Cutwater Maritime Educational Services

Analysis

Cutwater Maritime Educational Services is a registered charity in United States, based in Baltimore, MD. It received its IRS tax-exemption ruling in January 2017, 9 years ago. Its declared purposes cover education, which this site groups under education and training. 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, Cutwater Maritime Educational Services reported income of $1.1m and spending of $1.6m, spending 147% of what it took in. Across the 5 years on record, from December 2019 to December 2023, income grew from $602k to $1.1m (+86%), an average of +17% a year. The sharpest change came in the year to December 2021, when income rose by 87%. Over the whole period it spent 221% of the income it received.

Among 66,972 United States charities whose main cause is education and training and that reported income, Cutwater Maritime Educational Services sits at the 77th percentile: it is larger than about 77% of them. Against every charity in United States with reported income it ranks in the 80th percentile, and in the 80th percentile within MD. Charities of a similar size with the same main cause include Filomen M Dagostino Greenberg Music School Inc ($1.1m), STEM Paths Innovation Network ($1.1m) and Riverside Christian Academy Inc ($1.1m).

On its Form 990 for the period ending December 2023, revenue came from program service revenue 68% of the total. Other salaries and wages came to $126k. At year end it held assets of $231k against liabilities of $5.8m, net assets of -$5.6m.

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.