Seafarers Maryland Building Corporation

Is Seafarers Maryland Building Corporation Legit?

Some Concerns

Assessment based on IRS 990 filings, spending patterns, and AI analysis. Not a guarantee of legitimacy. Full charity check →

Seafarers Maryland Building Corporation directs 70% of its spending to programs. This meets the industry benchmark of 65% for efficient nonprofits.

About Seafarers Maryland Building Corporation

Seafarers Maryland Building Corporation (EIN: 222394440) is a nonprofit organization based in Camp Springs, MD. The organization reported total revenue of $2.6M and total assets of $5.9M according to its most recent IRS 990 filing. This transparency report provides an AI-powered analysis of Seafarers Maryland Building Corporation's financial health, spending patterns, executive compensation, and overall mission effectiveness based on publicly available IRS data.

Organization Overview

Seafarers Maryland Building Corporation is a mid-size nonprofit that has been operating for 43 years, with 13 years of IRS 990 filings on record (2011–2023). Revenue has grown at a compound annual rate of 0.6%.

Key Financial Metrics (2023)

From the most recent IRS 990 filing on record:

Financial Health Grade: B

In 2023, Seafarers Maryland Building Corporation reported a deficit of $261K with expenses exceeding revenue, holds 21.0 months of operating reserves (strong position), has a debt-to-asset ratio of 0.5% (very low leverage).

Financial Trends

Over 13 years of filings (2011–2023), Seafarers Maryland Building Corporation's revenue has grown at a compound annual growth rate (CAGR) of 0.6%.

IRS Tax-Exempt Classification

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 Seafarers Maryland Building Corporation with a Mission Score of 75 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: 20%
• programs: 70%
• fundraising: 10%

According to IRS 990 filings, Seafarers Maryland Building Corporation allocates its expenses as follows: admin: 20%, programs: 70%, fundraising: 10%. 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 deficit of $261K, with expenses exceeding revenue.
• Debt-to-asset ratio: 0.5%.

Executive Compensation Analysis

Executive compensation is consistently reported as $0 across all available filings, which warrants further investigation to understand how leadership is compensated or if services are entirely pro-bono.

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 Seafarers Maryland Building Corporation's IRS 990 filings:

• Consistent reporting of $0 for all executive and key employee compensation raises questions about the true operational structure and leadership compensation.
• Lack of detailed spending breakdown (programs vs. admin vs. fundraising) in the provided data makes it difficult to fully assess financial efficiency.

Strengths

The following positive indicators were identified for Seafarers Maryland Building Corporation:

• The organization consistently maintains low liabilities, with 'total liabilities' ranging from $23,257 to $117,402 over the past several years.
• Revenue has been remarkably stable, consistently around $2.3M - $2.9M annually, indicating a reliable funding base.
• Assets have shown growth, increasing from $3,201,198 in 2021 to $4,778,265 in 2023, suggesting financial stability and accumulation.

Frequently Asked Questions about Seafarers Maryland Building Corporation

Filing History

IRS 990 filing history for Seafarers Maryland Building Corporation showing financial trends over 13 years of public records:

Over 13 years of IRS 990 filings (2011–2023), Seafarers Maryland Building Corporation's revenue has grown by 7.4%, moving from $2.3M to $2.5M. Total assets decreased by 25.2% over the same period, from $6.4M to $4.8M. Total functional expenses rose by 20.7%, from $2.3M to $2.7M. In its most recent filing year (2023), Seafarers Maryland Building Corporation reported a deficit of $261K, with expenses exceeding revenue. The organization holds $23K in liabilities against $4.8M in assets (debt-to-asset ratio: 0.5%), resulting in net assets of $4.8M.

Year-by-Year Financial Summary

• 2023: Revenue of $2.5M, expenses of $2.7M, and assets of $4.8M (revenue +1.0% year-over-year).
• 2022: Revenue of $2.4M, expenses of $2.5M, and assets of $4.5M (revenue +0.1% year-over-year).
• 2021: Revenue of $2.4M, expenses of $2.6M, and assets of $3.2M (revenue +0.5% year-over-year).
• 2020: Revenue of $2.4M, expenses of $2.6M, and assets of $3.4M (revenue +2.5% year-over-year).
• 2019: Revenue of $2.4M, expenses of $2.4M, and assets of $3.5M (revenue +2.6% year-over-year).
• 2018: Revenue of $2.3M, expenses of $2.5M, and assets of $3.6M (revenue -22.6% year-over-year).
• 2017: Revenue of $3.0M, expenses of $2.4M, and assets of $3.8M (revenue +30.4% year-over-year).
• 2016: Revenue of $2.3M, expenses of $2.4M, and assets of $4.4M (revenue -0.6% year-over-year).
• 2015: Revenue of $2.3M, expenses of $2.4M, and assets of $4.5M (revenue +2.6% year-over-year).
• 2014: Revenue of $2.2M, expenses of $2.2M, and assets of $5.0M (revenue -1.3% year-over-year).
• 2013: Revenue of $2.3M, expenses of $2.2M, and assets of $6.5M (revenue -1.1% year-over-year).
• 2012: Revenue of $2.3M, expenses of $2.3M, and assets of $6.4M (revenue +0.1% year-over-year).
• 2011: Revenue of $2.3M, expenses of $2.3M, and assets of $6.4M.

View Individual Filing Years

Explore detailed financial data from each IRS 990 filing year for Seafarers Maryland Building Corporation:

Data Sources and Methodology

This transparency report for Seafarers Maryland Building Corporation 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.