Overview
What is The Usmma Sailing Foundation Inc?
The Usmma Sailing Foundation Inc is a nonprofit organization based in Spring Hill, Tennessee. Their primary mission is to manage and administrate charitable gifts, including boats, equipment, and associated funds, donated by the public. This support is geared towards maintaining the vessels and furthering the Foundation's mission. The organization focuses on backing the United States Merchant Marine Academy and other 501(c)(3) entities. Additionally, they are dedicated to conducting maritime education and training. With a team of six employees, the Usmma Sailing Foundation Inc plays a crucial role in fostering the growth and development of the maritime community.
Official website here: www.usmmasailingfoundation.org
What are the reviews and ratings of this charity?
Rating from Charity Navigator: 85%, Three-Star out of Four Star rating.
The Usmma Sailing Foundation Inc has received a Three-Star rating from Charity Navigator, indicating a solid level of accountability and financial health. The organization's score reflects a strong commitment to transparency, as evidenced by its perfect score in areas such as conflict of interest policies and the documentation of board meeting minutes. The majority of board members are independent, which enhances governance.
However, the rating also highlights some limitations, particularly in fundraising efficiency, where the organization scored zero out of 25 points. This may suggest challenges in generating funds relative to its expenses, which could impact its ability to sustain or expand its programs. While the organization shows strong metrics in financial management and accountability, potential donors might want to consider the implications of the low fundraising efficiency score.
Overall, the Usmma Sailing Foundation demonstrates commendable practices in governance and financial oversight, but addressing its fundraising efficiency could be crucial for long-term sustainability and growth.
This AI summary has been generated from information found on Charity Navigator.
Is The Usmma Sailing Foundation Inc legitimate?
The Usmma Sailing Foundation Inc is a legitimate nonprofit organization registered as a 501(c)(3) entity. The Usmma Sailing Foundation Inc submitted a form 990, which is a tax form used by tax-exempt organizations in the U.S., indicating its operational transparency and adherence to regulatory requirements. Donations to this organization are tax deductible.
Heare are some key statistics you may want to consider:
Executive Compensation: $340,400
Professional Fundraising Fees: $0
Other Salaries and Wages: $206,857
For more financial information, click here
Official website here: www.usmmasailingfoundation.org
What is the mission statement of The Usmma Sailing Foundation Inc?
The Usmma Sailing Foundation Inc is dedicated to supporting the United States Merchant Marine Academy and other qualifying charitable organizations. Its mission includes conducting maritime education and training, as well as administering charitable gifts, bequests, and donations of boats and associated equipment for the upkeep of these vessels. The foundation aims to foster the growth and development of the maritime community by providing essential resources and opportunities for learning and skill acquisition within this field. By accepting and managing generous contributions from the public, the foundation plays a crucial role in advancing maritime education and training efforts.
Official website here: www.usmmasailingfoundation.org
Who is the CEO of The Usmma Sailing Foundation Inc?
Larry A Larsen is the Chairman of The Usmma Sailing Foundation Inc.
Official website here: www.usmmasailingfoundation.org
What is the revenue of The Usmma Sailing Foundation Inc?
The Usmma Sailing Foundation Inc's revenue in 2022 was $23,174,349.
Official website here: www.usmmasailingfoundation.org
Who are the executives of The Usmma Sailing Foundation Inc and what are their salaries?
The average compensation at The Usmma Sailing Foundation Inc during 2022 was $91,210. There are 6 employees and 5 volunteers at The Usmma Sailing Foundation Inc.
Here are 6 key members and their salaries:
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $175,000
- Related: $0
- Other: $25,000
- Compensation: $140,400
- Related: $0
- Other: $0
Official website here: www.usmmasailingfoundation.org
Where can I find the form 990 for The Usmma Sailing Foundation Inc?
The Usmma Sailing Foundation Inc's most recent form 990 was submitted in 2022 and can be accessed here.
Official website here: www.usmmasailingfoundation.org
Learn more at the official website: www.usmmasailingfoundation.org
Mission Statement of The Usmma Sailing Foundation Inc
The Usmma Sailing Foundation Inc is a charitable organization with a mission to support the United States Merchant Marine Academy and other 501(c)(3) institutions. In line with this objective, the Foundation conducts maritime education and training. By receiving and managing charitable donations, devises, and bequests of boats, along with related equipment and funds for their upkeep, the Foundation ensures the continued availability of resources to further its mission.
The Usmma Sailing Foundation Inc plays a vital role in enhancing the capabilities of the United States Merchant Marine Academy and other non-profit organizations. Through its maritime education and training programs, it contributes to the development of skilled professionals in the maritime industry. By administering gifts, bequests, and devises of boats and associated equipment, the Foundation keeps these vital resources in good condition, ready for use in the pursuit of its mission.
The Usmma Sailing Foundation Inc is dedicated to the continued success of the United States Merchant Marine Academy and other related organizations. Its mission to support these institutions and provide maritime education and training is carried out through the management of charitable donations and the maintenance of boats and related equipment. In doing so, the organization helps ensure the ongoing availability of essential resources for the advancement of the maritime sector.
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Impact
October, 2024
The Usmma Sailing Foundation Inc significantly enhances maritime education and training, directly benefiting the United States Merchant Marine Academy and related organizations. By receiving and managing charitable contributions, including boats and associated equipment, the foundation ensures that the necessary resources are available for effective maritime training. This support fosters the development of skilled mariners, which is crucial for maintaining the United States' transportation and logistics capabilities. The foundation's efforts not only enrich the educational experience for cadets but also promote the importance of maritime knowledge and skills in today's economy. Through its initiatives, it plays a vital role in preparing future leaders in the maritime industry.
This information is meant to be a general summary of The Usmma Sailing Foundation Inc. Please take the time to review official sources before making any decisions based upon the content provided here.
Financials
This financial information is from Propublica.
Other financial information:
This information is from the most recently submitted tax form from this organization, which was in 2022.
- Investment Income: -$3,132,676
- Gross Receipts: $27,579,287
Assets and Liabilities:
- Total Assets: $41,405,905
- Total Liabilities: $621,721
- Net Assets: $40,784,184
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Organization Details
Founding Year
2000
Phone
(615) 465-8201Principal Officer
Larry A Larsen
Main Address
PO BOX 1199, SPRING HILL, TN, 37174
NTEE Category
Code: B114 - Education
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