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Gloucester Adventure, Inc.

 PO Box 1306, Fitz Henry Lane House
 Gloucester, MA 01931
[P] (978) 281-8079
[F] (978) 281-2393
www.schooner-adventure.org
[email protected]
Stefan Edick
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INCORPORATED: 1988
 Printable Profile (Summary / Full)
EIN 04-3020719

LAST UPDATED: 01/27/2017
Organization DBA Schooner Adventure
Former Names --
Organization received a competitive grant from the Boston Foundation in the past five years Yes

Summary

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Mission StatementMORE »

Our mission is to preserve the Schooner Adventure for the enrichment of future generations and their love of the sea, and to enable her to serve as a community resource for educational programming focusing on maritime, cultural, and environmental issues, and to operate Adventure at sea as a living symbol of America's maritime heritage.

Mission Statement

Our mission is to preserve the Schooner Adventure for the enrichment of future generations and their love of the sea, and to enable her to serve as a community resource for educational programming focusing on maritime, cultural, and environmental issues, and to operate Adventure at sea as a living symbol of America's maritime heritage.

FinancialsMORE »

Fiscal Year Jan 01, 2015 to Dec 31, 2015
Projected Income $800,000.00
Projected Expense $790,000.00

ProgramsMORE »

  • History of North American Fisheries
  • Restoration

Revenue vs. Expense ($000s)

Expense Breakdown 2014 (%)

Expense Breakdown 2013 (%)

Expense Breakdown 2012 (%)

For more details regarding the organization's financial information, select the financial tab and review available comments.


Overview

Mission Statement

Our mission is to preserve the Schooner Adventure for the enrichment of future generations and their love of the sea, and to enable her to serve as a community resource for educational programming focusing on maritime, cultural, and environmental issues, and to operate Adventure at sea as a living symbol of America's maritime heritage.

Background Statement

The Gloucester Adventure, Inc., a 501(c)(3) non‑profit historic preservation and maritime educational organization, was established in 1988 to preserve the maritime heritage of Gloucester, Massachusetts, America’s oldest fishing port, and to serve as steward of the National Historic Landmark dory-fishing Schooner Adventure. The Schooner Adventure was built in 1926 at the John F. James Shipyard in Essex, Massachusetts at the end of the commercial Age of Sail.  The Schooner Adventure was listed on The National Register of Historic Places in 1989. In 1993, Kevin Foster, Marine Historian for the National Park Service, documented the aging fishing vessel in his “Schooner Adventure National Historic Landmark Study, (www.cr.nps.gov/maritime/nhl/advennhl.htm). Consequently, in 1994, the Adventure was designated a National Historic Landmark. In further recognition of the schooner’s importance, the Schooner Adventure was declared an Official Project of Save America’s Treasures in 1999. In 2006, the successful campaign to Save the Adventure became a critical aspect of Gloucester’s designation as a Preserve America Community. The 122-foot wooden dory-fishing Schooner Adventure is a symbol of the courageous character of

those men and women whose toils and tenacity in the face of seemingly insurmountable hardships  helped to build and feed our great nation. It stands as the embodiment of the American Spirit. Those who visit her soon realize that they are in the presence of an icon of America's fishing industry and a unique national treasure. In June 2015, Adventure was issued a Passenger Vessel certificate by the Coast Guard allowing her to sail with passengers for the first time since 1988 and enabling the organization to fulfill its mission to inspire and educate, to serve as a community resource, and to operate at sea as a living symbol of Gloucester’s maritime heritage.        


Impact Statement

   The Schooner Adventure represents an opportunity to contribute to Gloucester’s economy by developing low-impact, cultural tourism and active, environmental educational programming. We hope to help transform the oldest fishing port in the country, Gloucester, Massachusetts, from a depressed fishing industrial center into an historical and cultural destination with Adventure as its flagship. How will our children learn of their heritage- by reading about it or will they experience it?

