Steamer Virginia V Foundation Inc
Public records show a registered, tax-exempt organization in good standing.
What it says it does
Restoration, preservation, operation, and interpretation of the National Historic Landmark vessel Steamer Virginia V, the largest operational wooden passenger steamship in the United States. The vessel is used for public events, education programs, and private charters.
- Income
- $633,001
- Spending
- $558,426
- Spent on programs
- 81%
- Reserves
- 6.3 months of spending
- Largest source of income
- donations and private grants, 50%
- Employees
- 10
- Volunteers
- 65
- Highest pay
- $78,633, executive director (hired march 2023)
Source: Form 990 for the year ending December 31, 2024, filed with the Internal Revenue Service. Rating method 2026.2. How we rate
Financial health
Strong: 93 out of 100. Higher than 78% of charities in its peer group (arts and culture, $250k to $1m).
Reserves
28 of 35Spendable reserves would cover 6.3 months of spending.
Debt
20 of 20It owes 8% of what it owns.
Living within its means
15 of 15Income exceeded spending by 12% of income.
Income trend
15 of 15Income rose 38% on the year before.
Spending floor
15 of 1581% of spending went to programs and raising each dollar of donations cost 14 cents.
Source: Form 990 for the year ending December 31, 2024, filed with the Internal Revenue Service. Rating method 2026.2. How we rate
Governance
Good: 83 out of 100. Higher than 68% of charities in its peer group (arts and culture, $250k to $1m).
Independent board
25 of 256 of 6 voting board members are independent.
Conflict of interest policy
15 of 15Has a written conflict of interest policy.
Whistleblower policy
0 of 8Reports no written whistleblower policy.
Record keeping policy
7 of 7Has a written policy on keeping and destroying records.
Board minutes
5 of 5Keeps minutes of board meetings.
Board sees the tax return
10 of 10Gave the board a copy of this return before filing it.
Pay set independently
5 of 5Sets its chief executive's pay through independent review and comparison.
Independent check of accounts
6 of 15Its accounts were not audited or reviewed by an independent accountant.
No reported misuse
10 of 10Reports no diversion of assets, excess benefits or loans to insiders.
Source: Form 990 for the year ending December 31, 2024, filed with the Internal Revenue Service. Rating method 2026.2. How we rate
Impact evidence
Describes programs. Its tax return describes what it does but we have found no measurable results in it.
Programs described in its return (3)
- $166,190 spent. Restoration/Preservation: During 2024, the Foundation's Director of Engineering conducted 62 work parties in which 21 volunteers contributed over 1,600 hours of their time performing routine mechanical/electrical maintenance, painting, and a variety of repairs to keep the ship in optimal condition. Volunteers contributed an additional 175 hours performing logistics supporting this preservation work. Noteworthy accomplishments include: Completed installation and USCG-approval of two remote boiler-shutdown switches (work begun in 2023); annual maintenance on ship's service generators (filters, oil change, etc.); correction of leaks in the hot-water space-heating system; annual contract pressure washing of bilges and the oily water holding tank; opening/inspection of the boiler drums and firebox; opening/inspection of main engine cylinders and main bearings; replacement of mechanical seals at the high pressure piston rod; and opening/inspection of the condenser end bells, with a determination that they are in sound condition. In February, the ship spent two weeks moored at Shilshole Bay Marina for the purpose of soaking the hull in saltwater for its preservative benefit. Liferafts and fire extinguishers received annual servicing; crew radios were replaced to provide reliable and safe operations. In addition to current year expenses noted, $45,954.40 were expended to acquire lumber for future structural work, funded by the Washington State Heritage Capital Projects grant approved in 2023. Current year expenses include 50% of reported depreciation.
