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Nonprofiteer
← MAINE AQUACULTURE INNOVATION CENTER

Form 990 for tax year 2022

Filed by MAINE AQUACULTURE INNOVATION CENTER.

Totals

Total revenue
$1,752,040
Total expenses
$988,467
Contributions and grants received
$1,751,696
Grants paid
$121,908
Program service revenue
$0
Investment income
$23,507
Other revenue
-$23,163
Total assets, end of year
$3,054,001
Total liabilities, end of year
$30,441
Net assets or fund balances, end of year
$3,023,560
Program services expenses (Part IX)
$905,275
Management and general expenses
$83,192
Fundraising expenses
$0
Program service expenses (Part III)
$905,275

Program services were 91.6% 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

    $1,454,849

  • 3 · Investment income

    total $23,507 · excluded $23,507

  • 8a · Fundraising events: gross income

    $7,630

  • 8b · Fundraising events: direct expenses

    $37,756

  • 8c · Net income from fundraising events

    total -$30,126 · excluded -$30,126

  • 11a · Other revenue: MISCELLANEOUS INCOME

    total $6,963 · related or exempt $6,963

  • 11e · Other revenue, total

    $6,963

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $121,908 · program services $121,908

  • 5 · Compensation of officers, directors and key employees

    total $91,000 · program services $63,700 · management and general $27,300

  • 7 · Other salaries and wages

    total $157,905 · program services $110,534 · management and general $47,371

  • 9 · Other employee benefits

    total $4,870 · program services $3,409 · management and general $1,461

  • 10 · Payroll taxes

    total $19,910 · program services $13,937 · management and general $5,973

  • 12 · Advertising and promotion

    total $3,265 · program services $3,265

  • 13 · Office expenses

    total $384 · management and general $384

  • 16 · Occupancy

    total $5,250 · program services $5,250

  • 17 · Travel

    total $30,181 · program services $30,181

  • 22 · Depreciation, depletion and amortization

    total $1,998 · program services $1,998

  • 23 · Insurance

    total $1,832 · program services $1,832

  • 24a · Other expenses: PROJECT EXPENSES

    total $492,468 · program services $492,468

  • 24b · Other expenses: SUPPLIES & MATERIALS

    total $33,617 · program services $33,617

  • 24c · Other expenses: MEETINGS & CONFERENCES

    total $18,804 · program services $18,804

  • 24d · Other expenses: MEMBERSHIPS & SUBSCRIPT

    total $3,150 · program services $3,150

  • 24e · All other expenses

    total $1,925 · program services $1,222 · management and general $703

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $290,103 · end of year $329

  • 2 · Savings and temporary cash investments

    beginning of year $1,000,174 · end of year $1,445,155

  • 4 · Accounts receivable

    beginning of year $948,016 · end of year $1,558,380

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

    $73,857

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

    $23,720

  • 10c · Land, buildings and equipment, net

    beginning of year $52,135 · end of year $50,137

  • 18 · Grants payable

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

  • 27 · Net assets without donor restrictions

    beginning of year $2,259,987 · end of year $3,023,560

Mission and programs · 2022

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 $905,275 · Grants $121,908 · Revenue $6,963

As filed on the 2022 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

  • Briana Warner

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Marcy Nelson

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Christopher Davis PhD

    EXECUTIVE DIRECTOR/CLERK

    Total calculated
    $91,000
    From this org
    $91,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    20

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

Provenance

Return type
form_990
Tax year
2022
Filed
8 May 2024
IRS schema version
2022v5.0
Source object
202421319349300042

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