A culmination of hard work and long nights by Schooner Adventure's board, staff, shipwrights and volunteers has led Adventure to once again, take her place as the Flagship of the famous seaport of Gloucester, Massachusetts.On August 10, 2013, for the first time in over 20 years, Schooner Adventure's massive 2100 sq ft main sail was raised. Along with the foresail, jumbo and jib, over 5500 sq ft of sail filled the sky as the 122' National Historic Landmark dory fishing schooner began her newest phase of an iconic legacy, providing the Gloucester community with a living symbol of America's maritime heritage.

The Schooner Adventure is the last of the "Gloucestermen", the fast and able wooden schooners immortalized by Rudyard Kipling in his classic Captains Courageous. She was the most successful fishing schooner in history, a true "highliner", with a catch valued at nearly $4 million between 1926 when she was launched and1953 when she was retired, unable to muster crew for the arduous and dangerous trips to the Banks that stretch from Halifax to Cape Cod.

This winter the last of the restoration work is ongoing with the installation of electrical and plumbing systems, the recreation of the Fo'c'sle based on archival photographs and investigating like schooners, the restoration of the Captain's Cabin reinstalling original paneling salvaged before the hull restoration took place, and the build-out of the Learning Center in the former Hold in the center of the vessel. Where the Fo'c'sle and the Captain's Cabin will represent how Adventure looked when she was first built at the John F. James Shipyard in Essex, Massachusetts to the design of the famous naval architect Thomas McManus, the Learning Center will embody the character of the adjoining spaces but will be a multi-media classroom for teaching students of all ages, predominately from the public and private schools on the North Shore of Boston.Educational programming will include historical, environmental and maritime topics, including the history of Adventure, her restoration and the history of Gloucester fishing in the schooner era.
 
Adventure is an icon of our nations fishing industry and Gloucester's 390-year heritage as America's oldest fishing port and is a project of Save America's Treasures. Further, the Schooner Adventure serves as a living memorial to the more than 5,000Gloucester fisherman who perished at sea.


 

Needs Statement

1. Grants to develop Education Programs to benefit students from public and private schools, colleges and universities and senior centers.
2. Grants to help sustain the general operational costs of this historic vessel; development, marketing, bookkeeping, management.
3.Contributions towards physical operation of the vessel, maintenance and berth.
4. Grants to establish an endowment for the vessel.

CEO Statement

This past year has been extremely exciting for the 1926 National Historic Landmark dory-fishing Schooner Adventure and the Adventure organization. Our move to the Gloucester Marine Railways at Rocky Neck has permitted Schooner Adventure to have continued public access allowing us to offer dockside programming which has greatly increased our visibility. Educational programs presented in area schools and in the Rose Baker Senior Center, monthly lectures as well as participation in local fairs and festivals have allowed the Adventure organization to once again have a substantial presence in the community. The generous donation of the Detroit Diesel 6-71N engine by Jim and Betty Knott spear-headed a very aggressive restoration initiative which culminated in Adventure leading the 2012 Gloucester Schooner Festival’s Parade of Sail. The $250,000 1:1 matching grant from The Dusky Foundation provided a major step forward in helping the Adventure organization gain the momentum needed to finish the restoration of the vessel and realize the goal of becoming a maritime educational resource for future generations. As we continue the restoration, we remember Joe Garland and his continuous commitment to restore the last of the dory fishing schooners. In his work with Adventure, Joe appreciated that she is more than just a schooner, or an historic relic, but an integral part of the fabric of who we are as Gloucesterites and as citizens of the North Shore. It is fitting to establish a permanent recognition of Joe’s enormous contributions both to his love and devotion to Gloucester, but also to the impact that his writings had on the fishing industry by naming the restored Adventure Captain’s Cabin in his honor. This dedication will be a fitting tribute to Joe’s life-long efforts to enrich both seafarers and landlubbers of the role of the sea, its fishes, the sailing vessels, fishermen and, in Adventure’s  case, the dorymen who ventured far and near to bring their catch to the market place. Thanks to a dedicated Board, great staff, and extraordinary volunteers, we are pressing on to fulfill our mission to complete Adventure’s restoration and sail as a platform for cultural education. In the end, the fact that we saved the Adventure allowing her to sail again will be all that truly matters.

