Gulf of Maine Research Institute

Overview

Mission

The gulf of Maine research institute (gmri) develops and delivers collaborative solutions to global ocean challenges.

What it reported doing in 2024

Gmri provides property management services to gmp, whose purpose is to support gmri, and receives other exempt purpose revenue which supports gmri's exempt purpose. Gmri also provides property management services to uw, a for-profit subsidiary of gmri.

Operating model

Revenue model
Mixed. Its operating money came from several sources; no one source provided a clear majority.
Distribution model
Direct operator. The filing allocates 100% of reported program-service expenses outside its grant, affiliate-payment, and member-benefit lines. This expense classification does not rule out separately announced grant awards.
  • Includes noncash contributions: Reported contributions include donated property or goods.

Nonprofit profile at a glance

EIN
010504905
IRS 990 coverage
2011–2024
Forms available
Form 990 2024, Form 990-T 2024
Headquarters
Portland, ME, USA
Phone
2077722321
Rating
82
Verdict
STRONG
Rating confidence
Standard
Sector
Zoo, Zoological Society

Official website

The verdict

STRONG - The filed numbers largely add up and a large share of total spending goes to programs. A relatively small share of available resources goes toward mission work and fundraising costs are high for each dollar raised.

Rating breakdown

  • Financial Efficiency: 60
  • Transparency & Controls: 100
  • Accountability: 100
  • Sustainability: 67
  • Growth: 100

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 57.9%; rating input score 58
  • Program expense ratio: 67.9%; rating input score 68
  • Fundraising efficiency: $15.35 raised per $1 spent on fundraising; rating input score 50; 50th percentile among comparable filings

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 62nd percentile among comparable filings
  • Pay-setting controls: 6 of 6 controls in place; rating input score 100
    • Compensation committee: Pass
    • Independent consultant: Pass
    • Other Form 990s reviewed: Pass
    • Written employment contract: Pass
    • Compensation survey or study: Pass
    • Board or committee approval: Pass
  • Foreign activity oversight: Limited
  • Grant itemization coverage: Limited
  • Major donor itemization: Yes; rating input score 100
  • Related-party transparency: Yes; rating input score 100

Accountability

  • Independent voting board: 100%; rating input score 100; 66th percentile among comparable filings
  • Governance controls: 9 of 9 controls in place; rating input score 100
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Pass
    • Document-retention policy: Pass
    • CEO compensation review process: Pass
    • Other executive compensation review process: Pass
    • Form 990 shared with the board: Pass
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Pass
    • Independent financial-statement audit: Pass

Sustainability

  • Operating margin: 17%; rating input score 79; 79th percentile among comparable filings
  • Total-asset coverage ratio: 3.07; rating input score 75; 75th percentile among comparable filings
  • Liabilities to assets ratio: 0.24; rating input score 52; 52nd percentile among comparable filings
  • Officer compensation ratio: 13.9%; rating input score 10; 10th percentile among comparable filings

Growth

  • Program expense growth: 6.9% per year; rating input score 100; 55th percentile among comparable filings
  • Revenue growth: 8.7% per year; rating input score 100; 68th percentile among comparable filings
  • Asset growth: 14.6% per year; rating input score 100; 79th percentile among comparable filings

Details

  • Where the money goes: 57.9% of revenue deployed · 67.9% of spending went to programs
  • Governance: 22 of 22 board members independent · 9 of 9 filing controls reported
  • Programs: 6 filed program accomplishments · $13.1M in reported program spending
  • Leadership: top reported pay $452K · 39 people listed · 6 of 6 pay-setting controls reported
  • Highest-paid contractors: 5 contractors listed · $1.2M reported
  • Consistency: 35 of 35 current checks pass
  • Schedules: 8 filed schedules · includes major donors, executive pay, and related organizations
  • Filing history: 14 annual filings from 2011 to 2024
  • Contacts: How to reach this organization
  • Money network: 11 filed money-flow records
  • Related organizations: 5 filed related-organization links
  • Grant readiness: Federal tax and exclusion status, award history, and grant-maker relationships.
  • People: Everyone the filings name, and which of them the filings identify by more than a name.
  • Staff and benefit plans: Retirement and health plans the organization files with the Department of Labor, and the people in them.

Leadership & pay

39 people listed

Highest reported compensation

  • DONALD W PERKINS JR (PRESIDENT/CEO THRU12/31/23): $452,220 total reported compensation
  • GLENN PRICKETT (PRESIDENT/CEO): $380,023 total reported compensation
  • BLAINE GRIMES (CHIEF VENTURES OFFICER): $333,537 total reported compensation

Source: IRS Form 990. Selected filing: FY2024.