Form 990 for tax year 2023

Filed by MA MARITIME ACADEMY FOUNDATION INC.

Totals

Total revenue: $14,533,512
Total expenses: $6,639,486
Contributions and grants received: $13,270,270
Grants paid: $6,352,900
Program service revenue: $0
Investment income: $1,245,913
Other revenue: $17,329
Total assets, end of year: $71,033,076
Total liabilities, end of year: $300,489
Net assets or fund balances, end of year: $70,732,587
Program services expenses (Part IX): $6,352,900
Management and general expenses: $286,586
Fundraising expenses: $0
Program service expenses (Part III): $6,352,900

Program services were 95.7% 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.

1e · Government grants (contributions)

$555,555
1f · All other contributions, gifts and grants

$12,714,715
1g · Noncash contributions included above

$1,884,425
3 · Investment income

total $952,858 · excluded $952,858
4 · Income from investment of tax-exempt bond proceeds

total $0
5 · Royalties

total $0
6c · Rental income or loss

real property $0 · personal property $0
6d · Net rental income or loss

total $0
7a · Gross sales of assets other than inventory

securities $8,839,176
7b · Less cost or other basis and sales expenses

securities $8,546,121
7c · Gain or loss

securities $293,055
7d · Net gain or loss

total $293,055 · excluded $293,055
8a · Fundraising events: gross income

$21,808
8b · Fundraising events: direct expenses

$4,479
8c · Net income from fundraising events

total $17,329 · excluded $17,329
9a · Gaming: gross income

$0
9b · Gaming: direct expenses

$0
9c · Net income from gaming

total $0
10a · Gross sales of inventory

$0
10b · Cost of goods sold

$0
10c · Net income from sales of inventory

total $0
11e · Other revenue, total

$0

Functional expenses

Part IX, the statement of functional expenses.

1 · Grants to domestic organizations and governments

total $5,247,514 · program services $5,247,514
2 · Grants to domestic individuals

total $1,105,386 · program services $1,105,386
3 · Grants to foreign organizations and individuals

total $0
4 · Benefits paid to or for members

total $0
5 · Compensation of officers, directors and key employees

total $0 · program services $0 · management and general $0 · fundraising $0
6 · Compensation of disqualified persons

total $0
7 · Other salaries and wages

total $0
8 · Pension plan contributions

total $0
9 · Other employee benefits

total $0
10 · Payroll taxes

total $0
11a · Fees: management

total $0
11b · Fees: legal

total $0
11c · Fees: accounting

total $16,812 · management and general $16,812
11d · Fees: lobbying

total $0
11e · Fees: professional fundraising services

total $0
11f · Fees: investment management

total $188,230 · management and general $188,230
11g · Fees: other

total $12,734 · management and general $12,734
12 · Advertising and promotion

total $0
13 · Office expenses

total $52,633 · management and general $52,633
14 · Information technology

total $0
15 · Royalties

total $0
16 · Occupancy

total $0
17 · Travel

total $0
18 · Travel or entertainment for public officials

total $0
19 · Conferences, conventions and meetings

total $0
20 · Interest

total $0
21 · Payments to affiliates

total $0
22 · Depreciation, depletion and amortization

total $16,053 · management and general $16,053
23 · Insurance

total $124 · management and general $124

Balance sheet

Part X, book values.

1 · Cash, non-interest-bearing

beginning of year $0 · end of year $3,906,086
2 · Savings and temporary cash investments

beginning of year $7,905,665 · end of year $514,566
3 · Pledges and grants receivable

beginning of year $5,875,415 · end of year $10,844,948
4 · Accounts receivable

beginning of year $110,093 · end of year $115,851
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
7 · Other notes and loans receivable

beginning of year $112,877 · end of year $271,560
8 · Inventories for sale or use

beginning of year $0 · end of year $0
9 · Prepaid expenses and deferred charges

beginning of year $20,000 · end of year $0
10a · Land, buildings and equipment: cost or other basis

