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Nonprofiteer
← BLOCK ISLAND MARITIME FUNDING INC

Form 990 for tax year 2022

Filed by BLOCK ISLAND MARITIME FUNDING INC.

Totals

Total revenue
$1,093,821
Total expenses
$1,600,300
Contributions and grants received
$505,500
Grants paid
$123,969
Program service revenue
$700,363
Investment income
-$112,042
Other revenue
$0
Total assets, end of year
$1,778,340
Total liabilities, end of year
$242,181
Net assets or fund balances, end of year
$1,536,159
Program services expenses (Part IX)
$1,536,212
Management and general expenses
$64,088
Fundraising expenses
$0
Program service expenses (Part III)
$1,536,212

Program services were 96.0% 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

    $505,500

  • 1g · Noncash contributions included above

    $505,500

  • 2a · Program service revenue: CHARTER INCOME

    total $700,363 · related or exempt $700,363

  • 7a · Gross sales of assets other than inventory

    other assets $50,616

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

    other assets $162,658

  • 7c · Gain or loss

    other assets -$112,042

  • 7d · Net gain or loss

    total -$112,042 · related or exempt -$112,042

  • 10a · Gross sales of inventory

    $135,000

  • 10b · Cost of goods sold

    $135,000

  • 10c · Net income from sales of inventory

    total $0

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $123,969 · program services $123,969

  • 5 · Compensation of officers, directors and key employees

    total $111,689 · program services $100,520 · management and general $11,169

  • 7 · Other salaries and wages

    total $27,880 · management and general $27,880

  • 9 · Other employee benefits

    total $4,050 · management and general $4,050

  • 10 · Payroll taxes

    total $5,634 · program services $3,151 · management and general $2,483

  • 11b · Fees: legal

    total $1,959 · management and general $1,959

  • 11c · Fees: accounting

    total $6,666 · management and general $6,666

  • 11g · Fees: other

    total $119,601 · program services $117,975 · management and general $1,626

  • 12 · Advertising and promotion

    total $4,870 · program services $4,870

  • 13 · Office expenses

    total $24,839 · program services $22,355 · management and general $2,484

  • 14 · Information technology

    total $2,177 · program services $1,959 · management and general $218

  • 16 · Occupancy

    total $19,391 · program services $19,391

  • 17 · Travel

    total $31,323 · program services $27,500 · management and general $3,823

  • 20 · Interest

    total $17,246 · program services $17,246

  • 22 · Depreciation, depletion and amortization

    total $942,924 · program services $942,924

  • 23 · Insurance

    total $17,294 · program services $17,294

  • 24a · Other expenses: BOAT REPAIRS & MAINTENA

    total $70,605 · program services $70,605

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

    total $45,537 · program services $45,537

  • 24c · Other expenses: BOAT MOVING & HAULING

    total $6,785 · program services $6,785

  • 24d · Other expenses: SUPPLIES AND MATERIALS

    total $6,566 · program services $6,566

  • 24e · All other expenses

    total $9,295 · program services $7,565 · management and general $1,730

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $108,192 · end of year $121,262

  • 2 · Savings and temporary cash investments

    beginning of year $2,493 · end of year $0

  • 4 · Accounts receivable

    beginning of year $197,746 · end of year $319,613

  • 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 $43,100 · end of year $13,100

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

    $2,988,764

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

    $1,718,993

  • 10c · Land, buildings and equipment, net

    beginning of year $1,933,625 · end of year $1,269,771

  • 17 · Accounts payable and accrued expenses

    beginning of year $52,350 · end of year $0

  • 19 · Deferred revenue

    beginning of year $27,500 · end of year $3,000

  • 23 · Secured mortgages and notes payable

    beginning of year $217,262 · end of year $239,181

  • 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 $2,042,638 · end of year $1,536,159

Mission and programs · 2022

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 $1,536,212 · Grants $123,969 · Revenue $588,321

As filed on the 2022 return.

Listed in Part VII

  • Richard T Harris

    PRESIDENT

    Total calculated
    $80,290
    From this org
    $74,002
    From related orgs
    $0
    Other
    $6,288
    Hours/week
    40

  • Linda Harris

    SECRETARY

    Total calculated
    $31,400
    From this org
    $31,400
    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
2022
Filed
27 July 2023
IRS schema version
2022v5.0
Source object
202322699349300847

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