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Nonprofiteer
← MAINE AQUACULTURE INNOVATION CENTER

Form 990 for tax year 2024

Filed by MAINE AQUACULTURE INNOVATION CENTER.

Totals

Total revenue
$2,456,853
Total expenses
$1,390,247
Contributions and grants received
$2,344,425
Grants paid
$180,734
Program service revenue
$36,854
Investment income
$71,658
Other revenue
$3,916
Total assets, end of year
$4,139,306
Total liabilities, end of year
$39,923
Net assets or fund balances, end of year
$4,099,383
Program services expenses (Part IX)
$1,199,356
Management and general expenses
$153,870
Fundraising expenses
$37,021
Program service expenses (Part III)
$1,199,356

Program services were 86.3% of total expenses calculated — Part IX's program-services column over total expenses, both as filed.

Line items

Every line the filer filed in Parts VIII, IX and X, as filed and in filed order. Blank columns are left out, and the lines are not forced to add up to the totals above.

Revenue

Part VIII, the statement of revenue.

  • 1e · Government grants (contributions)

    $296,847

  • 1f · All other contributions, gifts and grants

    $2,047,578

  • 2a · Program service revenue: PROJECT SPONORSHIPS

    total $36,854 · related or exempt $36,854

  • 3 · Investment income

    total $71,658 · excluded $71,658

  • 8a · Fundraising events: gross income

    $17,860

  • 8b · Fundraising events: direct expenses

    $22,106

  • 8c · Net income from fundraising events

    total -$4,246 · excluded -$4,246

  • 11a · Other revenue: MISCELLANEOUS INCOME

    total $8,162 · related or exempt $8,162

  • 11e · Other revenue, total

    $8,162

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $180,734 · program services $180,734

  • 5 · Compensation of officers, directors and key employees

    total $111,063 · program services $37,021 · management and general $37,021 · fundraising $37,021

  • 7 · Other salaries and wages

    total $312,522 · program services $218,765 · management and general $93,757

  • 9 · Other employee benefits

    total $14,521 · program services $10,165 · management and general $4,356

  • 10 · Payroll taxes

    total $34,634 · program services $24,244 · management and general $10,390

  • 11g · Fees: other

    total $3,920 · program services $3,920

  • 12 · Advertising and promotion

    total $12,734 · program services $12,734

  • 13 · Office expenses

    total $4,114 · management and general $4,114

  • 16 · Occupancy

    total $2,388 · program services $2,388

  • 17 · Travel

    total $47,236 · program services $47,236

  • 22 · Depreciation, depletion and amortization

    total $4,833 · program services $4,833

  • 23 · Insurance

    total $12,348 · program services $12,348

  • 24a · Other expenses: PROJECT EXPENSES

    total $544,709 · program services $544,709

  • 24b · Other expenses: SUPPLIES & MATERIALS

    total $65,735 · program services $65,735

  • 24c · Other expenses: MEETINGS & CONFERENCES

    total $23,427 · program services $23,427

  • 24d · Other expenses: MISCELLANEOUS

    total $6,265 · program services $2,033 · management and general $4,232

  • 24e · All other expenses

    total $9,064 · program services $9,064

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $27,604 · end of year $92,957

  • 2 · Savings and temporary cash investments

    beginning of year $1,854,106 · end of year $2,642,203

  • 4 · Accounts receivable

    beginning of year $1,133,369 · end of year $1,309,816

  • 10a · Land, buildings and equipment: cost or other basis

    $124,881

  • 10b · Land, buildings and equipment: accumulated depreciation

    $30,551

  • 10c · Land, buildings and equipment, net

    beginning of year $48,139 · end of year $94,330

  • 17 · Accounts payable and accrued expenses

    beginning of year $0 · end of year $9,482

  • 18 · Grants payable

    beginning of year $30,441 · end of year $30,441

  • 27 · Net assets without donor restrictions

    beginning of year $3,032,777 · end of year $4,099,383

Mission and programs · 2024

Mission

TO STRENGTHEN THE COMPETITIVE POSITION ON THE DEVELOPMENT AND COMMERCIALIZATION OF NEW MARKETABLE SPECIES OF FINFISH, SHELLFISH, AND SEA VEGETABLES BY DEVELOPING TECHNOLOGY TO LOWER INDUSTRY COST AND PROVIDE EDUCATION.

Activities or mission (Part I)

TO STRENGTHEN THE COMPETITIVE POSITION ON THE DEVELOPMENT AND COMMERCIALIZATION OF NEW MARKETABLE SPECIES OF FINFISH, SHELLFISH AND SEA VEGETABLES BY DEVELOPING TECHNOLOGY TO LOWER INDUSTRY COST. ALSO PROVIDING EDUCATION.

  • TO STRENGTHEN THE COMPETITIVE POSITION ON THE DEVELOPMENT AND COMMERCIALIZATION OF NEW MARKETABLE SPECIES OF FINFISH, SHELLFISH, AND SEA VEGETABLES BY DEVELOPING TECHNOLOGY TO LOWER INDUSTRY COST AND PROVIDE EDUCATION.

    Expenses $1,199,356 · Grants $180,734 · Revenue $45,016

As filed on the 2024 return.

Listed in Part VII

  • Brian Beal PhD

    PRESIDENT

    Total calculated
    $0
    Hours/week
    1

  • Greg Lambert

    TREASURER

    Total calculated
    $0
    Hours/week
    1

  • Sebastian Belle

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Damian Brady

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Carter Newell PhD

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Deborah Bouchard

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Gef Flimlin

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Sara Radamaker

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Aurora Burgess

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Marcy Nelson

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Alicia Gaiero

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Anne Langston Noll

    EXECUTIVE DIRECTOR

    Total calculated
    $111,063
    From this org
    $111,063
    From related orgs
    $0
    Other
    $0
    Hours/week
    40

Compensation is as filed in Part VII: reportable pay from this organization and from related organizations, other compensation, and hours per week. The total, marked calculated, is our sum of the three dollar columns, with a blank column counted as $0; the form itself has no total. On a Form 990-EZ the columns are Part IV's instead, and on a Form 990-PF Part VIII's — compensation, contributions to benefit plans, and expense account — and the total sums those.

Grants on this return

  • MAINE CENTER FOR ENTREPRENEURS

    $59,613

    TO SUPPORT MANAGEMENT OF MAINE'S BUSINESS INCUBATORS PROGRAM

  • UNIVERSITY OF MAINEOFFICE OF RESEARCH ADMINISTRATION

    $59,612

    TO SUPPORT MANAGEMENT OF MAINE'S BUSINESS INCUBATORS PROGRAM

  • EDWARD MYERS MARINE CONSERVATION FUND

    $35,808

    TO RESEARCH & EDUCATIONAL EFFORTS TO CONSERVE THE MARINE ENVIRONMENT AND MAINTAIN A SUSTAINABLE WORKING WATERFRONT

  • VERTICAL BAY SEAFARM

    $25,700

    TO SUPPORT APPLIED RESEARCH THAT ADVANCES ECONOMICALLY AND ENVIRONMENTALLY SUSTAINABLE SEA SCALLOP AQUACULTURE

Provenance

Return type
form_990
Tax year
2024
Filed
23 December 2025
IRS schema version
2024v5.2
Source object
202503579349300630

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