Form 990 for tax year 2022

Revenue

Part VIII, the statement of revenue.

• 1e · Government grants (contributions)

  $8,321,693

• 1f · All other contributions, gifts and grants

  $10,178,818

• 1g · Noncash contributions included above

  $1,251,738

• 2a · Program service revenue: CONTRACT INCOME

  total $517,325 · related or exempt $517,325

• 3 · Investment income

  total $293,037 · excluded $293,037

• 6a · Gross rents

  real property $1,383,332

• 6b · Less rental expenses

  real property $1,362,482

• 6c · Rental income or loss

  real property $20,850

• 6d · Net rental income or loss

  total $20,850 · unrelated business $39,172 · excluded -$18,322

• 7a · Gross sales of assets other than inventory

  securities $2,733,613

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

  securities $2,864,926

• 7c · Gain or loss

  securities -$131,313

• 7d · Net gain or loss

  total -$131,313 · excluded -$131,313

• 11a · Other revenue: PROPERTY MANAGEMENT FEE & OTHER

  total $169,710 · related or exempt $169,710

• 11e · Other revenue, total

  $169,710

Functional expenses

Part IX, the statement of functional expenses.

• 5 · Compensation of officers, directors and key employees

  total $1,374,937 · program services $268,857 · management and general $903,559 · fundraising $202,521

• 7 · Other salaries and wages

  total $5,327,393 · program services $3,716,049 · management and general $994,031 · fundraising $617,313

• 8 · Pension plan contributions

  total $259,318 · program services $170,434 · management and general $65,913 · fundraising $22,971

• 9 · Other employee benefits

  total $1,641,087 · program services $1,504,050 · management and general -$105,356 · fundraising $242,393

• 10 · Payroll taxes

  total $473,600 · program services $330,720 · management and general $101,350 · fundraising $41,530

• 11b · Fees: legal

  total $54,555 · program services $31,969 · management and general $22,586

• 11c · Fees: accounting

  total $102,557 · management and general $102,557

• 11g · Fees: other

  total $2,792,690 · program services $2,539,983 · management and general $162,677 · fundraising $90,030

• 13 · Office expenses

  total $397,043 · program services $187,256 · management and general $151,368 · fundraising $58,419

• 14 · Information technology

  total $36,382 · program services $33,244 · management and general $3,138

• 16 · Occupancy

  total $815,674 · management and general $815,674

• 17 · Travel

  total $438,347 · program services $324,922 · management and general $76,090 · fundraising $37,335

• 19 · Conferences, conventions and meetings

  total $35,613 · program services $30,970 · management and general $3,743 · fundraising $900

• 20 · Interest

  total $43,500 · management and general $43,500

• 22 · Depreciation, depletion and amortization

  total $274,673 · management and general $274,673

• 23 · Insurance

  total $76,255 · management and general $76,255

• 24a · Other expenses: MISCELLANEOUS

  total $798,155 · program services $788,648 · management and general $3,320 · fundraising $6,187

• 24b · Other expenses: RECRUITMENT COSTS

  total $235,103 · program services $4,708 · management and general $230,395

• 24c · Other expenses: OTHER SPECIAL COSTS

  total $82,174 · program services $92,119 · management and general -$9,945

• 24d · Other expenses: STAFF DEVELOPMENT

  total $58,598 · program services $903 · management and general $56,064 · fundraising $1,631

• 24e · All other expenses

  total $43,429 · program services $9,802 · management and general $22,737 · fundraising $10,890

Balance sheet

Part X, book values.

• 1 · Cash, non-interest-bearing

  beginning of year $1,820,482 · end of year $691,533

• 2 · Savings and temporary cash investments

  beginning of year $6,275,658 · end of year $4,789,104

• 3 · Pledges and grants receivable

  beginning of year $3,768,694 · end of year $6,639,999

• 4 · Accounts receivable

  beginning of year $1,580,964 · end of year $1,789,852

• 7 · Other notes and loans receivable

  beginning of year $50,000 · end of year $50,000

• 9 · Prepaid expenses and deferred charges

  beginning of year $156,586 · end of year $284,259

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

  $19,723,893

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

  $3,429,598

• 10c · Land, buildings and equipment, net

  beginning of year $16,755,812 · end of year $16,294,295

• 11 · Investments: publicly traded securities

  beginning of year $10,010,157 · end of year $14,781,546

• 12 · Investments: other securities

  beginning of year $1,903,487 · end of year $1,338,872

• 15 · Other assets

  beginning of year $3,006,002 · end of year $3,769,088

• 17 · Accounts payable and accrued expenses

  beginning of year $2,172,392 · end of year $1,402,699

• 19 · Deferred revenue

  beginning of year $43,215 · end of year $64,446

• 24 · Unsecured notes and loans payable

  beginning of year $12,741,137 · end of year $12,546,136

• 25 · Other liabilities

  beginning of year $17,155 · end of year $1,321,394

• 27 · Net assets without donor restrictions

  beginning of year $15,989,576 · end of year $16,983,146

• 28 · Net assets with donor restrictions

  beginning of year $14,364,367 · end of year $18,110,727

The filer's explanations (Part III)

