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← MERCY SHIPS FOUNDATION

Form 990 for tax year 2022

Filed by MERCY SHIPS FOUNDATION.

Totals

Total revenue
$58,837,465
Total expenses
$9,481,714
Contributions and grants received
$56,742,524
Grants paid
$9,462,646
Program service revenue
$0
Investment income
$2,168,352
Other revenue
-$73,411
Total assets, end of year
$231,178,366
Total liabilities, end of year
$537,810
Net assets or fund balances, end of year
$230,640,556
Program services expenses (Part IX)
$9,462,646
Management and general expenses
$19,068
Fundraising expenses
$0
Program service expenses (Part III)
$9,462,646

Program services were 99.8% 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.

  • 1d · Related organizations

    $13,892,448

  • 1f · All other contributions, gifts and grants

    $42,850,076

  • 3 · Investment income

    total $2,058,541 · excluded $2,058,541

  • 4 · Income from investment of tax-exempt bond proceeds

    total $0

  • 5 · Royalties

    total $0

  • 6a · Gross rents

    real property $180,000

  • 6b · Less rental expenses

    real property $253,411

  • 6c · Rental income or loss

    real property -$73,411 · personal property $0

  • 6d · Net rental income or loss

    total -$73,411 · excluded -$73,411

  • 7a · Gross sales of assets other than inventory

    securities $5,350,589

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

    securities $5,240,778

  • 7c · Gain or loss

    securities $109,811

  • 7d · Net gain or loss

    total $109,811 · excluded $109,811

  • 8a · Fundraising events: gross income

    $0

  • 8b · Fundraising events: direct expenses

    $0

  • 8c · Net income from fundraising events

    total $0

  • 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 $9,462,646 · program services $9,462,646

  • 2 · Grants to domestic individuals

    total $0

  • 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

  • 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 $18,200 · management and general $18,200

  • 11d · Fees: lobbying

    total $0

  • 11e · Fees: professional fundraising services

    total $0

  • 11f · Fees: investment management

    total $0

  • 11g · Fees: other

    total $0

  • 12 · Advertising and promotion

    total $0

  • 13 · Office expenses

    total $218 · management and general $218

  • 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 $0

  • 23 · Insurance

    total $0

  • 24a · Other expenses: FEES & LICENSES

    total $650 · management and general $650

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $0 · end of year $0

  • 2 · Savings and temporary cash investments

    beginning of year $44,182,291 · end of year $66,621,518

  • 3 · Pledges and grants receivable

    beginning of year $10,686,950 · end of year $23,596,621

  • 4 · Accounts receivable

    beginning of year $0 · end of year $0

  • 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 $0 · end of year $0

  • 8 · Inventories for sale or use

    beginning of year $0 · end of year $0

  • 9 · Prepaid expenses and deferred charges

    beginning of year $0 · end of year $0

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

    $6,013,681

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

    $3,532,433

  • 10c · Land, buildings and equipment, net

    beginning of year $2,271,913 · end of year $2,481,248

  • 11 · Investments: publicly traded securities

    beginning of year $0 · end of year $0

  • 12 · Investments: other securities

    beginning of year $139,698,676 · end of year $133,333,985

  • 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 $5,144,994

  • 17 · Accounts payable and accrued expenses

    beginning of year $537,810 · end of year $537,810

  • 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 $0 · end of year $0

  • 27 · Net assets without donor restrictions

    beginning of year $185,311,994 · end of year $207,043,935

  • 28 · Net assets with donor restrictions

    beginning of year $10,990,026 · end of year $23,596,621

Mission and programs · 2022

Mission

THE FOUNDATION SUPPORTS THE OPERATIONS OF MERCY SHIPS, 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. THE FOUNDATION IS OPERATED EXCLUSIVELY FOR RELIGIOUS, CHARITABLE AND EDUCATIONAL PURPOSES.

    Expenses $9,462,646 · Grants $9,462,646

As filed on the 2022 return.

Listed in Part VII

  • Paul Owen

    Secretary, Non-Director

    Total calculated
    $261,326
    From this org
    $0
    From related orgs
    $234,721
    Other
    $26,605
    Hours/week
    0.2 + 55 related

    Schedule J breakdown matched by us

    Base
    not reported + $234,721 related
    Bonus
    not reported
    Other
    not reported
    Deferred
    not reported + $7,038 related
    Nontaxable benefits
    not reported + $19,567 related
    Filer's total
    not reported + $261,326 related

  • Fred Grote

    CFO of Mercy Ships

    Total calculated
    $256,497
    From this org
    $0
    From related orgs
    $229,965
    Other
    $26,532
    Hours/week
    0.2 + 55 related

    Schedule J breakdown matched by us

    Base
    not reported + $229,965 related
    Bonus
    not reported
    Other
    not reported
    Deferred
    not reported + $7,189 related
    Nontaxable benefits
    not reported + $19,343 related
    Filer's total
    not reported + $256,497 related

  • Linda Pruett

    Assistant Secretary

    Total calculated
    $64,782
    From this org
    $0
    From related orgs
    $56,183
    Other
    $8,599
    Hours/week
    0.2 + 55 related

  • Barbara Bass

    Chair, Director

    Total calculated
    $0
    Hours/week
    0.2

  • Jim Boyd

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.2

  • Ann Brookshire

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.2

  • Henry Clarke

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.2

  • Mike Cowan

    Treasurer, Director

    Total calculated
    $0
    Hours/week
    2

  • Troy Griepp

    Director

    Total calculated
    $0
    Hours/week
    0.2 + 0.5 related

  • Gaylord Hughey

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.2

  • Peter Schulze

    Director

    Total calculated
    $0
    Hours/week
    2 + 3 related

  • Mark Whatley

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.2

  • Guy Wade

    DIRECTOR

    Total calculated
    $0
    Hours/week
    2 + 3 related

  • Ruben Martin

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.2

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

  • 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 3
PROCESSES USED TO ESTABLISH COMPENSATION OF THE CEO & EXECUTIVE DIRECTOR: THE CEO IS PAID BY A RELATED ORGANIZATION, MERCY SHIPS. MERCY SHIPS USES THE FOLLOWING PROCESSES TO DETERMINE THE COMPENSATION: - COMPENSATION COMMITTEE - WRITTEN EMPLOYMENT CONTRACT - COMPENSATION SURVEYS OR STUDIES - FORM 990 OF OTHER ORGANIZATIONS - APPROVAL BY THE BOARD OR COMPENSATION COMMITTEE
SCHEDULE J, PART I, LINE 7
NON-FIXED PAYMENTS: BONUSES PAID WERE DISCRETIONARY. BONUSES WERE DETERMINED BY APPROVED CONTRACTS FROM THE BOARD COMPENSATION COMMITTEE, RECRUITER/MERCY SHIPS HR CONTRACT NEGOTIATIONS, AND AGREEMENTS WITH THE VICE PRESIDENT AND CHIEF OPERATION OFFICER.

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

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.

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.

  • GLOBAL MERCY SHIPPING LIMITED

    C-CORP · SHIP OWNERSHIP · MH · 100% owned · share of income $0 · share of assets $133,333,985 · controlled entity

    Directly controlled by NA

Provenance

Return type
form_990
Tax year
2022
Filed
15 November 2023
IRS schema version
2022v5.0
Source object
202343159349300504

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