Endowment Analysis
| Beg. Balance | $17,216,729 |
| Earnings | -$866,006 |
| Admin Expense | $938,039 |
| Net Contributions | $3,517,851 |
| Ending Balance | $18,930,535 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Marlboro College Foxborough, MA | $37,753,712 | $8,202,208 |
Boricua College New York, NY | $59,386,544 | $9,310,938 |
Purchase College Association Inc Suny College At Purchase Purchase, NY | $7,359,023 | $12,412,930 |
Bard College Berlin A Liberal Arts University Ggmbh Annandaleonhudson, NY | $6,902,665 | $9,754,938 |
Sattler College Inc Boston, MA | $4,505,835 | $11,233,247 |
Sterling College Craftsbury Common, VT | $8,938,081 | $9,817,486 |
Hebrew College Newton, MA | $18,470,927 | $14,279,250 |
Fei Tian College Cuddebackville, NY | $23,027,384 | $17,138,947 |
Goddard College Corporation Plainfield, VT | $9,435,038 | $9,382,113 |
Glasgow Caledonian New York College New York, NY | $1,610,986 | $5,230,742 |
Thomas More College Of Liberal Arts Incorporated Merrimack, NH | $7,226,691 | $5,235,090 |
Morrisville College Foundation Inc Morrisville, NY | $23,531,856 | $5,429,338 |