Form 990 for tax year 2024

Filed by MERCY SHIPS FOUNDATION.

Totals

Total revenue: $5,157,408
Total expenses: $18,421
Contributions and grants received: $2,231,363
Grants paid: $0
Program service revenue: $0
Investment income: $3,155,597
Other revenue: -$229,552
Total assets, end of year: $278,926,358
Total liabilities, end of year: $10,687,050
Net assets or fund balances, end of year: $268,239,308
Program services expenses (Part IX): $550
Management and general expenses: $17,871
Fundraising expenses: $0
Program service expenses (Part III): $550

Program services were 3.0% 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.

1a · Federated campaigns

$0
1b · Membership dues

$0
1c · Fundraising events

$0
1d · Related organizations

$1,758,311
1e · Government grants (contributions)

$0
1f · All other contributions, gifts and grants

$473,052
1g · Noncash contributions included above

$0
2f · All other program service revenue

total $0 · related or exempt $0 · unrelated business $0 · excluded $0
3 · Investment income

total $3,055,584 · excluded $3,055,584
6a · Gross rents

real property $180,000
6b · Less rental expenses

real property $409,552
6c · Rental income or loss

real property -$229,552 · personal property $0
6d · Net rental income or loss

total -$229,552 · excluded -$229,552
7a · Gross sales of assets other than inventory

securities $16,414,685
7b · Less cost or other basis and sales expenses

securities $16,314,672
7c · Gain or loss

securities $100,013 · other assets $0
7d · Net gain or loss

total $100,013 · excluded $100,013
8a · Fundraising events: contributions included on line 1c

$0
8b · Fundraising events: direct expenses

$0
8c · Net income from fundraising events

total $0 · excluded $0
9a · Gaming: gross income

$0
9b · Gaming: direct expenses

$0
9c · Net income from gaming

total $0 · excluded $0
10a · Gross sales of inventory

$0
10b · Cost of goods sold

$0
10c · Net income from sales of inventory

total $0 · excluded $0
11d · All other revenue

total $0 · related or exempt $0 · unrelated business $0 · excluded $0
11e · Other revenue, total

$0

Functional expenses

Part IX, the statement of functional expenses.

11c · Fees: accounting

total $17,650 · management and general $17,650
11g · Fees: other

total $0 · program services $0 · management and general $0 · fundraising $0
13 · Office expenses

total $221 · management and general $221
24a · Other expenses: Govt Fees

total $550 · program services $550
24e · All other expenses

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

Balance sheet

Part X, book values.

2 · Savings and temporary cash investments

beginning of year $3,283,188 · end of year $367,519
3 · Pledges and grants receivable

beginning of year $8,094,996 · end of year $3,338,201
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
10a · Land, buildings and equipment: cost or other basis

$7,937,675
10b · Land, buildings and equipment: accumulated depreciation

$4,257,609
10c · Land, buildings and equipment, net

beginning of year $3,206,688 · end of year $3,680,066
11 · Investments: publicly traded securities

beginning of year $100,008,052 · end of year $122,297,672
12 · Investments: other securities

beginning of year $0
13 · Investments: program-related

beginning of year $135,908,353 · end of year $149,236,900
15 · Other assets

beginning of year $9,280 · end of year $6,000
17 · Accounts payable and accrued expenses

beginning of year $537,810 · end of year $0
22 · Loans and payables to officers and key people

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

beginning of year $4,767,468 · end of year $10,687,050
27 · Net assets without donor restrictions

beginning of year $237,110,283 · end of year $264,901,107
28 · Net assets with donor restrictions

beginning of year $8,094,996 · end of year $3,338,201

Mission and programs · 2024

Mission

THE FOUNDATION SUPPORTS THE OPERATIONS OF MERCY SHIPS INTERNATIONAL, A QUALIFIED 501(C)(3) ORGANIZATION, IN THE FURTHERANCE OF ITS MISSION.

Activities or mission (Part I)

SUPPORTS THE OPERATIONS OF MERCY SHIPS IN FURTHERANCE OF ITS MISSION.

