The Gulf of Maine Research Institute (GMRI) had another successful year, continuing to deliver on core programs. The impact of COVID-19 on our business resulted in a 5% decrease in total expenses when compared to the previous twelve months.
GMRI programs are funded primarily by federal grants, foundation grants, and individual contributions. Revenue was down less than 1% when compared to the previous twelve months.
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 subsidiaries.
GMRI’s wholly owned, non-profit subsidiary, Gulf of Maine Properties Inc. (GMPInc), owns and operates GMRI’s facilities. GMRI rents 82.35% 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 2021 external audit was no exception.
Most of the growth in our net assets is in endowments and future programs. We maintain our laboratory facilities as A-class space. We created a strategy to reduce our carbon footprint and in 2021 became carbon neutral with a combination of reduction in carbon output and the purchase of carbon offsets.
During Fiscal Year Ending June 30, 2021, GMRI sold their for-profit subsidiary, New England Marine Monitoring.
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.
Chief Financial Officer