Usmma Sailing Foundation Inc
- Assets
- $32.6m
- Revenue
- $6.0m
- Investments
- $0.0
- Employees
- 7
- Location
- Spring Hill, TN
- Founding
- 11/2000
- Data as of
- 12/2021
- EIN
- 11-3561278
Organization Overview
Usmma Sailing Foundation Inc, operating under the name Warrior Sailing Program, is located in Spring Hill, TN. The organization was established in 2000. According to its NTEE Classification (B11) the organization is classified as: Single Organization Support, under the broad grouping of Education and related organizations. As of 12/2021, Warrior Sailing Program employed 7 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Warrior Sailing Program 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 12/2021, Warrior Sailing Program generated $6.0m in total revenue. This represents a relatively dramatic decline in revenue. Over the past 7 years, the organization has seen revenues fall by an average of (5.9%) each year. All expenses for the organization totaled $13.2m during the year ending 12/2021. 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 SUPPORT THE UNITED STATES MERCHANT MARINE ACADEMY & CONDUCT MARITIME EDUCATION/TRAINING
Describe the Organization's Program Activity:
Part 3 - Line 4a
RECEIVING AND ADMINISTRATING CHARITABLE GIFTS, DEVISES AND BEQUESTS OF BOATS, TOGETHER WITH ASSOCIATED EQUIPMENT AND FUNDS FOR THE MAINTENANCE OF SUCH BOATS, FROM THE PUBLIC IN SUPPORT OF THE FOUNDATION'S MISSION.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Ralf Steitz President | OfficerTrustee | 40 | $175,000 |
Larry A Larsen Secretary/treasurer | Officer | 40 | $140,400 |
Jeffery G Neuberth Chairman | OfficerTrustee | 3 | $0 |
Jayme Fagas Trustee | Trustee | 3 | $0 |
William P Campbell Trustee | Trustee | 40 | $0 |
Christopher J Gasiorek Trustee | Trustee | 3 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $346,126 |
| All other contributions, gifts, grants, and similar amounts not included above | $6,390,676 |
| Noncash contributions included in lines 1a–1f | $3,451,011 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $6,736,802 |
| Total Program Service Revenue | $0 |
| Investment income | $538 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $488,535 |
| Net Gain/Loss on Asset Sales | -$2,348,030 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $1,105,147 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $5,996,554 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $1,483,614 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $340,401 |
| Compensation of current officers, directors, key employees. | $32,533 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $245,405 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $73,331 |
| Payroll taxes | $41,425 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $465 |
| Fees for services: Accounting | $202,708 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $1,825,321 |
| Advertising and promotion | $0 |
| Office expenses | $187,915 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $555,083 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $10,298 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $4,760,694 |
| Insurance | $321,019 |
| All other expenses | $0 |
| Total functional expenses | $13,164,167 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $1,502,351 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $118,208 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $59,339 |
| Net Land, buildings, and equipment | $30,872,756 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $32,552,654 |
| Accounts payable and accrued expenses | $209,604 |
| 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 | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $230,643 |
| Total liabilities | $440,247 |
| Net assets without donor restrictions | $31,578,177 |
| Net assets with donor restrictions | $534,230 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $0 |
| Total liabilities and net assets/fund balances | $32,552,654 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that Usmma Sailing Foundation Inc has recieved totaling $10,100.
| Awarding Organization | Amount |
|---|---|
Schwab Charitable Fund San Francisco, CA PURPOSE: EDUCATION | $10,100 |
Endowment Analysis
| Beg. Balance | $2,518,076 |
| Net Contributions | $3,251,693 |
| Other Expense | $5,235,539 |
| Ending Balance | $534,230 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Unc Health Foundation Inc Chapel Hill, NC | $571,825,040 | $92,147,897 |
William & Mary Foundation Williamsburg, VA | $1,122,551,962 | $79,373,462 |
Shorter University Inc Rome, GA | $57,209,537 | $39,807,545 |
Ole Miss Athletics Foundation Oxford, MS | $97,065,287 | $57,643,164 |
Kennesaw State University Foundation Inc Kennesaw, GA | $537,455,993 | $85,548,111 |
University Of Virginia Foundation Charlottesville, VA | $508,958,321 | $36,530,024 |
University Of South Alabama Foundation Mobile, AL | $392,021,424 | $13,140,864 |
North Carolina State University Foundation Inc Raleigh, NC | $679,121,022 | $52,520,062 |
University Health Services Inc Richmond, VA | $34,736,696 | $16,366,834 |
Georgia State University Foundation Inc Atlanta, GA | $466,073,205 | $89,649,877 |
Medical College Of Virginia Foundation Richmond, VA | $645,911,510 | $54,318,573 |
University Of Memphis Foundation Memphis, TN | $175,396,802 | $38,710,840 |