U S Submarine Veterans Charitable Foundation Inc
- Assets
- $1.0m
- Revenue
- $244.7k
- Investments
- $0.0
- Employees
- 0
- Location
- Watervliet, NY
- Founding
- 11/2000
- Data as of
- 01/2023
- EIN
- 95-4830806
Organization Overview
U S Submarine Veterans Charitable Foundation Inc is located in Watervliet, NY. The organization was established in 2000. According to its NTEE Classification (B82) the organization is classified as: Scholarships & Student Financial Aid, 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. U S Submarine Veterans Charitable 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 01/2023, U S Submarine Veterans Charitable Foundation Inc generated $244.7k in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 13.6% each year . All expenses for the organization totaled $234.5k during the year ending 01/2023. While expenses have increased by 19.4% 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
2023
Describe the Organization's Mission:
Part 3 - Line 1
THE FOUNDATION IS A CHARITABLE ARM OF THE UNITED STATES SUBMARINE VETERANS', INC. A SECTION 501(C)(19) VETERANS ORGANIZATION
Describe the Organization's Program Activity:
Part 3 - Line 4a
SCHOLARSHIP PROGRAM. DURING FY 1/31/2023, 67 SCHOLARSHIPS WERE AWARDED TO HIGH SCHOOL AND COLLEGE STUDENTS TO PROVIDE EDUCATIONAL ASSISTANCE TO RELATIVES OF CURRENT AND FORMER SUBMARINE VETERANS. RECIPIENTS IN BOTH THE HIGH SCHOOL AND COLLEGE CATEGORIES RECEIVED GRANTS RANGING FROM $1,000 TO $2,000. THE TOTAL AMOUNT AWARDED IN FY 1/31/2023 WAS $130,311.
BROTHERHOOD PROGRAM. THIS PROGRAM HELPS NEEDY SUBMARINE VETERANS WHO BECOME UNABLE TO WORK OR FUNCTION NORMALLY DUE TO MEDICAL OR NATURAL DISASTER ISSUES. IT ALSO PROVIDES SUPPORT TO NEEDY FAMILIES OF U.S. NAVY ACTIVE DUTY SAILORS. TOTAL GRANTS AND SUPPORT AWARDED FOR THE FY 1/31/2023 WAS $23,109.BUILDING FUND. A BUILDING FUND HAS BEEN ESTABLISHED TO FACILITATE THE PROCUREMENT AND MAINTENANCE OF A BUILDING TO HOUSE OPERATIONS, ITEMS AND ASSETS OF THE CHARITABLE FOUNDATION, AND OTHER VETERAN RELATED ORGANIZATIONS. TOTAL GRANTS AND SUPPORT AWARDED FOR THE FY 1/31/2023 WAS $3,400.LIBRARY FUND. DESCRIBED IN THE ORGANIZATION'S MISSION STATEMENT ABOVE. THIS PROGRAM HAD $0 OF EXPENSES IN FY 1/31/2023.ALL OTHER INCOME AND EXPENSES WERE INCURRED AS PART OF GENERAL OPERATIONS.
KAPS 4 KIDS PROGRAM. SUBMARINE VETERANS VISIT LOCAL HOSPITALS TO MEET WITH CHILDREN WITH CANCER OR OTHER LIFE-THREATENING CONDITIONS. EACH CHILD IS GIVEN A SUBMARINER'S BALL CAP AND AN HONORARY SUBMARINIER CERTIFICATE.
MEMORIAL PROGRAM. DURING FY 1/31/2023 THE FOUNDATION USED $49,795 TO IMPROVE AND MAINTAIN MEMORIALS IN THE U.S.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Kenneth Earls President | OfficerTrustee | 0 | $0 |
Randall Stein Treasurer | OfficerTrustee | 0 | $0 |
Raymond Wewers Ussvcf Secretary | OfficerTrustee | 0 | $0 |
William Andrea Ussvi National Commander | Trustee | 0 | $0 |
Jon Jaques Ussvi Senior Vice Commande | Trustee | 0 | $0 |
Steven Bell Ussvil Junior Vice Command | Trustee | 0 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $26,744 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $195,431 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $222,175 |
| Total Program Service Revenue | $0 |
| Investment income | $21,838 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $735 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $244,748 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $202,838 |
| 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 | $8,233 |
| Fees for services: Other | $1,695 |
| Advertising and promotion | $770 |
| Office expenses | $9,114 |
| Information technology | $8,175 |
| 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 | $0 |
| All other expenses | $0 |
| Total functional expenses | $234,526 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $47,708 |
| Savings and temporary cash investments | $147,669 |
| 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 | $833,117 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $1,028,494 |
| 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 | $0 |
| 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 | $1,028,494 |
| Total liabilities and net assets/fund balances | $1,028,494 |