$3,818,150
10b · Land, buildings and equipment: accumulated depreciation

$151,169
10c · Land, buildings and equipment, net

beginning of year $2,852,009 · end of year $3,666,981
11 · Investments: publicly traded securities

beginning of year $37,598,204 · end of year $50,113,084
12 · Investments: other securities

beginning of year $1,600,000 · end of year $1,600,000
13 · Investments: program-related

beginning of year $0 · end of year $0
14 · Intangible assets

beginning of year $0 · end of year $0
15 · Other assets

beginning of year $0 · end of year $0
17 · Accounts payable and accrued expenses

beginning of year $387,377 · end of year $296,726
18 · Grants payable

beginning of year $0 · end of year $0
19 · Deferred revenue

beginning of year $0 · end of year $0
20 · Tax-exempt bond liabilities

beginning of year $0 · end of year $0
21 · Escrow or custodial account liability

beginning of year $0 · end of year $0
22 · Loans and payables to officers and key people

beginning of year $0 · end of year $0
23 · Secured mortgages and notes payable

beginning of year $0 · end of year $0
24 · Unsecured notes and loans payable

beginning of year $0 · end of year $0
25 · Other liabilities

beginning of year $4,109 · end of year $3,763
27 · Net assets without donor restrictions

beginning of year $19,000,812 · end of year $23,208,652
28 · Net assets with donor restrictions

beginning of year $36,681,965 · end of year $47,523,935

Mission and programs · 2023

Mission

TO PROVIDE SCHOLORSHIPS AND CONTRIBUTIONS IN SUPPORT OF MASSACHUSETTS MARITIME ACADEMY.

Activities or mission (Part I)

THE MASSACHUSETTS MARITIME ACADEMY FOUNDATION EXISTS TO PROMOTE THE GENERAL WELFARE,ACADEMIC POSTURE, AND QUALITY OF LIFE OF THE REGIMENT OF CADETS (SCHEDULE o)

Withheld by Nonprofiteer: this text may name a private individual.

Expenses $6,352,900 · Grants $6,352,900

As filed on the 2023 return. A text marked withheld matched a screen for wording that may name a private individual, such as an honorific or "in memory of". Most of what it withholds names no one; it is withheld so that what does is never shown.

Listed in Part VII

Elizabeth SimmonsELIZABETH SIMMONS

VP OF EXTERNAL AFFAIRS

Total calculated

$178,883

From this org

$0

From related orgs

$178,883

Other

$0

Hours/week

1 + 39 related

Schedule J breakdown matched by us

Base

not reported + $178,883 related

Bonus

not reported

Other

not reported

Deferred

not reported

Nontaxable benefits

not reported

Filer's total

not reported + $178,883 related
brendan po'connor

chair

Total calculated

$0

Hours/week

1
william L walker

vice chair

Total calculated

$0

Hours/week

1
david ssmith

treasurer

Total calculated

$0

Hours/week

1
james r sanislow

secretary

Total calculated

$0

Hours/week

1
capt martin econroy

board member

Total calculated

$0

Hours/week

1
walter j czernyjr

board member

Total calculated

$0

Hours/week

1
robert delhome

board member

Total calculated

$0

Hours/week

1
william dicroce

board member

Total calculated

$0

Hours/week

1
CAPT brian fournier

board member

Total calculated

$0

Hours/week

1
john gallagher

board member

Total calculated

$0

Hours/week

1
Timothy Griffin

board member

Total calculated

$0

Hours/week

1
penelope hare

board member

Total calculated

$0

Hours/week

1
dennis houston

board member

Total calculated

$0

Hours/week

1
william kelley jr

board member

Total calculated

$0

Hours/week

1
gerhard kurz

board member

Total calculated

$0

Hours/week

1
peter lawrence

board member

Total calculated

$0

Hours/week

1
richard lyall

board member

Total calculated

$0

Hours/week

1
alan mckim

board member

Total calculated

$0

Hours/week

1
David MikDAVID MIK

BOARD MEMBER

Total calculated

$0

Hours/week

1
louis ricciardi

board member

Total calculated

$0

Hours/week

1
Bruce Rosenblatt

board member

Total calculated

$0

Hours/week

1
paul saccone

board member

Total calculated

$0

Hours/week

1
Michael TusianiMICHAEL TUSIANI

BOARD MEMBER

Total calculated

$0

Hours/week

1
geoffrey wilkinson

board member

Total calculated

$0

Hours/week

1
jonathan DPoor

board member

Total calculated

$0

Hours/week

1
jeffrey fhamel

board member

Total calculated

$0

Hours/week

1

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

None.

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
7 · Other non-fixed payments
8 · Paid under the initial-contract exception

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

MASSACHUSETTS MARITIME ACADEMY

$5,247,514

ACADEMY SUPPORT

Related organizations on this return

Schedule R Part II: tax-exempt organizations related to the filer by control. It does not record shared board members or money.

MASSACHUSETTS MARITIME ACADEMY

115 · HIGHER EDUCAT · MA

Directly controlled by NA

Provenance

Return type: form_990
Tax year: 2023
Filed: 15 March 2025
IRS schema version: 2023v6.0
Source object: 202510639349300436

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