MARINE INDUSTRIES ASSOCIATION OF P… - 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

1985

Legal Domicile

Principal Officer

AUSTIN BURKETT

Phone

5618630012

Tax Period

2024-01-01 to 2024-12-31

MARINE INDUSTRIES ASSOCIATION OF PALM BEACH COUNTY INC, founded in 1985, is a community nonprofit that reported $2.6M in total revenue in fiscal year 2024. Revenue surged 29% from the prior year, signaling strong growth momentum. The organization ran a surplus of $740K, a strong 28% operating margin.

Mission

THE MARINE INDUSTRIES ASSOCIATION OF PALM BEACH COUNTY, INC. IS A NOT-FOR-PROFIT ORGANIZATION CREATED TO PROMOTE AND PROTECT THE SOUND GROWTH OF THE MARINE INDUSTRY IN PALM BEACH COUNTY FOR THE BENEFIT AND EDUCATION OF ITS MEMBERS, THE COMMUNITY, AND THE ENVIRONMENT.

Program Service Accomplishments

Program 1

BOAT SHOW: THE PALM BEACH INTERNATIONAL BOAT SHOW, WHICH TAKES PLACE ALONG FLAGLER DRIVE IN DOWNTOWN WEST PALM BEACH, IS ONE OF THE TOP FIVE LARGEST BOAT SHOWS IN THE U.S. WITH A STATEWIDE ECONOMIC IMPACT OF $1.05 BILLION. THE SHOW FEATURES MORE THAN $1.2 BILLION WORTH OF YACHTS AND ACCESSORIES, INCLUDING HUNDREDS OF BOATS RANGING FROM 8-FOOT INFLATABLES TO SUPER YACHTS NEARLY 300 FEET IN LENGTH.

Program 2

BOAT PARADE: THE PALM BEACH HOLIDAY BOAT PARADE AND TOY DRIVE IS A PREMIER EVENT OF THE MIAPBC AND GIFT TO THE COMMUNITY, WHICH COLLECTS MORE THAN 10,000 TOYS FOR LOCAL FAMILIES EACH YEAR. THE PARADE OF DOZENS OF DECORATED BOATS, LED BY A TRAVELING FIREWORKS DISPLAY, NAVIGATES UP THE INTRACOASTAL WATERWAY FROM NORTH PALM BEACH TO THE JUPITER INLET LIGHTHOUSE THE FIRST SATURDAY OF DECEMBER EACH YEAR.

Program 3

LEGISLATIVE AND REGULATORY ADVOCACY: PROVIDING A VOICE FOR THE INDUSTRYMIAPBC CAREFULLY MONITORS, COMMENTS, SUPPORTS OR CHALLENGES GOVERNMENT REGULATIONS OR LEGISLATION THAT IT HAS DETERMINED MAY...

LEGISLATIVE AND REGULATORY ADVOCACY: PROVIDING A VOICE FOR THE INDUSTRYMIAPBC CAREFULLY MONITORS, COMMENTS, SUPPORTS OR CHALLENGES GOVERNMENT REGULATIONS OR LEGISLATION THAT IT HAS DETERMINED MAY HAVE AN IMPACT ON PALM BEACH COUNTY'S MARINE INDUSTRY ON THE LOCAL, STATE AND NATIONAL LEVELS. IN ADDITION TO ACTIVISM ON THE LOCAL LEVEL IN PALM BEACH COUNTY, OUR LEGISLATIVE COMMITTEE, BOARD OF DIRECTORS AND GOVERNMENT RELATIONS REPRESENTATIVES IN TALLAHASSEE AND IN WASHINGTON D.C. ARE FOCUSED ON A WIDE VARIETY OF ISSUES TO ENSURE THAT MARINE BUSINESSES ARE PROTECTED, OR CAN BENEFIT FROM GOVERNMENTAL POLICIES OR ACTIONS.

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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 (2024)

Revenue Breakdown

Contributions & Grants $0

Program Service Revenue $2,361,319

Investment Income $246,722

Other Revenue $0

TOTAL REVENUE $2,608,041

Expense Breakdown

Grants Paid $637,578

Salaries & Benefits $249,405

Fundraising Expenses $0

Other Expenses $980,932

TOTAL EXPENSES $1,867,915

Year-over-Year Comparison

	2024	2023	Change
Revenue	$2,608,041	$2,027,942	+0.3%
Expenses	$1,867,915	$1,305,451	+0.4%
Net Income	$740,126	$722,491	+0.0%

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

$113,023

Total Directors

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
AUSTIN BURKETT	PRESIDENT	1.00	Officer Director	$0	$0	$0
TAMRA FITZGERALD	VICE PRESIDENT	1.00	Officer Director	$0	$0	$0
RAY GRAZIOTTO	SEC/TREASURER	1.00	Director	$0	$0	$0
JANET ZIMMERMAN	TREASURER	1.00	Director	$0	$0	$0
MALLORY DOREMUS	DIRECTOR	1.00	Director	$0	$0	$0
TINO GARCIA	DIRECTOR	1.00	Director	$0	$0	$0
GEORGE GENTILE	DIRECTOR	1.00	Director	$0	$0	$0
MICHAEL KENNEDY	DIRECTOR	1.00	Director	$0	$0	$0
MARTIN E MURPHY	DIRECTOR	1.00	Director	$0	$0	$0
DOUG WEST	DIRECTOR	1.00	Director	$0	$0	$0
RICK KOZELL	DIRECTOR	1.00	Director	$0	$0	$0
ALYSSA FREEMAN	EXECUTIVE DIRECTOR	40.00	Officer	$106,400	$6,623	$113,023

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	$2,608,041	$1,867,915	$5,087,220	$740,126
2023	$2,027,942	$1,305,451	$4,305,015	$722,491
2022	$1,628,732	$1,057,091	$3,480,782	$571,641
2021	$1,388,336	$896,888	$2,936,085	$491,448
2020	$143,684	$778,265	$2,436,600	$-634,581
2019	$1,365,470	$806,255	$3,032,191	$559,215
2018	$1,062,986	$654,524	$2,464,537	$408,462

MARINE INDUSTRIES ASSOCIATION OF PALM BEACH COUNTY INC