PART I, LINE 3

WHEN NEGOTIATING THE PRESIDENT'S COMPENSATION, GMRI HAS USED A BOARD CEO COMPENSATION COMMITTEE, ADVICE FROM INDEPENDENT COMPENSATION CONSULTANTS REGARDING THE CEO COMPENSATION MARKET, INFORMATION FROM PEER ORGANIZATION 990S, AND A WRITTEN EMPLOYMENT AGREEMENT APPROVED BY GMRI'S BOARD OF DIRECTORS.

PART I, LINES 4A-B

LINE 4A: AMY KIMBALL, FORMER COO RECEIVED A SEVERANCE PAYMENT OF $25,692 LINE 4B: DONALD PERKINS PARTICIPATES IN A SUPPLEMENTAL NON-QUALIFIED RETIREMENT PLAN UNDER SECTIONS 409 AND 457 OF THE INTERNAL REVENUE CODE WITH A TOTAL MAXIMUM OBLIGATION OF $800,000. ACCRUAL OF FUNDING FOR THIS PLAN BEGAN IN 2016 AS PART OF A FIVE-YEAR EMPLOYMENT CONTRACT. QUARTERLY PAYMENTS STARTED IN 2021 FOLLOWING COMPLETION OF THE EXECUTIVE'S FIVE-YEAR EMPLOYMENT COMMITMENT. FUNDING OF THIS PLAN WAS EXTENDED TO 2023 DUE TO THE EXECUTIVE'S AGREEMENT TO EXTEND HIS EMPLOYMENT THROUGH DECEMBER 2023. THE 2022 ENTRY FOR RETIREMENT AND OTHER DEFERRED COMPENSATION (SCHEDULE J) [PART 2 (C)] ($150,851) INCLUDES A ONE-TIME ACCRUAL OF $100,00O TO FUND THE SUPPLEMENTAL RETIREMENT PLAN THAT WILL BE FULLY FUNDED BY DECEMBER 2023.

PART I, LINE 5

DONALD PERKINS HAS BEEN EMPLOYED AS GMRI'S PRESIDENT/CEO FOR 29 YEARS. GMRI COMPENSATES THIS EXECUTIVE THROUGH A COMBINATION OF BASE ANNUAL SALARY - PART 2(B)(I), ANNUAL PERFORMANCE BONUS - PART 2(B)(II), LONG-TERM PERFORMANCE BONUS - PART 2 (B)(III), A SUPPLEMENTAL RETIREMENT PLAN - PART 2 (C), AND 401K MATCHING CONTRIBUTION - PART 2 (D). ACCRUED DEFERRED INCENTIVE COMPENSATION FOR MEETING LONG-TERM FINANCIAL GOALS FROM 2015-2023, UNDER WHICH $59,931 WAS EARNED AND A PAYMENT OF $44,876 WAS MADE IN 2022. THE 2023 TOTAL ACCRUAL BALANCE TO SATISFY FUTURE OBLIGATIONS OF THE LONG TERM INCENTIVE PLAN WAS $264,051.

PART I, LINE 7

DONALD PERKINS, BLAINE GRIMES, CHARISSA KERR, MARGARET ROUDSARI, AND LEIGH PEAKE RECEIVED BONUSES DURING THE YEAR BASED ON THEIR PERFORMANCE THROUGHOUT THE YEAR.

Disregarded entities

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

• UNION WHARF LLC

  TO ACQUIRE, HOLD, MANAGE, DEVELOP, OR DISPOSE OF REAL PROPERTY · ME · income $50,503 · assets $12,886,027

  Directly controlled by GULF OF MAINE RESEARCH INSTITUTE

• GULF OF MAINE VENTURES LLC

  TO INVEST IN BLUE ECONOMY BUS-S TO SUPPORT RESILIENCE IN COASTAL COMMUNITIES · ME · income -$417 · assets $1,583

  Directly controlled by GULF OF MAINE RESEARCH INSTITUTE

Related corporations and trusts

Part IV: related organizations taxable as a corporation or trust.

• GULF OF MAINE PROPERTIES I A CONDOMINIUM

  C · CONDOMINIUM ASSOCIATION · ME · 100% owned · controlled entity

  Directly controlled by GULF OF MAINE PROPERTIES INC

• GULF OF MAINE SASHIMI INC

  C · SALE OF SASHIMI GRADE FISH · ME · 100% owned · share of income -$616,701 · share of assets $371,496 · controlled entity

  Directly controlled by GULF OF MAINE RESEARCH INSTITUTE