2025-11-11T07:56:35+00:00 2024-12-31 440160260 Forvis Mazars LLP 14221 Dallas Parkway Suite 400 Dallas TX 75254 990 2024-01-01 752641151 Mercy Ships Foundation MERC 9039397000 PO BOX 1298 LINDALE TX 75771 MICHAEL COWAN DIRECTOR/CHAIR 9039397000 2025-11-11 true Andrew Gray P01517705 9727028262 2025-11-17 2024 2025-03-06 01:10:19Z BARBARA BASS PO BOX 1298 LINDALE TX 75771 21881632 false X http://www.mercyships.org/ X 1993 TX SUPPORTS THE OPERATIONS OF MERCY SHIPS IN FURTHERANCE OF ITS MISSION. 11 11 0 11 0 2926311 2231363 0 0 1352147 3155597 -130466 -229552 4147992 5157408 1391794 0 0 0 0 0 0 0 0 6183 18421 1397977 18421 2750015 5138987 250510557 278926358 5305278 10687050 245205279 268239308 THE FOUNDATION SUPPORTS THE OPERATIONS OF MERCY SHIPS INTERNATIONAL, A QUALIFIED 501(C)(3) ORGANIZATION, IN THE FURTHERANCE OF ITS MISSION. false false 550 0 0 THE FOUNDATION IS OPERATED AS A SUPPORTING ORGANIZATION FOR THE SUPPORT AND FURTHERANCE OF THE RELIGIOUS, CHARITABLE, AND EDUCATIONAL TAX-EXEMPT PURPOSES OF MERCY SHIPS INTERNATIONAL. THE FOUNDATION IS OPERATED EXCLUSIVELY FOR RELIGIOUS, CHARITABLE AND EDUCATIONAL PURPOSES. 550 true true false false false false false false false false true false true false true false true true false false true false false false false false false false false true false false false false false false false false false false false false false false false true true false false false true 0 0 0 false false false false false false false false false false false false X 11 11 false false false false false true true true true false false false true true true true true true false false false false X MICHAEL COWAN 9039397692 PO BOX 1298 LINDALE TX 75771 GUY WADE TREASURER, DIRECTOR 2.0 3.0 X X 0 0 0 MIKE COWAN CHAIR, DIRECTOR 2.0 0.0 X X 0 0 0 ANN BROOKSHIRE DIRECTOR 0.2 0.0 X 0 0 0 BARBARA BASS DIRECTOR 0.2 0.0 X 0 0 0 GAYLORD HUGHEY DIRECTOR 0.2 0.0 X 0 0 0 HENRY CLARKE DIRECTOR 0.2 0.0 X 0 0 0 JIM BOYD DIRECTOR 0.2 0.0 X 0 0 0 MARK WHATLEY DIRECTOR 0.2 0.0 X 0 0 0 PETER B SCHULZE Director 2.0 3.0 X 0 0 0 RUBEN MARTIN DIRECTOR 0.2 0.0 X 0 0 0 TROY GRIEPP DIRECTOR 0.2 0.0 X 0 0 0 David Schwab General Counsel Start: 12/5/2024 0.5 45.0 X 0 108065 0 LINDA PRUETT ASSISTANT SECRETARY 0.2 55.0 X 0 72109 7473 NICOLAS ADAME CFO OF MERCY SHIPS START: 01/08/2024 0.7 55.0 X 0 235571 31858 PAUL OWEN Non-Director Board Secretary End: 7/16/2024 0.5 55.0 X 0 247863 15090 0 663608 54421 0 false true false 0 0 0 0 1758311 0 473052 0 2231363 0 0 0 0 0 3055584 3055584 180000 409552 -229552 0 -229552 -229552 16414685 16314672 100013 0 100013 100013 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 5157408 0 0 2926045 17650 17650 0 0 0 0 221 221 Govt Fees 550 550 0 0 0 0 18421 550 17871 0 3283188 367519 8094996 3338201 0 0 0 0 7937675 4257609 3206688 3680066 100008052 122297672 0 135908353 149236900 9280 6000 250510557 278926358 537810 0 0 0 4767468 10687050 5305278 10687050 237110283 264901107 8094996 3338201 