Board Chair Statement

The Schooner Adventure organization has been focused on a number of major objectives over the past year, which include:
• Strengthening our organization by recruiting new Directors and upgrading our governance practices.
• Researching and writing a strategic Business Plan with generous support from the Lynch Foundation and expert advice from the Executive Service Corps.
 
• Applying for education and restoration grants.
• Organizing a campaign to raise $250,000 to complete the restoration and fit the Schooner Adventure out for sailing.
• Developing the curriculum units that will constitute the core of our on board educational programs in environmental studies, math, and science.
 
Saving the Adventure has been a major undertaking. Nonetheless, our small, community-based non-profit is more determined than ever to complete the restoration and see the Schooner Adventure sailing again. It will be a beautiful sight.

Geographic Area Served

In a specific U.S. city, cities, state(s) and/or region.
NORTHEAST REGION, MA
Gloucester, Cape Ann and Essex County. Plans to sail to Boston, Provincetown, and Booth Bay, ME in 2017.

Organization Categories

  1. Arts,Culture & Humanities - Historical Societies & Historic Preservation
  2. Education - Elementary & Secondary Schools
  3. -

Independent research has been conducted on this organization's theory of change or on the effectiveness of this organization's program(s)

No

Programs

History of North American Fisheries

Our educational mission is to develop programs and materials that teach local children and educators (K-12), as well as the general public, about maritime history and culture, the fishing industry past and present, local geography and marine studies. Our educational programs and displays will present the story of Gloucester’s fishermen and how the North Atlantic fisheries supported the development of our state and region’s growth.Our programming consists of traveling assembly programs, guided tours in Gloucester , Mass, sea chantey presentations, History Sharing Programs with local senior citizens and eventually hands on learning program on board Schooner Adventure.

Budget  $40,000.00
Category  Arts, Culture & Humanities, General/Other
Population Served Children and Youth (0 - 19 years) Adults Elderly and/or Disabled
Program Short-Term Success   

To develop this curriculum, The Gloucester Adventure will partner with a number of New England educational institutions of higher learning, including Salem State College and Endicott College, and with individual scientists, researchers, and educators, to develop specific components for the History of the North American Fisheries. This work will also build on curriculum units that The Gloucester Adventure has developed, in collaboration with the Department of Education at Salem State College, and offered to local schools since the vessel returned to Gloucester in 1988. In this proposed project, The Gloucester Adventure will partner with 10 public schools in the Essex National Heritage Area, such as the Gloucester Public Schools and the Ford Elementary and Middle School in Lynn, to provide both dockside and sail-based programs based on the History of the North American Fisheries. This curriculum will be tied to the Massachusetts State Curriculum Frameworks wherever feasible, and will dovetail with the curricula needs of our local and regional schools.

Program Long-Term Success  Adventure is emblematic of an earlier, more vibrant period of Gloucester's economy. The vessel's history and that of the North Atlantic fisheries helps underscore the importance of developing sustainable fishing technologies, fishing practices, and fisheries management. The environmental impact of over-fishing, along with other environmental threats to the fisheries such as the widespread destruction of coastal wetlands and pollution of rivers, has caused worldwide concern over the delicate balance of marine ecosystems in New England coastal waters and elsewhere. Furthermore, over the last decade, closings of major areas of the fishing banks and other restrictions on fishing have devastated Gloucester?s fishing industry. The local economies of Gloucester and other coastal communities throughout New England have been adversely affected by these events. The Save the Adventure project represents an opportunity to contribute to Gloucester?s economy by developing low-impact, cultural tourism, and active, environmental educational programming.
Program Success Monitored By   

Our curriculum units will be developed for presentation on board the Schooner Adventure, on deck, in the foc's'le, and in the fishhold, transforming the historic dory-fishing schooner into a floating museum of the North American fisheries. All of the curriculum units developed for the Adventure will also be available for schools to download from Adventure's website (www.schooner-adventure.org), and thus accessible to classrooms around the world. The NHL Schooner Adventure, embedded in the history of the Essex National Heritage Area, which encompasses the North Shore and includes the harbors of Lynn, Salem, Beverly, Manchester, Gloucester, Rockport, and Newburyport, as well as the nearby ports of New Bedford, Boston, Portsmouth, and Portland, offers a unique opportunity to provide an innovative and intellectually stimulating platform for maritime education throughout this coastal region.

