Totals
- Total revenue
- $1,081,738
- Total expenses
- $1,077,818
- Contributions and grants received
- $0
- Grants paid
- $0
- Program service revenue
- $1,022,033
- Investment income
- $59,705
- Other revenue
- $0
- Total assets, end of year
- $10,423,459
- Total liabilities, end of year
- $2,709,849
- Net assets or fund balances, end of year
- $7,713,610
- Program services expenses (Part IX)
- $920,953
- Management and general expenses
- $156,865
- Fundraising expenses
- $0
- Program service expenses (Part III)
- $920,953
Program services were 85.4% 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.
-
2a · Program service revenue: PROGRAM RENTAL REVENUE
total $1,022,033 · related or exempt $1,022,033
-
3 · Investment income
total $58,816 · excluded $58,816
-
7a · Gross sales of assets other than inventory
securities $889
-
7b · Less cost or other basis and sales expenses
securities $0
-
7c · Gain or loss
securities $889
-
7d · Net gain or loss
total $889 · excluded $889
Functional expenses
Part IX, the statement of functional expenses.
-
11a · Fees: management
total $147,325 · management and general $147,325
-
11c · Fees: accounting
total $9,540 · management and general $9,540
-
11g · Fees: other
total $2,440 · program services $2,440
-
13 · Office expenses
total $31,911 · program services $31,911
-
14 · Information technology
total $19,326 · program services $19,326
-
16 · Occupancy
total $403,404 · program services $403,404
-
20 · Interest
total $91,967 · program services $91,967
-
22 · Depreciation, depletion and amortization
total $340,378 · program services $340,378
-
23 · Insurance
total $31,426 · program services $31,426
-
24e · All other expenses
total $101 · program services $101
Balance sheet
Part X, book values.
-
1 · Cash, non-interest-bearing
beginning of year $42,094 · end of year $88,240
-
2 · Savings and temporary cash investments
beginning of year $580,483 · end of year $528,082
-
4 · Accounts receivable
beginning of year $220,413 · end of year $196,058
-
9 · Prepaid expenses and deferred charges
beginning of year $7,372 · end of year $9,915
-
10a · Land, buildings and equipment: cost or other basis
$14,934,169
-
10b · Land, buildings and equipment: accumulated depreciation
$6,414,783
-
10c · Land, buildings and equipment, net
beginning of year $8,807,463 · end of year $8,519,386
-
11 · Investments: publicly traded securities
beginning of year $939,330 · end of year $1,081,778
-
17 · Accounts payable and accrued expenses
beginning of year $154,610 · end of year $68,944
-
19 · Deferred revenue
beginning of year $400 · end of year $0
-
23 · Secured mortgages and notes payable
beginning of year $2,715,357 · end of year $2,640,213
-
25 · Other liabilities
beginning of year $11,401 · end of year $692
-
27 · Net assets without donor restrictions
beginning of year $7,715,387 · end of year $7,713,610
Mission and programs · 2023
Mission
TO ACQUIRE, HOLD, MANAGE, MAINTAIN, DEVELOP, OR DISPOSE OF REALPROPERTY FOR THE BENEFIT OF AND IN CONNECTION WITH THE GULF OF MAINERESEARCH INSTITUTE.
Activities or mission (Part I)
THE PURPOSE OF THE CORPORATION IS TO PROMOTE THE LAWFUL INTEREST OF THE GULF OF MAINE RESEARCH INSTITUTE, A NONPROFIT, CHARITABLE INSTITUTION DULY ORGANIZED AND EXISTING UNDER THE LAWS OF THE STATE OF MAINE BY ACQUIRING, HOLDING, MANAGING, MAINTAINING, DEVELOPING, OR DISPOSING OF REAL PROPERTY FOR THE BENEFIT OF AND IN CONNECTION WITH THE GULF OF MAINE RESEARCH INSTITUTE.
-
GULF OF MAINE PROPERTIES OWNS, MANAGES, MAINTAINS AND DEVELOPS REAL PROPERTY FOR THE BENEFIT OF GULF OF MAINE RESEARCH INSTITUTE (GMRI). GMRI OCCUPIED 90.98% OF THE FACILITIES AND THE REMAINING SPACE WAS RENTED TO OTHER TENANTS IN ORDER TO SUBSIDIZE THE COST OF THE FACILITIES AND THEREBY SUPPORT GMRI'S MISSION. TENANTS EITHER PROVIDED SERVICES CONSISTENT WITH GMRI'S MISSION OR PROVIDED SUBSTANTIAL SERVICES TO GMRI WHICH DIRECTLY SUPPORTED GMRI'S MISSION.
