PACIFIC FLEET SUBMARINE MEMORIAL ASSOC

EIN: 990185999 501(c)(3) Arts, Culture & Humanities

HONOLULU, HI

Total Revenue
$10,178,403
Total Expenses
$6,769,023
Total Assets
$38,784,260
Net Assets
$28,178,982
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Financial Trends

Organization Details

Formation Year
1978
Legal Domicile
HI
Principal Officer
CAPT CHARLES K MERKEL
Phone
8084231341
Tax Period
2023-01-01 to 2023-12-31

PACIFIC FLEET SUBMARINE MEMORIAL ASSOC, founded in 1978, is a mid-sized nonprofit in the Arts, Culture & Humanities sector that reported $10.2M in total revenue in fiscal year 2023. Revenue grew 14% year-over-year, indicating healthy expansion. The organization ran a surplus of $3.4M, a strong 33% operating margin.

Mission

TO ESTABLISH AND MAINTAIN A WORLD WAR II SUBMARINE, MUSEUM, AND MEMORIAL.

Program Service Accomplishments

Program 1
Expenses: $5,811,863 Revenue: $8,695,583

TO ESTABLISH AND MAINTAIN A WORLD WAR II SUBMARINE, MUSEUM, AND MEMORIAL. TO AWARD ACADEMIC SCHOLARSHIPS THROUGH THE USS BOWFIN MEMORIAL SCHOLARSHIPS (ADMINISTERED BY HAWAII COMMUNITY FOUNDATION) AND...

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TO ESTABLISH AND MAINTAIN A WORLD WAR II SUBMARINE, MUSEUM, AND MEMORIAL. TO AWARD ACADEMIC SCHOLARSHIPS THROUGH THE USS BOWFIN MEMORIAL SCHOLARSHIPS (ADMINISTERED BY HAWAII COMMUNITY FOUNDATION) AND USS KAMEHAMEHA SCHOLARSHIPS (ADMINISTERED BY PAUAHI FOUNDATION).

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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 (2023)

Revenue Breakdown

Contributions & Grants $804,381
Program Service Revenue $7,938,959
Investment Income $245,058
Other Revenue $1,190,005
TOTAL REVENUE $10,178,403

Expense Breakdown

Grants Paid $69,216
Salaries & Benefits $2,105,233
Fundraising Expenses $40,030
Program Expenses $5,811,863
Other Expenses $4,594,574
TOTAL EXPENSES $6,769,023

Year-over-Year Comparison

2023 2022 Change
Revenue $10,178,403 $8,962,535 +0.1%
Expenses $6,769,023 $5,803,740 +0.2%
Net Income $3,409,380 $3,158,795 +0.1%
Key Indicators
✓ Grants to Organizations ✗ Grants to Individuals ✗ Lobbying ✗ Political Activity ✗ Foreign Activities ✗ Donor Advised Fund ✓ Schedule B Required
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Liquidity & Cash Position

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Governance

Voting Members
18
Independent Members
17
Employees
48
Volunteers
32

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
7
$234,176
Total Directors
21
$234,176
Key Employees
0
$0
Highest Compensated
0
reported
Name Title Hours/Week Role Reportable Comp Other Comp Total
CHARLES K MERKEL USN RET EXECUTIVE DIRECTOR/PRESIDENT 40.00
Officer Director
$211,250 $22,926 $234,176
PETER W MILLER USN RET CHAIRMAN/DIRECTOR 2.00
Officer Director
$0 $0 $0
STEVEN AUERBACH VICE PRESIDENT/DIRECTOR 2.00
Officer Director
$0 $0 $0
WILLIAM HICKS TREASURER/DIRECTOR 2.00
Officer Director
$0 $0 $0
COLIN YOSHIYAMA SECRETARY 2.00
Officer Director
$0 $0 $0
ALISA BENDER DIRECTOR 1.00
Director
$0 $0 $0
SAMUEL S DANNAWAY DIRECTOR 1.00
Director
$0 $0 $0
MELANIE HORIKAMI DIRECTOR 1.00
Director
$0 $0 $0
ALAN ITO DIRECTOR 1.00
Director
$0 $0 $0
THOMAS G KYLE DIRECTOR 1.00
Director
$0 $0 $0
STEVEN MADRACCIA DIRECTOR 1.00
Director
$0 $0 $0
RODERICK J PEROFF DIRECTOR 1.00
Director
$0 $0 $0
SHAUNA TONKIN DIRECTOR 1.00
Director
$0 $0 $0
RANDALL C WHATTOFF DIRECTOR/CORPORATE COUNSEL 1.00
Officer Director
$0 $0 $0
CAROLINE WITHERSPOON DIRECTOR 1.00
Director
$0 $0 $0
MICHAEL DECAPRIO DIRECTOR 1.00
Director
$0 $0 $0
ANDREW ST JOHN DIRECTOR 1.00
Director
$0 $0 $0
JEFFREY GRIFFIN DIRECTOR 1.00
Director
$0 $0 $0
BRIAN D FILA USN RET FORMER SECRETARY 2.00
Officer Director
$0 $0 $0
SAMANTHA SNEED FORMER DIRECTOR 1.00
Director
$0 $0 $0
JACK SHRIVER FORMER DIRECTOR 1.00
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
2024 No data No data No data No data
2023 $10,178,403 $6,769,023 $38,784,260 $3,409,380
2022 $8,962,535 $5,803,740 $35,065,985 $3,158,795
2021 $6,726,186 $4,840,992 $34,255,169 $1,885,194
2020 $2,693,069 $3,375,340 $32,288,261 $-682,271
2019 $9,201,254 $5,390,321 $24,620,379 $3,810,933
2018 $8,895,387 $6,347,527 $16,882,727 $2,547,860
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