THE FOUNDATION IS OPERATED AS A SUPPORTING ORGANIZATION FOR THE SUPPORT AND FURTHERANCE OF THE RELIGIOUS, CHARITABLE, AND EDUCATIONAL TAX-EXEMPT PURPOSES OF MERCY SHIPS INTERNATIONAL. THE FOUNDATION IS OPERATED EXCLUSIVELY FOR RELIGIOUS, CHARITABLE AND EDUCATIONAL PURPOSES.

Expenses $550

As filed on the 2024 return.

Listed in Part VII

Guy WadeGUY WADE

TREASURER, DIRECTOR

Total calculated

$0

Hours/week

2 + 3 related
Mike CowanMIKE COWAN

CHAIR, DIRECTOR

Total calculated

$0

Hours/week

2
Ann BrookshireANN BROOKSHIRE

DIRECTOR

Total calculated

$0

Hours/week

0.2
Barbara BassBARBARA BASS

DIRECTOR

Total calculated

$0

Hours/week

0.2
Gaylord HugheyGAYLORD HUGHEY

DIRECTOR

Total calculated

$0

Hours/week

0.2
Henry ClarkeHENRY CLARKE

DIRECTOR

Total calculated

$0

Hours/week

0.2
Jim BoydJIM BOYD

DIRECTOR

Total calculated

$0

Hours/week

0.2
Mark WhatleyMARK WHATLEY

DIRECTOR

Total calculated

$0

Hours/week

0.2
Peter B SchulzePETER B SCHULZE

Director

Total calculated

$0

Hours/week

2 + 3 related
Ruben MartinRUBEN MARTIN

DIRECTOR

Total calculated

$0

Hours/week

0.2
Troy GrieppTROY GRIEPP

DIRECTOR

Total calculated

$0

Hours/week

0.2
David Schwab

General Counsel Start: 12/5/2024

Total calculated

$108,065

From this org

$0

From related orgs

$108,065

Other

$0

Hours/week

0.5 + 45 related
Linda PruettLINDA PRUETT

ASSISTANT SECRETARY

Total calculated

$79,582

From this org

$0

From related orgs

$72,109

Other

$7,473

Hours/week

0.2 + 55 related
Nicolas AdameNICOLAS ADAME

CFO OF MERCY SHIPS START: 01/08/2024

Total calculated

$267,429

From this org

$0

From related orgs

$235,571

Other

$31,858

Hours/week

0.7 + 55 related

Schedule J breakdown matched by us

Base

$0 + $235,571 related

Bonus

$0

Other

$0

Deferred

$0 + $14,013 related

Nontaxable benefits

$0 + $17,845 related

Filer's total

$0 + $267,429 related
Paul OwenPAUL OWEN

Non-Director Board Secretary End: 7/16/2024

Total calculated

$262,953

From this org

$0

From related orgs

$247,863

Other

$15,090

Hours/week

0.5 + 55 related

Schedule J breakdown matched by us

Base

$0 + $247,863 related

Bonus

$0

Other

$0

Deferred

$0 + $9,299 related

Nontaxable benefits

$0 + $5,791 related

Filer's total

$0 + $262,953 related

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

No itemized grants to organizations on this return.

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.

MERCY SHIPS INTERNATIONAL

501(c)(3) · HEALTH CARE · TX

Directly controlled by NA

Taxable family on this return

Schedule R Parts I, III and IV, as filed. These record ownership and control, not shared board members or money moved.

Related corporations and trusts

Part IV: related organizations taxable as a corporation or trust.

GLM MI LTD

C Corporation · SHIP OWNERSHIP · RM · 100% owned · controlled entity

Directly controlled by Mercy Ships Foundation
AFM MI LTD

C Corporation · SHIP OWNERSHIP · RM · 100% owned · controlled entity

Directly controlled by Mercy Ships Foundation
ENM MI LTD

C Corporation · SHIP OWNERSHIP · RM · 100% owned · controlled entity

Directly controlled by Mercy Ships Foundation

Provenance

Return type: form_990
Tax year: 2024
Filed: 11 November 2025
IRS schema version: 2024v5.1
Source object: 202533159349300043

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