Nauticus Foundation FY2022 filing

Tax-deductible

Norfolk, VA501(c)(3)Since 1988EIN 54-1475802Revenue $7.5M in FY2022

On file with the IRSnauticus.org1 Waterside Drive, 23510-1737 · Norfolk, VATax-exempt since May 1989Publicly supported charity — 170(b)(1)(A)(vi)

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We exist to benefit our community through education, impactful experiences and by sharing access to maritime resources.

501(c)(3) charity; gifts are tax-deductible.
87¢ of each $1 spent went to programs.
Mission: Form 990 Part I, line 1 · Status: IRS Pub. 78 · Programs: Part IX

Before you give

FY2022 · Form 990Independent: from IRS data, not the org
Download 990
IRS status
501(c)(3)
not on the IRS revocation list
Looks good: listed by the IRS and not on the revocation list.
IRS BMF · Auto-Revocation List
Tax-deductible gifts
Yes
Donations are tax-deductible
Looks good: the IRS lists gifts to it as deductible.
IRS Pub. 78 · IRS BMF
Latest return
FY2024
latest Form 990
Looks good: the latest return is for FY2024, 2 tax years back; within 2 tax years.
IRS e-file · Filing history
Surplus or deficit
3 of 5
filings with a surplus
Average surplus $2.6M a year · 38% of revenue · last 5 filings
Worth a look: a surplus in 3 of the last 5 filings.
Pt I · Ln 19 · 5 filings
Spent on programs
87%
of spending
Looks good: 87% of spending went to programs; 75% or more.
Pt IX · Ln 25 · col B
Cash reserves
29 mo
of spending, in cash
Looks good: 28.8 months of spending in cash; 3 or more.
Pt X · Ln 1–2 · Pt I · Ln 18
Named funders
6
named funders · $602K
Looks good: 6 funders name it on their filings; 3 or more.
Funders’ Sch. I, 990-PF
Liabilities
$874K
7% of total assets
Looks good: liabilities are 7% of assets; 50% or less.
Pt X · Ln 26
Independent board members
16
of 16 voting members
Looks good: 16 of 16 voting members are independent, a majority.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$7.5M
+60% vs prior year
Spent
$2.5M
To programs
87%
Net assets
$11.6M
By yearFY2020–FY2024
Revenue
$7.5M
FY2022▲ +60%
Tap a bar for its year
Revenue by fiscal year
FY2020$2.2M
FY2021$4.7M
FY2022$7.5M
FY2023$9.3M
FY2024$10.9M
FY2024$6.0M
Expenses
$2.5M
FY2022▲ +25%
Tap a bar for its year
Expenses by fiscal year
FY2020$2.5M
FY2021$2.0M
FY2022$2.5M
FY2023$10.2M
FY2024$4.3M
FY2024$4.4M
Net assets
$11.6M
FY2022▲ +77%
Tap a bar for its year
Net assets by fiscal year
FY2020$3.7M
FY2021$6.5M
FY2022$11.6M
FY2023$10.7M
FY2024$17.4M
FY2024$19.0M

From the FY2022 Form 990 (year ending June 2022) · figures checked against the IRS filing · see the original

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Is it real?

Yes. Never revoked by the IRS. Latest filing on record: FY2024. IRS ruling in May 1989.

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

Where the money goes

87 cents of each dollar spent went to programs.

Program services 87% · $2.2M Management & general 7% · $188K Fundraising 6% · $144K

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

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Who runs it and what they're paid

17 people listed on the 990.

Part VII, Section A · reportable compensation · most recent filed roster (FY2021); the FY2022 filing did not itemize Part VII
$0Pt VII · Sec A
Vice Chair
$0Pt VII · Sec A
Treasurer
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
See Nauticus Foundation executive salaries →

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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

Inspires and educates through interactive maritime experiences celebrating our connection to the sea.

Provided by the organization

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1 program · $2.2M · in their own filed words · FY2021
01

Nauticus is a maritime discovery center located along the waterfront in downtown, norfolk offering a unique form of experiential learning for all ages. Through interactive exhibits and stem to stern programming, nauticus uses the museum, battleship wisconsin, sailing center, and schooner virginia to tell the story of the maritime…

$2.2Mprogram 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
See all 6 funders →

By the numbers

The FY2022 990, line by line.

