Gulf of Maine Research Institute (GMRI) programs operated with a modest shortfall of $31,285 on expenses of $5,563,465. This is a remarkable result given the uncertainties in the investment markets which reduced charitable giving everywhere.

Our programs were funded by a variety of sources, mainly federal grants, foundation grants, and charitable contributions. Additional state grants were received for rebuilding the bulkhead pier on our property, a capital project, which commenced in early 2010.

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.

In addition to new revenue of $5,108,113, we used contributions received in prior years (more info) for our future operations (part of our net assets) to cover almost all remaining operating costs. Using the prior years' contributions had the overall effect of lowering our net assets by $455,452.

In November of 2009, GMRI merged with the Gulf of Maine Ocean Observing System (GoMOOS), adding an Ocean Data Products group to our Research capacity. The merger involved no debt or fixed assets, and transferred to GMRI a $870,341 restricted grant fund and $235,049 of net assets restricted to the operations of the Ocean Data Products group. After accounting for the merger and use of prior years' contributions, our financial position increased by a net of $650,038.

Revenue: $5,100,000

Expenses: $5,600,000

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

GMRI has a wholly owned subsidiary, Gulf of Maine Properties Inc. (GMPinc), which owns and operates GMRI’s facilities. In addition to the above GMRI results, GMPinc was able to reserve $75,000 from operations for future needs and asset reserves.

Our financial evolution from capital campaign (2002-2004) to facility ownership and emerging endowment base (2005-2009) is shown in the eight-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 on the button below.

Total Net Assets (including GMPinc):