Interferry Inc
Nonprofit profile at a glance
- EIN
- 611764907
- IRS 990 coverage
- 2015–2025
- Forms available
- Form 990 2025
- Location
- Victoria, BC, CA
- Phone
- 2505169308
- Rating
- 48
- Verdict
- MIXED
- Rating confidence
- Moderate
Reported finances
- Revenue
- $2,285,570
- Expenses
- $2,144,408
- Assets
- $2,200,900
- Liabilities
- $233,955
Source: IRS Form 990. Selected filing: tax year 2025. Amounts in USD.
Leadership & pay
21 people listed
Executive titles in this filing
- Mike Corrigan (CEO/Secretary)
- Guido Grimaldi (President)
- Tim Mooney (Chairman/President)
Highest reported compensation
- Mike Corrigan (CEO/Secretary): $232,483 total reported compensation
- Johan Ross (Key employee): $222,276 total reported compensation
Source: IRS Form 990. Selected filing: tax year 2025. Names and roles reflect this filing, not necessarily current officeholders.
Overview
Mission
Interferry is a highly respected shipping association representing the ferry industry world-wide. There are currently more than 260 member companies, representing more than 1,000 individuals from 40 countries.Interferry's primary purposes are to represent the industry on regulatory and policy matters, to speak on behalf of the worldwide ferry industry, and facilitate networking and communications among our members.
What it reported doing in 2025
General operating including representing world-wide ferry industry to international shipping regulators
Operating model
- Revenue model
- Other-operating. 94% of the money available for current operations came from other operating 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.
The verdict
MIXED - Most voting board members are independent and revenue has grown recently. A relatively small share of available resources goes toward mission work and a relatively small share of total spending goes to programs.
Rating breakdown
- Financial Efficiency: 36
- Transparency & Controls: 46
- Accountability: 72
- Sustainability: 39
- Growth: 60
Detailed rating inputs
Financial Efficiency
- Mission deployment rate: 40.5%; rating input score 41
- Program expense ratio: 40.8%; rating input score 41
- Fundraising efficiency: Limited
Transparency & Controls
- Consistency checks: 100%; rating input score 100; 63rd percentile among comparable filings
- Pay-setting controls: 2 of 6 controls in place; rating input score 33
- Compensation committee: Missing
- Independent consultant: Missing
- Other Form 990s reviewed: Missing
- Written employment contract: Pass
- Compensation survey or study: Missing
- Board or committee approval: Pass
- Foreign activity oversight: Scored; rating input score 0
- Grant itemization coverage: Scored; rating input score 0
- Major donor itemization: Limited
- Related-party transparency: Limited
Accountability
- Independent voting board: 100%; rating input score 100; 63rd percentile among comparable filings
- Governance controls: 3 of 9 controls in place; rating input score 33
- Conflict-of-interest policy: Fail
- Whistleblower policy: Fail
- Document-retention policy: Fail
- CEO compensation review process: Fail
- Other executive compensation review process: Fail
- Form 990 shared with the board: Fail
- Board meeting minutes documented: Pass
- Audit committee oversight: Pass
- Independent financial-statement audit: Pass
Sustainability
- Operating margin: 6.2%; rating input score 46; 46th percentile among comparable filings
- Total-asset coverage ratio: 1.03; rating input score 35; 35th percentile among comparable filings
- Liabilities to assets ratio: 0.11; rating input score 47; 47th percentile among comparable filings
- Officer compensation ratio: 21.2%; rating input score 14; 14th percentile among comparable filings
Growth
- Program expense growth: -2% per year; rating input score 0; 8th percentile among comparable filings
- Revenue growth: 6.1% per year; rating input score 100; 45th percentile among comparable filings
- Asset growth: 11.1% per year; rating input score 100; 62nd percentile among comparable filings
Details
- Where the money goes: 40.5% of revenue deployed · 40.8% of spending went to programs
- Governance: 295 of 295 board members independent · 3 of 9 filing controls reported
- Programs: 2 filed program accomplishments · $2.1M in reported program spending
- Leadership: top reported pay $232K · 21 people listed · 2 of 6 pay-setting controls reported
- Consistency: 18 of 18 current checks pass
- Schedules: 5 filed schedules · includes foreign activity and executive pay
- Filing history: 10 filing years from 2015 to 2025
- Contacts: How to reach this organization
- Money network: 2 filed money-flow records
- 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.
Key Signals
Signals prioritize questions for review. They are not findings of misconduct.
- Moderate — Financial Efficiency: Mission deployment rate scored 41/100.
- Moderate — Financial Efficiency: Program expense ratio scored 41/100.
- Moderate — Accountability: Governance controls: 6 of 9 not reported.
- High — Transparency & Controls: Foreign activity oversight scored 0/100.
- High — Transparency & Controls: Grant itemization coverage scored 0/100.
- High — Growth: Program expense growth scored 0/100.
- Moderate — Sustainability: Operating margin scored 46/100.
- Moderate — Sustainability: Total-asset coverage ratio scored 35/100.
- High — Sustainability: Officer compensation ratio scored 14/100.
- Moderate — Sustainability: Liabilities to assets ratio scored 47/100.