Maine Aquaculture Innovation Center
- Assets
- $2.3m
- Revenue
- $484.4k
- Investments
- $0.0
- Employees
- 5
- Location
- Walpole, ME
- Founding
- 04/1993
- Data as of
- 06/2022
- EIN
- 01-0467869
Organization Overview
Maine Aquaculture Innovation Center is located in Walpole, ME. The organization was established in 1993. According to its NTEE Classification (K99) the organization is classified as: Food, Agriculture & Nutrition N.E.C., under the broad grouping of Food, Agriculture & Nutrition and related organizations. As of 06/2022, Maine Aquaculture Innovation Center employed 5 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Maine Aquaculture Innovation Center is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
For the year ending 06/2022, Maine Aquaculture Innovation Center generated $484.4k in total revenue. This organization has experienced exceptional growth, as over the past 6 years, it has increased revenue by an average of 15.0% each year . All expenses for the organization totaled $506.2k during the year ending 06/2022. You can explore the organizations financials more deeply in the financial statements section below.
Since 2015, Maine Aquaculture Innovation Center has awarded 24 individual grants totaling $1,198,182. If you would like to learn more about the grant giving history of this organization, scroll down to the grant profile section of this page.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2022
Describe the Organization's Mission:
Part 3 - Line 1
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.
Describe the Organization's Program Activity:
Part 3 - Line 4a
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.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Brian Beal PHD President | OfficerTrustee | 1 | $0 |
Greg Lambert Treasurer | OfficerTrustee | 1 | $0 |
Sebastian Belle Director | Trustee | 1 | $0 |
Damian Brady Director | Trustee | 1 | $0 |
Carter Newell PHD Director | Trustee | 1 | $0 |
Deborah Bouchard Director | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $296,847 |
| All other contributions, gifts, grants, and similar amounts not included above | $102,388 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $399,235 |
| Total Program Service Revenue | $0 |
| Investment income | $515 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $77,457 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $484,359 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $117,272 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $72,800 |
| Compensation of current officers, directors, key employees. | $21,840 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $96,921 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $4,789 |
| Payroll taxes | $13,499 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $800 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $3,715 |
| Office expenses | $119 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $8,175 |
| Travel | $2,288 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $2,212 |
| Insurance | $2,472 |
| All other expenses | $5,335 |
| Total functional expenses | $506,184 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $290,103 |
| Savings and temporary cash investments | $1,000,174 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $948,016 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $52,135 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $2,290,428 |
| Accounts payable and accrued expenses | $0 |
| Grants payable | $30,441 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $30,441 |
| Net assets without donor restrictions | $2,259,987 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $0 |
| Total liabilities and net assets/fund balances | $2,290,428 |
Grants Awarded
Over the last fiscal year, Maine Aquaculture Innovation Center has awarded $119,225 in support to 2 organizations.
| Grant Recipient | Amount |
|---|---|
MAINE CENTER FOR ENTREPRENEURS PURPOSE: TO SUPPORT MANAGEMENT OF MAINE'S BUSINESS INCUBATORS PROGRAM | $59,612 |
UNIVERSITY OF MAINEOFFICE OF RESEARCH ADMINISTRATION PURPOSE: TO SUPPORT MANAGEMENT OF MAINE'S BUSINESS INCUBATORS PROGRAM | $59,613 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Food And Medicine Brewer, ME | $335,443 | $583,157 |
Maine Aquaculture Innovation Center Walpole, ME | $2,290,428 | $484,359 |
Organic Voices Manchester, NH | $228,176 | $0 |
Eastern Apicultural Society Of North America Inc North Yarmouth, ME | $426,143 | $179,962 |
Salem Nh Farmers Market Salem, NH | $128,187 | $0 |
Northeast Section Institute Of Food Technologists Inc Scarborough, ME | $952,079 | $25,078 |