Seabee Memorial Scholarship Association Inc
- Assets
- $12.2m
- Revenue
- $1.9m
- Investments
- $11.6m
- Employees
- 2
- Location
- Springfield, VA
- Founding
- 01/1971
- Data as of
- 12/2021
- EIN
- 52-0910325
Organization Overview
Seabee Memorial Scholarship Association Inc is located in Springfield, VA. The organization was established in 1971. According to its NTEE Classification (B82) the organization is classified as: Scholarships & Student Financial Aid, under the broad grouping of Education and related organizations. As of 12/2021, Seabee Memorial Scholarship Association Inc employed 2 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Seabee Memorial Scholarship Association 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 12/2021, Seabee Memorial Scholarship Association Inc generated $1.9m in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 18.2% each year . All expenses for the organization totaled $724.1k 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
THE ASSOCIATION PROVIDES SCHOLARSHIP GRANTS TO SONS, DAUGHTERS AND GRANDCHILDREN OF INDIVIDUALS WHO HAVE SERVED IN THE U.S. NAVY SEABEES AND IN THE U.S. NAVY CIVIL ENGINEER CORPS AND RAISES FUNDS TO CONSTRUCT MONUMENTS AND MEMORIALS TO THE U.S. NAVY SEABEES.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE ASSOCIATION PROVIDES SCHOLARSHIP GRANTS TO SONS, DAUGHTERS AND GRANDCHILDREN OF INDIVIDUALS WHO HAVE SERVED IN THE U.S. NAVY SEABEES AND IN THE U.S. NAVY CIVIL ENGINEER CORPS AND RAISES FUNDS TO CONSTRUCT MONUMENTS AND MEMORIALS TO THE U.S. NAVY SEABEES.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Noah H Long Jr Chairman Emeritus | OfficerTrustee | 1 | $0 |
Mike Blount Chairman | OfficerTrustee | 10 | $0 |
Louis V Cariello Vice Chairman | OfficerTrustee | 10 | $0 |
James Farley Director | Trustee | 1 | $0 |
Keith Hamilton Director | Trustee | 1 | $0 |
James M Mcgarrah Director | Trustee | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Miller Consulting Group Llc Consulting | 12/30/19 | $128,653 |
Datoc Witten Group Consulting | 12/30/19 | $148,429 |
Miller Consulting Group Llc Consulting | 12/30/19 | $128,653 |
Datoc Witten Group Consulting | 12/30/19 | $148,429 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $18,350 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $1,492,068 |
| Noncash contributions included in lines 1a–1f | $8,784 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $1,510,418 |
| Total Program Service Revenue | $0 |
| Investment income | $130,452 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $133,269 |
| Net Income from Fundraising Events | $107,239 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $32,684 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $1,914,062 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $410,243 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $49,000 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $7,336 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $27,026 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $120,265 |
| Advertising and promotion | $0 |
| Office expenses | $25,204 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $4,242 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $9,259 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $2,187 |
| All other expenses | $6,106 |
| Total functional expenses | $724,148 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $288,746 |
| Pledges and grants receivable | $250,461 |
| Accounts receivable, net | $34 |
| 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 | $1,020 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $11,601,820 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $36,176 |
| Total assets | $12,178,257 |
| Accounts payable and accrued expenses | $1,495 |
| 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 | $0 |
| Total liabilities | $1,495 |
| Net assets without donor restrictions | $10,230,921 |
| Net assets with donor restrictions | $1,945,841 |
| 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 | $12,178,257 |
Grants Recieved
Over the last fiscal year, we have identified 6 grants that Seabee Memorial Scholarship Association Inc has recieved totaling $220,081.
| Awarding Organization | Amount |
|---|---|
Running Deer Foundation Boston, MA PURPOSE: CHARITABLE PURPOSE | $150,000 |
Network For Good Inc Washington, DC PURPOSE: UNRESTRICTED | $62,826 |
American Online Giving Foundation Inc Newark, DE PURPOSE: GENERAL SUPPORT | $5,949 |
Amazonsmile Foundation Seattle, WA PURPOSE: GENERAL SUPPORT | $856 |
Christians Giving Back Incorporated Merrifield, VA PURPOSE: GENERAL SUPPORT | $400 |
Pfizer Foundation Inc New York, NY PURPOSE: MATCHING GIFTS | $50 |
Endowment Analysis
| Beg. Balance | $6,639,895 |
| Earnings | $1,756,937 |
| Admin Expense | $61,832 |
| Net Contributions | $3,677,063 |
| Grants | $410,243 |
| Ending Balance | $11,601,820 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Education Loan Finance Inc Knoxville, TN | $2,281,627,256 | $227,234,757 |
Thurgood Marshall College Fund Inc Washington, DC | $121,810,471 | $98,266,975 |
Educational Foundation Inc Chapel Hill, NC | $193,854,804 | $63,834,996 |
Nc Student Aid Association Inc Raleigh, NC | $102,296,557 | $23,877,668 |
Breakthrough Prize Foundation Washington, DC | $10,581,357 | $48,295,695 |
Virginia Student Aid Foundation Charlottesville, VA | $165,530,915 | $45,876,846 |
Foundation For Advanced Education In The Sciences Inc Bethesda, MD | $54,757,501 | $41,367,941 |
The North Carolina A&t Real Estate Foundation Inc Greensboro, NC | $169,150,909 | $33,021,773 |
Horatio Alger Association Of Distinguished Americans Inc Alexandria, VA | $58,355,936 | $27,092,429 |
Somerset Community Services Inc Marion Station, MD | $23,511,474 | $20,221,070 |
American Association Of University Women Inc Washington, DC | $138,843,361 | $18,528,803 |
Hca Healthcare Foundation Nashville, TN | $97,582,102 | $44,453,527 |