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Nonprofiteer
← UNITED STATES MERCHANT MARINE ACADEMY ALUMNI ASSOCIATION AND FOU

Form 990 for tax year 2023

Filed by UNITED STATES MERCHANT MARINE ACADEMY ALUMNI ASSOCIATION AND FOU.

Totals

Total revenue
$6,565,584
Total expenses
$4,848,120
Contributions and grants received
$4,941,121
Grants paid
$1,220,437
Program service revenue
$226,498
Investment income
$1,158,915
Other revenue
$239,050
Total assets, end of year
$58,754,802
Total liabilities, end of year
$381,478
Net assets or fund balances, end of year
$58,373,324
Program services expenses (Part IX)
$2,534,601
Management and general expenses
$1,870,659
Fundraising expenses
$442,860
Program service expenses (Part III)
$2,534,601

Program services were 52.3% of total expenses calculated — Part IX's program-services column over total expenses, both as filed.

Line items

Every line the filer filed in Parts VIII, IX and X, as filed and in filed order. Blank columns are left out, and the lines are not forced to add up to the totals above.

Revenue

Part VIII, the statement of revenue.

  • 1c · Fundraising events

    $280,433

  • 1f · All other contributions, gifts and grants

    $4,660,688

  • 1g · Noncash contributions included above

    $162,974

  • 2a · Program service revenue: ALUMNI EVENTS & MERCHANDISE SALE

    total $87,909 · related or exempt $87,909

  • 2b · Program service revenue: JOB PLACEMENT SERVICE

    total $41,789 · related or exempt $41,789

  • 2c · Program service revenue: RENTAL REVENUE

    total $96,800 · related or exempt $96,800

  • 2f · All other program service revenue

    total $0 · related or exempt $0 · unrelated business $0 · excluded $0

  • 3 · Investment income

    total $899,779 · excluded $899,779

  • 6a · Gross rents

    real property $110,035

  • 6b · Less rental expenses

    real property $55,027

  • 6c · Rental income or loss

    real property $55,008 · personal property $0

  • 6d · Net rental income or loss

    total $55,008 · excluded $55,008

  • 7a · Gross sales of assets other than inventory

    securities $3,745,251

  • 7b · Less cost or other basis and sales expenses

    securities $3,486,115

  • 7c · Gain or loss

    securities $259,136 · other assets $0

  • 7d · Net gain or loss

    total $259,136 · excluded $259,136

  • 8a · Fundraising events: gross income

    $295,144

  • 8a · Fundraising events: contributions included on line 1c

    $280,433

  • 8b · Fundraising events: direct expenses

    $416,480

  • 8c · Net income from fundraising events

    total -$121,336 · excluded -$121,336

  • 11a · Other revenue: OTHER

    total $262,778 · excluded $262,778

  • 11b · Other revenue: PUBLICATION ADVERTISING

    total $42,600 · unrelated business $42,600

  • 11d · All other revenue

    total $0 · related or exempt $0 · unrelated business $0 · excluded $0

  • 11e · Other revenue, total

    $305,378

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $1,134,542 · program services $1,134,542

  • 2 · Grants to domestic individuals

    total $85,895 · program services $85,895

  • 5 · Compensation of officers, directors and key employees

    total $398,410 · program services $133,391 · management and general $208,517 · fundraising $56,502

  • 7 · Other salaries and wages

    total $897,852 · program services $301,200 · management and general $466,775 · fundraising $129,877

  • 8 · Pension plan contributions

    total $29,940 · program services $10,421 · management and general $17,040 · fundraising $2,479

  • 9 · Other employee benefits

    total $101,148 · program services $28,601 · management and general $54,373 · fundraising $18,174

  • 10 · Payroll taxes

    total $95,695 · program services $32,102 · management and general $49,750 · fundraising $13,843

  • 11b · Fees: legal

    total $9,204 · management and general $9,204

  • 11c · Fees: accounting

    total $68,713 · management and general $68,713

  • 11d · Fees: lobbying

    total $118,831 · program services $118,831

  • 11f · Fees: investment management

    total $126,143 · management and general $126,143

  • 11g · Fees: other

    total $622,980 · program services $172,507 · management and general $449,984 · fundraising $489

  • 12 · Advertising and promotion

    total $23,093 · program services $782 · management and general $22,311

  • 13 · Office expenses

    total $354,518 · program services $193,003 · management and general $119,599 · fundraising $41,916

  • 14 · Information technology

    total $49,073 · program services $31,137 · management and general $13,094 · fundraising $4,842

  • 16 · Occupancy

    total $203,449 · program services $39,455 · management and general $107,751 · fundraising $56,243

  • 17 · Travel

    total $82,908 · program services $60,661 · management and general $21,867 · fundraising $380

  • 19 · Conferences, conventions and meetings

    total $240,733 · program services $132,000 · management and general $397 · fundraising $108,336

