Passenger Vessel Foundation Inc

Nonprofit profile at a glance

EIN
521880605
IRS 990 coverage
2020–2024
Forms available
Form 990 2024, Form 990-N 2019
Location
Stoddard, WI, USA
Phone
8887886556
Rating
78
Verdict
SUPPORTED
Rating confidence
Moderate
Sector
Science and Technology N.E.C.

Official website

Reported finances

Revenue
$75,751
Expenses
$35,960
Assets
$1,022,991
Liabilities
$0

Source: IRS Form 990. Selected filing: tax year 2024. Amounts in USD.

Leadership & pay

8 people listed

Executive titles in this filing

  • ROBERT MCMAHON JR (PRESIDENT)

People named in this filing

  • ROBERT MCMAHON JR (PRESIDENT)
  • ALAN BERNSTEIN (TREASURER)
  • TERRY WIRGINIS (SECRETARY)

Selected names, not a complete roster or a statement of current roles. Open leadership details for the complete filed list.

Source: IRS Form 990. Selected filing: tax year 2024. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

The foundation was begun to insure that the passenger vessel industry continued with its dedication to continue furthering education and development of safety resources.

What it reported doing in 2024

Grants are awarded for educational assistance, research, training or the improvement of safety within the maritime industry, particularly where these apply to the us domestic passenger vessel industry. To conduct and disseminate research and educational studies and make recommendations on questions of common interest to the us-flagged passenger vessel industry. To provide education to improve and develop the capabilities of those persons who have an interest in the us-flagged passenger vessel industry. To provide educational scholarships for individuals who support the interests and objectives of the us-flagged passenger vessel industry. To develop programs of public awareness that address the issues of concern to the industry, including but not limited to environmental, business, and maritime issues.

Operating model

Revenue model
Donor-supported. 69% of the money available for current operations came from contributions and gifts.
Distribution model
Grant intermediary. The nonprofit sent 96% of its reported program spending out as grants.

The verdict

SUPPORTED - The filed numbers largely add up and a large share of available resources goes toward mission work. Revenue has declined or grown slowly and some filing-based governance responses are negative or unanswered.

Rating breakdown

  • Financial Efficiency: 64
  • Transparency & Controls: 93
  • Accountability: 88
  • Sustainability: 82
  • Growth: 60

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 59.9%; rating input score 60
  • Program expense ratio: 91.2%; rating input score 91
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 63rd percentile among comparable filings
  • Pay-setting controls: Limited
  • Foreign activity oversight: Limited
  • Grant itemization coverage: 100%; rating input score 100; 80th percentile among comparable filings
  • Major donor itemization: Limited
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 100%; rating input score 100; 64th percentile among comparable filings
  • Governance controls: 5 of 7 controls in place; rating input score 71
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Pass
    • Document-retention policy: Pass
    • CEO compensation review process: NotApplicable
    • Other executive compensation review process: NotApplicable
    • Form 990 shared with the board: Pass
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Missing
    • Independent financial-statement audit: Fail

Sustainability

  • Operating margin: 52.5%; rating input score 89; 89th percentile among comparable filings
  • Total-asset coverage ratio: 28.45; rating input score 85; 85th percentile among comparable filings
  • Liabilities to assets ratio: 0; rating input score 69; 69th percentile among comparable filings
  • Officer compensation ratio: 0%; rating input score 60; 60th percentile among comparable filings

Growth

  • Program expense growth: 1.6% per year; rating input score 100; 56th percentile among comparable filings
  • Revenue growth: -22.2% per year; rating input score 0; 18th percentile among comparable filings
  • Asset growth: 7.9% per year; rating input score 100; 75th percentile among comparable filings

Details

  • Where the money goes: 59.9% of revenue deployed · 91.2% of spending went to programs
  • Governance: 8 of 8 board members independent · 5 of 7 filing controls reported
  • Programs: 1 filed program accomplishment · $33K in reported program spending
  • Leadership: top reported pay $0 · 8 people listed
  • Consistency: 16 of 16 current checks pass
  • Schedules: 4 filed schedules · includes grants
  • Filing history: 5 filing years from 2020 to 2024
  • Contacts: How to reach this organization
  • Grant readiness: Federal tax and exclusion status, award history, and grant-maker relationships.
  • People: Everyone the filings name, and which of them the filings identify by more than a name.

Key Signals

Signals prioritize questions for review. They are not findings of misconduct.

  • High — Growth: Revenue growth scored 0/100.
  • Review — Accountability: Governance controls: Independent financial-statement audit not reported.