Steamer Virginia V Foundation Inc is located in Seattle, WA. The organization was established in 1977. According to its NTEE Classification (A82) the organization is classified as: Historical Societies & Historic Preservation, under the broad grouping of Arts, Culture & Humanities and related organizations. As of 12/2022, Steamer Virginia V Foundation Inc employed 10 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Steamer Virginia V 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 12/2022, Steamer Virginia V Foundation Inc generated $1.1m in total revenue. This organization has experienced exceptional growth, as over the past 6 years, it has increased revenue by an average of 18.8% each year . All expenses for the organization totaled $622.2k during the year ending 12/2022. While expenses have increased by 3.3% per year over the past 6 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
RESTORATION, PRESERVATION, OPERATION, AND INTERPRETATION OF THE NATIONAL HISTORIC LANDMARK VESSEL STEAMER VIRGINIA V, THE LARGEST OPERATIONAL WOODEN STEAMBOAT IN THE UNITED STATES. THE VESSEL IS USED FOR PUBLIC EVENTS, EDUCATION PROGRAMS, AND PRIVATE CHARTERS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
RESTORATION/PRESERVATION: ON JULY 2, 2022, VIRGINIA V DEPARTED THE SHIPYARD AFTER 16-1/2 MONTHS, INCLUDING 15-1/2 MONTHS IN THE DRYDOCK FOR STRUCTURAL RENEWALS TO THE HULL. COMPLETING REMOVAL OF DECAYED WOOD AND INSTALLATION OF REPLACEMENTS BEGUN IN 2021, THE SHIPYARD REPLACED THE STEM, 82 SECTIONS OF PLANKING TOTAL, SECTIONS OF THREE CLAMPS (LONGITUDINAL, STRUCTURAL TIMBERS ON THE INSIDE OF THE HULL), THE GUARDS ON BOTH SIDES FORWARD OF THE CARGO DOORS, AND ALL OR PORTIONS OF THE FRAMES ALONG THE LENGTH OF THE STARBOARD SIDE AND THE FORWARD ONE-THIRD OF THE PORT SIDE. ALL NEW WOOD IS FIRST GROWTH DOUGLAS FIR, THE SAME AS USED WHEN THE SHIP WAS CONSTRUCTED IN 1922. ALL HULL SEAMS, NEW AND EXISTING, WERE REEFED AND RE-CAULKED WITH TWO ROWS OF COTTON, TWO ROWS OF OAKUM, AND A LAYER OF PORTLAND CEMENT. THE YARD ALSO REPAINTED THE HULL AND EXTERIOR OF THE DECK HOUSE, WHILE SHIP'S CREW REPAINTED TOPSIDE TRIM AND A PORTION OF THE BOAT DECK. AT THE DIRECTION OF THE US COAST GUARD, A STABILITY STUDY WAS CONDUCTED ON THE VESSEL AFTER THE DRYDOCKING TO ACCOUNT FOR ANY CHANGES FROM MODIFICATIONS OVER THE LAST 20 YEARS. IN ADDITION, THE FOUNDATION MADE PRELIMINARY ARRANGEMENTS WITH THE USCG TO CONDUCT AN ALTERNATE HULL EXAMINATION BY DIVER IN LIEU OF SCHEDULED HAUL-OUT IN 2023. UNDERWATER HULL FITTINGS WERE ALL CAREFULLY MARKED TO FACILITATE THIS INSPECTION. ON THE ENGINEERING SIDE, INSTALLATION OF THE ISOLATION TRANSFORMER WAS COMPLETED, WHICH PROVIDES PROTECTION FROM ELECTROLYSIS DAMAGE TO METAL HULL FITTINGS, AND ELIMINATES A POTENTIAL SAFETY HAZARD FROM STRAY ELECTRICAL CURRENTS ENTERING THE WATER SURROUNDING THE VESSEL. THE TANKLESS HOT WATER HEATER INSTALLATION WAS ALSO PLACED IN SERVICE AFTER FINAL TESTING AND APPROVAL BY THE USCG. THE DIRECTOR OF ENGINEERING CONDUCTED WEEKLY WORK PARTIES BY