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ALEXANDRIA, Va. — The Tall Ship Providence Foundation announced Monday that it is suspending its educational and tour programs effective June 26, a little more than a week after the historic vessel anchored Alexandria's Sails on the Potomac festival on the city's waterfront — and against a backdrop of widening deficits documented in the nonprofit's tax filings.
In a press release posted to its website, the foundation said the decision "was not made lightly," and that its board and staff "share in the sadness felt by the community that has supported this mission so faithfully." In an accompanying Instagram post, it described the move as one it shared "with a heavy heart."
The foundation said it intends to evaluate strategic alternatives during the suspension to keep operating consistent with its nonprofit mission. Its Pier Bar will continue running to help fund ship maintenance and basic operating expenses. The board said it remains hopeful a path forward can be found that honors the Providence's legacy, but warned that if no viable alternative is identified, the foundation will be forced to shut down permanently.
The release describes one possible alternative as "an accelerated merger with the United States Maritime Museum proposed for Alexandria's waterfront, adjacent to the Foundation's facilities." The organization planning that museum identifies itself on its website as the United States Maritime Foundation. The two organizations share leadership and an address. At the time this story was published, Seifert was listed as the United States Maritime Foundation's vice president. The museum group's chairman, retired Vice Adm. Tom Church, shares a name with the Tom Church listed as treasurer on the Providence foundation's most recent IRS filing; the museum group's website says its chairman previously served on the Providence foundation's board. Both organizations list the same North Union Street suite as their address.
The United States Maritime Foundation's leadership page listed Tall Ship Providence executive director Kathy Seifert as vice president when The Alexandria Brief captured it before publishing this story on June 22 (left). A version captured after publication the same day no longer included her (right). (Screenshots: The Alexandria Brief)
Years of financial strain
The release gave no financial reason for the suspension. But the announcement follows years of mounting losses. According to the foundation's IRS Form 990 filings, it lost $683,124 in 2024 on $1.15 million in revenue, after a $482,053 loss in 2023. Its net assets fell to about $2.33 million by the end of 2024, while total liabilities stood at $4.84 million against $7.17 million in assets — much of it tied to the ship and its facilities.
Among those liabilities are about $768,000 in loans the foundation owes to six current and former board members, made largely for the ship's purchase, restoration and operating costs, the filings show. The largest, with an outstanding balance of about $280,000, is owed to board chair William Scott Shaw, who lent the foundation $175,000 for the ship's purchase. The foundation also carries about $3.14 million in notes payable to outside parties, and financed part of the ship's restoration through two 2018 tax-exempt bond issues totaling $350,000.
A floating classroom
Founded in 2017, the foundation operated the Providence as a floating museum and education center on Alexandria's waterfront, telling the story of the Continental Navy and Captain John Paul Jones. It served thousands of students through a field trip program that brought Title I schoolchildren aboard at no cost, and was recognized for three consecutive years as a top destination by Travelers' Choice for its living history tours.
The Providence is a 1976 reproduction of the first ship authorized to serve in the Continental Navy, built for the nation's Bicentennial. It served for years as Rhode Island's official tall ship and appeared in films including the second and third installments of the Pirates of the Caribbean franchise before [nearly being destroyed when it toppled over during a January 2015 storm]([NEWPORT / 2015 COVERAGE URL]) at Newport Shipyard. The foundation bought the damaged vessel, restored it over two years, and brought it to Alexandria as its home port in 2019.
The Alexandria Brief has reached out to the Tall Ship Providence Foundation and the United States Maritime Foundation for comment. This story will be updated if we receive a response.
Update: After this story was published, the United States Maritime Foundation removed Kathleen Seifert from the leadership page on its website. Seifert, executive director of the Tall Ship Providence Foundation, had been listed as the museum group's vice president when this story published. The Alexandria Brief captured the page before and after the change (photo above).