Examples of Program Success  Our Education Development Committee is made up of Middle school and High School educators with degress in Masters of Education, college professors with P.h.D.'s in the sciences and humanities as well Curriculum Development. These educators have the contact with the students and the education institutions we are attracting with our programs. As the students become more involved so will their families.

Restoration

In June 2015 the organization completed a major component of restoration needed for USCG certification to carry paying passengers. The next phase of restoration involves completing the interior compartments of the vessel including the fishhold and main cabin. These sections will be reconstructed in a historically accurate manner, reflecting its original construction in 1926. In addition, interactive educational exhibits and displays focused on the fisheries and the marine environment will be installed in the fishhold. Interpretive signage will be installed throughout the schooner.
Budget  $150,000.00
Category  Arts, Culture & Humanities, General/Other Cultural Heritage
Population Served Children and Youth (0 - 19 years) Children Only (5 - 14 years) General/Unspecified
Program Short-Term Success   

The evaluation of the success of the Schooner Adventure’s restoration is based on several factors. The Gloucester Adventure has been conducting this restoration under a set of guiding principles that inform our decision making with regard to the restoration. Our first principle is to “do what is best for the boat”. The Secretary of the Interior’s Standards for Historic Vessel Preservation Projects (i.e., using historically correct materials and proper shipbuilding methods) is our restoration “bible”. We are conducting a museum-quality restoration of a unique maritime National Historic Landmark. Our second principle is to comply with U.S. Coast Guard regulations for passenger vessels and insure the future safety of the public. Because the Schooner Adventure will ultimately be sailing with school children and the general public, we are fully committed to the highest standard of safety. In addition, the restoration of the Schooner Adventure is regulated by the U.S. Coast Guard Marine Safety office, Boston, MA. U.S. Coast Guard inspection officers regularly visit the Schooner Adventure and are fully informed about the progress of the restoration. Further, a preservation Restriction has been filed with the Massachusetts Historical Commission. Ultimately, the completed vessel will receive a final inspection by the U.S. Coast Guard before it can be certified to carry passengers.

Program Long-Term Success     

The Schooner Adventure helps to promote awareness of America’s waterways, scenic access to the coastal zone, and raises awareness of marine environmental issues. The Schooner Adventure is emblematic of an earlier, more vibrant period of Gloucester’s economy. The vessel’s history and that of the North Atlantic fisheries helps underscore the importance of developing sustainable fishing technologies, practices, and management. The environmental impact of over-fishing, along with other environmental threats to the fisheries such as the widespread destruction of coastal wetlands and pollution of rivers, has caused worldwide concern over the delicate balance of marine ecosystems in New England coastal waters and elsewhere.

Program Success Monitored By   Schooner Adventure has been restored in accordance with the Secretary of the Interior’s Standards for Historic Vessel Preservation Projects (i.e., using historically correct materials and proper shipbuilding methods). A variety of education programs have been brought into the local schools and senior centers as well as being held dockside on the vessel. With the restoration nearing completion and USCG certification for passengers, we are looking forward to expanding the educational opportunities for students as well as the general public.
Examples of Program Success  Schooner Adventure, under her own power  for the first time in 22 years, has created quite the excitement within the Cape Ann community as well as the schooner fleet. The community, after seeing the "highliner" of the Gloucester fishing fleet back in the harbor has renewed the sense of pride in the Gloucester history.