245205279 268239308 250510557 278926358 X 5138987 10448677 7446365 X false true true false X X X 1 MERCY SHIPS INTERNATIONAL 262414132 7 true 0 550 1 0 550 11248113 40264189 56742524 2926311 2231363 113412500 0 0 11248113 40264189 56742524 2926311 2231363 113412500 8162021 105250479 239563 1071849 2238541 2145508 3055584 8751045 0 1173290 0 0 0 0 1173290 123336835 9800 0.85336 0.8719 X false false false false true false false false false false false false false false false false true false Schedule A, Part II THE ORGANIZATION IS A SUPPORTING ORGANIZATION AS DESCRIBED UNDER 509(A)(3) AND IS NOT REQUIRED TO COMPLETE A PUBLIC SUPPORT SCHEDULE. THE ORGANIZATION HAS ANALYZED SCHEDULE A (FORM 990), PART II AND ESTABLISHED THAT IT MEETS THE 33 1/3% PUBLIC SUPPORT REQUIREMENTS UNDER SECTIONS 509(A)(1) AND 170(B)(1)(A (VI), THUS IT QUALIFIES TO USE THE FIRST LISTED SPECIAL RULE FOR SCHEDULE B (FORM 990) REPORTING. Schedule A, Part IV, Section A, Line 1 Supported Orgs Listed By Name The supported organization has a substantial degree of direction over the policies, programs, and activities of the supporting organization through the Foundation's management of a board-directed Strategic Investment Fund, the real estate related to the supported organization, and other assets and funds for the benefit of the supported organization. Accordingly, the supporting organization is responsive to the supporting organization and constitutes and integral part of and maintains significant involvement in the operations of the supported organization. Schedule A, Part IV, Section A, Line 5a Added, Substituted, or Removed Sup. Org. (i) Mercy Ships International - EIN: 75-2685233 (ii) The entity merged with the current supported organization (iii) The organization's organizing document did not originally include the removed supported organization, though the removed supported organization's exempt purpose aligned with the purpose and class of the current supported organization. (iv) The action was accomplished through a merger of the removed supported organization and the current supported organization. Schedule A, Part II, Line 10 Other Income DESCRIPTION - NEW SHIP REBATE, COLUMN A - 1173290.0, COLUMN B - , COLUMN C - , COLUMN D - , COLUMN E - , COLUMN F - 1173290.0; RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 13869 13869 50000 7839208 4223588 3665620 34598 34021 577 3680066 INVEST. IN GLM MI LTD 130949947 C INVEST. IN AFM MI LTD 18286953 C 149236900 Federal Income Taxes Due To Affiliate 10687050 10687050 16153679 10448677 409552 10858229 5295450 -138042 -138042 5157408 566015 547594 547594 18421 0 0 18421 Schedule D, Part X, Line 2 ASC 740 FOOTNOTE MANAGEMENT HAS EVALUATED THEIR INCOME TAX POSITIONS UNDER THE GUIDANCE INCLUDED IN ASC 740. BASED ON THEIR REVIEW, MANAGEMENT HAS NOT IDENTIFIED ANY MATERIAL UNCERTAIN TAX POSITIONS TO BE RECORDED OR DISCLOSED IN THE FINANCIAL STATEMENTS. Schedule D, Part XI, Line 2(d) Other revenues