Gulf of Maine Research Institute (GMRI) programs operated in 2008 with a loss of –$600,000 due to lower than anticipated contributions. We liquidated $600,000 of reserve investments to cover this loss.

Our investment portfolio suffered a market value loss of –$800,000 from the downturn in the economy. Funding for capital projects plus gifts to the endowment, combined with the market value loss on investments, resulted in a net loss of -$300,000.

Science, Education and Community programs were funded by a mix of federal grants, foundation grants, and charitable contributions. Additional federal and state grants were received for capital equipment and engineering design work to rebuild the bulkhead pier on our property.

Fundraising and community relations costs were primarily funded by unrestricted contributions and investment income. Administrative costs were funded by overhead allocations to programs and by property management income.

GMRI continues to receive unqualified opinions and top marks from our independent auditors, Runyon Kersteen Ouellette, in our financial and federal compliance audits.

Revenue: $5,100,000

Expenses: $5,400,000

GMRI has a wholly owned subsidiary, Gulf of Maine Properties Inc. (GMPinc), which owns and operates GMRI’s facilities. In addition to the above results, GMPinc operated with a $200,000 surplus before depreciation, and transferred half of this to GMRI for future capital investment.

Our financial evolution from capital campaign (2002-2004) to facility ownership and emerging endowment base (2005-2008) is shown in the seven-year trend chart of the consolidated net assets of GMRI and GMPinc.

GMRI and GMPinc audited financial statements are reported on a consolidated basis. Copies can be downloaded by clicking the button below.

Total Net Assets (including GMPinc):