Society of Naval Architects and Marine Engineers

Analysis

Society of Naval Architects and Marine Engineers is a registered charity in United States, based in Alexandria, VA. It received its IRS tax-exemption ruling in March 1938, 88 years ago. Its declared purposes cover public and societal benefit, which this site groups under other charitable purposes. The IRS classifies it as a publicly supported organisation (gross receipts test) under section 501(c)(3), and contributions to it are listed as tax-deductible.

In the financial year ending June 2023, Society of Naval Architects and Marine Engineers reported income of $1.0m and spending of $3.0m, spending 289% of what it took in. Across the 5 years on record, from June 2019 to June 2023, income fell from $3.0m to $1.0m (-65%), an average of -23% a year. The sharpest change came in the year to June 2022, when income dropped by 201%. Over the whole period it spent 245% of the income it received.

Among 72,936 United States charities whose main cause is other charitable purposes and that reported income, Society of Naval Architects and Marine Engineers sits at the 78th percentile: it is larger than about 78% of them. Against every charity in United States with reported income it ranks in the 80th percentile, and in the 80th percentile within VA. Charities of a similar size with the same main cause include Nilrc ($1.0m), San Diego Nihongo Kyoiku Shinkokai ($1.0m) and Wisconsin Foundaton for Educational Administration Inc ($1.0m).

On its Form 990 for the period ending June 2023, revenue came from contributions and grants 2.8% and program service revenue 181% of the total. Compensation of current officers, directors and key employees was $388k (13% of expenses). Other salaries and wages came to $431k. At year end it held assets of $19.2m against liabilities of $2.1m, net assets of $17.1m. It reported 8 employees.

Data notes from the register: Spending has exceeded income in each of the last three reported years, so the charity has been drawing on reserves or other funds.