2025-03-04T10:53:39-05:00 2024-06-30 WITHUMSMITHBROWNPC 4600 EAST WEST HWY 900 BETHESDA MD 208143423 990 2023-07-01 237025807 MASSACHUSETTS MARITIME ACADEMY FOUNDATION INC % ROSE-MARIE CASS MASS 5088305099 101 ACADEMY DRIVE BUZZARDS BAY MA 025321803 Elizabeth Simmons VP OF EXT AFFAIRS 5088305099 2025-03-15 true true Richard Ruvelson P00234075 3012726000 2023 2025-03-06 01:10:19Z Elizabeth Simmons 101 ACADEMY DRIVE BUZZARDS BAY MA 025321803 23084112 false 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 (SCHEDULE o) 26 26 0 135 0 0 11109346 13270270 0 0 1141477 1245913 319850 17329 12570673 14533512 1510013 6352900 0 0 0 0 0 0 0 208010 286586 1718023 6639486 10852650 7894026 56074263 71033076 391486 300489 55682777 70732587 TO PROVIDE SCHOLORSHIPS AND CONTRIBUTIONS IN SUPPORT OF MASSACHUSETTS MARITIME ACADEMY. false false 6352900 6352900 SCHOLORSHIPS AWARDED TO ACADEMY STUDENTS AND EXPENSES RELATED TO RECEIVING AND ACCOUNTING FOR DONATIONS. 6352900 true true false false false false false false true true true false false true true true false false false false false false false true false false true true true false false false false false false false false true false false false false true false true false true 1 0 true 0 false false false false true true false false false false false false false false X 26 26 false false false false false false false true true false false true true true true true true false false false MA X ROSE-MARIE CASS 5088305099 101 ACADEMY DRIVE BUZZARDS BAY MA 02532 X ELIZABETH SIMMONS VP OF EXTERNAL AFFAIRS 1.0 39.0 X 0 178883 0 brendan po'connor chair 1.0 0.0 X X 0 0 0 william L walker vice chair 1.0 0.0 X X 0 0 0 david ssmith treasurer 1.0 0.0 X X 0 0 0 james r sanislow secretary 1.0 0.0 X X 0 0 0 capt martin econroy board member 1.0 0.0 X 0 0 0 walter j czernyjr board member 1.0 0.0 X 0 0 0 robert delhome board member 1.0 0.0 X 0 0 0 william dicroce board member 1.0 0.0 X 0 0 0 CAPT brian fournier board member 1.0 0.0 X 0 0 0 john gallagher board member 1.0 0.0 X 0 0 0 Timothy Griffin board member 1.0 0.0 X 0 0 0 penelope hare board member 1.0 0.0 X 0 0 0 dennis houston board member 1.0 0.0 X 0 0 0 william kelley jr board member 1.0 0.0 X 0 0 0 gerhard kurz board member 1.0 0.0 X 0 0 0 peter lawrence board member 1.0 0.0 X 0 0 0 richard lyall board member 1.0 0.0 X 0 0 0 alan mckim board member 1.0 0.0 X 0 0 0 DAVID MIK BOARD MEMBER 1.0 0.0 X 0 0 0 louis ricciardi board member 1.0 0.0 X 0 0 0 Bruce Rosenblatt board member 1.0 0.0 X 0 0 0 paul saccone board member 1.0 0.0 X 0 0 0 MICHAEL TUSIANI BOARD MEMBER 1.0 0.0 X 0 0 0 geoffrey wilkinson board member 1.0 0.0 X 0 0 0 jonathan DPoor board member 1.0 0.0 X 0 0 0 jeffrey fhamel board member 1.0 0.0 X 0 0 0 0 178883 0 0 false true false 0 555555 12714715 1884425 13270270 0 952858 952858 0 0 0 0 0 8839176 8546121 293055 293055 293055 21808 4479 17329 17329 0 0 0 0 0 0 0 14533512 0 1263242 5247514 5247514 1105386 1105386 0 0 0 0 0 0 0 0 0 0 0 0 0 16812 16812 0 0 188230 188230 12734 12734 0 52633 52633 0 0 0 0 0 0 0 0 16053 16053 124 124 6639486 6352900 286586 0 0 3906086 7905665 514566 5875415 10844948 110093 115851 0 0 0 0 112877 271560 0 0 20000 0 3818150 