GLOUCESTER MARITIME HERITAGE CENTE… - 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

1999

Legal Domicile

Principal Officer

JAMES BRAGG JR

Phone

9782810470

Tax Period

2023-10-01 to 2024-09-30

GLOUCESTER MARITIME HERITAGE CENTER INC, founded in 1999, is a small nonprofit in the Community Improvement sector that reported $716K in total revenue in fiscal year 2023. Revenue decreased 11% compared to the prior year. Expenses of $871K exceeded revenue, resulting in a 22% operating deficit.

Mission

THE ORGANIZATION'S MISSION IS TO INSPIRE STUDENTS AND VISITORS TO VALUE MARINE SCIENCE, MARITIME HERITAGE, AND ENVIRONMENTAL STEWARDSHIP THROUGH HANDS-ON EDUCAITON AND EXPERIENCES

Program Service Accomplishments

Program 1

Expenses: $303,335 Revenue: $132,185

MAINTENANCE AND OPERATION OF A MARINE RAILWAY, HISTORIC COLLECTION OF BUILDINGS, MUSEUM, MARITIME SCIENCE EDUCATION CENTER, WORKING WATERFRONT AND DOCKS AS A HISTORIC SITE FOR THE PURPOSES OF...

MAINTENANCE AND OPERATION OF A MARINE RAILWAY, HISTORIC COLLECTION OF BUILDINGS, MUSEUM, MARITIME SCIENCE EDUCATION CENTER, WORKING WATERFRONT AND DOCKS AS A HISTORIC SITE FOR THE PURPOSES OF EDUCATING VISITORS AND STUDENTS ABOUT THE CULTURAL HISTORY OF GLOUCESTER AND ITS FISHING INDUSTRY

Program 2

Expenses: $121,761 Revenue: $52,493

YEAR-ROUND EDUCATIONAL PROGRAMS FOR YOUTH TO PROVIDE HANDS-ON MARITIME TRAINING AND MARINE AND PHYSICAL SCIENCE (S.T.E.M.) ACTIVITIES AND INSTRUCTION KNOWN AS OCEAN EXPLORERS, MARITIME APPRENTICESHIP...

Program 3

Expenses: $121,052 Revenue: $39,014

PROGRAMS FOCUSED ON OFFERING RICH CULTURAL EXPERIENCES TO THE COMMUNITY THAT FOSTER A CONNECTION TO GLOUCESTER'S MARITIME HERITAGE AND MARINE ECOSYSTEMS, INCLUDING PUBLIC EDUCATION, SITE...

PROGRAMS FOCUSED ON OFFERING RICH CULTURAL EXPERIENCES TO THE COMMUNITY THAT FOSTER A CONNECTION TO GLOUCESTER'S MARITIME HERITAGE AND MARINE ECOSYSTEMS, INCLUDING PUBLIC EDUCATION, SITE INTERPRETATION, AND EVENTS LIKE GLOUCESTER SCHOONER FESTIVAL, LECTURES, AND WORKSHOPS.

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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 (2023)

Revenue Breakdown

Contributions & Grants $423,212

Program Service Revenue $188,221

Investment Income $48,283

Other Revenue $55,999

TOTAL REVENUE $715,715

Expense Breakdown

Grants Paid $0

Salaries & Benefits $463,714

Fundraising Expenses $44,018

Program Expenses $546,148

Other Expenses $407,441

TOTAL EXPENSES $871,155

Year-over-Year Comparison

	2023	2022	Change
Revenue	$715,715	$800,390	-0.1%
Expenses	$871,155	$861,648	+0.0%
Net Income	$-155,440	$-61,258	+1.5%

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

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
MICHAEL DEKOSTER	EXECUTIVE DIRECTOR	40.00		$120,000	$0	$120,000
WILLIAM TAYLOR	Director	1.00	Director	$0	$0	$0
NANCY SULLIVAN	Director	1.00	Director	$0	$0	$0
ALFRED FICHERA	Director	1.00	Director	$0	$0	$0
ANN HOCHBERG	Director	1.00	Director	$0	$0	$0
JAY MCLAUCHLAN	Director	1.00	Director	$0	$0	$0
HOLLY MCGLENNON TREAT	Director	1.00	Director	$0	$0	$0
NINA FLETCHER	Director	1.00	Director	$0	$0	$0
SARA REMSEN	Director	1.00	Director	$0	$0	$0
GENO MONDELLO	Director	1.00	Director	$0	$0	$0
JAMES BRAGG JR	Treasurer	1.00	Officer	$0	$0	$0
GEOFFREY RICHON	President	1.00	Officer	$0	$0	$0
DAISY NELL COLLINSON	CLERK	1.00	Officer	$0	$0	$0
CYRUS BENT	VICE CHAIR	1.00	Officer	$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
2024	$715,715	$871,155	$2,474,789	$-155,440
2020	$413,214	$544,292	$2,694,818	$-131,078
2019	$603,107	$864,686	$2,776,102	$-261,579
2018	$661,743	$753,110	$3,027,270	$-91,367

GLOUCESTER MARITIME HERITAGE CENTER INC