2024-02-05T10:18:53-06:00 2023-06-30 043000523 WITHUM SMITH BROWN PC 25 BRAINTREE HILL OFC PK SUITE 102 BRAINTREE MA 02184 990 2022-07-01 237025807 MASSACHUSETTS MARITIME ACADEMY FOUNDATION INC MASS 5088305099 101 ACADEMY DRIVE BUZZARDS BAY MA 025321803 ELIZABETH SIMMONS VICE PRESIDENT OF EXTERNAL AFFAIRS 5088305099 2024-01-31 1 ELIZABETH SIMMONS 999009999 0 DAVID A DIIULIS P00303577 6174711120 2024-01-31 3 AAL1 IAL1 2022 2023-04-26 12:10:37Z ELIZABETH SIMMONS 101 ACADEMY DRIVE BUZZARDS BAY MA 025321803 34667468 0 X WWW.MARITIME.EDU X 1968 MA 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. 25 25 0 135 0 0 5276872 11109346 0 0 1733343 1141477 72838 319850 7083053 12570673 1019960 1510013 0 0 0 0 0 0 0 439410 208010 1459370 1718023 5623683 10852650 42100464 56074263 253474 391486 41846990 55682777 TO PROVIDE SCHOLARSHIPS AND CONTRIBUTIONS IN SUPPORT OF MASSACHUSETTS MARITIME ACADEMY. 0 0 1510013 1510013 SCHOLARSHIPS AWARDED TO ACADEMY STUDENTS AND EXPENSES RELATED TO RECEIVING AND ACCOUNTING FOR DONATIONS. 1510013 1 1 0 0 0 0 0 0 0 1 1 1 0 0 1 1 1 0 0 0 0 0 0 0 1 0 0 1 1 1 0 0 0 0 0 0 0 0 1 0 0 0 0 1 0 1 0 1 1 0 1 0 0 0 0 0 1 1 0 0 0 0 0 0 0 0 X 25 25 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 0 0 0 MA X MS ROSE-MARIE CASS 5088305099 101 ACADEMY DRIVE BUZZARDS BAY MA 025321803 BRENDAN O'CONNOR CHAIR 1.00 X X 0 0 0 WILLIAM WALKER VICE CHAIR 1.00 X X 0 0 0 DAVID SMITH TREASURER 1.00 X X 0 0 0 JAMES SANISLOW SECRETARY 1.00 X X 0 0 0 MARTIN CONROY BOARD MEMBER 1.00 X 0 0 0 WALTER CZERNY BOARD MEMBER 1.00 X 0 0 0 ROBERT DELHOME BOARD MEMBER 1.00 X 0 0 0 WILLIAM DICROCE BOARD MEMBER 1.00 X 0 0 0 BRIAN FOURNIER BOARD MEMBER 1.00 X 0 0 0 JOHN GALLAGHER BOARD MEMBER 1.00 X 0 0 0 WILLIAM GARDNER BOARD MEMBER 1.00 X 0 0 0 TIMOTHY GRIFFIN BOARD MEMBER 1.00 X 0 0 0 PENELOPE HARE BOARD MEMBER 1.00 X 0 0 0 DENNIS HOUSTON BOARD MEMBER 1.00 X 0 0 0 WILLIAM KELLEY JR BOARD MEMBER 1.00 X 0 0 0 GERHARD KURZ BOARD MEMBER 1.00 X 0 0 0 PETER LAWRENCE BOARD MEMBER 1.00 X 0 0 0 RICHARD LYALL BOARD MEMBER 1.00 X 0 0 0 ALAN MCKIM BOARD MEMBER 1.00 X 0 0 0 DAVID MIK BOARD MEMBER 1.00 X 0 0 0 LOUIS RICCIARDI BOARD MEMBER 1.00 X 0 0 0 BRUCE ROSENBLATT BOARD MEMBER 1.00 X 0 0 0 PAUL SACCONE BOARD MEMBER 1.00 X 0 0 0 MICHAEL TUSIANI BOARD MEMBER 1.00 X 0 0 0 GEOFFREY WILKINSON BOARD MEMBER 1.00 X 0 0 0 ELIZABETH SIMMONS VICE PRESIDENT OF EXTERNAL AFFAIRS 1.00 39.00 X 0 175238 0 0 175238 0 0 0 1 0 0 1111110 9998236 1784568 11109346 808382 808382 22429890 22096795 333095 333095 333095 319850 0 319850 319850 12570673 0 0 1461327 381244 381244 1128769 1128769 18551 18551 159162 159162 5617 5617 16054 16054 124 124 CONTRACT LABOR 8502 8502 1718023 1510013 208010 0 3442517 7905665 3783843 5875415 74779 110093 137764 112877 20000 2987125 135116 2458063 2852009 32203498 39198204 42100464 56074263 249019 387377 4455 4109 253474 391486 X 16140936 