The Gloucester Adventure INC: FY2020 Nonprofit Profile & Form 990 (EIN 04-3020719)

Revenue by fiscal year
FY2020	$375K
FY2021	$639K
FY2022	$644K
FY2023	$746K
FY2024	$785K
FY2025	$895K

Expenses by fiscal year
FY2020	$535K
FY2021	$695K
FY2022	$817K
FY2023	$784K
FY2024	$824K
FY2025	$763K

Net assets by fiscal year
FY2020	$2.1M
FY2021	$2.0M
FY2022	$1.8M
FY2023	$1.8M
FY2024	$1.7M
FY2025	$1.9M

Is it real?

Yes. Never revoked by the IRS. Latest filing on record: FY2025. IRS ruling in Nov 1992.

IRS Pub. 78 · IRS Auto-Revocation List · IRS Business Master File

Where the money goes

62 cents of each dollar spent went to programs.

62%

38%

Program services 62% · $331K Management & general 38% · $204K

Form 990 Part IX, line 25, columns B–D. Every line is in By the numbers.

Something off? The org can add a note here. Request edit privileges.

Who runs it and what they're paid

16 people listed on the 990.

Part VII, Section A · reportable compensation

John Morris

President

$0Pt VII · Sec A

Peter Madsen

Vice President-Operations

$0Pt VII · Sec A

Olaf Aprans

Director

$0Pt VII · Sec A

William Barton

Director

$0Pt VII · Sec A

Tom Dexter

Secretary

$0Pt VII · Sec A

Greg Bover

Director

$0Pt VII · Sec A

Peter Souza

Director

$0Pt VII · Sec A

William Whitney

Director

$0Pt VII · Sec A

See The Gloucester Adventure INC executive salaries →

Are you one of these people? Claim this org to confirm your role

Something off? The org can add a note here. Request edit privileges.

Questions the 990 asks

The form asks each of these directly. These are the filed answers.

Family or business ties among officersPt VI · Ln 2No
Top official's pay set by an independent reviewPt VI · Ln 15aNo

Programs and updates

Educates the public about schooners and history, preserving the schooner Adventure.

Provided by the organization

Know this organization? Claim it to add your story

1 program · $331K · in their own filed words · FY2020

01

To preserve the schooner adventure as a living symbol of america's maritime heritage, and as a community resource for educational programming focusing on maritime,cultural, and environmental issues

$331Kprogram expense

Funders

Who pays for it.

From grant filings on record. Receipts are incomplete: individual donors are never listed.

Grants

Schedule I · funders on record

Grants received · FY2024

Fidelity Investments Charitable Gift FundFY2024$25K

Gs Donor Advised Philanthropy Fund for Wealth Management INCFY2024$19K

Master Wardens and Members of the Grand Lodge of Masons in MassFY2024$12K

Donor Advised Charitable Giving INCFY2024$11K

Total grants receivedfrom 4 funders$67K

See all 4 funders →

By the numbers

The FY2020 990, line by line.

