Promare Inc
- Assets
- $3.1m
- Revenue
- $291.2k
- Investments
- $651.9k
- Employees
- 0
- Location
- Chester, CT
- Founding
- 10/2002
- Data as of
- 12/2023
- EIN
- 76-0699869
Organization Overview
Promare Inc is located in Chester, CT. The organization was established in 2002. According to its NTEE Classification (A56) the organization is classified as: Natural History & Natural Science Museums, under the broad grouping of Arts, Culture & Humanities and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Promare 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, Promare Inc generated $291.2k in total revenue. This represents relatively stable growth, over the past 5 years the organization has increased revenue by an average of 3.9% each year. All expenses for the organization totaled $111.0k during the year ending 12/2023. You can explore the organizations financials more deeply in the financial statements section below.
Form
990PF
Mission & Program ActivityExcerpts From the 990PF Filing
TAX YEAR
2023
Describe the Organization's Program Activity:
Part 3 - Line 4a
RESEARCH PROJECTS INCLUDING THE MAYFLOWER AUTONOMOUS SHIP WHICH IS A FULL SIZE UNMANNED RESEARCH SHIP THAT WILL TAKE THE ROUTE OF THE ORIGINAL MAYFLOWER SHIP, THE NORWEGIAN SORLANDET PROJECT WHICH EXPLORED THE LAKE FLOOR OF THE TELEMARK WATERWAY, AND THE VIKING SEAS PROJECT WHICH IS THE EXPLORATION OF VIKING SHIPS SUBMERGED ALONG THE NORWEGIAN COAST AND WATERWAYS.THE SORLANDET PROJECT IS A COOPERATION WITH THE NORWEGIAN MARITIME MUSEUM AND TELEMARK TECHNOLOGY PARK. IT IS A SURVEY OF SELECTED AREAS IN THE SOUTH OF NORWAY TO LOCATE AND INVESTIGATE IMPORTANT SHIPWRECK SITES. THE PROJECT HAS LOCATED AND EXCAVATED NORWAY'S ONLY VIKING AGE SHIPWRECK (2019-2022) AND IS CURRENTLY WORKING ON A MEDIEVAL WRECK-SITE AND AN 18TH CENTURY SHIPWRECK CARRYING WINE AND OTHER GOODS FROM FRANCE TO NORWAY WHEN IT PERISHED IN 1780.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Brett A Phaneuf Director | 20 | $0 | |
Gregory M Cook Director/chairman | 10 | $0 | |
Fredrik Soreide Director/vice President | 30 | $0 | |
Ayse D Phaneuf - 34601 Comp President | 20 | $0 | |
Michele M Gregory Director/secretary | 5 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Contributions, Gifts, Grants & Similar | $262,480 |
| Interest on Savings | $0 |
| Dividends & Interest | $21,416 |
| Net Rental Income | $0 |
| Net Gain on Sale of Assets | $5,650 |
| Capital Gain Net Income | $5,650 |
| Net ST Capital Gain | $0 |
| Income Modifications | $0 |
| Profit on Inventory Sales | $0 |
| Other Income | $1,608 |
| Total Revenue | $291,154 |
| Statement of Expenses | |
|---|---|
| Compensation of officers, directors, trustees, etc | $0 |
| Other employee salaries and wages | $0 |
| Pension plans, employee benefits | $0 |
| Interest | $0 |
| Taxes | $0 |
| Depreciation | $491 |
| Occupancy | $0 |
| Travel, conferences, and meetings | $5,713 |
| Printing and publications | $0 |
| Other expenses | $60,687 |
| Total operating and administrative expenses | $111,031 |
| Contributions, gifts, grants paid | $0 |
| Total expenses and disbursements | $111,031 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $35,111 |
| Savings and temporary cash investments | $74,268 |
| Net Accounts receivable | $0 |
| Net Pledges Receivable | $0 |
| Grants receivable | $0 |
| Receivables from Officers, Directors, or Controlling Persons | $0 |
| Net other notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Investments - land, buildings, equipment | $0 |
| Investments—mortgage loans | $0 |
| Investments—other | $0 |
| Net Land, buildings, and equipment | $228 |
| Other assets | $2,326,309 |
| Total assets | $3,087,842 |
| Accounts payable and accrued expenses | $0 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Mortgages and other notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $0 |