Expenses $920,953 · Revenue $1,022,033
As filed on the 2023 return.
Listed in Part VII
-
Charissa KerrCHARISSA KERR
TREASURER
- Total calculated
- $167,845
- From this org
- $0
- From related orgs
- $155,829
- Other
- $12,016
- Hours/week
- 5 + 40 related
Schedule J breakdown matched by us
- Base
- $0 + $155,691 related
- Bonus
- $0
- Other
- $0 + $138 related
- Deferred
- $0 + $9,136 related
- Nontaxable benefits
- $0 + $2,880 related
- Filer's total
- $0 + $167,845 related
-
Tony McDonaldTONY MCDONALD
CHAIR
- Total calculated
- $0
- Hours/week
- 1
-
David SmithDAVID SMITH
SECRETARY
- Total calculated
- $0
- Hours/week
- 1 + 1 related
-
Rebecca HatfieldREBECCA HATFIELD
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1
-
Donald W Perkins JrDONALD W PERKINS JR
PRESIDENT THRU 12/31/23
- Total calculated
- $737,213
- From this org
- $0
- From related orgs
- $631,767
- Other
- $105,446
- Hours/week
- 5 + 40 related
Schedule J breakdown matched by us
- Base
- $0 + $360,205 related
- Bonus
- $0 + $50,000 related
- Other
- $0 + $221,562 related
- Deferred
- $0 + $96,894 related
- Nontaxable benefits
- $0 + $8,552 related
- Filer's total
- $0 + $737,213 related
-
Glenn PrickettGLENN PRICKETT
PRESIDENT
- Total calculated
- $217,948
- From this org
- $0
- From related orgs
- $190,186
- Other
- $27,762
- Hours/week
- 5 + 40 related
Schedule J breakdown matched by us
- Base
- $0 + $112,508 related
- Bonus
- $0 + $50,000 related
- Other
- $0 + $27,678 related
- Deferred
- $0 + $25,000 related
- Nontaxable benefits
- $0 + $2,762 related
- Filer's total
- $0 + $217,948 related
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. A Schedule J breakdown is as filed: base pay, bonus, other, deferred compensation and nontaxable benefits from this organization, with any from related organizations beside each, and the filer's own total. It is shown with the Part VII listing of the same name on the same return. The form gives no key between the two, so that pairing is ours, and is marked matched by us.
Schedule J
Answered yes
- 4b · Supplemental nonqualified retirement plan
Answered no
- 4a · Severance or change-of-control payment
- 4c · Equity-based compensation arrangement
- 5a · Pay contingent on this organization's revenues
- 5b · Pay contingent on a related organization's revenues
- 6a · Pay contingent on this organization's net earnings
- 6b · Pay contingent on a related organization's net earnings
- 7 · Other non-fixed payments
- 8 · Paid under the initial-contract exception
The filer's explanations (Part III)
- PART I, LINE 3
- THE ORGANIZATION'S PRESIDENT IS GMRI'S PRESIDENT. 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, 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. GLENN PRICKET PARTICIPATES IN AN UNFUNDED SUPPLEMENTAL RETIREMENT ACCOUNT FOR HIS BENEIFT. GMRI CONTRIBUTES $25,000 ANNUALLY STARTING IN JUNE 2024.
Part I's answers as filed. A line not listed was left unanswered; on lines 1a and 3 that means the box was not checked.
Grants on this return
No itemized grants to organizations on this return.
Related organizations on this return
Schedule R Part II: tax-exempt organizations related to the filer by control. It does not record shared board members or money.
-
GULF OF MAINE RESEARCH INSTITUTE
501(C)(3) · SEE PART VII · ME
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.
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
C · SALE OF SASHIMI GRADE FISH · ME
Directly controlled by GULF OF MAINE RESEARCH INSTITUTE
Provenance
- Return type
- form_990
- Tax year
- 2023
- Filed
- 5 February 2025
- IRS schema version
- 2023v6.0
- Source object
- 202540649349300339
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