CEO/Executive Director/Board Comments

Our mission is educating students in the fields of history and science. However in this time of drastic cuts in the public schools, it is very difficult for the school systems to allow outside sites into their curricula without outside funding. How exciting for a student, young or old, to be a part of history instead of just viewing it in a museum. The Schooner Adventure is the last of the “Gloucestermen,” the vessels immortalized by Rudyard Kipling in his classic Captains Courageous. The Adventure is also an icon of our nation’s fishing industry and Gloucester’s 387-year heritage as America’s oldest fishing port. Further, the Schooner Adventure serves as a living memorial to the more than 5,000 Gloucester fishermen who have perished at sea. Because of the Schooner Adventure’s local, regional, and national importance, the preservation of this schooner has, we believe, presumptive public benefit. Over the last decade, closings of major areas of the fishing banks and other restrictions on fishing have devastated Gloucester’s fishing industry. The local economies of Gloucester and other coastal communities throughout New England have been adversely affected by these events. The Sail  Adventure Forever project represents an opportunity to contribute to Gloucester’s economy by developing low-impact, cultural tourism and active, environmental educational programming.

Management


CEO/Executive Director Captain Stefan Edick
CEO Term Start June 2015
CEO Email [email protected]
CEO Experience --
Co-CEO --
Co-CEO Term Start --
Co-CEO Email --
Co-CEO Experience --

Former CEOs and Terms

Name Start End
John Fuller Oct 2013 Apr 2015
Joanne Souza June 2006 Oct 2013

Senior Staff

Name Title Experience/Biography
Sara Young Director of Development --

Awards

Award Awarding Organization Year
Official Project of Save America's Treasures National Trust for Historic Preservation 1999
National Historic Landmark National Park Service, United States Department of the Interior 1994

Affiliations

Affiliation Year
Associated Grant Makers 2013
Chamber of Commerce 2013
National Trust for Historic Preservation - Partner 2013
Member of state association of nonprofits? Yes
Name of state association --

External Assessments and Accreditations

External Assessment or Accreditation Year
National Trust For Historic Preservation 1999
National Register of Historic Places - Listed Property 1989

Collaborations

As a historic vessel, we strive to initiate collaborations with area organizations with maritime ties. Through education and tourism initiatives we have collaborated with Cape Ann Chamber of Commerce, Essex Shipbuilding Museum, Gloucester Maritime Center, Cape Ann Museum, Art Haven, Lowell's Boat Shop, Custom House Maritime Museum, Newburyport and various art colonies in the Cape Ann area.

CEO/Executive Director/Board Comments

The Gloucester Adventure, Inc. is a small, community-based, largely volunteer organization. We have an active Board of Directors consisting of 15 members who are elected to renewable, three-year terms;  full time Executive Director and Director of Development, part time Bookkeeper and Shipwright. The Board of the Gloucester Adventure, Inc. is led by the President and three Vice Presidents including a Vice President for Development, Vice President for Restoration, and Vice President for Programs & Events. -The Board of Directors meets 12 times per year. Its operating committees include Finance, Governance and Nominating, Development, Strategic Planning, Education, Human Resources, Programs and Events, and Vessel and Restoration. The President appoints the Chairs of these committees and the membership consists of both Directors and volunteers. For the past decade, the organization has operated with a small staff and a bare-bones budget to ensure that most of the funds raised were directly allocated to saving the Schooner Adventure. The organization has depended heavily on volunteers who have been engaged in all areas of the organization’s functioning to augment its operations and to accomplish its goals. For example, volunteers have assisted in fundraising, grant writing, event execution, and vessel maintenance. Fortunately, the organization has consistently attracted highly motivated and capable Directors and volunteers.

