Block Island Maritime Institute
- Assets
- $1.1m
- Revenue
- $318.8k
- Investments
- $0.0
- Employees
- 8
- Location
- Block Island, RI
- Founding
- 06/1998
- Data as of
- 12/2023
- EIN
- 05-0496605
Organization Overview
Block Island Maritime Institute is located in Block Island, RI. The organization was established in 1998. According to its NTEE Classification (B90) the organization is classified as: Educational Services, under the broad grouping of Education and related organizations. As of 12/2023, Block Island Maritime Institute employed 8 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Block Island Maritime Institute 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, Block Island Maritime Institute generated $318.8k in total revenue. This represents relatively stable growth, over the past 4 years the organization has increased revenue by an average of 0.8% each year. All expenses for the organization totaled $326.8k during the year ending 12/2023. You can explore the organizations financials more deeply in the financial statements section below.
Form
990T
Mission & Program ActivityExcerpts From the 990T Filing
TAX YEAR
2023
Describe the Organization's Mission:
Part 3 - Line 1
MARINE EDUCATIONAL PROGRAMS TO TEACH STUDENTS & THE GENERAL PUBLIC SKILLS IN THIS AREA
Describe the Organization's Program Activity:
TO INVITE, HOUSE AND EDUCATE INNERCITY STUDENT GROUPS
TO PROVIDE GENERAL MARITIME EDUCATIONAL EXPERIENCES AND PROGRAMS TO THE GENERAL PUBLIC
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Susan Averna Director | Trustee | 5 | $0 |
Nancy Ruddle Director | Trustee | 5 | $0 |
Douglas Macdougall President | Trustee | 5 | $0 |
Henry Hill Vice President | Trustee | 5 | $0 |
Megan Mcclellan Director | Trustee | 5 | $0 |
Robert Rohn Director | Trustee | 5 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $192,939 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $192,939 |
| Total Program Service Revenue | $0 |
| Investment income | $0 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | -$34,619 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $30,078 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $318,808 |
| 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. | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $107,817 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $9,713 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $2,555 |
| 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 | $0 |
| Advertising and promotion | $21,754 |
| Office expenses | $11,618 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $0 |
| 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 | $0 |
| Insurance | $40,186 |
| All other expenses | $0 |
| Total functional expenses | $326,797 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,415 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| 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 | $1,094,399 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $1,095,814 |
| Accounts payable and accrued expenses | $0 |
| Grants payable | $0 |
| Deferred revenue | $39,574 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $56,007 |
| Secured mortgages and notes payable | $63,500 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $159,081 |
| Net assets without donor restrictions | $0 |
| 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 | $936,733 |
| Total liabilities and net assets/fund balances | $1,095,814 |