American Bureau Of Shipping

Organization Overview

American Bureau Of Shipping is located in Spring, TX. The organization was established in 1919. According to its NTEE Classification (S41) the organization is classified as: Chambers of Commerce & Business Leagues, under the broad grouping of Community Improvement & Capacity Building and related organizations. As of 12/2021, American Bureau Of Shipping employed 1,285 individuals. This organization is the central organization for a national or regional group of organizations. American Bureau Of Shipping is a 501(c)(6) and as such, is described as a "Business League, Chambers of Commerce, or Real Estate Board" by the IRS.

For the year ending 12/2021, American Bureau Of Shipping generated $455.2m 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 (5.5%) each year. All expenses for the organization totaled $409.1m during the year ending 12/2021. As we would expect to see with falling revenues, expenses have declined by (5.0%) per year over the past 7 years. You can explore the organizations financials more deeply in the financial statements section below.

Since 2014, American Bureau Of Shipping has awarded 124 individual grants totaling $9,652,489. If you would like to learn more about the grant giving history of this organization, scroll down to the grant profile section of this page.

Mission & Program ActivityExcerpts From the 990 Filing

TAX YEAR

2021

Describe the Organization's Mission:

Part 3 - Line 1

TO PROMOTE THE SAFETY OF LIFE AND PROPERTY AND TO PRESERVE THE NATURAL ENVIRONMENT.

Describe the Organization's Program Activity:

Part 3 - Line 4a

AS A CLASSIFICATION SOCIETY FOUNDED IN 1862, THE CORE COMMITMENT OF ABS HAS BEEN SETTING SAFETY STANDARDS FOR THE MARINE AND OFFSHORE INDUSTRIES. THIS IS ACHIEVED THROUGH THE ESTABLISHMENT AND APPLICATION OF TECHNICAL STANDARDS, KNOWN AS RULES, FOR THE DESIGN, CONSTRUCTION, AND OPERATIONAL MAINTENANCE OF SHIPS AND MARINE RELATED FACILITIES. CLASSIFICATION IS THE PROCESS THAT CERTIFIES ADHERENCE TO THESE RULES, COMPRISING TECHNICAL DESIGN REVIEW, CONSTRUCTION MONITORING, AND ONGOING SURVEY OF SHIPS AND MARINE RELATED FACILITIES OVER THEIR OPERATING LIFE AND THE MAINTENANCE OF THE ABS RECORD. THESE ACTIVITIES ARE CONDUCTED THROUGH A NETWORK OF OFFICES IN OVER 60 COUNTRIES.TOGETHER WITH CLASSIFICATION SERVICES, THE COMPANY PROVIDES STATUTORY AUDIT SERVICES ON BEHALF OF CERTAIN REGULATORS AND FLAG STATE REGISTRIES IN OVER 100 COUNTRIES.


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Outside Vendors & Contractors

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System One Holdings Llc
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Dell Marketing Lp
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Ernst & Young Us Llp
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Financial Statements

Statement of Revenue
Federated campaigns$0
Membership dues$0
Fundraising events$0
Related organizations$0
Government grants $0
All other contributions, gifts, grants, and similar amounts not included above$0
Noncash contributions included in lines 1a–1f $0
Total Revenue from Contributions, Gifts, Grants & Similar$0
Total Program Service Revenue$388,796,286
Investment income $32,274,717
Tax Exempt Bond Proceeds $0
Royalties $0
Net Rental Income $0
Net Gain/Loss on Asset Sales $33,750,617
Net Income from Fundraising Events $0
Net Income from Gaming Activities $0
Net Income from Sales of Inventory $0
Miscellaneous Revenue$0
Total Revenue $455,186,369

Grants Awarded

Over the last fiscal year, American Bureau Of Shipping has awarded $701,856 in support to 18 organizations.

Grant RecipientAmount

Alexandria, VA

PURPOSE: ABS 2021 Assistance to various community organizations

$62,856

TEXAS A&M UNIVERSITY - GALVESTON

PURPOSE: ABS 2021 Scholarships for tuition and books.

$60,000

MASSACHUSETTS MARITIME ACADEMY

Org PageRecipient Profile

Buzzards Bay, MA

PURPOSE: ABS 2021 Scholarships for tuition and books.

$50,000

MASSACHUSETTS INSTITUTE OF TECHNOLOGY

Org PageRecipient Profile

Cambridge, MA

PURPOSE: ABS 2021 Scholarships for tuition and books.

$50,000

MAINE MARITIME ACADEMY

Org PageRecipient Profile

Castine, ME

PURPOSE: ABS 2021 Scholarships for tuition and books.

$50,000

SUNY MARITIME COLLEGE

Org PageRecipient Profile

Bronx, NY

PURPOSE: ABS 2021 Scholarships for tuition and books.

$50,000
View Grant Profile

Grants Recieved

Over the last fiscal year, we have identified 1 grants that American Bureau Of Shipping has recieved totaling $498,497.

Awarding OrganizationAmount
National Academy Of Sciences

Washington, DC

PURPOSE: RESEARCH GRANT

$498,497
View Grant Recipient Profile

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