Gulf of Maine Properties Inc

Overview

Mission

To acquire, hold, manage, maintain, develop, or dispose of realproperty for the benefit of and in connection with the gulf of maineresearch institute.

What it reported doing in 2024

Gulf of Maine properties owns, manages, maintains and develops real property for the benefit of gulf of Maine research institute (gmri). Gmri occupied 90.98% of the facilities and the remaining space was rented to other tenants in order to subsidize the cost of the facilities and thereby support gmri's mission. Tenants either provided services consistent with gmri's mission or provided substantial services to gmri which directly supported gmri's mission.

Operating model

Revenue model
Earned-program. 96% of the money available for current operations came from fees and other program revenue.
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.

Nonprofit profile at a glance

EIN
201480528
IRS 990 coverage
2013–2024
Forms available
Form 990 2024
Headquarters
Portland, ME, USA
Phone
2072281690
Rating
71
Verdict
SUPPORTED
Rating confidence
Moderate
Sector
Single Organization Support

The verdict

SUPPORTED - A large share of available resources goes toward mission work and most voting board members are independent. Few specific pay-setting methods are documented in the filing; unanswered boxes are not proof of absence and expenses are high relative to revenue.

Rating breakdown

  • Financial Efficiency: 72
  • Transparency & Controls: 60
  • Accountability: 91
  • Sustainability: 47
  • Growth: 80

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 81%; rating input score 81
  • Program expense ratio: 81.3%; rating input score 81
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 92.9%; rating input score 93; 19th percentile among comparable filings
  • Pay-setting controls: 0 of 6 controls in place; rating input score 0
    • Compensation committee: Missing
    • Independent consultant: Missing
    • Other Form 990s reviewed: Missing
    • Written employment contract: Missing
    • Compensation survey or study: Missing
    • Board or committee approval: Missing
  • Foreign activity oversight: Limited
  • Grant itemization coverage: Limited
  • Major donor itemization: Limited
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 100%; rating input score 100; 63rd percentile among comparable filings
  • Governance controls: 7 of 9 controls in place; rating input score 78
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Pass
    • Document-retention policy: Pass
    • CEO compensation review process: Fail
    • Other executive compensation review process: Fail
    • Form 990 shared with the board: Pass
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Pass
    • Independent financial-statement audit: Pass

Sustainability

  • Operating margin: -6.9%; rating input score 21; 21st percentile among comparable filings
  • Total-asset coverage ratio: 8.75; rating input score 91; 91st percentile among comparable filings
  • Liabilities to assets ratio: 0.28; rating input score 26; 26th percentile among comparable filings
  • Officer compensation ratio: 1.9%; rating input score 59; 59th percentile among comparable filings

Growth

  • Program expense growth: 1% per year; rating input score 100; 22nd percentile among comparable filings
  • Revenue growth: 3.9% per year; rating input score 100; 36th percentile among comparable filings
  • Asset growth: -2% per year; rating input score 0; 12th percentile among comparable filings

Details

  • Where the money goes: 81% of revenue deployed · 81.3% of spending went to programs
  • Governance: 2 of 2 board members independent · 7 of 9 filing controls reported
  • Programs: 1 filed program accomplishment · $875K in reported program spending
  • Leadership: top reported pay $452K · 6 people listed · 0 of 6 pay-setting controls reported
  • Consistency: 25 of 26 current checks pass · 1 finding to review
  • Schedules: 5 filed schedules · includes executive pay
  • Filing history: 12 annual filings from 2013 to 2024
  • Contacts: How to reach this organization
  • Money network: 1 filed money-flow record
  • Related organizations: 3 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.

Leadership & pay

6 people listed

Highest reported compensation

  • DONALD W PERKINS JR (PRESIDENT/CEO THRU 12/31/23): $452,220 total reported compensation
  • GLENN PRICKETT (PRESIDENT): $380,023 total reported compensation
  • CHARISSA KERR (TREASURER): $190,315 total reported compensation

Source: IRS Form 990. Selected filing: FY2024.