  • 22 · Depreciation, depletion and amortization

    total $105,767 · program services $38,473 · management and general $61,031 · fundraising $6,263

  • 23 · Insurance

    total $96,106 · program services $21,600 · management and general $70,990 · fundraising $3,516

  • 24a · Other expenses: Bad Debt

    total $2,755 · management and general $2,755

  • 24b · Other expenses: Miscellaneous

    total $365 · management and general $365

  • 24e · All other expenses

    total $0 · program services $0 · management and general $0 · fundraising $0

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $9,020 · end of year $107,728

  • 2 · Savings and temporary cash investments

    beginning of year $16,729,651 · end of year $22,512,996

  • 3 · Pledges and grants receivable

    beginning of year $349,456 · end of year $308,474

  • 4 · Accounts receivable

    beginning of year $4,150 · end of year $6,494

  • 5 · Loans and receivables from officers and key people

    beginning of year $0 · end of year $0

  • 6 · Loans and receivables from disqualified persons

    beginning of year $0 · end of year $0

  • 9 · Prepaid expenses and deferred charges

    beginning of year $37,908 · end of year $37,312

  • 10a · Land, buildings and equipment: cost or other basis

    $7,380,388

  • 10b · Land, buildings and equipment: accumulated depreciation

    $1,738,602

  • 10c · Land, buildings and equipment, net

    beginning of year $5,636,543 · end of year $5,641,786

  • 11 · Investments: publicly traded securities

    beginning of year $23,749,460 · end of year $22,075,980

  • 12 · Investments: other securities

    beginning of year $0

  • 13 · Investments: program-related

    beginning of year $0

  • 15 · Other assets

    beginning of year $7,484,731 · end of year $8,064,032

  • 17 · Accounts payable and accrued expenses

    beginning of year $306,968 · end of year $330,323

  • 22 · Loans and payables to officers and key people

    beginning of year $0 · end of year $0

  • 24 · Unsecured notes and loans payable

    end of year $51,155

  • 25 · Other liabilities

    beginning of year $120,497 · end of year $0

  • 27 · Net assets without donor restrictions

    beginning of year $16,706,428 · end of year $18,279,694

  • 28 · Net assets with donor restrictions

    beginning of year $36,867,026 · end of year $40,093,630

Mission and programs · 2023

Mission

See Schedule O

Activities or mission (Part I)

THE FOUNDATION SHALL EXIST TO SERVE, ASSIST, AND PERPETUATE THE ACADEMY, ITS REGIMENT OF MIDSHIPMEN, FACULTY, STAFF, AND ALUMNI.

  • MIDSHIPMEN AND ACADEMY ACTIVITIES - SUPPORT TO ACADEMY (USMMA) MIDSHIPMEN PROGRAMS AND ACTIVITIES ENHANCE THE EDUCATION EXPERIENCE OF 1,015 MIDSHIPMEN BY PROVIDING FINANCIAL SUPPORT TO 18 TEAMS, AND 23 CLUBS. PROMOTE ACADEMIC AND ATHLETIC EXCELLENCE BY SPONSORING 70 AWARDS AND SCHOLARSHIPS.

    Expenses $1,389,364 · Grants $1,134,542

  • ALUMNI ACTIVITIES - SUPPORT TO ALUMNI SERVICES AND ALUMNI FUNDRAISING EVENTS FOR THE BENEFIT OF THE USMMA. SUPPORT ALUMNI ACTIVITIES BY SPONSORING 12 GOLF TOURNAMENTS A YEAR, HOMECOMING EVENTS, AND SPONSORING 50 ALUMNI AWARDS.

    Expenses $862,900 · Grants $85,895 · Revenue $87,909

  • PUBLICATIONS - SUPPORT TO COMMUNICATIONS (PUBLICATIONS AND WEBSITE) FOR ALUMNI, PARENTS, AND MIDSHIPMEN. PUBLISH THE KINGS POINTER MAGAZINE FOUR TIMES A YEAR WITH A CIRCULATION OF 15,632. PUBLISH THE SCUTTLEBUT NEWSLETTER BY E-MAIL TWICE A MONTH TO 7,965 ALUMNI.

    Expenses $264,152

  • JOB PLACEMENT SERVICES: JOB PLACEMENT - CAREER AND INTERNSHIP SERVICES TO MIDSHIPMEN, RECENT GRADUATES IN COMPLIANCE OF OBLIGATION, AND ALUMNI.

