Midshipmans Foundation

Analysis

Midshipmans Foundation is a registered charity in United States, based in Austin, TX. It received its IRS tax-exemption ruling in March 1971, 55 years ago. 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 December 2023, Midshipmans Foundation reported income of $217k and spending of $139k, leaving 36% of income unspent that year. Across the 5 years on record, from December 2019 to December 2023, income fell from $233k to $217k (-7.1%), an average of -1.8% a year. The sharpest change came in the year to December 2021, when income rose by 122%. Over the whole period it spent 56% of the income it received.

Among 72,936 United States charities whose main cause is other charitable purposes and that reported income, Midshipmans Foundation sits at the 54th percentile: it is larger than about 54% of them. Against every charity in United States with reported income it ranks in the 55th percentile, and in the 59th percentile within TX. Charities of a similar size with the same main cause include San Joaquin Safety Council ($217k), California Federation of Womens Clubs ($217k) and Iglesia Bautista Efeso Inc ($217k).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 50% of the total. At year end it held assets of $3.0m against liabilities of $0, net assets of $3.0m.