Foundation Comments

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Staff Information

Number of Full Time Staff 2
Number of Part Time Staff 2
Number of Volunteers 45
Number of Contract Staff 0
Staff Retention Rate % 0%

Staff Demographics

Ethnicity African American/Black: 0
Asian American/Pacific Islander: 0
Caucasian: 4
Hispanic/Latino: 0
Native American/American Indian: 0
Other: 0
Other (if specified): 0
Gender Female: 2
Male: 2
Not Specified 0

Plans & Policies

Organization has Fundraising Plan? Yes
Organization has Strategic Plan? Yes
Years Strategic Plan Considers 5
Management Succession Plan Under Development
Business Continuity of Operations Plan Yes
Organization Policies And Procedures Yes
Nondiscrimination Policy Yes
Whistle Blower Policy No
Document Destruction Policy No
Directors and Officers Insurance Policy Yes
State Charitable Solicitations Permit Exempt
State Registration Exempt

Risk Management Provisions

--

Reporting and Evaluations

Management Reports to Board? Yes
CEO Formal Evaluation and Frequency Yes Annually
Senior Management Formal Evaluation and Frequency No N/A
Non Management Formal Evaluation and Frequency Yes Annually

Governance


Board Chair Mr. John Morris
Board Chair Company Affiliation Harvard Institute for Aging Research
Board Chair Term Jan 2013 - Dec 2016
Board Co-Chair --
Board Co-Chair Company Affiliation --
Board Co-Chair Term -

Board Members

Name Company Affiliations Status
Mr. Greg Bover Community Volunteer Voting
Mr. J. Linzee Coolidge Community Volunteer Exofficio
Ms. Susan Evans Treasurer Voting
Mrs. Elsa Fitzgerald Community Volunteer Voting
Mr. Stephen Hall Secretary Voting
Dr. Jon Jaques Beverly Hospital Voting
Mr. Peter Madsen Vice President Voting
Mr. John Morris President Voting
Mr. David O'Hara Community Volunteer Voting
Mr. Steve Ouellette Lawyer Voting
Mr. William Rapp Retired Voting
Mr. David Rhinelander Community Volunteer Voting
Mr. Peter Souza Retired Voting
Mr. John Thompson Vice President Voting
Mr. William Whitney Community Volunteer Voting

Constituent Board Members

Name Company Affiliations Status
-- -- --

Youth Board Members

Name Company Affiliations Status
-- -- --

Advisory Board Members

Name Company Affiliations Status
Mr. J. Linzee Coolidge Community Volunteer Exofficio
Dr. Martin Krugman Community Volunteer Exofficio

Board Demographics

Ethnicity African American/Black: 0
Asian American/Pacific Islander: 0
Caucasian: 100
Hispanic/Latino: 0
Native American/American Indian: 0
Other: 0
Other (if specified): 0
Gender Female: 2
Male: 13
Not Specified 0

Board Information

Board Term Lengths 3
Board Term Limits 0
Board Meeting Attendance % 80%
Written Board Selection Criteria Yes
Written Conflict Of Interest Policy Under Development
Percentage of Monetary Contributions 100%
Percentage of In-Kind Contributions 83%
Constituency Includes Client Representation No

Standing Committees

  • Board Governance
  • Development / Fund Development / Fund Raising / Grant Writing / Major Gifts
  • Education
  • Human Resources / Personnel and Finance and Marketing and Nominating and By-laws
  • Marketing
  • Operations
  • Program / Program Planning
  • Special Events (Golf Tournament, Walk / Run, Silent Auction, Dinner / Gala)
  • Volunteer

CEO/Executive Director/Board Comments

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Foundation Comments

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Financials


Revenue vs. Expense ($000s)

Expense Breakdown 2014 (%)

Expense Breakdown 2013 (%)

Expense Breakdown 2012 (%)

Fiscal Year Jan 01, 2015 to Dec 31, 2015
Projected Income $800,000.00
Projected Expense $790,000.00
Form 990s

2014 990

2013 990

2012 990

2011 990

2010 990

2009 990

Audit Documents

2014 Review

2013 Review

2012 Audit

2011 Review

2010 Review

IRS Letter of Exemption

IRS Letter of Determination

Prior Three Years Total Revenue and Expense Totals

Fiscal Year 2014 2013 2012
Total Revenue $404,041 $420,861 $590,956
Total Expenses $417,663 $346,513 $329,362

