PORTSMOUTH SUBMARINE & MARITIME ASSOCIATION

EIN: 020364509 501(c)(3) Arts, Culture & Humanities

PORTSMOUTH, NH

Total Revenue
$555,485
Total Expenses
$671,105
Total Assets
$2,608,192
Net Assets
$2,602,229
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Financial Vulnerability Assessment (Tuckman-Chang)

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Financial Trends

Organization Details

Formation Year
1982
Legal Domicile
NH
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. IT'S MOST SIGNIFICANT ACTIVITY IS THE DISPLAY OF A SUBMARINE, THE FORMER USS ALBACORE, AND AN ASSOCIATED MUSEUM.

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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%)

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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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Governance

Voting Members
11
Independent Members
11
Employees
N/A
Volunteers
50

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
4
$0
Total Directors
11
$0
Key Employees
0
$0
Highest Compensated
0
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
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