    Expenses $18,185 · Revenue $41,789

  • Rental Revenue

    Revenue $96,800

As filed on the 2023 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

  • Brian F Murphy

    VICE CHAIR, FINANCE

    Total calculated
    $0
    Hours/week
    2

  • James F Tobin

    PRESIDENT AND CEO

    Total calculated
    $260,613
    From this org
    $233,562
    From related orgs
    $0
    Other
    $27,051
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $203,312
    Bonus
    $30,250
    Other
    $0
    Deferred
    $12,250
    Nontaxable benefits
    $14,801
    Filer's total
    $260,613

  • Jennifer F Williams

    VICE CHAIR, STRATEGIC PLANNING

    Total calculated
    $0
    Hours/week
    2

  • John C Brennan

    Vice Chair (Alumni Affairs/Chapters)

    Total calculated
    $0
    Hours/week
    2

  • John E Chickering

    Vice CHAIRMAN(Finance)

    Total calculated
    $0
    Hours/week
    2

  • Joseph D Schwartzstein

    CHAIRMAN

    Total calculated
    $0
    Hours/week
    4

  • Earl H Burns

    DIRECTOR

    Total calculated
    $0
    Hours/week
    2

  • Frank V Liantonio

    Director

    Total calculated
    $0
    Hours/week
    2

  • Glenda S O'Connor

    Director

    Total calculated
    $0
    Hours/week
    2

  • James H Yocum

    DIRECTOR

    Total calculated
    $0
    Hours/week
    2

  • James L Hamilton

    Director

    Total calculated
    $0
    Hours/week
    4

  • John D Cameron

    DIRECTOR

    Total calculated
    $0
    Hours/week
    2

  • John O Arntzen

    DIRECTOR

    Total calculated
    $0
    Hours/week
    2

  • Joseph S Martucci

    DIRECTOR

    Total calculated
    $0
    Hours/week
    2

  • Richard J Halluska

    DIRECTOR

    Total calculated
    $0
    Hours/week
    2

  • Sean K Ritchie

    CHAPTERS DIRECTOR

    Total calculated
    $0
    Hours/week
    2

  • Steven T Dzitko

    DIRECTOR

    Total calculated
    $0
    Hours/week
    2

  • Theodore H Teplow

    DIRECTOR

    Total calculated
    $0
    Hours/week
    2

  • Thomas G Devine

    DIRECTOR

    Total calculated
    $0
    Hours/week
    2

  • Warren N Wright

    DIRECTOR

    Total calculated
    $0
    Hours/week
    2

  • Rosalba Raccagna

    VICE PRESIDENT OF FINANCE

    Total calculated
    $137,797
    From this org
    $119,497
    From related orgs
    $0
    Other
    $18,300
    Hours/week
    40

  • Jamie Johnson

    VP OF BUS & STRATEGIC DEV.

    Total calculated
    $134,103
    From this org
    $122,688
    From related orgs
    $0
    Other
    $11,415
    Hours/week
    40

  • Marilyn Livi

    SENIOR VICE PRESIDENT

    Total calculated
    $147,736
    From this org
    $132,154
    From related orgs
    $0
    Other
    $15,582
    Hours/week
    40

Compensation is as filed in Part VII: reportable pay from this organization and from related organizations, other compensation, and hours per week. The total, marked calculated, is our sum of the three dollar columns, with a blank column counted as $0; the form itself has no total. On a Form 990-EZ the columns are Part IV's instead, and on a Form 990-PF Part VIII's — compensation, contributions to benefit plans, and expense account — and the total sums those. A Schedule J breakdown is as filed: base pay, bonus, other, deferred compensation and nontaxable benefits from this organization, with any from related organizations beside each, and the filer's own total. It is shown with the Part VII listing of the same name on the same return. The form gives no key between the two, so that pairing is ours, and is marked matched by us.

Schedule J

Answered yes

  • 3 · Compensation committee
  • 3 · Independent compensation consultant
  • 3 · Compensation survey or study
  • 3 · Approval by the board or compensation committee
  • 7 · Other non-fixed payments

Answered no

  • 4a · Severance or change-of-control payment
  • 4b · Supplemental nonqualified retirement plan
  • 4c · Equity-based compensation arrangement
  • 5a · Pay contingent on this organization's revenues
  • 5b · Pay contingent on a related organization's revenues
  • 6a · Pay contingent on this organization's net earnings
  • 6b · Pay contingent on a related organization's net earnings
  • 8 · Paid under the initial-contract exception

The filer's explanations (Part III)

Schedule J, Part I, Line 7 Non-fixed payments
JAMES TOBIN RECEIVED A BONUS. THE BONUS WAS BASED ON EXCEPTIONAL WORK PERFORMANCE AND LEADERSHIP FOR THE ACADEMY. THE BONUS WAS APPROVED BY THE BOARD OF DIRECTORS.

Part I's answers as filed. A line not listed was left unanswered; on lines 1a and 3 that means the box was not checked.

Grants on this return

Provenance

Return type
form_990
Tax year
2023
Filed
14 November 2024
IRS schema version
2023v5.1
Source object
202433199349305228

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