Midshipmans Foundation
- Assets
- $3.0m
- Revenue
- $216.7k
- Investments
- $0.0
- Employees
- 0
- Location
- Austin, TX
- Founding
- 03/1971
- Data as of
- 12/2023
- EIN
- 23-7100496
Organization Overview
Midshipmans Foundation is located in Austin, TX. The organization was established in 1971. According to its NTEE Classification (T20) the organization is classified as: Private Grantmaking Foundations, under the broad grouping of Philanthropy, Voluntarism & Grantmaking Foundations and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Midshipmans Foundation 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, Midshipmans Foundation generated $216.7k in total revenue. The organization has seen a slow decline revenue. Over the past 5 years, revenues have fallen by an average of (1.5%) each year. All expenses for the organization totaled $138.8k during the year ending 12/2023. 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
PROVIDE FINANCIAL AID AND MERITORIOUS SWORD AWARDS TO MIDSHIPMEN AND OFFICER CANDIDATES AT THE NROTC UNIT UNIVERSITY OF TEXAS AT AUSTIN
Describe the Organization's Program Activity:
Part 3 - Line 4a
CASH SCHOLARSHIPS AWARDED
TRAINING AND LEADERSHIP EDUCATION SUPPORT TO UNIVERSITY OF TEXAS NROTC STUDENTS
FRESHMAN EDUCATION AWARDS
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Gabriel R Salazar Chairman | OfficerTrustee | 5 | $0 |
Rodney C Koenig President | OfficerTrustee | 5 | $0 |
Robert L Collins Vicechairman | OfficerTrustee | 5 | $0 |
David M Wells Secretary | OfficerTrustee | 10 | $0 |
Danny T O'neil Treasurer | OfficerTrustee | 10 | $0 |
Robert L Gartner Director | Trustee | 4 | $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 | $109,371 |
| Noncash contributions included in lines 1a–1f | $24,926 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $109,371 |
| Total Program Service Revenue | $0 |
| Investment income | $107,330 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $216,701 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $116,609 |
| 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 | $0 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $19,195 |
| Fees for services: Other | $0 |
| Advertising and promotion | $2,152 |
| Office expenses | $0 |
| 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 | $0 |
| Insurance | $803 |
| All other expenses | $0 |
| Total functional expenses | $138,759 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $110,383 |
| Savings and temporary cash investments | $0 |
| 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 | $0 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $2,850,001 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $2,960,384 |
| Accounts payable and accrued expenses | $0 |
| 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 | $0 |
| Net assets without donor restrictions | $2,960,384 |
| Net assets with donor restrictions | $0 |
| 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 | $2,960,384 |
| Total liabilities and net assets/fund balances | $2,960,384 |