1The main four
Money inPt VIII
$7.5M
Ln 12
Gifts and grantsLn 1h$5.3M
Fees for servicesLn 2g$1.3M
Other incomeLn 4–11$900K
Money outPt IX
$2.5M
Ln 25
Programscol B$2.2M
Managementcol C$188K
Fundraisingcol D$144K
Owns and owesPt X
$11.6M
net assets · Ln 32
Cash and savingsLn 1–2$6.1M
Total assetsLn 16$12.4M
LiabilitiesLn 26$874K
PeoplePt VI, VII
17
listed · VII A
PaidVII A0
Voting boardVI 1a16
IndependentVI 1b16
2In more detail
Revenue in detailPt VIII
Gifts and grantsLn 1h$5.3M
Government grantsLn 1e$198K
Noncash giftsLn 1g$37K
Fees for servicesLn 2g$1.3M
Investment incomeLn 3$20K
Other incomeLn 4–11$900K
Gains on assetsLn 7$7K
Total revenueLn 12$7.5M
Assets in detailPt X, end of year
CashLn 1$35K
SavingsLn 2$6.0M
Cash and savings togetherLn 1–2$6.1M
InvestmentsLn 11–13$574K
Land, buildings, equipmentLn 10c$2.6M
Other assetsLn 15$2K
Total assetsLn 16$12.4M
LiabilitiesLn 26$874K
Net assetsLn 32$11.6M
OperationsPt I, VI
EmployeesI 5137
VolunteersI 62,149
Fiscal year endsHeaderJune
Conflict-of-interest policyVI 12aYes
Whistleblower policyVI 13Yes
Records policyVI 14Yes
3Year over year
Balance sheet, start vs end of yearPt X · col A, B
LineStart FY22End FY22
Cash and savingsLn 1–2$3.4M$6.1M
InvestmentsLn 11–13$643K$574K
Land, buildings, equipmentLn 10c$1.5M$2.6M
Total assetsLn 16$7.1M$12.4M
LiabilitiesLn 26$556K$874K
Net assetsLn 32$6.5M$11.6M
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Pay of current officers, directors and key staffLn 5$162K$134K$14K$14K
Other salaries and wagesLn 7$885K$744K$66K$74K
Other employee benefitsLn 9$75K$58K$10K$7K
Payroll taxesLn 10$78K$67K$6K$6K
Legal feesLn 11b$7K$3K$2K$2K
Accounting feesLn 11c$10K$10K
Investment management feesLn 11f$3K$3K
Other fees for servicesLn 11g$73K$62K$7K$3K
Advertising and promotionLn 12$114K$114K$121
Office expensesLn 13$19K$18K$928$2
TravelLn 17$20K$14K$6K
Depreciation, depletion and amortizationLn 22$216K$216K
InsuranceLn 23$107K$87K$20K
Other expenses (24a–d)Ln 24$480K$474K$7K
All other expensesLn 24e$271K$197K$36K$38K
Total functional expensesLn 25$2.5M$2.2M$188K$144K

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2024 $10.9M$4.3M$6.6M$17.4M 990 PDF
FY2023 $9.3M$10.2M−$882K$10.7M 990 PDF
FY2022 Viewing $7.5M$2.5M$5.0M$11.6M 990 PDF
FY2021 $4.7M$2.0M$2.7M$6.5M 990 PDF
FY2020 $2.2M$2.5M−$336K$3.7M 990 PDF