VOLUNTEERS AND EMPLOYEES THROUGHOUT THE YEAR, USUALLY TWICE WEEKLY WHILE THE SHIP WAS STILL AT THE YARD. ACCOMPLISHMENTS INCLUDED: COMPLETION OF 99 MAINTENANCE-AND-REPAIR ITEMS FROM THE SHIP'S 5-YEAR PLANNED MAINTENANCE SCHEDULE; HYDROSTATIC TESTING OF THE SHIP'S BOILER; DETAILED PREPARATIONS FOR THE SHIP'S CG INSPECTION; REPLACEMENT OF THE ELECTRIC STANDBY FIRE PUMP; INSTALLATION OF A BOILER-WATER-SAMPLE COOLER; A COMPLETE INVENTORY OF SPARE PARTS; AND PERFORMANCE OF ALL ROUTINE MAINTENANCE AND REPAIRS. OVER 1,700 HOURS OF VOLUNTEER TIME WERE DEVOTED TO THESE EFFORTS. IN ADDITION TO CURRENT-YEAR EXPENSES NOTED, THE FOUNDATION ACCRUED 2022 CAPITAL EXPENDITURES OF $625,258 FOR STRUCTURAL WORK ON THE HULL AND $4,039 FOR COMPLETION OF THE ISOLATION TRANSFORMER INSTALLATION. THE FOUNDATION ALSO SPENT $24,569 TO ACQUIRE LUMBER FOR FUTURE STRUCTURAL WORK. CURRENT-YEAR EXPENSES INCLUDE 50% OF REPORTED DEPRECIATION.
OPERATION: VIRGINIA V WAS BUILT IN 1922 AND IS THE ONLY TRADITIONAL WOODEN FREIGHT-AND-PASSENGER SHIP REGULARLY OPERATING UNDER STEAM ON THE TIDAL WATERS OF THE UNITED STATES. THE SHIP SAILED FOR TRAINING ON 6/25/22, PASSED ITS UNDERWAY US COAST GUARD INSPECTION ON 6/27, DEPARTED THE SHIPYARD 7/2/22, AND RETURNED TO FULL REVENUE SERVICE 7/9/22 FOR THE FIRST TIME SINCE SEPTEMBER 2020. THE SHIP CONDUCTED 56 DISCRETE VOYAGES WHILE UNDERWAY ON 39 DAYS, CARRYING A TOTAL OF 2,750 PASSENGERS ON 26 CHARTERS AND 12 PUBLIC CRUISES. CREW WERE MOSTLY VOLUNTEERS, ACCRUING APPROXIMATELY 3,800 HOURS OF SERVICE DURING THE SEASON. EXPENSES INCLUDE 50% OF REPORTED DEPRECIATION.
INTERPRETATION/EDUCATION: WITH THE SHIPYARD TIME CONCLUDED AND COVID RESTRICTIONS LIFTED, VIRGINIA V WAS AGAIN AVAILABLE TO THE PUBLIC STARTING IN JULY 2022. THE SHIP HOSTED APPROXIMATELY 3,500 PEOPLE ON 43 DAYS OF OPEN-SHIP PERIODS AT LAKE UNION PARK IN SEATTLE, AND AT TACOMA, LONGBRANCH AND OLYMPIA, WASHINGTON WHEN THE SHIP VISITED THOSE PORTS. OUR SENIOR DOCENT AND VOLUNTEERS LED GUIDED TOURS FOR ALMOST ALL THESE OCCASIONS, ACQUAINTING VISITORS WITH THE SHIP AND THE HISTORY OF THE PUGET SOUND MOSQUITO FLEET. DURING 38 REVENUE CRUISES AND 11 DOCKSIDE EVENTS, THE SHIP WELCOMED OVER 3,200 PASSENGERS AND OTHER GUESTS. CREW ROUTINELY ENGAGED PASSENGERS TO TELL THE SHIP'S STORY OR DESCRIBE ITS OPERATION. THE SHIP'S STEAM ENGINE REMAINS FULLY VISIBLE TO PASSENGERS. ENGINEERING CREW PROVIDED DETAILED INTERPRETATION OF THIS ARTIFACT, IN SERVICE SINCE 1915, AND OUR CAPTAINS WELCOMED PASSENGERS INTO THE WHEELHOUSE WHEN THE SAFETY OF VESSEL OPERATION PERMITTED. FOUNDATION STAFF AND VOLUNTEERS REVEL IN SHARING THE SHIP AND DID SO AT EVERY OPPORTUNITY. THE FOUNDATION ALSO RESUMED ITS SUMMER INTERNSHIP PROGRAM FOR HIGH SCHOOLERS, HIRING THREE STUDENTS TO WORK ON THE SHIP IN CREW CAPACITIES ON DECK AND IN THE ENGINE ROOM. THE SHIP CONDUCTED ONE STUDENT CRUISE FOR HIGH SCHOOL STUDENTS TO LEARN ABOUT OPPORTUNITIES IN MARITIME EDUCATION AND CAREERS, AND HAVE HANDS-ON EXPERIENCES STEERING THE SHIP, OPERATING THE ENGINE, AND USING EMERGENCY EQUIPMENT.
