Gloucester Marine Genomics Institute Incorporated
- Assets
- $9.2m
- Revenue
- $5.7m
- Investments
- $0.0
- Employees
- 40
- Location
- Gloucester, MA
- Founding
- 10/2014
- Data as of
- 12/2023
- EIN
- 46-3020006
Organization Overview
Gloucester Marine Genomics Institute Incorporated is located in Gloucester, MA. The organization was established in 2014. 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, Gloucester Marine Genomics Institute Incorporated employed 40 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Gloucester Marine Genomics Institute Incorporated 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, Gloucester Marine Genomics Institute Incorporated generated $5.7m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 9.1% each year. All expenses for the organization totaled $5.3m during the year ending 12/2023. 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 ADDRESS CRITICAL CHALLENGES FACING OUR OCEANS, HUMAN HEALTH AND THE ENVIRONMENT THROUGH INNOVATIVE SCIENTIFIC RESEARCH AND EDUCATION.
Describe the Organization's Program Activity:
Part 3 - Line 4a
RESEARCH - GMGI HAS ESTABLISHED A WORLD-CLASS MARINE BIOTECHNOLOGY RESEARCH INSTITUTE ON THE GLOUCESTER HARBOR WHOSE WORK IS POWERED BY THE SCIENTIFIC FIELD OF GENOMICS. MARINE GENOMICS REPRESENTS A NEW EPOCH IN BOTH MARINE SCIENCE AND BIOTECHNOLOGY AND GMGI IS LEADING THE WAY. THE PRIMARY FOCUS IS ON TRANSLATIONAL RESEARCH THAT CONNECTS DIRECTLY WITH HUMAN HEALTH. GMGI IS ALSO BRINGING THE BEST SCIENCE TO FISHERY RESEARCH.
BIOTECHNOLOGY ACADEMY - GMGI HAS CREATED A VIBRANT SCIENCE LEARNING ENVIRONMENT, WITH GLOUCESTER BIOTECHNOLOGY ACADEMY AS THE FLAGSHIP PROGRAM. THE ACADEMY TRAINS LOCAL HIGH SCHOOL GRADUATES FOR JOBS AS BIOTECH LAB TECHNICIANS THROUGH A LAB-IMMERSION CURRICULUM AT OUR STATE-OF-THE-ART TRAINING FACILITY, AND FOR PAID INTERNSHIPS AT LOCAL BIOTECH FIRMS. THE ACADEMY ALSO OFFERS EDUCATIONAL SCIENCE PROGRAMS FOR MIDDLE AND HIGH SCHOOL STUDENTS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Marc Vidal President | OfficerTrustee | 1 | $0 |
Michele May Board Chair & Treasurer | OfficerTrustee | 8 | $0 |
Tom Simons Director/clerk | OfficerTrustee | 3.5 | $0 |
Jose-Carlos Gutierrez-Ramos Director | Trustee | 1 | $0 |
Bill Kane Director | Trustee | 2 | $0 |
Laura Liss Director | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $1,088,196 |
| All other contributions, gifts, grants, and similar amounts not included above | $4,419,405 |
| Noncash contributions included in lines 1a–1f | $237,268 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $5,507,601 |
| Total Program Service Revenue | $135,482 |
| Investment income | $20,017 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$454 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $5,663,713 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $27,662 |
| Grants and other assistance to domestic individuals. | $99,637 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $524,281 |
| Compensation of current officers, directors, key employees. | $234,338 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $2,128,466 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $207,987 |
| Payroll taxes | $195,876 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $23,225 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $88,207 |
| Advertising and promotion | $18,328 |
| Office expenses | $232,814 |
| Information technology | $101,739 |
| Royalties | $0 |
| Occupancy | $336,490 |
| Travel | $66,070 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $33,850 |
| Interest | $9,112 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $523,162 |
| Insurance | $34,714 |
| All other expenses | $21,771 |
| Total functional expenses | $5,271,443 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $155,395 |
| Savings and temporary cash investments | $962,363 |
| Pledges and grants receivable | $2,885,098 |
| 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 | $92,890 |
| Net Land, buildings, and equipment | $3,502,785 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $1,596,389 |
| Total assets | $9,194,920 |
| Accounts payable and accrued expenses | $153,749 |
| Grants payable | $0 |
| Deferred revenue | $6,810 |
| 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 | $111,958 |
| Other liabilities | $1,633,974 |
| Total liabilities | $1,906,491 |
| Net assets without donor restrictions | $3,830,562 |
| Net assets with donor restrictions | $3,457,867 |
| 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 | $9,194,920 |
Grants Awarded
Over the last fiscal year, Gloucester Marine Genomics Institute Incorporated has awarded $12,471 in support to 2 organizations.
| Grant Recipient | Amount |
|---|---|
UNIVERSITY OF MASSACHUSETTS AMHERST PURPOSE: SUBAWARD - RESEARCH PROJECT | $5,978 |
UNIVERSITY OF WASHINGTON PURPOSE: SUBAWARD - RESEARCH PROJECT | $6,493 |