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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 FY2022 990 (6 parts)
Part I · Summary $7,543,316 revenue, 12 lines filed
I-8 Contributions and grantsPrior year $3,503,489$5,336,152
I-9 Program service revenuePrior year $813,115$1,286,983
I-10 Investment incomePrior year $14,247$20,436
I-11 Other revenuePrior year $391,096$899,745
I-12 Total revenuePrior year $4,721,947$7,543,316
I-13 Grants and similar amounts paidPrior year $0$0
I-14 Benefits paid to membersPrior year $0$0
I-15 Salaries and benefitsPrior year $994,868$1,199,760
I-16a Professional fundraising feesPrior year $0$0
I-17 Other expensesPrior year $1,018,041$1,320,597
I-18 Total expensesPrior year $2,012,909$2,520,357
I-19 Revenue less expensesPrior year $2,709,038$5,022,959
Part VI · Governance 16 of 16 board members independent, 1 to look at
VI-1a Voting members of the governing body16
VI-1b Independent voting members16
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-13 Written whistleblower policyYes
VI-14 Document retention and destruction policyYes
Part VIII · Statement of revenue $7,543,316 across 10 lines filed
Lines not itemized here account for $457,233 of total revenue; see the IRS return.
VIII-1d Related organizations$637,189
VIII-1e Government grants$198,161
VIII-1f All other contributions, gifts and grants$4,500,802
VIII-1g Noncash contributions (included above)$36,537
VIII-1h Total contributions, gifts and grants$5,336,152
VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Related to mission $1,286,983$1,286,983
VIII-3 Investment incomeExcluded from tax $13,036$13,036
VIII-6 Net rental income or lossExcluded from tax $442,512$442,512
VIII-7 Net gain or loss on sales of assetsExcluded from tax $7,400$7,400
VIII-12 Total revenueRelated to mission $1,744,216 · Unrelated business $0 · Excluded from tax $462,948$7,543,316
Part IX · Statement of functional expenses $2,520,357 across 15 lines filed
IX-5 Pay of current officers, directors and key staffPrograms $134,401 · Management $13,848 · Fundraising $13,714$161,963
IX-7 Other salaries and wagesPrograms $744,497 · Management $66,139 · Fundraising $74,166$884,802
IX-9 Other employee benefitsPrograms $57,774 · Management $10,170 · Fundraising $6,614$74,558
IX-10 Payroll taxesPrograms $66,701 · Management $5,520 · Fundraising $6,216$78,437
IX-11b Legal feesPrograms $2,900 · Management $2,248 · Fundraising $2,102$7,250
IX-11c Accounting feesManagement $10,000$10,000
IX-11f Investment management feesManagement $3,235$3,235
IX-11g Other fees for servicesPrograms $62,241 · Management $7,143 · Fundraising $3,125$72,509
IX-12 Advertising and promotionPrograms $114,038 · Fundraising $121$114,159
IX-13 Office expensesPrograms $17,722 · Management $928 · Fundraising $2$18,652
IX-17 TravelPrograms $14,328 · Management $5,852$20,180
IX-22 Depreciation, depletion and amortizationPrograms $215,929$215,929
IX-23 InsurancePrograms $86,893 · Management $20,382$107,275
IX-24 Other expenses (24a–d)Programs $473,789 · Management $6,539$480,328
IX-24e All other expensesPrograms $197,013 · Management $36,194 · Fundraising $37,873$271,080
IX-25 Total functional expensesPrograms $2,188,226 · Management $188,198 · Fundraising $143,933$2,520,357
Part X · Balance sheet $12,429,451 assets, 18 lines filed
X-1 Cash, non-interest-bearingStart of year $5,915$34,900
X-2 Savings and temporary cash investmentsStart of year $3,443,703$6,017,551
X-3 Pledges and grants receivableStart of year $1,154,591$2,443,481
X-4 Accounts receivableStart of year $99,285$424,496
X-8 Inventories for sale or useStart of year $117,583$150,714
X-9 Prepaid expenses and deferred chargesStart of year $150,071$161,388
X-10c Land, buildings and equipment, netStart of year $1,474,547$2,621,347
X-11 Publicly traded securitiesStart of year $643,386$574,074
X-15 Other assetsStart of year $1,500$1,500
X-16 Total assetsStart of year $7,090,581$12,429,451
X-17 Accounts payable and accrued expensesStart of year $105,254$561,840
X-19 Deferred revenueStart of year $252,680$312,142
X-24 Unsecured notes and loans payableStart of year $198,161$0
X-26 Total liabilitiesStart of year $556,095$873,982
X-27 Net assets without donor restrictionsStart of year $5,495,087$10,076,605
X-28 Net assets with donor restrictionsStart of year $1,039,399$1,478,864
X-32 Total net assets or fund balancesStart of year $6,534,486$11,555,469
X-33 Total liabilities and net assetsStart of year $7,090,581$12,429,451
Part XI · Reconciliation of net assets $11,555,469 net assets at year end
XI-1 Total revenue$7,543,316
XI-2 Total expenses$2,520,357
XI-3 Revenue less expenses$5,022,959
XI-4 Net assets at start of year$6,534,486
XI-5 Net unrealized gains (losses) on investments−$77,058
XI-8 Prior period adjustments$79,832
XI-9 Other changes in net assets−$4,750
XI-10 Net assets at end of year$11,555,469

Form 990 e-file (XML) FY2022 from the IRS · Classification, formation year and address from the IRS Business Master File

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