Ma Maritime Academy Foundation Inc

Organization Overview

Ma Maritime Academy Foundation Inc is located in Buzzards Bay, MA. The organization was established in 1969. According to its NTEE Classification (B42) the organization is classified as: Undergraduate Colleges, under the broad grouping of Education and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. MA Maritime Academy Foundation Inc 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 06/2022, MA Maritime Academy Foundation Inc generated $7.1m in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 17.8% each year . All expenses for the organization totaled $1.5m during the year ending 06/2022. While expenses have increased by 8.4% per year over the past 7 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.

Mission & Program ActivityExcerpts From the 990 Filing

TAX YEAR

2022

Describe the Organization's Mission:

Part 3 - Line 1

THE MASSACHUSETTS MARITIME ACADEMY FOUNDATION EXISTS TO PROMOTE THE GENERAL WELFARE, ACADEMIC POSTURE, AND QUALITY OF LIFE OF THE REGIMENT OF CADETS BY GENERATING AND MANAGING PRIVATE FUNDS TO SUPPORT THE MISSION OF THE MASSACHUSETTS MARITIME ACADEMY. THE FOUNDATION'S MISSIONS IS TO ENHANCE OUR GRADUATES' PREEMINENT LEADERSHIP QUALIFICATIONS.

Describe the Organization's Program Activity:

Part 3 - Line 4a

SCHOLARSHIPS AWARDED TO ACADEMY STUDENTS AND EXPENSES RELATED TO RECEIVING AND ACCOUNTING FOR DONATIONS.


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Board, Officers & Key Employees

Name (title)Compensation
Brendan O'connor
Chair
$0
William Walker
Vice Chair
$0
James Sanislow
Secretary
$0
David Smith
Treasurer
$0
Brian Fournier
Board Member
$0
William Dicroce
Board Member
$0

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$5,276,872
Noncash contributions included in lines 1a–1f $35,081
Total Revenue from Contributions, Gifts, Grants & Similar$5,276,872
Total Program Service Revenue$0
Investment income $533,996
Tax Exempt Bond Proceeds $0
Royalties $0
Net Rental Income $0
Net Gain/Loss on Asset Sales $1,199,347
Net Income from Fundraising Events $72,838
Net Income from Gaming Activities $0
Net Income from Sales of Inventory $0
Miscellaneous Revenue$0
Total Revenue $7,083,053

Grants Recieved

Over the last fiscal year, we have identified 13 grants that Ma Maritime Academy Foundation Inc has recieved totaling $99,552.

Awarding OrganizationAmount
American Bureau Of Shipping

Spring, TX

PURPOSE: ABS 2021 Scholarships for tuition and books.

$50,000
Boston Marine Society

Boston, MA

PURPOSE: PURCHASE OF CELESTIAL NAVIGATION SOFTWARE AND REPLACEMENT OF SURVIVAL SUITS

$20,000
National Cargo Bureau Inc

New York, NY

PURPOSE: ANNUAL SCHOLARSHIP

$15,000
Ayco Charitable Foundation

Cohoes, NY

PURPOSE: EDUCATION

$8,250
Verizon Foundation

Basking Ridge, NJ

PURPOSE: MIP PAYOUT FOR 04/07/21

$2,000
Amica Companies Foundation

Lincoln, RI

PURPOSE: GENERAL PURPOSE

$1,750
View Grant Recipient Profile

Endowment Analysis

Beg. Balance$17,216,729
Earnings-$866,006
Admin Expense$938,039
Net Contributions$3,517,851
Ending Balance$18,930,535

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