Gulf Of Maine Lobster Foundation Inc
- Assets
- $151.9k
- Revenue
- $972.5k
- Investments
- $0.0
- Employees
- 3
- Location
- Kennebunk, ME
- Founding
- 01/2001
- Data as of
- 12/2023
- EIN
- 01-0535494
Organization Overview
Gulf Of Maine Lobster Foundation Inc is located in Kennebunk, ME. The organization was established in 2001. According to its NTEE Classification (U21) the organization is classified as: Marine Science & Oceanography, under the broad grouping of Science & Technology and related organizations. As of 12/2023, Gulf Of Maine Lobster Foundation Inc employed 3 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Gulf Of Maine Lobster Foundation Inc 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 12/2023, Gulf Of Maine Lobster Foundation Inc generated $972.5k in total revenue. This organization has experienced exceptional growth, as over the past 9 years, it has increased revenue by an average of 13.3% each year . All expenses for the organization totaled $960.2k during the year ending 12/2023. While expenses have increased by 12.7% per year over the past 9 years. They've been increasing with an increasing level of total revenue. You can explore the organizations financials more deeply in the financial statements section below.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2023
Describe the Organization's Mission:
Part 3 - Line 1
TO ENGAGE IN AND FACILITATE COLLABORATIVE RESEARCH AND PROJECTS WITH LOBSTERMEN, SCIENTISTS, AGENCIES AND RESOURCE MANAGERS PROMOTING THE HEALTH AND SUSTAINABILITY OF THE AMERICAN LOBSTER FISHERY WITHIN THE GULF OF MAINE ECOSYSTEM.
Describe the Organization's Program Activity:
Part 3 - Line 4a
TO GATHER AND DISSEMINATE LONG-TERM SCIENTIFIC DATA AND INFORMATION ON AMERICAN LOBSTER AND THE GULF OF MAINE ECOSYSTEM.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Jeff White President | OfficerTrustee | 2 | $0 |
Steve Train Vice President | OfficerTrustee | 2 | $0 |
Walter Crites Treasurer/secretary | Trustee | 2 | $0 |
Bill Adler Board Member | Trustee | 2 | $0 |
David Casoni Board Member | Trustee | 2 | $0 |
Colby Davidson Board Member | Trustee | 2 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $641,385 |
| All other contributions, gifts, grants, and similar amounts not included above | $285,487 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $926,872 |
| Total Program Service Revenue | $45,613 |
| Investment income | $0 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $972,485 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| 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. | $87,089 |
| Compensation of current officers, directors, key employees. | $26,127 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $62,928 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $10,350 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $0 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $567,612 |
| Advertising and promotion | $4,960 |
| Office expenses | $5,475 |
| Information technology | $3,206 |
| Royalties | $0 |
| Occupancy | $8,031 |
| Travel | $34,934 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $1,466 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $2,435 |
| All other expenses | $0 |
| Total functional expenses | $960,199 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $99,804 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $47,080 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $840 |
| Prepaid expenses and deferred charges | $4,167 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $151,891 |
| Accounts payable and accrued expenses | $16,577 |
| Grants payable | $0 |
| Deferred revenue | $19,289 |
| 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 | $1,080 |
| Total liabilities | $36,946 |
| Net assets without donor restrictions | $114,945 |
| 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 | $151,891 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Bigelow Laboratory For Ocean Sciences East Boothbay, ME | $104,522,449 | $30,523,194 |
Northeastern Regional Association Of Coastal Ocean Observation Syste Portsmouth, NH | $983,680 | $4,416,158 |
Gulf Of Maine Lobster Foundation Inc Kennebunk, ME | $151,891 | $972,485 |
Maine Center For Coastal Fisheries Stonington, ME | $1,658,738 | $561,142 |
New England Oceanographic Laboratory Inc Brunswick, ME | $9,227 | $0 |