Connecticut Maritime Association
Connecticut Maritime Association: Revenue Fluctuations and Consistent Losses
EIN: 222655500 · Stamford, CT · Updated: 2026-04-04
Is Connecticut Maritime Association Legit?
Some Concerns
Assessment based on IRS 990 filings, spending patterns, and AI analysis. Not a guarantee of legitimacy. Full charity check →
Connecticut Maritime Association directs 70% of its spending to programs. This meets the industry benchmark of 65% for efficient nonprofits.
About Connecticut Maritime Association
Connecticut Maritime Association (EIN: 222655500) is a nonprofit organization based in Stamford, CT. The organization reported total revenue of $303K and total assets of $456K according to its most recent IRS 990 filing. This transparency report provides an AI-powered analysis of Connecticut Maritime Association's financial health, spending patterns, executive compensation, and overall mission effectiveness based on publicly available IRS data.
Organization Overview
Connecticut Maritime Association is a small nonprofit that has been operating for 40 years, with 12 years of IRS 990 filings on record (2012–2023). Revenue has grown at a compound annual rate of -11.9%.
Key Financial Metrics (2023)
From the most recent IRS 990 filing on record:
| Total Revenue | $306K |
| Total Expenses | $265K |
| Surplus / Deficit | +$40K |
| Total Assets | $402K |
| Total Liabilities | $69K |
| Net Assets | $334K |
| Operating Margin | 13.2% |
| Debt-to-Asset Ratio | 17.1% |
| Months of Reserves | 18.2 months |
Financial Health Grade: A
In 2023, Connecticut Maritime Association reported a surplus of $40K with revenue exceeding expenses, holds 18.2 months of operating reserves (strong position), has a debt-to-asset ratio of 17.1% (very low leverage).
Financial Trends
Over 12 years of filings (2012–2023), Connecticut Maritime Association's revenue has declined at a compound annual growth rate (CAGR) of -11.9%.
| Year | Revenue Change | Expense Change | Asset Change |
|---|---|---|---|
| 2023 | +19.7% | -0.6% | +13.5% |
| 2022 | -13.9% | +28.0% | -4.2% |
| 2021 | +175.3% | -31.2% | +31.3% |
| 2020 | -93.2% | -81.1% | -49.8% |
| 2019 | +8.3% | +14.9% | -41.5% |
IRS Tax-Exempt Classification
| IRS Classification Codes | 1000 |
| IRS Ruling Date | 1986 |
Classification data from ProPublica Nonprofit Explorer. Additional BMF data may be available after enrichment.
AI Transparency Report
Mission Effectiveness Score
NonprofitSpending's AI analysis rates Connecticut Maritime Association with a Mission Score of 60 out of 100 (Good). This score reflects the organization's overall financial transparency, program spending efficiency, and governance indicators derived from IRS 990 public filings.
Spending Breakdown
- admin: 15%
- programs: 70%
- fundraising: 15%
According to IRS 990 filings, Connecticut Maritime Association allocates its expenses as follows: admin: 15%, programs: 70%, fundraising: 15%. Approximately 70% goes to programs, indicating moderate mission focus.
Key Financial Metrics (2023)
From the most recent IRS 990 filing on record:
- The organization reported a surplus of $40K, with revenue exceeding expenses.
- Debt-to-asset ratio: 17.1%.
Executive Compensation Analysis
Executive compensation is not explicitly detailed in the provided data, as 'c0%' likely indicates no specific compensation reported in the summarized filings.
Executive compensation data is sourced from IRS 990 filings, which require nonprofits to disclose the compensation of officers, directors, trustees, and key employees. NonprofitSpending analyzes this data relative to the organization's total revenue and sector benchmarks to assess whether executive pay is reasonable.
Red Flags
The following concerns were identified during AI analysis of Connecticut Maritime Association's IRS 990 filings:
- Consistent net losses over multiple years, with expenses frequently exceeding revenue.
- Zero cash on hand reported across all available years, raising concerns about liquidity and operational stability.
- Significant drop in revenue from over $1.4 million in 2016-2019 to around $300,000 in recent years, without clear explanation.
- Growing liabilities from $55,302 in 2020 to $68,955 in 2023.
- Lack of detailed breakdown for expenses beyond total expenditures, making it difficult to assess program efficiency.
Strengths
The following positive indicators were identified for Connecticut Maritime Association:
- Maintains assets, albeit fluctuating, suggesting some financial base.