in audited financial statements not in form 990 RENTAL EXPENSES - 409552 Schedule D, Part XI, Line 4(b) Other revenues in form 990 not in audited financial statements BAD DEBT EXPENSE - -138042 Schedule D, Part XII, Line 2(d) Other expenses in audited financial statements not in form 990 RENTAL EXPENSES - 409552 BAD DEBT EXPENSE - 138042 East Asia and the Pacific 0 0 Investments 149236900 0 0 0 0 0 0 149236900 0 149236900 true false true false false false false false false false false false false false false PAUL OWEN Non-Director Board Secretary End: 7/16/2024 0 247863 0 0 0 0 0 9299 0 5791 0 262953 0 0 NICOLAS ADAME CFO OF MERCY SHIPS START: 01/08/2024 0 235571 0 0 0 0 0 14013 0 17845 0 267429 0 0 Form 990, Part VI, Line 15 COMPENSATION OF EXECUTIVE DIRECTORS OR KEY EMPLOYEES THE FOUNDATION DOES NOT COMPENSATE ANY OFFICERS, DIRECTORS, OR MANAGEMENT. IN ACCORDANCE WITH THE INSTRUCTIONS, THESE QUESTIONS HAVE BEEN ANSWERED NO. IF AT SOME POINT COMPENSATION PLANS ARE CONSIDERED, THE ORGANIZATION WILL ADOPT THE COMPENSATION PROCESS USED BY MERCY SHIPS INTERNATIONAL. Form 990, Part VI, Line 7a Members or stockholders electing members of governing body LESS THAN 50% OF THE DIRECTORS SHALL BE ELECTED BY MAJORITY VOTE OF THE BOARD OF DIRECTORS OF MERCY SHIPS international, A NONPROFIT CORPORATION ORGANIZED UNDER THE LAWS OF THE STATE OF TEXAS. Form 990, Part VI, Line 7b Decisions requiring approval by members or stockholders THE BOARD OF DIRECTORS OF MERCY SHIPS international, A RELATED ORGANIZATION, MUST APPROVE ANY AMENDMENTS MADE TO THE PURPOSE STATED IN THE ORGANIZATION'S ARTICLES OF INCORPORATION AND ANY CHANGES TO SECTION 4.3 ELECTION AND QUALIFICATION AND SECTION 14 AMENDMENTS OF THE ORGANIZATION'S BYLAWS. THE MERCY SHIPS FOUNDATION BOARD HAS ESTABLISHED AN INVESTMENT POLICY TO GUIDE THE ORGANIZATION IN MANAGING ITS INVESTMENTS AND DELEGATED TO THE FINANCE AND INVESTMENT COMMITTEE, COMPRISED OF THREE BOARD MEMBERS WITH EXTENSIVE FINANCE EXPERIENCE RESPONSIBILITY FOR OVERSIGHT AND MANAGEMENT OF MSF'S INVESTMENTS. THESE RESPONSIBILITIES INCLUDE THE FOLLOWING: - SETTING THE ASSET ALLOCATION TARGETS AND RANGES FOR THE PORTFOLIO, AND MODIFYING THEM FROM TIME TO TIME. - IMPLEMENTING THIS POLICY, WITH INPUT FROM MSF STAFF AND THE INVESTMENT ADVISER. - OVERSEEING THE PORTFOLIO'S ASSETS AND REPORTING ON THE STATUS OF THE PORTFOLIO TO THE BOARD AT LEAST TWO TIMES A YEAR. - ENGAGING THE INVESTMENT ADVISER TO ASSIST THE FINANCE AND INVESTMENT COMMITTEE IN CARRYING OUT ITS INVESTMENT RESPONSIBILITIES AND TO IMPLEMENT THE INVESTMENT STRATEGY AND DECISIONS OF THE FINANCE AND INVESTMENT COMMITTEE. - CONTINUING OR TERMINATING THE INVESTMENT ADVISER AND MONITORING ITS PERFORMANCE. - MONITORING THE FEES AND OTHER EXPENSES ASSOCIATED WITH THE MANAGEMENT AND ADMINISTRATION OF PORTFOLIO. IN 2024 THE FINANCE AND INVESTMENT COMMITTEE MET FOUR TIMES AND EVERY MEETING HAD THE INVESTMENT ADVISER IN ATTENDANCE. THE RESULTS OF EACH OF