Submarine Force Library & Museum Assoc
- Assets
- $2.9m
- Revenue
- $468.2k
- Investments
- $0.0
- Employees
- 13
- Location
- Groton, CT
- Founding
- 09/1973
- Data as of
- 12/2022
- EIN
- 23-7281074
Organization Overview
Submarine Force Library & Museum Assoc is located in Groton, CT. The organization was established in 1973. According to its NTEE Classification (A50) the organization is classified as: Museums, under the broad grouping of Arts, Culture & Humanities and related organizations. As of 12/2022, Submarine Force Library & Museum Assoc employed 13 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Submarine Force Library & Museum Assoc 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 12/2022, Submarine Force Library & Museum Assoc generated $468.2k 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 (4.3%) each year. All expenses for the organization totaled $408.2k during the year ending 12/2022. As we would expect to see with falling revenues, expenses have declined by (6.0%) per year over the past 8 years. 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 SUBMARINE FORCE LIBRARY AND MUSEUM ASSOCIATION, INC. WORKS IN CONJUNCTION WITH THE U.S.S. NAUTILUS MEMORIAL AND MUSEUM, TO PROMOTE AWARENESS, RECOGNITION AND PRIDE IN THE SUBMARINE FORCE AND ITS PLACE IN NAVAL OPERATIONS, PAST AND PRESENT.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE ASSOCIATION PROMOTES THE AWARENESS, RECOGNITION AND PRIDE IN THE SUBMARINE FORCE AND ITS PLACE IN NAVAL OPERATIONS, PAST AND PRESENT.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Kathy Lotring Executive Dir. | Officer | 40 | $71,963 |
Rdml Arnold Lotring Usn Ret Secretary | OfficerTrustee | 1 | $0 |
Alan Ruditzky Treasurer | OfficerTrustee | 1 | $0 |
Radm John B Padgett III Usn President | OfficerTrustee | 2 | $0 |
Marcy Pillsbury ESQ Vice President | OfficerTrustee | 1 | $0 |
Capt Arne C Johnson Usn Ret Director | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $58,000 |
| All other contributions, gifts, grants, and similar amounts not included above | $171,561 |
| Noncash contributions included in lines 1a–1f | $1,396 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $229,561 |
| Total Program Service Revenue | $0 |
| Investment income | $82,220 |
| 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 | $156,388 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $468,169 |
| 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. | $71,963 |
| Compensation of current officers, directors, key employees. | $57,570 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $112,929 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $15,516 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $25,516 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $9,478 |
| Advertising and promotion | $0 |
| Office expenses | $0 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $12,387 |
| 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 | $4,495 |
| Insurance | $13,176 |
| All other expenses | $53,490 |
| Total functional expenses | $408,234 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $339,631 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $815 |
| 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 | $116,355 |
| Prepaid expenses and deferred charges | $5,026 |
| Net Land, buildings, and equipment | $11,133 |
| Investments—publicly traded securities | $2,409,347 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $2,882,307 |
| Accounts payable and accrued expenses | $27,376 |
| 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 | $27,376 |
| Net assets without donor restrictions | $2,854,931 |
| 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 | $0 |
| Total liabilities and net assets/fund balances | $2,882,307 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that Submarine Force Library & Museum Assoc has recieved totaling $1,000.
| Awarding Organization | Amount |
|---|---|
Nickolas And Germaine Milanytch Family Foundation Trust North Port, FL PURPOSE: SUPPORT FOR MUSEUM | $1,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Peabody Essex Museum Inc Salem, MA | $834,878,169 | $57,993,478 |
The Corning Museum Of Glass Corning, NY | $73,662,076 | $31,481,253 |
Intrepid Museum Foundation Inc New York, NY | $107,274,514 | $23,304,017 |
Jewish Museum New York, NY | $170,221,432 | $22,874,963 |
Mystic Seaport Museum Inc Mystic, CT | $122,267,932 | $26,794,983 |
The Paley Center For Media New York, NY | $149,800,581 | $16,736,827 |
Stone Barns Restoration Corp Pocantico Hills, NY | $107,933,883 | $7,964,721 |
Margaret Woodbury Strong Museum Rochester, NY | $223,670,725 | $24,556,351 |
The Studio Museum In Harlem New York, NY | $153,708,532 | $40,471,884 |
The Maritime Aquarium At Norwalk Inc South Norwalk, CT | $19,089,489 | $11,308,442 |
George Eastman Museum Rochester, NY | $59,825,841 | $12,306,953 |
Naismith Memorial Basketball Hall Of Fame Inc 1150 West Columbus Ave Springfield, MA | $33,159,743 | $5,379,532 |