Download 990

from philanthropy.org

1The main four

Money inPt VIII

$375K

Ln 12

Gifts and grantsLn 1h$310K

Other incomeLn 4–11$64K

Investment incomeLn 3$21

Money outPt IX

$535K

Ln 25

Programscol B$331K

Managementcol C$204K

Owns and owesPt X

$2.1M

net assets · Ln 32

Cash and savingsLn 1–2$159K

Total assetsLn 16$2.5M

LiabilitiesLn 26$448K

PeoplePt VI, VII

16

listed · VII A

PaidVII A0

Voting boardVI 1a16

IndependentVI 1b16

2In more detail

Revenue in detailPt VIII

Gifts and grantsLn 1h$310K

Investment incomeLn 3$21

Other incomeLn 4–11$64K

Total revenueLn 12$375K

Assets in detailPt X, end of year

CashLn 1$145K

SavingsLn 2$14K

Cash and savings togetherLn 1–2$159K

Land, buildings, equipmentLn 10c$2.4M

Other assetsLn 15$200

Total assetsLn 16$2.5M

LiabilitiesLn 26$448K

Net assetsLn 32$2.1M

OperationsPt I, VI

EmployeesI 50

VolunteersI 60

Fiscal year endsHeaderDecember

Conflict-of-interest policyVI 12aYes

Whistleblower policyVI 13No

Records policyVI 14Yes

3Year over year

Balance sheet, start vs end of yearPt X · col A, B

Line	Start FY20	End FY20
Cash and savingsLn 1–2	$51K	$159K
Land, buildings, equipmentLn 10c	$2.5M	$2.4M
Total assetsLn 16	$2.6M	$2.5M
LiabilitiesLn 26	$347K	$448K
Net assetsLn 32	$2.2M	$2.1M

4Every line

Statement of functional expensesPt IX · every line

Line	Total	Programs	Management	Fundraising
Other salaries and wagesLn 7	$190K	$64K	$126K
Other employee benefitsLn 9	$12K	$12K
Payroll taxesLn 10	$16K	$7K	$9K
Accounting feesLn 11c	$9K		$9K
Advertising and promotionLn 12	$4K	$4K
Office expensesLn 13	$5K		$5K
Information technologyLn 14	$22K	$4K	$18K
InterestLn 20	$18K		$18K
Depreciation, depletion and amortizationLn 22	$169K	$169K	$368
InsuranceLn 23	$29K	$25K	$5K
Other expenses (24a–d)Ln 24	$45K	$35K	$10K
All other expensesLn 24e	$15K	$11K	$4K
Total functional expensesLn 25	$535K	$331K	$204K	$0

Filing history

Year	Money in	Money out	In minus out	Net assets	Download
FY2025 Latest	$895K	$763K	$132K	$1.9M	990 PDF
FY2024	$785K	$824K	−$40K	$1.7M	990 PDF
FY2023	$746K	$784K	−$39K	$1.8M	990 PDF
FY2022	$644K	$817K	−$173K	$1.8M	990 PDF
FY2021	$639K	$695K	−$57K	$2.0M	990 PDF
FY2020 Viewing	$375K	$535K	−$161K	$2.1M	990 PDF

Want to add your own materials alongside these filings? Claim this org

Schedules filed Part IV

III · Programs I · Grants R · Related orgs G · Fundraising L · Interested persons A · Public support F · Foreign M · Noncash

See the full FY2020 990 (6 parts)

Part I · Summary $374,673 revenue, 12 lines filed

I-8 Contributions and grantsPrior year $431,823$310,345

I-9 Program service revenuePrior year $65,507$0

I-10 Investment incomePrior year $96$21

I-11 Other revenuePrior year $121,017$64,307

I-12 Total revenuePrior year $618,443$374,673

I-13 Grants and similar amounts paidPrior year $6,500$0

I-14 Benefits paid to membersPrior year $0$0

I-15 Salaries and benefitsPrior year $277,073$218,723

I-16a Professional fundraising feesPrior year $0$0

I-17 Other expensesPrior year $413,384$316,491

I-18 Total expensesPrior year $696,957$535,214

I-19 Revenue less expensesPrior year −$78,514−$160,541

Part VI · Governance 16 of 16 board members independent, 2 to look at

VI-1a Voting members of the governing body16

VI-1b Independent voting members16

VI-13 Written whistleblower policyNo

VI-15a Process for setting top official's payNo

VI-2 Family or business relationship among officers or directorsNo

VI-12a Written conflict of interest policyYes

VI-14 Document retention and destruction policyYes

Part VIII · Statement of revenue $374,673 across 6 lines filed

Lines not itemized here account for $1,448 of total revenue; see the IRS return.

