Form 990 for tax year 2024
Filed by BLOCK ISLAND MARITIME FUNDING INC.
Totals
- Total revenue
- $4,310,795
- Total expenses
- $1,592,386
- Contributions and grants received
- $4,088,150
- Grants paid
- $0
- Program service revenue
- $421,958
- Investment income
- -$199,313
- Other revenue
- $0
- Total assets, end of year
- $4,829,041
- Total liabilities, end of year
- $239,961
- Net assets or fund balances, end of year
- $4,589,080
- Program services expenses (Part IX)
- $1,406,388
- Management and general expenses
- $185,998
- Fundraising expenses
- $0
- Program service expenses (Part III)
- $1,406,388
Program services were 88.3% 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
$4,088,150
-
1g · Noncash contributions included above
$4,080,300
-
2a · Program service revenue: Charter Income
total $421,958
-
7a · Gross sales of assets other than inventory
other assets $25,000
-
7b · Less cost or other basis and sales expenses
other assets $224,313
-
7c · Gain or loss
other assets -$199,313
-
7d · Net gain or loss
total -$199,313
Functional expenses
Part IX, the statement of functional expenses.
-
1 · Grants to domestic organizations and governments
total $0
-
2 · Grants to domestic individuals
total $0
-
3 · Grants to foreign organizations and individuals
total $0
-
4 · Benefits paid to or for members
total $0
-
5 · Compensation of officers, directors and key employees
total $76,769 · program services $69,092 · management and general $7,677
-
6 · Compensation of disqualified persons
total $0
-
7 · Other salaries and wages
total $59,733 · management and general $59,733
-
8 · Pension plan contributions
total $0
-
9 · Other employee benefits
total $6,466 · management and general $6,466
-
10 · Payroll taxes
total $13,452 · program services $6,808 · management and general $6,644
-
11a · Fees: management
total $42,000 · management and general $42,000
-
11b · Fees: legal
total $2,761 · management and general $2,761
-
11c · Fees: accounting
total $30,849 · management and general $30,849
-
11d · Fees: lobbying
total $0
-
11f · Fees: investment management
total $0
-
11g · Fees: other
total $54,960 · program services $54,960
-
12 · Advertising and promotion
total $7,471 · program services $7,471
-
13 · Office expenses
total $20,416 · program services $2,003 · management and general $18,413
-
14 · Information technology
total $6,601 · program services $3,601 · management and general $3,000
-
15 · Royalties
total $0
-
16 · Occupancy
total $28,837 · program services $28,837
-
17 · Travel
total $41,561 · program services $37,405 · management and general $4,156
-
18 · Travel or entertainment for public officials
total $0
-
19 · Conferences, conventions and meetings
total $0
-
20 · Interest
total $22,696 · program services $22,696
-
21 · Payments to affiliates
total $0
-
22 · Depreciation, depletion and amortization
total $864,512 · program services $864,512
-
23 · Insurance
total $34,424 · program services $33,653 · management and general $771
-
24a · Other expenses: Boat Repairs and Maint
total $94,459 · program services $94,459
-
24b · Other expenses: Boat yard fees and storage
total $150,785 · program services $150,785
-
24c · Other expenses: Boat Moving and hauling
total $20,725 · program services $20,725
-
24d · Other expenses: Miscellaneous
total $12,909 · program services $9,381 · management and general $3,528
-
24e · All other expenses
total $0
Balance sheet
Part X, book values.
-
1 · Cash, non-interest-bearing
beginning of year $121,364 · end of year $95,748
-
4 · Accounts receivable
beginning of year $314,720 · end of year $115,144
-
5 · Loans and receivables from officers and key people
beginning of year $54,594
-
8 · Inventories for sale or use
beginning of year $54,708 · end of year $2,304,342
-
10a · Land, buildings and equipment: cost or other basis
$3,841,864
-
10b · Land, buildings and equipment: accumulated depreciation
$1,528,057
-
10c · Land, buildings and equipment, net
beginning of year $1,571,965 · end of year $2,313,807
-
17 · Accounts payable and accrued expenses
beginning of year $33,046 · end of year $25,016
-
23 · Secured mortgages and notes payable
beginning of year $213,634 · end of year $214,945
-
31 · Retained earnings, endowment or other funds
beginning of year $1,870,671 · end of year $4,589,080
Mission and programs · 2024
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 $1,406,388 · Grants $7,850 · Revenue $413,958
As filed on the 2024 return.
Listed in Part VII
-
Richard T Harris
Director
- Total calculated
- $41,717
- From this org
- $39,000
- From related orgs
- $0
- Other
- $2,717
- Hours/week
- 40
-
Linda Harris
Secretary
- Total calculated
- $37,769
- From this org
- $37,769
- From related orgs
- $0
- Other
- $0
- Hours/week
- 30
-
Nathaniel Harris
President
- 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
No itemized grants to organizations 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
- 2024
- Filed
- 12 November 2025
- IRS schema version
- 2024v5.2
- Source object
- 202503169349300730
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