- $233,520 spent. Operation: VIRGINIA V was built in 1922 and is the only traditional wooden steamship built to carry freight and passengers that is still regularly operating under steam on the tidal waters of the United States. VIRGINIA V conducted 64 discrete voyages over the course of 49 operating days in 2024, including 29 cruises open to the public, 9 wedding-related charters and 11 other private charters, carrying a total of 3,947 passengers. Eight of these public cruises were free, one-hour Steamship Sunday trips made on four days June-October in collaboration with our neighbors, The Center for Wooden Boats. Two public cruises were provided in collaboration with Seattle's Museum of History and Industry, which provided themed programs during those trips. In May, the ship visited Port Orchard, WA for its first annual Mosquito Fleet Festival, conducting three well attended public cruises and providing open-ship time for free tours. The ship circumnavigated Vashon Island, and made an extended trip to Olympia to attend the Harbor Days Festival over Labor Day Weekend, providing public cruises during transits between Tacoma and Olympia, and three public cruises at the event. One regular employee, 56 volunteers and three paid interns crewed the vessel, filling seven required positions and up to eight training positions on each trip. Crew accrued approximately 3,300 volunteer hours for these voyages. Expenses include 50% of reported depreciation.
- $51,189 spent. Interpretation/Education: VIRGINIA V held over 120 days of open-ship at Lake Union Park and Puget Sound ports during 2024, welcoming 11,360 people for free visits. Our Senior Docent and volunteers led guided tours for almost all of these occasions, acquainting visitors with the ship and the history of the Puget Sound mosquito fleet. During 17 private and 14 public dockside events, the ship welcomed over 1,284 additional visitors. During cruises, crew routinely engaged passengers to tell the ship's story or describe its operation, and docents were specifically aboard during Steamship Sunday cruises to interpret the ship and the Lake Union/Portage Bay maritime history. The ship's steam engine remains fully visible to visitors and passengers. Engineering crew provided detailed interpretation of this artifact, in service since 1907 when it was installed on the ship that became VIRGINIA IV, and our Captains welcomed passengers into the wheelhouse underway when the safety of vessel operation permitted. Foundation staff and volunteers revel in sharing the ship and did so at every opportunity. The Foundation continued its summer internship program for high schoolers, hiring three students who worked 244 hours on the ship in deck- and engine-crew capacities. All became qualified to serve as crew of record in junior deck positions, and two have subsequently completed or begun formal maritime education. Two of our regular 2024 deck volunteers are also now working in the industry, having used their time with VIRGINIA V as their starting point. The ship welcomed several student groups for dockside tours tailored to their particular focus (e.g. Seattle Skills Center, Seattle Maritime Academy).
Source: Form 990 for the year ending December 31, 2024, filed with the Internal Revenue Service. Rating method 2026.2. How we rate
Legitimacy checks
Is it registered with the IRS? Passed.
Listed in the IRS master file of tax-exempt organizations as a 501(c)(3) charitable organization.
Source: Exempt Organizations Business Master File, Internal Revenue Service, file dated September 7, 2026.
Has the IRS revoked its tax-exempt status? Passed.
Not on the IRS automatic revocation list.
Source: Automatic revocation of exemption list, Internal Revenue Service, file dated September 30, 2026.
Are donations tax-deductible? Passed.
On the IRS list of organizations eligible to receive tax-deductible contributions.
Source: Publication 78 data: organizations eligible for tax-deductible contributions, Internal Revenue Service, file dated September 10, 2026.
Is it keeping up with its IRS filings? Passed.
Most recent return on file covers the year ending December 2024.
Source: Exempt Organizations Business Master File, Internal Revenue Service, file dated September 7, 2026.
How long has it been tax-exempt? Passed.
Recognized by the IRS since September 1977.
Source: Exempt Organizations Business Master File, Internal Revenue Service, file dated September 7, 2026.
Is it in good standing with state regulators? Passed.
Not on California's list of charities barred from soliciting. Other states are not yet checked.
Source: May Not Operate or Solicit for Charitable Purposes list, California Attorney General, Registry of Charities and Fundraisers, file dated October 7, 2026.
Ratings and checks are our reading of public records, using the published method. They are not a statement about anyone's honesty. If you work for this organization, you can send corrections or results, confirm you want gifts through Veridonate, or ask to be removed from giving.