Island Institute
- Assets
- $34.9m
- Revenue
- $7.8m
- Investments
- $94.6k
- Employees
- 83
- Location
- Rockland, ME
- Founding
- 04/1987
- Data as of
- 06/2022
- EIN
- 22-2786731
Organization Overview
Island Institute is located in Rockland, ME. The organization was established in 1987. According to its NTEE Classification (B82) the organization is classified as: Scholarships & Student Financial Aid, under the broad grouping of Education and related organizations. As of 06/2023, Island Institute employed 83 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Island 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 06/2022, Island Institute generated $7.8m in total revenue. This represents a relatively dramatic decline in revenue. Over the past 6 years, the organization has seen revenues fall by an average of (6.7%) each year. All expenses for the organization totaled $7.2m during the year ending 06/2022. You can explore the organizations financials more deeply in the financial statements section below.
Since 2015, Island Institute has awarded 90 individual grants totaling $3,689,805. 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
THE ISLAND INSTITUTE WORKS TO SUSTAIN MAINE'S ISLAND AND COASTAL COMMUNITIES, AND EXCHANGE IDEAS HERE AND ELSEWHERE.
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROMOTING ECONOMIC RESILIENCE THROUGH PROGRAMMING WHICH SUPPORTS THE BLUE ECONOMY, CRITICAL BUSINESS, BROADBAND INFRASTRUCTURE AND THE CREATIVE ECONOMY. ALSO, PROMOTING CLIMATE RESILIENCE THROUGH PROGRAMMING WHICH SUPPORTS CLEAN ENERGY AND SEA LEVEL RISE RESILIENCY.
PROMOTING BRAND AWARENESS AND CENTRALIZED ORGANIZATIONAL RESOURCES WHICH SUPPORT MARKETING AND EVENTS, THE WORKING WATERFRONT NEWSPAPER, THE ISLAND JOURNAL MAGAZINE, GLENN FUND, AND POLICY ANALYSIS.
PROMOTING SOCIAL RESILIENCE THROUGH PROGRAMMING WHICH SUPPORTS COMMUNITY LEADERSHIP, ISLAND COMMUNITIES, WORKFORCE, AND THROUGH THE ISLAND FELLOWS PROGRAM.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Kristin Howard Chair | OfficerTrustee | 2 | $0 |
Douglas Henderson Vice Chair | OfficerTrustee | 2 | $0 |
Kate Vogt Treasurer | OfficerTrustee | 1 | $0 |
Charles Owen Verrill Jr Secretary | OfficerTrustee | 2 | $0 |
Michael P Boyd Clerk | OfficerTrustee | 1 | $0 |
Sebastian Belle Trustee | Trustee | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Conkling & Associates Consulting | 6/29/21 | $104,040 |
Results Marketing & Design Inc Consulting | 6/29/21 | $100,698 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $1,879,523 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $986,881 |
| All other contributions, gifts, grants, and similar amounts not included above | $2,960,124 |
| Noncash contributions included in lines 1a–1f | $30,970 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $5,826,528 |
| Total Program Service Revenue | $222,739 |
| Investment income | $831,463 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $674,007 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $273,174 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $7,827,911 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $564,250 |
| Grants and other assistance to domestic individuals. | $144,835 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $363,313 |
| Compensation of current officers, directors, key employees. | $223,777 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $3,189,638 |
| Pension plan accruals and contributions | $130,055 |
| Other employee benefits | $351,839 |
| Payroll taxes | $258,115 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $7,764 |
| Fees for services: Accounting | $25,850 |
| Fees for services: Lobbying | $16,207 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $155,875 |
| Fees for services: Other | $575,869 |
| Advertising and promotion | $34,611 |
| Office expenses | $221,127 |
| Information technology | $287,136 |
| Royalties | $0 |
| Occupancy | $200,570 |
| Travel | $92,215 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $32,836 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $94,835 |
| Insurance | $27,661 |
| All other expenses | $0 |
| Total functional expenses | $7,181,390 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $44,515 |
| Savings and temporary cash investments | $1,716,586 |
| Pledges and grants receivable | $1,339,514 |
| Accounts receivable, net | $52,040 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $1,016,765 |
| Inventories for sale or use | $256,149 |
| Prepaid expenses and deferred charges | $142,313 |
| Net Land, buildings, and equipment | $918,631 |
| Investments—publicly traded securities | $26,736,340 |
| Investments—other securities | $94,557 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $2,624,994 |
| Total assets | $34,942,404 |
| Accounts payable and accrued expenses | $794,846 |
| Grants payable | $0 |
| Deferred revenue | $11,367 |
| 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 | $100,000 |
| Other liabilities | $0 |
| Total liabilities | $906,213 |
| Net assets without donor restrictions | $14,455,727 |
| Net assets with donor restrictions | $19,580,464 |
| 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 | $34,942,404 |
Grants Awarded
Over the last fiscal year, Island Institute has awarded $1,208,722 in support to 18 organizations.
| Grant Recipient | Amount |
|---|---|
LUKE'S LOBSTER HOLDING LLC PURPOSE: Sustainable Seafood | $1,000,000 |
LUKE'S LOBSTER HOLDING LLC PURPOSE: Lift all Boats | $54,070 |
MONHEGAN PLANTATION PURPOSE: Broadband Planning | $15,000 |
TOWN OF ISLE AU HAUT PURPOSE: Broadband Planning | $15,000 |
TOWN OF FRENCHBORO PURPOSE: ShoreUp Sea Level Rise Resiliency | $14,000 |
TOWN OF NORTH HAVEN PURPOSE: ShoreUp Sea Level Rise Resiliency | $10,000 |