PORTSMOUTH SUBMARINE & MARITIME AS… - Form 990 Financial Data

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Financial Vulnerability Assessment (Tuckman-Chang)

4 risk indicators measuring financial stability and operational resilience

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Financial Trends

Organization Details

Formation Year

1982

Legal Domicile

Principal Officer

PHILIP MUNCK

Phone

6034363680

Tax Period

2025-01-01 to 2025-12-31

PORTSMOUTH SUBMARINE & MARITIME ASSOCIATION, founded in 1982, is a small nonprofit in the Arts, Culture & Humanities sector that reported $555K in total revenue in fiscal year 2025. Revenue fell 59% from the prior year — a significant decline worth monitoring. Expenses of $671K exceeded revenue, resulting in a 21% operating deficit.

Mission

TO EDUCATE THE PUBLIC ABOUT THE MARITIME HISTORY OF THE PISCATAQUA RIVER BASIN AND THE SIGNIFICANCE OF THE PORTSMOUTH NAVAL SHIPYARD AND THE U.S. NAVY'S SUBMARINE SERVICE. ITS MOST IMPORTANT ACTIVITY IS THE DISPLAY OF A SUBMARINE, FORMER USS ALBACORE, AND ASSOCIATED MUSEUM.

Program Service Accomplishments

Program 1

Expenses: $513,400 Revenue: $518,171

THE FORMER USS ALBACORE IS SITUATED IN A DRY BASIN IN ALBACORE PARK WHERE THE GENERAL PUBLIC CAN ENTER AND WALK THROUGH IT, TOUCH AND OPERATE EQUIPMENT AND LISTEN TO AUDIO EXPLANATIONS AT NUMEROUS...

THE FORMER USS ALBACORE IS SITUATED IN A DRY BASIN IN ALBACORE PARK WHERE THE GENERAL PUBLIC CAN ENTER AND WALK THROUGH IT, TOUCH AND OPERATE EQUIPMENT AND LISTEN TO AUDIO EXPLANATIONS AT NUMEROUS LOCATIONS INSIDE AND OUTSIDE THE VESSEL. A MUSEUM BUILDING DISPLAYS ITEMS PECULIAR TO USS ALBACORE, THE U.S. SUBMARINE FORCE IN GENERAL, AND THE LOCAL MARITIME REGION. ATTENDANCE AT THE PARK IN 2025 WAS 37,112 PERSONS. THE PARK WAS THE SITE FOR SEVERAL MAJOR OUTSIDE DISPLAYS BY ORGANIZATIONS PROMOTING STEM ACTIVITIES AND CAREERS.

Program 2

AN ADDITION TO THE EXISTING VISITOR CENTER OF SOME 1,200 SQUARE FEET OF EXHIBITION SPACE WAS PUT INTO SERVICE ALONG WITH SIGNIFICANT REMODELING OF THE STRUCTURE WITH A FINAL TOTAL CONSTRUCTION COST OF APPROXIMATELY $1,220,000 USING GRANT FUNDS AND $377,000 FROM CAPITAL RESERVES WAS COMPLETED.

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Trantor Score

Financial Health Score (300–850) · Liquidity · Solvency · Sustainability · Efficiency

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Liquidity (40%) • Solvency (30%) • Sustainability (20%) • Efficiency (10%)

Financial Overview (2025)

Revenue Breakdown

Contributions & Grants $34,891

Program Service Revenue $440,526

Investment Income $2,423

Other Revenue $77,645

TOTAL REVENUE $555,485

Expense Breakdown

Grants Paid $0

Salaries & Benefits $332,060

Fundraising Expenses $75,893

Program Expenses $513,400

Other Expenses $339,045

TOTAL EXPENSES $671,105

Year-over-Year Comparison

	2025	2024	Change
Revenue	$555,485	$1,363,856	-0.6%
Expenses	$671,105	$583,949	+0.1%
Net Income	$-115,620	$779,907	-1.1%

Key Indicators

✗ Grants to Organizations ✗ Grants to Individuals ✗ Lobbying ✗ Political Activity ✗ Foreign Activities ✗ Donor Advised Fund ✓ Schedule B Required

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Financial Health Indicators

Comprehensive financial analysis: Altman Z-Score, liquidity, solvency, sustainability, efficiency, and growth metrics

Financial Distress Indicator

Liquidity & Cash Position

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Altman Z-Score • Liquidity Ratios • Solvency Analysis • Growth Indicators • Efficiency Metrics

Governance

Voting Members

Independent Members

Employees

N/A

Volunteers

Governance Policies

✓ Conflict of Interest Policy

✓ Whistleblower Policy

✓ Document Retention Policy

Special Practices & Reported Activities

✗ Operated a School

✗ Operated a Hospital

✗ Provided First Class Travel

✗ Reported Conflict of Interest

✗ Reported Asset Diversion

✗ Excess Benefit Transaction

✗ Made Political Expenditures

✗ Engaged in Lobbying

✗ Operated Donor Advised Fund

✓ Maintained Art Collections

✗ Filed Form 720

Compensation of Officers, Directors & Key Employees

Total Officers

Total Directors

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
KENNETH LATCHAW	PRESIDENT	12.00	Officer Director	$0	$0	$0
NANETTE BULGER	VICE PRESIDENT	5.00	Officer Director	$0	$0	$0
GARY WOODS	SECRETARY	5.00	Officer Director	$0	$0	$0
PHILIP MUNCK	TREASURER	20.00	Officer Director	$0	$0	$0
JOSEPH FREDA	DIRECTOR	8.00	Director	$0	$0	$0
KENNETH LINSCOTT	DIRECTOR	5.00	Director	$0	$0	$0
JAMES WAKEFIELD	DIRECTOR	20.00	Director	$0	$0	$0
NOAH LEMIRE	DIRECTOR	5.00	Director	$0	$0	$0
BARBARA VICEDOMINE	DIRECTOR	5.00	Director	$0	$0	$0
MARGOT HARRINGTON	DIRECTOR	5.00	Director	$0	$0	$0
DONALD COMSTOCK	DIRECTOR	5.00	Director	$0	$0	$0

Note: Compensation data is self-reported by the organization on their Form 990. "Reportable Comp" includes salary, bonuses, and other reportable compensation from the organization and related organizations. "Other Comp" includes benefits, deferred compensation, and non-taxable benefits.

Historical Data

Year	Revenue	Expenses	Assets	Net Income
2025	$555,485	$671,105	$2,608,192	$-115,620
2024	$1,363,856	$583,949	$2,723,124	$779,907
2023	$527,528	$497,668	$1,956,704	$29,860
2022	$374,400	$456,202	$1,910,442	$-81,802
2021	$361,711	$389,382	$2,032,896	$-27,671
2020	$368,388	$444,693	$2,076,427	$-76,305
2019	$383,497	$357,254	$2,221,480	$26,243
2018	$305,847	$392,683	$2,206,240	$-86,836

PORTSMOUTH SUBMARINE & MARITIME ASSOCIATION