Prior Three Years Revenue Sources

Fiscal Year 2014 2013 2012
Foundation and
Corporation Contributions
$25,000 $126,000 $309,026
Government Contributions $45,000 $23,000 $25,000
    Federal $5,000 $23,000 --
    State $40,000 -- --
    Local -- -- $25,000
    Unspecified -- -- --
Individual Contributions $303,709 $255,941 $142,395
Indirect Public Support -- -- --
Earned Revenue $3,779 $4,640 $6,249
Investment Income, Net of Losses $-3 $-157 $-512
Membership Dues $1,450 $8,395 $14,050
Special Events $25,106 $3,042 $9,977
Revenue In-Kind -- -- $84,771
Other -- -- --

Prior Three Years Expense Allocations

Fiscal Year 2014 2013 2012
Program Expense $299,774 $263,502 $228,878
Administration Expense $117,889 $83,011 $100,484
Fundraising Expense -- -- --
Payments to Affiliates -- -- --
Total Revenue/Total Expenses 0.97 1.21 1.79
Program Expense/Total Expenses 72% 76% 69%
Fundraising Expense/Contributed Revenue 0% 0% 0%

Prior Three Years Assets and Liabilities

Fiscal Year 2014 2013 2012
Total Assets $3,305,564 $3,109,378 $2,933,971
Current Assets $32,046 $84,081 $132,149
Long-Term Liabilities $274,539 $43,686 $0
Current Liabilities $46,818 $67,863 $10,490
Total Net Assets $2,984,207 $2,997,829 $2,923,481

Prior Three Years Top Three Funding Sources

Fiscal Year 2014 2013 2012
1st (Source and Amount) -- --
-- --
-- --
2nd (Source and Amount) -- --
-- --
-- --
3rd (Source and Amount) -- --
-- --
-- --

Financial Planning

Endowment Value --
Spending Policy Income Only
Percentage(If selected) --
Credit Line No
Reserve Fund No
How many months does reserve cover? --

Capital Campaign

Are you currently in a Capital Campaign? No
Capital Campaign Purpose --
Campaign Goal --
Capital Campaign Dates -
Capital Campaign Raised-to-Date Amount --
Capital Campaign Anticipated in Next 5 Years? --

Short Term Solvency

Fiscal Year 2014 2013 2012
Current Ratio: Current Assets/Current Liabilities 0.68 1.24 12.60

Long Term Solvency

Fiscal Year 2014 2013 2012
Long-term Liabilities/Total Assets 8% 1% 0%

CEO/Executive Director/Board Comments

The Gloucester Adventure, Inc. is a non-profit organization entrusted as stewards of the National Historic Landmark schooner Adventure. All other vessels of this nature are under the auspices of major businesses or state budgets. Maintaining  a barebones operating budget, we have managed to raise $4.5 million for restoration to save the vessel which will was USCG certified to sail with paying passengers as of June 2015. The organization has proven it's ability to obtain and manage major funding and we are confident that, as we move forward, we will maintain this ability. With an operating vessel, our operating budget has increased significantly as well as our ability to raise income. In October 2015 we brought on a full-time Director of Development. Fundraising is a major component of our budget. Our ability to sail the vessel with passengers has increased our visibility and the public's awareness of this unique historic icon of Gloucester's maritime history.

Foundation Comments

Financial summary data in the charts and graphs above are per the organization's IRS Form 990s. Breakout of government, foundation and corporation funding for FY14, FY13 and FY12 is per the 990 Schedule Bs.

Documents


Impact

The Impact tab is a section on the Giving Common added in October 2013; as such the majority of nonprofits have not yet had the chance to complete this voluntary section. The purpose of the Impact section is to ask five deceptively simple questions that require reflection and promote communication about what really matters – results. The goal is to encourage strategic thinking about how a nonprofit will achieve its goals. The following Impact questions are being completed by nonprofits slowly, thoughtfully and at the right time for their respective organizations to ensure the most accurate information possible.


1. What is your organization aiming to accomplish?

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2. What are your strategies for making this happen?

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3. What are your organization’s capabilities for doing this?

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4. How will your organization know if you are making progress?

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5. What have and haven’t you accomplished so far?

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