- Long operational history indicated by multiple years of filings.
Frequently Asked Questions about Connecticut Maritime Association
Is Connecticut Maritime Association a legitimate charity?
Based on AI analysis of IRS 990 filings, Connecticut Maritime Association (EIN: 222655500) some concerns. Mission Score: 60/100. 5 red flags identified, 2 strengths noted.
How does Connecticut Maritime Association spend its money?
Connecticut Maritime Association directs 70% of its spending to programs and services. The remaining budget covers administration and fundraising costs.
Are donations to Connecticut Maritime Association tax-deductible?
Connecticut Maritime Association is registered as a tax-exempt nonprofit (EIN: 222655500). Donations to most 501(c)(3) organizations are tax-deductible. Consult a tax professional for your specific situation.
What does Connecticut Maritime Association do?
Connecticut Maritime Association is a nonprofit organization in the Unknown sector, located in Stamford, Connecticut. It is classified under NTEE code Unknown.
How much revenue does Connecticut Maritime Association have?
Connecticut Maritime Association reported total revenue of $302,679. Based on 12 IRS 990 filings on record.
What are Connecticut Maritime Association's total assets?
Connecticut Maritime Association holds total assets of $456,142 as reported in IRS 990 filings.
Where is Connecticut Maritime Association located?
Connecticut Maritime Association is based in Stamford, Connecticut.
What is Connecticut Maritime Association's EIN?
Connecticut Maritime Association's Employer Identification Number (EIN) is 222655500. This is the unique tax ID assigned by the IRS for tax-exempt organizations.
What type of nonprofit is Connecticut Maritime Association?
Connecticut Maritime Association is classified under NTEE code Unknown (Unknown).
Is Connecticut Maritime Association a registered 501(c)(3)?
Connecticut Maritime Association appears in IRS records (EIN: 222655500). Check the IRS Tax Exempt Organization Search for the most current determination letter status.
Does Connecticut Maritime Association file IRS Form 990?
Yes, Connecticut Maritime Association has 12 IRS Form 990 filings on record. The most recent covers tax period 202306.
What was Connecticut Maritime Association's revenue in 2023?
In the 202306 filing period, Connecticut Maritime Association reported total revenue of $305,570, total expenses of $265,109, and net assets of $402,468.
Is Connecticut Maritime Association's revenue growing or declining?
Connecticut Maritime Association's revenue is growing. Revenue went from $255,268 (202206) to $305,570 (202306), a +19.7% change. Based on 12 filings on record.
What is Connecticut Maritime Association's most recent 990 filing?
The most recent IRS Form 990 filing for Connecticut Maritime Association covers tax period 202306. It shows revenue of $305,570, expenses of $265,109, total assets of $402,468, and liabilities of $68,955.
How much does Connecticut Maritime Association spend on programs vs administration?
Based on IRS 990 analysis, Connecticut Maritime Association allocates approximately 70% of expenses to program services, 15% to administrative costs, and 15% to fundraising. Program spending is moderate relative to overhead.
Is Connecticut Maritime Association a trustworthy charity?
Based on AI analysis of IRS 990 data, Connecticut Maritime Association shows mixed signals. Mission Score: 60/100 (Good). 5 red flags identified. 2 strengths noted.
What are the red flags for Connecticut Maritime Association?
The following concerns were identified: Consistent net losses over multiple years, with expenses frequently exceeding revenue.. Zero cash on hand reported across all available years, raising concerns about liquidity and operational stability.. Significant drop in revenue from over $1.4 million in 2016-2019 to around $300,000 in recent years, without clear explanation.. Growing liabilities from $55,302 in 2020 to $68,955 in 2023.. Lack of detailed breakdown for expenses beyond total expenditures, making it difficult to assess program efficiency.. These flags are based on automated analysis of IRS 990 public filings and should be verified independently.
What are Connecticut Maritime Association's strengths?
Positive indicators for Connecticut Maritime Association include: Maintains assets, albeit fluctuating, suggesting some financial base.. Long operational history indicated by multiple years of filings.. These findings are derived from AI analysis of the organization's financial filings.
How does Connecticut Maritime Association compensate executives?
Executive compensation is not explicitly detailed in the provided data, as 'c0%' likely indicates no specific compensation reported in the summarized filings. Executive compensation data is sourced from IRS 990 filings, which require disclosure of officer, director, and key employee pay.
What caused the dramatic decline in revenue from over $1.4 million in 2016-2019 to approximately $300,000 in 2020 and subsequent years?