19000812 25706054 36681965 41846990 55682777 42100464 56074263 10852650 2983137 0 X X 0 1 X 1 0 X 3851895 5669305 3007572 5276872 11109346 28914990 562665 505802 520480 542620 126468 2258035 4414560 6175107 3528052 5819492 11235814 31173025 3416525 27756500 364768 431363 429982 533996 808382 2568491 345630 65050 155848 72838 319850 959216 34700732 0.79990 0.81790 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 18930535 10446583 1690404 1040677 30026845 17216729 3517851 -866006 938039 18930535 14757550 1438067 2005986 984874 17216729 13614441 1630300 312951 800142 14757550 12127939 1625914 608383 747795 13614441 0.52147 0.47853 0 0 2344991 2344991 642134 135116 507018 2852009 COMMON STOCKS 22298287 F MUTUAL FUNDS 1519565 F ETFS AND CEFS 2660630 F GOVERNMENT SECURITIES 626268 F CORPORATE FIXED INCOME 10493454 F REAL ESTATE 1600000 F 39198204 GIFT ANNUITY LIABILITY 4109 4109 X 15521116 2983137 126468 3109605 12411511 159162 159162 12570673 1685329 126468 126468 1558861 159162 159162 1718023 PART V, LINE 4: THE INVESTMENT POLICY FOR ENDOWMENT FUNDS IS INTENDED TO PRESERVE CAPITAL TO THE EXTENT POSSIBLE AND PROVIDE A REASONABLY PREDICTABLE STREAM OF REVENUE IN ORDER TO PROVIDE APPROPRIATE FUNDING TO THE PROGRAMS SUPPORTED BY ENDOWMENT FUNDS. PART X, LINE 2: GENERALLY ACCEPTED ACCOUNTING PRINCIPLES PRACTICED IN THE UNITED STATES OF AMERICA REQUIRE AN ENTITY TO ASSESS THE PROBABILITY THAT A TAX POSITION HAS A "MORE LIKELY THAN NOT" (MLTN) SUSTAINABILITY AFTER REVIEW BY TAX AUTHORITIES. IF A TAX POSITION IS DEEMED NOT TO MEET THIS THRESHOLD, ANY UNRECOGNIZED TAX BENEFITS AND COSTS ARE ESTIMATED AND RECOGNIZED. INTEREST AND PENALTIES, IF ANY, RELATED TO ASSESSMENTS BY TAX AUTHORITIES WILL BE CLASSIFIED AS A COMPONENT OF INTEREST EXPENSE AND OTHER EXPENSE, RESPECTIVELY, IN THE STATEMENT OF ACTIVITIES. A TAX POSITION MAY BE CONSIDERED AS TAKEN ANY TIME A TAXPAYER CHOOSES AMONGST ALTERNATIVES THAT AFFECT THE AMOUNT OF THEIR TAX OBLIGATIONS AND INCLUDE FOR EXAMPLE: TAX EXEMPT STATUS; STATUS AS A PASS-THOUGH ENTITY (S CORPORATIONS); DECISIONS MADE IN THE PROCESS OF CONFORMING WITH TAX LAWS; DECISIONS NOT TO FILE IN CERTAIN JURISDICTIONS; ALLOCATION OF INCOME BETWEEN JURISDICTIONS AND THE CHARACTERIZATION OF INCOME OR EXPENSES. TAX RETURNS ARE ROUTINELY OPEN FOR REVIEW BY THE TAX AUTHORITIES FOR THREE YEARS FROM THEIR DUE DATE. IN CERTAIN CIRCUMSTANCES THE STATUTE OF LIMITATIONS MAY REMAIN OPEN INDEFINITELY. THE FOUNDATION HAS BEEN NOTIFIED BY THE INTERNAL REVENUE SERVICE THAT IT MEETS THE QUALIFICATIONS TO BE CLASSIFIED AS A TAX EXEMPT ENTITY UNDER SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE. SINCE THE CONTINUANCE OF THIS STATUS IS BASED UPON CONTINUING QUALIFICATION, THE FOUNDATION HAS IDENTIFIED THIS AS A TAX POSITION. HOWEVER, IT HAS DETERMINED THAT THIS TAX POSITION MEETS MLTN SUSTAINABILITY AND DOES NOT RESULT