Name (title) | Role | Hours | Compensation |
---|---|---|---|
Debra Alderman Executive Director | Officer | 40 | $82,500 |
Jeffrey Deren Director | Trustee | 1 | $9,000 |
Nina Marie Altman President | OfficerTrustee | 2 | $0 |
Garret Holt Vice President | OfficerTrustee | 1 | $0 |
David Allais Treasurer | OfficerTrustee | 1 | $0 |
Douglas Weeks Secretary | OfficerTrustee | 1 | $0 |
Statement of Revenue | |
---|---|
Federated campaigns | $0 |
Membership dues | $11,050 |
Fundraising events | $0 |
Related organizations | $0 |
Government grants | $328,364 |
All other contributions, gifts, grants, and similar amounts not included above | $617,391 |
Noncash contributions included in lines 1a–1f | $103,859 |
Total Revenue from Contributions, Gifts, Grants & Similar | $956,805 |
Total Program Service Revenue | $176,686 |
Investment income | $889 |
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 | $4,157 |
Miscellaneous Revenue | $0 |
Total Revenue | $1,138,537 |
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. | $82,500 |
Compensation of current officers, directors, key employees. | $27,500 |
Compensation to disqualified persons | $0 |
Other salaries and wages | $57,809 |
Pension plan accruals and contributions | $0 |
Other employee benefits | $0 |
Payroll taxes | $12,078 |
Fees for services: Management | $0 |
Fees for services: Legal | $0 |
Fees for services: Accounting | $1,293 |
Fees for services: Lobbying | $0 |
Fees for services: Fundraising | $0 |
Fees for services: Investment Management | $0 |
Fees for services: Other | $1,578 |
Advertising and promotion | $784 |
Office expenses | $15,497 |
Information technology | $2,306 |
Royalties | $0 |
Occupancy | $4,914 |
Travel | $0 |
Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
Conferences, conventions, and meetings | $0 |
Interest | $17,269 |
Payments to affiliates | $0 |
Depreciation, depletion, and amortization | $221,261 |
Insurance | $45,302 |
All other expenses | $0 |
Total functional expenses | $622,212 |
Balance Sheet | |
---|---|
Cash—non-interest-bearing | $117,470 |
Savings and temporary cash investments | $90,794 |
Pledges and grants receivable | $0 |
Accounts receivable, net | $45,491 |
Loans from Officers, Directors, or Controlling Persons | $0 |
Loans from Disqualified Persons | $0 |
Notes and loans receivable | $0 |
Inventories for sale or use | $49,063 |
Prepaid expenses and deferred charges | $20,569 |
Net Land, buildings, and equipment | $2,189,944 |
Investments—publicly traded securities | $0 |
Investments—other securities | $0 |
Investments—program-related | $0 |
Intangible assets | $0 |
Other assets | $0 |
Total assets | $2,513,331 |
Accounts payable and accrued expenses | $3,014 |
Grants payable | $0 |
Deferred revenue | $82,588 |
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 | $223,347 |
Unsecured mortgages and notes payable | $0 |
Other liabilities | $0 |
Total liabilities | $308,949 |
Net assets without donor restrictions | $2,189,773 |
Net assets with donor restrictions | $14,609 |
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 | $2,513,331 |