INSTITUTE OF NAUTICAL ARCHAEOLOGY

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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

1973

Legal Domicile

Phone

9798456694

Tax Period

2023-09-01 to 2024-08-31

INSTITUTE OF NAUTICAL ARCHAEOLOGY, founded in 1973, is a community nonprofit in the Arts, Culture & Humanities sector that reported $1.8M in total revenue in fiscal year 2023. Revenue surged 49% from the prior year, signaling strong growth momentum.

Mission

TO CONDUCT NAUTICAL ARCHAEOLOGY

Program Service Accomplishments

Program 1

Expenses: $1,043,869

OPERATION, STAFFING, AND MAINTENANCE OF RESEARCH CENTER, LABORATORIES, AND RESEARCH VESSEL IN BODRUM, TURKEY.

Program 2

Expenses: $489,276

SUPPORT FOR SURVEY, EXCAVATION, AND PUBLICATION OF UNDERWATER ARCHAELOGICAL SITES AROUND THE WORLD, BOTH ANCIENT AND HISTORICAL.

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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 $1,782,405

Program Service Revenue $0

Investment Income $30,879

Other Revenue $2,084

TOTAL REVENUE $1,815,368

Expense Breakdown

Grants Paid $125,000

Salaries & Benefits $235,428

Fundraising Expenses $54,241

Program Expenses $1,533,145

Other Expenses $1,476,061

TOTAL EXPENSES $1,836,489

Year-over-Year Comparison

	2023	2022	Change
Revenue	$1,815,368	$1,215,914	+0.5%
Expenses	$1,836,489	$1,749,035	+0.1%
Net Income	$-21,121	$-533,121	-1.0%

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

$44,000

Total Directors

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
DR DEBORAH CARLSON	President	15.00	Officer	$44,000	$0	$44,000
DANA MCGINNIS	Director	1.00	Director	$0	$0	$0
DANIELLE FEENEY	Director	1.00	Director	$0	$0	$0
DR COUNT CARL DOUGLAS	Director	1.00	Director	$0	$0	$0
DR DAVID STEFFY	Director	1.00	Director	$0	$0	$0
DR ROGER A WILLIAMSON	DIRECTOR	1.00	Director	$0	$0	$0
EDWARD O BOSHELL JR	Director	1.00	Director	$0	$0	$0
JEFF HAKKO	Director	1.00	Director	$0	$0	$0
JOHN CASSILS	Director	1.00	Director	$0	$0	$0
KENAN YILMAZ	Director	1.00	Director	$0	$0	$0
LYNN BAIRD SHAW	Director	1.00	Director	$0	$0	$0
OGUZ AYDEMIR	Director	1.00	Director	$0	$0	$0
SALLY M YAMINI	Director	1.00	Director	$0	$0	$0
SHEILA MATTHEWS	Director	1.00	Director	$0	$0	$0
CHARLIE STEINMETZ	Director	1.00	Director	$0	$0	$0
KRESIMIR PENAVIC	Director	1.00	Director	$0	$0	$0
ANNE DARDEN SELF	Director	1.00	Director	$0	$0	$0
JOSHUA DANIEL	Director	1.00	Director	$0	$0	$0
DR ROBYN WOODWARD	Treasurer	5.00	Officer Director	$0	$0	$0
JAMES A GOOLD	SEC & GEN COUNS	5.00	Officer Director	$0	$0	$0
JOHN DE LAPA	Chairman	5.00	Officer Director	$0	$0	$0
JASON STURGIS	VICE CHAIRMAN	5.00	Officer Director	$0	$0	$0
DR CEMAL PULAK	Vice President	5.00	Officer	$0	$0	$0
DR KEVIN CRISMAN	Vice President	5.00	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
2025	No data	No data	No data	No data
2024	$1,815,368	$1,836,489	$1,768,582	$-21,121
2023	$1,215,914	$1,749,035	$1,773,543	$-533,121
2022	$1,552,632	$1,710,803	$2,215,735	$-158,171
2021	$1,286,731	$1,673,029	$2,388,751	$-386,298
2020	$1,405,023	$1,875,603	$2,742,960	$-470,580
2019	$1,898,970	$1,597,585	$3,152,983	$301,385
2018	$1,054,391	$1,184,344	$2,832,592	$-129,953