Effective January 1, 2018, Gulf of Maine Research Institute (GMRI) changed its fiscal year end to June 30. Therefore, the comparative analysis looks at July 1, 2017 – June 30, 2018 vs. July 1, 2018 – June 30, 2019.
Gulf of Maine Research Institute (GMRI) had a breakeven fiscal year ended June 30, 2019. We had another successful year, with continued delivery of core programs and 2% growth in total expenses, when compared to the previous twelve months.
Science, Education, and Community programs are funded primarily by federal grants, foundation grants, and individual contributions. Revenue was up $3,000,000 when compared to the previous twelve months, primarily arising from increases in federal and foundation grants.
Fundraising and community relations activities are funded by unrestricted contributions. Most administrative costs are allocated as overhead to program and development costs, in compliance with federal cost guidelines. The balance of administrative expense is funded by income from administrative services contracted to our subsidiary.
GMRI’s wholly owned, non-profit subsidiary, Gulf of Maine Properties Inc. (GMPInc), owns and operates GMRI’s facilities. GMRI rents 85% of the total space in the building and the remaining space is rented to other tenants.
GMRI consistently receives unqualified opinions from external auditors in our financial and federal compliance audits. We also have a long-standing audit history of not receiving Management Letter comments on any material financial weaknesses. Our 2019 external audit was no exception.
Most of the growth in our net assets is in endowments and reserves. We maintain our laboratory facilities in A-class shape. We have completed a major renovation to our Cohen Center Interactive Lab.
During Fiscal Year Ending June 30, 2019, GMRI launched a wholly owned, for-profit subsidiary, Gulf of Maine Sashimi. We anticipate launching a second wholly owned, for-profit subsidiary, New England Marine Monitoring, during Fiscal Year 2020.
Meanwhile, GMRI continues to grow its national and international reputation as a marine research institute, a leader in citizen science education, and a technical resource for the fishing industry.
GMRI and GMPinc audited financial statements are reported on a consolidated basis. Copies can be downloaded from our website at www.gmri.org/about-us/annual-reports.