THOSE MEETINGS WERE REPORTED BACK TO THE FULL BOARD AT THEIR NEXT MEETING. Form 990, Part VI, Line 11b Review of form 990 by governing body THE ORGANIZATION'S FORM 990 WAS PREPARED BY AN INDEPENDENT CPA FIRM AND REVIEWED BY THE CHIEF FINANCIAL OFFICER AND TREASURER IN DETAIL. THE 990 WAS THEN PROVIDED ELECTRONICALLY TO ALL MEMBERS OF BOARD FOR THEIR REVIEW AND COMMENT. BOARD MEMBERS WERE THEN GIVEN AT LEAST ONE WEEK TO REVIEW THE FORM 990 AND SEND COMMENTS TO CHIEF FINANCIAL OFFICER. AFTER ALL COMMENTS AND QUESTIONS WERE ADDRESSED, THE 990 WAS FILED WITH THE IRS. Form 990, Part VI, Line 12c Conflict of interest policy BOARD MEMBERS AND SENIOR STAFF INCLUDING OFFICERS ARE REQUIRED TO COMPLETE A CONFLICTS OF INTEREST QUESTIONNAIRE ON AN ANNUAL BASIS. DISCLOSURES ARE REQUIRED TO BE UPDATED WITH POTENTIAL CONFLICTS AS THEY BECOME KNOWN THROUGHOUT THE YEAR. IF A CONFLICT IS IDENTIFIED BY MANAGEMENT OR BY THE BOARD, THE PERSON WITH A CONFLICT RECUSES THEMSELVES FROM THE DECISION-MAKING PROCESS, AND THE BOARD VOTES ON WHETHER OR NOT TO ENGAGE IN THE TRANSACTION, BASED ON WHETHER IT IS IN THE BEST INTERESTS OF MERCY SHIPS FOUNDATION. Form 990, Part VI, Line 19 Required documents available to the public MERCY SHIPS FOUNDATION MAKES ITS GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, AND FINANCIAL STATEMENTS AVAILABLE FOR PUBLIC INSPECTION AT THE INTERNATIONAL SUPPORT CENTER IN LINDALE, TEXAS DURING REGULAR BUSINESS HOURS. DOCUMENTS ARE ALSO MADE AVAILABLE UPON WRITTEN REQUEST. Form 990, Part XI, Line 9 Other changes in net assets or fund balances Change in Investment in GLM MI LTD - -4958406; Interfund Transfer - -5882182; Change in Investment in AFM MI LTD - 18286953; Total - 7446365; Schedule F, Part I GLM MI LTD AND AFM MI LTD CORPORATIONS ARE BOTH MARSHALL ISLANDS ENTITIES OWNED 100 PERCENT BY MERCY SHIPS FOUNDATION. GENERAL THE MOST COMPLETE PICTURE OF MERCY SHIPS GLOBAL OPERATIONS IS CONTAINED IN THE CONSOLIDATED AUDITED FINANCIAL STATEMENTS OF MERCY SHIPS INTERNATIONAL AND ITS AFFILIATES. THE CONSOLIDATED AUDITED FINANCIAL STATEMENTS ARE AVAILABLE IN THEIR ENTIRETY ON THE MERCY SHIPS WEBSITE AT https://www.mercyships.org/about-us/. AS PARTY INTERESTED IN THE ACTIVITIES OF MERCY SHIPS INTERNAITONAL, WE ENCOURAGE YOU TO VISIT OUR WEBSITE AND REVIEW THE CONSOLIDATED AUDITED FINANCIAL STATEMENTS. MERCY SHIPS INTERNATIONAL PO BOX 2020 LINDALE TX 75771 262414132 HEALTH CARE TX 501(c)(3) 7 NA false GLM MI LTD TRUST CO COMPLEX Ajeltake Road Ajeltake Island Majuro RM SHIP OWNERSHIP RM Mercy Ships Foundation C Corporation 1.0000 true AFM MI LTD TRUST CO COMPLEX AJELTAKE ROAD AJELTAKE ISLAND MAJURO RM SHIP OWNERSHIP RM Mercy Ships Foundation C Corporation 1.00000 true ENM MI LTD Trust Company Complex Ajeltake Road Ajeltake Island Majuro RM MH96960 SHIP OWNERSHIP RM Mercy Ships Foundation C Corporation 1 true false false true false false false false false false true false false false true true false false false false