Webb Institute
- Assets
- $109.0m
- Revenue
- $22.6m
- Investments
- $20.2m
- Employees
- 52
- Location
- Glen Cove, NY
- Founding
- 10/1942
- Data as of
- 06/2021
- EIN
- 11-1630912
Organization Overview
Webb Institute is located in Glen Cove, NY. The organization was established in 1942. According to its NTEE Classification (B50) the organization is classified as: Graduate & Professional Schools, under the broad grouping of Education and related organizations. As of 06/2022, Webb Institute employed 52 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Webb Institute 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 06/2021, Webb Institute generated $22.6m in total revenue. This organization has experienced exceptional growth, as over the past 3 years, it has increased revenue by an average of 16.0% each year . All expenses for the organization totaled $13.7m during the year ending 06/2021. While expenses have increased by 1.8% per year over the past 3 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
2021
Describe the Organization's Mission:
Part 3 - Line 1
TO INSPIRE AND EDUCATE TOMORROW'S LEADERS IN AN EXTRAORDINARY LEARNING COMMUNITY FOCUSED ON ENGINEERING AND DESIGN IN THE MARINE FIELD.
Describe the Organization's Program Activity:
Part 3 - Line 4a
WEBB INSTITUTE OFFERS A SINGLE PROGRAM SERVICE - A COLLEGE EDUCATION IN NAVAL ARCHITECTURE AND MARINE ENGINEERING. ALL STUDENTS RECEIVE A BACHELOR OF SCIENCE IN NAVAL ARCHITECTURE AND MARINE ENGINEERING. WEBB INSTITUTE IS A 4 YEAR COLLEGE ACCREDITED BY MIDDLE STATES AND ABET THE ACCREDITED BOARD OF ENGINEERING TECHNOLOGY.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Bruce Rosenblatt Chairman | OfficerTrustee | 12 | $0 |
Alison Granger Vice Chair | OfficerTrustee | 8 | $0 |
Jon Laberge Vice Chair | OfficerTrustee | 8 | $0 |
Greggory Mendenhall Treasurer | OfficerTrustee | 8 | $0 |
Mark Martecchini Secretary | OfficerTrustee | 8 | $0 |
R Keith Michel President | OfficerTrustee | 40 | $245,000 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Dhi Construction Services Inc Construction | 6/29/22 | $894,572 |
Marianos Cleaning Service Inc Cleaning Service | 6/29/22 | $144,279 |
Paul Todd Inc Construction | 6/29/22 | $140,590 |
Ultimate Power Inc Hvac | 6/29/22 | $398,900 |
Flik -Compass Group Usa Food Service | 6/29/22 | $465,955 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Total Revenue from Contributions, Gifts, Grants & Similar | $4,318,742 |
| Investment income | $2,396,336 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $8,927,954 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $6,908 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $22,554,419 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic individuals. | $5,416,030 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $648,189 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $2,733,342 |
| Pension plan accruals and contributions | $183,946 |
| Other employee benefits | $408,117 |
| Payroll taxes | $247,348 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $12,850 |
| Fees for services: Accounting | $44,054 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $291,179 |
| Fees for services: Other | $267,055 |
| Advertising and promotion | $30,431 |
| Office expenses | $31,755 |
| Information technology | $273,859 |
| Royalties | $0 |
| Occupancy | $331,925 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $8,981 |
| Interest | $52,848 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $1,279,256 |
| Insurance | $246,451 |
| All other expenses | $0 |
| Total functional expenses | $13,673,622 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $38,131 |
| Savings and temporary cash investments | $417,593 |
| Pledges and grants receivable | $770,055 |
| Accounts receivable, net | $197,823 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $16,970 |
| Prepaid expenses and deferred charges | $239,990 |
| Investments—publicly traded securities | $60,357,302 |
| Investments—other securities | $20,229,615 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $437,772 |
| Total assets | $108,979,783 |
| Accounts payable and accrued expenses | $312,614 |
| 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 | $4,770,575 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $850,526 |
| Total liabilities | $5,933,715 |
| 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 |
| Total liabilities and net assets/fund balances | $103,046,068 |