The provided data does not specify the reason for this significant revenue drop, which could be due to changes in funding, event cancellations, or a shift in operational model.
How does the organization manage its operations with consistently reported zero cash on hand?
Operating with zero reported cash on hand suggests reliance on immediate revenue streams, credit, or other short-term financing methods not detailed in the summary, posing a significant financial risk.
Filing History
IRS 990 filing history for Connecticut Maritime Association showing financial trends over 12 years of public records:
Over 12 years of IRS 990 filings (2012–2023), Connecticut Maritime Association's revenue has declined by 75.1%, moving from $1.2M to $306K. Total assets decreased by 0.8% over the same period, from $406K to $402K. Total functional expenses fell by 77.4%, from $1.2M to $265K. In its most recent filing year (2023), Connecticut Maritime Association reported a surplus of $40K, with revenue exceeding expenses. The organization holds $69K in liabilities against $402K in assets (debt-to-asset ratio: 17.1%), resulting in net assets of $334K.
| Year | Revenue | Expenses | Assets | Liabilities | Officer Comp. % | |
|---|---|---|---|---|---|---|
| 2023 | $306K | $265K | $402K | $69K | — | View 990 |
| 2022 | $255K | $267K | $354K | $61K | — | View 990 |
| 2021 | $296K | $208K | $370K | $66K | — | View 990 |
| 2020 | $108K | $303K | $282K | $55K | — | View 990 |
| 2019 | $1.6M | $1.6M | $561K | $140K | — | View 990 |
| 2018 | $1.5M | $1.4M | $960K | $515K | — | View 990 |
| 2017 | $1.5M | $1.4M | $626K | $195K | — | View 990 |
| 2016 | $1.5M | $1.4M | $540K | $147K | — | View 990 |
| 2015 | $1.5M | $1.4M | $771K | $399K | — | View 990 |
| 2014 | $1.4M | $1.3M | $453K | $81K | — | View 990 |
| 2013 | $1.3M | $1.2M | $462K | $145K | — | View 990 |
| 2012 | $1.2M | $1.2M | $406K | $95K | — | View 990 |
Year-by-Year Financial Summary
- 2023: Revenue of $306K, expenses of $265K, and assets of $402K (revenue +19.7% year-over-year).
- 2022: Revenue of $255K, expenses of $267K, and assets of $354K (revenue -13.9% year-over-year).
- 2021: Revenue of $296K, expenses of $208K, and assets of $370K (revenue +175.3% year-over-year).
- 2020: Revenue of $108K, expenses of $303K, and assets of $282K (revenue -93.2% year-over-year).
- 2019: Revenue of $1.6M, expenses of $1.6M, and assets of $561K (revenue +8.3% year-over-year).
- 2018: Revenue of $1.5M, expenses of $1.4M, and assets of $960K (revenue -4.1% year-over-year).
- 2017: Revenue of $1.5M, expenses of $1.4M, and assets of $626K (revenue +2.5% year-over-year).
- 2016: Revenue of $1.5M, expenses of $1.4M, and assets of $540K (revenue +0.9% year-over-year).
- 2015: Revenue of $1.5M, expenses of $1.4M, and assets of $771K (revenue +4.4% year-over-year).
- 2014: Revenue of $1.4M, expenses of $1.3M, and assets of $453K (revenue +10.1% year-over-year).
- 2013: Revenue of $1.3M, expenses of $1.2M, and assets of $462K (revenue +4.1% year-over-year).
- 2012: Revenue of $1.2M, expenses of $1.2M, and assets of $406K.
View Individual Filing Years
Explore detailed financial data from each IRS 990 filing year for Connecticut Maritime Association:
Data Sources and Methodology
This transparency report for Connecticut Maritime Association is generated by NonprofitSpending's AI analysis engine. The data is sourced from publicly available IRS 990 filings accessed through the ProPublica Nonprofit Explorer API and IRS electronic filing records. The Mission Score, spending breakdown, and other analytical insights are produced by artificial intelligence and should be used as one of multiple factors when evaluating a nonprofit organization.
IRS 990 forms are annual information returns that most tax-exempt organizations must file with the IRS. These forms provide detailed financial information including revenue, expenses, assets, liabilities, and compensation of officers. NonprofitSpending processes this data to provide accessible transparency reports for donors, researchers, and the general public.
Disclaimer
AI-generated analysis based on IRS public records. Not financial or legal advice. Verify information directly with the organization.