VIII-1b Membership dues$8,704

VIII-1f All other contributions, gifts and grants$301,641

VIII-1h Total contributions, gifts and grants$310,345

VIII-3 Investment incomeRelated to mission $21$21

VIII-8 Net income from fundraising eventsExcluded from tax $62,859$62,859

VIII-12 Total revenueRelated to mission $1,469 · Unrelated business $0 · Excluded from tax $62,859$374,673

Part IX · Statement of functional expenses $535,214 across 12 lines filed

IX-7 Other salaries and wagesPrograms $63,959 · Management $126,245$190,204

IX-9 Other employee benefitsPrograms $12,499$12,499

IX-10 Payroll taxesPrograms $6,590 · Management $9,430$16,020

IX-11c Accounting feesManagement $8,685$8,685

IX-12 Advertising and promotionPrograms $4,148$4,148

IX-13 Office expensesManagement $5,233$5,233

IX-14 Information technologyPrograms $4,095 · Management $17,709$21,804

IX-20 InterestManagement $17,867$17,867

IX-22 Depreciation, depletion and amortizationPrograms $168,865 · Management $368$169,233

IX-23 InsurancePrograms $24,502 · Management $4,911$29,413

IX-24 Other expenses (24a–d)Programs $35,169 · Management $9,623$44,792

IX-24e All other expensesPrograms $11,035 · Management $4,281$15,316

IX-25 Total functional expensesPrograms $330,862 · Management $204,352 · Fundraising $0$535,214

Part X · Balance sheet $2,530,929 assets, 13 lines filed

X-1 Cash, non-interest-bearingStart of year $49,052$145,087

X-2 Savings and temporary cash investmentsStart of year $2,181$13,884

X-8 Inventories for sale or useStart of year $3,965$5,148

X-10c Land, buildings and equipment, netStart of year $2,535,843$2,366,610

X-15 Other assetsStart of year $200$200

X-16 Total assetsStart of year $2,591,241$2,530,929

X-17 Accounts payable and accrued expensesStart of year $42,860$11,763

X-24 Unsecured notes and loans payable$149,900

X-26 Total liabilitiesStart of year $347,355$447,584

X-27 Net assets without donor restrictionsStart of year $2,241,710$2,081,169

X-28 Net assets with donor restrictionsStart of year $2,176$2,176

X-32 Total net assets or fund balancesStart of year $2,243,886$2,083,345

X-33 Total liabilities and net assetsStart of year $2,591,241$2,530,929

Part XI · Reconciliation of net assets $2,083,345 net assets at year end

XI-1 Total revenue$374,673

XI-2 Total expenses$535,214

XI-3 Revenue less expenses−$160,541

XI-4 Net assets at start of year$2,243,886

XI-9 Other changes in net assets$0

XI-10 Net assets at end of year$2,083,345

Form 990 e-file (XML) FY2020 from the IRS · Classification, formation year and address from the IRS Business Master File

Names, privacy, and removal requests More

The names, titles, and compensation shown on this page are reproduced from IRS Form 990 filings, which are public records.

Philanthropy.org does not alter the content of those filings. All information appears exactly as reported by the filing organization for the tax year shown.

We publish only information contained in the public IRS filing — and less than the filing contains. Our profile pages do not display street addresses, telephone numbers, personal email addresses, or other personal contact information, even where the filing includes them.

Many people share the same name. A name shown on this page reflects only what one organization reported in one IRS filing for one tax year. It should not be interpreted as identifying any other individual with the same or a similar name.

If you are no longer affiliated with the organization, your name will generally stop appearing in future IRS filings once the organization no longer reports you. Pages for tax years in which you were reported remain published because those filings remain part of the public record.

Philanthropy.org does not alter or remove IRS filing records. Removing a page from this website would not remove the underlying IRS filing, which remains publicly available from the IRS and other publishers of the same information.

If you believe the IRS filing itself is inaccurate, corrections must be made by the filing organization or the IRS directly.

If you ARE the filing organization, claim this org and add context

Made it to the end? Claim this organization

The Gloucester Adventure INC FY2020 filing

Before you give

Is it real?

Where the money goes

Who runs it and what they're paid

Questions the 990 asks

Programs and updates

Funders

Grants

By the numbers

Filing history

Schedules filed Part IV