THE STEAMER VIRGINIA V FOUNDATION

EIN: 910989160 501(c)(3) Arts, Culture & Humanities

Seattle, WA

Total Revenue
$633,001
Total Expenses
$558,426
Total Assets
$2,388,784
Net Assets
$2,201,547
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Financial Trends

Organization Details

Formation Year
1976
Legal Domicile
WA
Principal Officer
Alicia Barnes
Phone
2066249119
Tax Period
2024-01-01 to 2024-12-31

THE STEAMER VIRGINIA V FOUNDATION, founded in 1976, is a small nonprofit in the Arts, Culture & Humanities sector that reported $633K in total revenue in fiscal year 2024. Revenue surged 38% from the prior year, signaling strong growth momentum. Expenses of $558K left a modest 12% surplus.

Mission

Restoration, preservation, operation, and interpretation of the National Historic Landmark vessel Steamer Virginia V, the largest operational wooden passenger steamship in the United States. The vessel is used for public events, education programs, and private charters.

Program Service Accomplishments

Program 1
Expenses: $166,190 Revenue: $0

Restoration/Preservation: During 2024, the Foundation's Director of Engineering conducted 62 work parties in which 21 volunteers contributed over 1,600 hours of their time performing routine...

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Restoration/Preservation: During 2024, the Foundation's Director of Engineering conducted 62 work parties in which 21 volunteers contributed over 1,600 hours of their time performing routine mechanical/electrical maintenance, painting, and a variety of repairs to keep the ship in optimal condition. Volunteers contributed an additional 175 hours performing logistics supporting this preservation work. Noteworthy accomplishments include: Completed installation and USCG-approval of two remote boiler-shutdown switches (work begun in 2023); annual maintenance on ship's service generators (filters, oil change, etc.); correction of leaks in the hot-water space-heating system; annual contract pressure washing of bilges and the oily water holding tank; opening/inspection of the boiler drums and firebox; opening/inspection of main engine cylinders and main bearings; replacement of mechanical seals at the high pressure piston rod; and opening/inspection of the condenser end bells, with a determination that they are in sound condition. In February, the ship spent two weeks moored at Shilshole Bay Marina for the purpose of soaking the hull in saltwater for its preservative benefit. Liferafts and fire extinguishers received annual servicing; crew radios were replaced to provide reliable and safe operations. In addition to current year expenses noted, $45,954.40 were expended to acquire lumber for future structural work, funded by the Washington State Heritage Capital Projects grant approved in 2023. Current year expenses include 50% of reported depreciation.

Program 2
Expenses: $233,520 Revenue: $247,292

Operation: VIRGINIA V was built in 1922 and is the only traditional wooden steamship built to carry freight and passengers that is still regularly operating under steam on the tidal waters of the...

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Operation: VIRGINIA V was built in 1922 and is the only traditional wooden steamship built to carry freight and passengers that is still regularly operating under steam on the tidal waters of the United States. VIRGINIA V conducted 64 discrete voyages over the course of 49 operating days in 2024, including 29 cruises open to the public, 9 wedding-related charters and 11 other private charters, carrying a total of 3,947 passengers. Eight of these public cruises were free, one-hour Steamship Sunday trips made on four days June-October in collaboration with our neighbors, The Center for Wooden Boats. Two public cruises were provided in collaboration with Seattle's Museum of History and Industry, which provided themed programs during those trips. In May, the ship visited Port Orchard, WA for its first annual Mosquito Fleet Festival, conducting three well attended public cruises and providing open-ship time for free tours. The ship circumnavigated Vashon Island, and made an extended trip to Olympia to attend the Harbor Days Festival over Labor Day Weekend, providing public cruises during transits between Tacoma and Olympia, and three public cruises at the event. One regular employee, 56 volunteers and three paid interns crewed the vessel, filling seven required positions and up to eight training positions on each trip. Crew accrued approximately 3,300 volunteer hours for these voyages. Expenses include 50% of reported depreciation.

Program 3
Expenses: $51,189 Revenue: $2,000

Interpretation/Education: VIRGINIA V held over 120 days of open-ship at Lake Union Park and Puget Sound ports during 2024, welcoming 11,360 people for free visits. Our Senior Docent and volunteers...

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Interpretation/Education: VIRGINIA V held over 120 days of open-ship at Lake Union Park and Puget Sound ports during 2024, welcoming 11,360 people for free visits. Our Senior Docent and volunteers led guided tours for almost all of these occasions, acquainting visitors with the ship and the history of the Puget Sound mosquito fleet. During 17 private and 14 public dockside events, the ship welcomed over 1,284 additional visitors. During cruises, crew routinely engaged passengers to tell the ship's story or describe its operation, and docents were specifically aboard during Steamship Sunday cruises to interpret the ship and the Lake Union/Portage Bay maritime history. The ship's steam engine remains fully visible to visitors and passengers. Engineering crew provided detailed interpretation of this artifact, in service since 1907 when it was installed on the ship that became VIRGINIA IV, and our Captains welcomed passengers into the wheelhouse underway when the safety of vessel operation permitted. Foundation staff and volunteers revel in sharing the ship and did so at every opportunity. The Foundation continued its summer internship program for high schoolers, hiring three students who worked 244 hours on the ship in deck- and engine-crew capacities. All became qualified to serve as crew of record in junior deck positions, and two have subsequently completed or begun formal maritime education. Two of our regular 2024 deck volunteers are also now working in the industry, having used their time with VIRGINIA V as their starting point. The ship welcomed several student groups for dockside tours tailored to their particular focus (e.g. Seattle Skills Center, Seattle Maritime Academy).

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

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Financial Overview (2024)

Revenue Breakdown

Contributions & Grants $379,003
Program Service Revenue $240,181
Investment Income $12,201
Other Revenue $1,616
TOTAL REVENUE $633,001

Expense Breakdown

Grants Paid $0
Salaries & Benefits $186,726
Fundraising Expenses $53,602
Program Expenses $450,899
Other Expenses $371,700
TOTAL EXPENSES $558,426

Year-over-Year Comparison

2024 2023 Change
Revenue $633,001 $459,979 +0.4%
Expenses $558,426 $537,389 +0.0%
Net Income $74,575 $-77,410 -2.0%
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
6
Independent Members
6
Employees
10
Volunteers
65

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
5
$96,634
Total Directors
8
$18,001
Key Employees
0
$0
Highest Compensated
0
reported
Name Title Hours/Week Role Reportable Comp Other Comp Total
Alicia Barnes Executive Director (hired March 2023) 40
Officer
$78,633 $0 $78,633
Jeffrey Deren Vice President; Sec'y 12/14 into 2025 0.7
Officer Director
$18,001 $0 $18,001
Sterling MacKinnon Director 0.6
Director
$0 $0 $0
Grant Johnson Director thru 12/12/24 0.2
Director
$0 $0 $0
Peter Proctor Director 0.5
Director
$0 $0 $0
Brian Johnson Director 0.8
Director
$0 $0 $0
Garret Holt President thru 12/12/24 1.1
Officer Director
$0 $0 $0
Kyle Holt Secretary; Pres. eff 12/12/24 1.8
Officer Director
$0 $0 $0
David Allais Treasurer 0.8
Officer 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
2024 $633,001 $558,426 $2,388,784 $74,575
2023 $459,979 $537,389 $2,380,749 $-77,410
2022 $1,138,537 $622,212 $2,513,331 $516,325
2021 $1,163,610 $701,237 $2,142,526 $462,373
2020 $374,528 $471,757 $1,396,838 $-97,229
2018 $489,539 $570,420 $1,708,799 $-80,881
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