IN AN UNCERTAINTY REQUIRING RECOGNITION. PART V, LINE 1B PRIOR YEAR ENDOWMENT CONTRIBUTIONS WERE REVISED TO REFLECT PROPER AMOUNT OF ENDOWMENT FUND CONTRIBUTIONS RECEIVED. HOMECOMING 30850 30850 SALUTE TO MARITIME PERSON OF THE YR 289000 289000 319850 319850 319850 1 MASSACHUSETTS MARITIME ACADEMY 101 ACADEMY DRIVE BUZZARDS BAY MA 02532 046002284 115 381244 0 FMV ACADEMY SUPPORT 1 SCHOLARSHIPS 390 1128769 FMV PART I, LINE 2: FIRST, THE FOUNDATION INSPECTS CHARGES TO ENSURE THAT THEY ARE APPROPRIATE AND ALLOWABLE. THIS INCLUDES CHECKING CLERICAL ACCURACY, REVIEWING ENCUMBRANCE BALANCES AND CHECKING COMPLIANCE WITH APPLICABLE AGENCY, CDU, AND FEDERAL GUIDELINES. THE FOUNDATION ALSO MAKES SURE THAT EXPENSES FIT WITHIN THE REQUIRED CATEGORIES AND BUDGET AMOUNTS. THIS INCLUDES REVIEWING EXPENSE CATEGORIES, REBUDGETING OR TRANSFERRING EXPENSES AS NEEDED, AND DETERMINING IF THE AWARD WILL BE UNDER SPENT AT THE END OF THE BUDGET OR PROJECT PERIOD. 0 0 0 0 0 0 0 0 0 ELIZABETH SIMMONS VICE PRESIDENT OF EXTERNAL AFFAIRS 0 175238 0 0 0 0 0 0 0 0 0 175238 0 0 X 4 1784568 FMV 0 0 0 FORM 990, PART VI, SECTION B, LINE 11B AS PART OF THE FORM 990 REVIEW PROCESS THE FORM 990 NEEDS TO BE REVIEWED BY THE MASSACHUSETTS MARITIME ACADEMY FOUNDATION BOARD OF TRUSTEES OR WILL BE DELEGATED TO A SUB-COMMITTEE WHERE A MEMBER OF THE FINANCE COMMITTEE WILL BE ABLE TO REVIEW THE RETURN FOR COMPLETENESS AND ACCURACY. ONCE THE FORM 990 HAS BEEN APPROVED BY THE BOARD OF TRUSTEES OR A MEMBER OF THE FINANCE COMMITTEE THE FORM 990 THEN CAN BE FILED WITH THE INTERNAL REVENUE SERVICE AND THE MASSACHUSETTS ATTORNEY GENERAL'S OFFICE (IF APPLICABLE). FORM 990, PART VI, SECTION B, LINE 12C PERSONS COVERED BY THIS POLICY WILL ANNUALLY DISCLOSE OR UPDATE TO THE CHAIRMAN OF THE BOARD OF DIRECTORS ON A FORM PROVIDED BY THE MASSACHUSETTS MARITIME ACADEMY FOUNDATION, INC. THEIR INTERESTS THAT COULD GIVE RISE TO CONFLICTS OF INTEREST, SUCH AS A LIST OF FAMILY MEMBERS, SUBSTANTIAL BUSINESS OR INVESTMENT HOLDINGS, AND OTHER TRANSACTIONS OR AFFILIATIONS WITH BUSINESSES AND OTHER ORGANIZATIONS OR THOSE OF FAMILY MEMBERS. FORM 990, PART VI, SECTION C, LINE 19 THE ORGANIZATION MAKES ITS GOVERNING DOCUMENTS, CONFLICTS OF INTEREST POLICY, AND FINANCIAL STATEMENTS AVAILABLE TO THE PUBLIC THROUGH THE USE OF ITS WEB SITE AND THE PUBLISHING OF PRINTED REPORTS. FORM 990, PART XII, LINE 2C THE ORGANIZATION HAS AN AUDIT COMMITTEE WHOSE PURPOSE IS THE OVERSIGHT AND REVIEW OF THE AUDITED FINANCIAL STATEMENTS AND SELECTION OF AN INDEPENDENT ACCOUNTANT. THIS PROCESS HAS NOT CHANGED FROM PRIOR YEAR. MASSACHUSETTS MARITIME ACADEMY 101 ACADEMY DRIVE BUZZARDS BAY MA 02532 046002284 HIGHER EDUCATION MA 115 N/A N/A 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 1 1 0 0 0 MASSACHUSETTS MARITIME ACADEMY B 1510013 FMV MASSACHUSETTS MARITIME ACADEMY O 126468 ESTIMATED COST PER EMPLOYEES