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Nonprofiteer
← BLOCK ISLAND MARITIME FUNDING INC

Form 990 for tax year 2023

Filed by BLOCK ISLAND MARITIME FUNDING INC.

Totals

Total revenue
$1,850,050
Total expenses
$1,515,538
Contributions and grants received
$1,192,000
Grants paid
$114,005
Program service revenue
$685,494
Investment income
-$22,444
Other revenue
-$5,000
Total assets, end of year
$2,117,351
Total liabilities, end of year
$246,680
Net assets or fund balances, end of year
$1,870,671
Program services expenses (Part IX)
$1,441,096
Management and general expenses
$74,442
Fundraising expenses
$0
Program service expenses (Part III)
$1,441,096

Program services were 95.1% 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.

  • 1f · All other contributions, gifts and grants

    $1,192,000

  • 1g · Noncash contributions included above

    $1,191,000

  • 2a · Program service revenue: CHARTER INCOME

    total $685,494 · related or exempt $685,494

  • 7a · Gross sales of assets other than inventory

    other assets $2,000

  • 7b · Less cost or other basis and sales expenses

    other assets $24,444

  • 7c · Gain or loss

    other assets -$22,444

  • 7d · Net gain or loss

    total -$22,444 · related or exempt -$22,444

  • 10b · Cost of goods sold

    $5,000

  • 10c · Net income from sales of inventory

    total -$5,000 · related or exempt -$5,000

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $114,005 · program services $114,005

  • 5 · Compensation of officers, directors and key employees

    total $142,222 · program services $128,000 · management and general $14,222

  • 7 · Other salaries and wages

    total $34,034 · management and general $34,034

  • 9 · Other employee benefits

    total $4,532 · management and general $4,532

  • 10 · Payroll taxes

    total $7,539 · program services $4,441 · management and general $3,098

  • 11b · Fees: legal

    total $210 · management and general $210

  • 11c · Fees: accounting

    total $7,400 · management and general $7,400

  • 11g · Fees: other

    total $100,967 · program services $99,250 · management and general $1,717

  • 12 · Advertising and promotion

    total $6,473 · program services $6,473

  • 13 · Office expenses

    total $20,375 · program services $18,338 · management and general $2,037

  • 14 · Information technology

    total $3,487 · management and general $3,487

  • 16 · Occupancy

    total $13,244 · program services $13,244

  • 17 · Travel

    total $25,843 · program services $23,520 · management and general $2,323

  • 20 · Interest

    total $24,961 · program services $24,961

  • 22 · Depreciation, depletion and amortization

    total $817,754 · program services $817,754

  • 23 · Insurance

    total $32,041 · program services $32,041

  • 24a · Other expenses: BOAT REPAIRS & MAINTENA

    total $110,337 · program services $110,337

  • 24b · Other expenses: BOAT YARD FEES & STORAG

    total $23,555 · program services $23,555

  • 24c · Other expenses: MISCELLANEOUS

    total $9,939 · program services $8,807 · management and general $1,132

  • 24d · Other expenses: BOAT MOVING & HAULING

    total $8,512 · program services $8,512

  • 24e · All other expenses

    total $8,108 · program services $7,858 · management and general $250

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $121,262 · end of year $121,364

  • 4 · Accounts receivable

    beginning of year $319,613 · end of year $314,720

  • 5 · Loans and receivables from officers and key people

    beginning of year $54,594 · end of year $54,594

  • 8 · Inventories for sale or use

    beginning of year $13,100 · end of year $54,708

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

    $3,059,364

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

    $1,487,399

  • 10c · Land, buildings and equipment, net

    beginning of year $1,269,771 · end of year $1,571,965

  • 17 · Accounts payable and accrued expenses

    end of year $33,046

  • 19 · Deferred revenue

    beginning of year $3,000 · end of year $0

  • 23 · Secured mortgages and notes payable

    beginning of year $239,181 · end of year $213,634

  • 29 · Capital stock, trust principal or current funds

    beginning of year $0 · end of year $0

  • 30 · Paid-in or capital surplus, or land, building or equipment fund

    beginning of year $0 · end of year $0

  • 31 · Retained earnings, endowment or other funds

    beginning of year $1,536,159 · end of year $1,870,671

Mission and programs · 2023

Mission

SUPPORTS YOUTH SAILING PROGRAMS THROUGH ATLANTIC CHALLENGE FOUNDATION AND PIERS ISLAND MARITIME INSTITUTE

Activities or mission (Part I)

SUPPORTS YOUTH SAILING PROGRAMS.

  • SUPPORT PROGRAMS PROMOTING THE EDUCATION OF CHILDREN IN VARIOUS MARINE PROGRAMS

    Expenses $1,441,096 · Grants $114,005 · Revenue $658,050

As filed on the 2023 return.

Listed in Part VII

  • Richard T Harris

    PRESIDENT

    Total calculated
    $108,053
    From this org
    $101,676
    From related orgs
    $0
    Other
    $6,377
    Hours/week
    40

  • Linda Harris

    SECRETARY

    Total calculated
    $34,169
    From this org
    $34,169
    From related orgs
    $0
    Other
    $0
    Hours/week
    30

  • Nathaniel Harris

    DIRECTOR

    Total calculated
    $0
    Hours/week
    5

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

Taxable family on this return

Schedule R Parts I, III and IV, as filed. These record ownership and control, not shared board members or money moved.

Disregarded entities

Part I: entities that legally are the filer and file no return of their own.

  • DIONE EXPEDITIONS LTD

    HOLDING ASSET · VI

    Directly controlled by BLOCK ISLAND MARITIME FUNDING INC

Provenance

Return type
form_990
Tax year
2023
Filed
23 September 2024
IRS schema version
2023v5.1
Source object
202442929349301029

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