Marine Science Consortium Inc
- Assets
- $12.8m
- Revenue
- $1.8m
- Investments
- $0.0
- Employees
- 24
- Location
- Wallops Island, VA
- Founding
- 02/1970
- Data as of
- 12/2021
- EIN
- 23-1704769
Organization Overview
Marine Science Consortium Inc, operating under the name Chincoteague Bay Field Station, is located in Wallops Island, VA. The organization was established in 1970. 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 12/2021, Chincoteague Bay Field Station employed 24 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Chincoteague Bay Field Station 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 12/2021, Chincoteague Bay Field Station generated $1.8m in total revenue. This represents a relatively dramatic decline in revenue. Over the past 7 years, the organization has seen revenues fall by an average of (6.0%) each year. All expenses for the organization totaled $1.7m during the year ending 12/2021. As we would expect to see with falling revenues, expenses have declined by (7.4%) per year over the past 7 years. 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
2021
Describe the Organization's Mission:
Part 3 - Line 1
PROMOTE THE STUDY OF MARINE SCIENCES
Describe the Organization's Program Activity:
Part 3 - Line 4a
EDUCATIONAL PROGRAMS IN THE STUDY OF MARINE SCIENCE FOR COLLEGE LEVEL AND PRE-COLLEGE LEVEL STUDENTS
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Dr Kenneth Hawkinson President | OfficerTrustee | 1 | $0 |
Dr William Behre Director | Trustee | 0.5 | $0 |
Dr Christopherl Fiorentino Jr Director | Trustee | 0.5 | $0 |
Dr Kenneth Long Director | Trustee | 0.5 | $0 |
Dr Charles Patterson Director | Trustee | 0.5 | $0 |
Drdaniel Wubah Director | Trustee | 0.5 | $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 | $2,216 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $2,216 |
| Total Program Service Revenue | $1,778,350 |
| Investment income | $42 |
| 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 | $2,464 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $1,791,311 |
| 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 | $328,432 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $36,146 |
| Payroll taxes | $34,374 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $200 |
| 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 | $4,639 |
| Office expenses | $7,168 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $110,349 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $482,231 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $457,557 |
| Insurance | $77,303 |
| All other expenses | $20,529 |
| Total functional expenses | $1,713,949 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $151,117 |
| Savings and temporary cash investments | $26,081 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $27,315 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $13,895 |
| Prepaid expenses and deferred charges | $25,822 |
| Net Land, buildings, and equipment | $12,524,075 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $12,768,305 |
| Accounts payable and accrued expenses | $6,791 |
| Grants payable | $0 |
| Deferred revenue | $6,700 |
| 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 | $9,830,000 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $2,670 |
| Total liabilities | $9,846,161 |
| Net assets without donor restrictions | $2,922,144 |
| 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 | $12,768,305 |
Grants Recieved
Over the last fiscal year, we have identified 3 grants that Marine Science Consortium Inc has recieved totaling $59,123.
| Awarding Organization | Amount |
|---|---|
Eastern Shore Of Virginia Community Foundation Onley, VA PURPOSE: FUNDS TO PURCHASE TRANSPORT VEHICLES FOR EDUCATIONAL PROGRAMS | $25,000 |
Eastern Shore Of Virginia Community Foundation Onley, VA PURPOSE: FUNDS TO PURCHASE TRANSPORT VEHICLES FOR EDUCATIONAL PROGRAMS | $25,000 |
Network For Good Inc Washington, DC PURPOSE: Unrestricted | $9,123 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Consortium For Ocean Leadership Inc Washington, DC | $4,687,674 | $4,673,668 |
Marine Technology Society Inc Washington, DC | $7,132,686 | $1,889,360 |
Marine Science Consortium Inc Wallops Island, VA | $12,768,305 | $1,791,311 |
The Washington Dc Area Marine Aquarist Society Reston, VA | $128,850 | $281,664 |
Responsible Offshore Science Alliance Washington, DC | $629,297 | $295,000 |
Ocean Visions Inc Leesburg, VA | $2,405,679 | $2,291,104 |
Molluscan Science Foundation Inc Owings Mills, MD | $17,270,125 | $2,816,927 |
Crustacean Society Herndon, VA | $915,214 | $104,058 |
Diving With A Purpose And Development Group Inc Nashville, TN | $235,616 | $239,504 |
Foundation For Underwater Research And Education Inc Haymarket, VA | $66,529 | $0 |
Ipac Marine Environmental Research Corporation Melfa, VA | $47,772 | $0 |
Center For Research On The Changing Earth System Clarksville, MD | $8,563 | $0 |