151169 2852009 3666981 37598204 50113084 1600000 1600000 0 0 0 0 0 0 56074263 71033076 387377 296726 0 0 0 0 0 0 0 0 0 0 0 0 0 0 4109 3763 391486 300489 X 19000812 23208652 36681965 47523935 55682777 70732587 56074263 71033076 7894026 7155784 X X false true X true false X 5669305 3007572 5276872 11109346 13270270 38333365 0 505802 520480 542620 126468 152795 1848165 6175107 3528052 5819492 11235814 13423065 40181530 12231133 27950397 431363 429982 533996 808382 952858 3156581 0 65050 155848 72838 319850 17229 630815 43968926 0.63568 0.79990 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 30026845 6505818 5374662 998377 40908948 18930535 10446583 1690404 1040677 30026845 17216729 3517851 -866006 938039 18930535 14757550 1438067 2005986 984874 17216729 13614441 1630300 312951 800142 14757550 0.53870 0.46130 false false 2792891 2792891 1025259 151169 874090 3666981 0 GIFT ANNUITY 3763 3763 X 21658340 7155784 152795 4479 7313058 14345282 188230 188230 14533512 6608530 152795 4479 157274 6451256 188230 188230 6639486 PART xi and part xii, line 2: Fundraising expenses 4,479 PART V, LINE 4: THE INVESTMENT POLICY FOR ENDOWMENT FUNDS IS INTENDED TO PRESERVE CAPITAL TO THE EXTENT POSSIBLE AND PROVIDE A REASONABLE PREDICTABLE STREAM OF REVENUE IN ORDERE TO PROVIDE APPROPRIATE FUNDING TO THE PROGRAMS SUPPORTED BY ENDOWMENT FUNDS. part X, line 2: The Foundation has been notified by the Internal Revenue Service that it meets the qualifications to be classified as tax exempt entity under section 501(c)(3) of the Internal Revenue Code. As a not-for-profit entity exempt from income taxes, the Foundation may, however, be subject to tax on unrelated business income. Accounting principles generally accepted in the United States of America require an entity to assess the probability that a tax position has a more likely than not 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. Tax returns are routinely open for review by the tax authorities for three from their due date. In certain circumstances, the statute of limitations may remain open indefinitely. Homecoming 21808 21808 4479 0 21808 21808 4479 4479 17329 true MASSACHUSETTS MARITIME ACADEMY 101 ACADEMY DRIVE BUZZARDS BAY MA 02532 046002284 115 5247514 ACADEMY SUPPORT SCHOLARSHIPS 389 1105386 Part I Description of Procedure for Monitoring Use of Funds 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 expenses 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. false false false false false false false false false ELIZABETH SIMMONS VP OF EXTERNAL AFFAIRS 178883 178883 X 3 1884425 fmv false false false Form 990, PART I, LINE 1 BY GENERATING AND MANAGING PRIVATE FUNDS TO SUPPORT THE MISSION OF THE MASSACHUSETTS MARITIME ACADEMY.THE FOUNDATION'S MISSION IS TO ENHANCE OUR GRADUATES' PREEMINENT LEADERSHIP QUALIFICATIONS. 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 COMMITTER WHOSE PURPOSE 18 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 EDUCAT MA 115 N/A NA false false true false false false false false false false false false false false false true true false false false MASSACHUSETTS MARITIME ACADEMY B 5247514 FMV mASSACHUSETTS MARITIME ACADEMY O 152795 ESTIMATED COST