2025-03-05T11:13:47-06:00 2024-06-30 390758449 WIPFLI LLP 30 LONG CREEK DRIVE SOUTH PORTLAND ME 041062437 990 2023-07-01 010504905 GULF OF MAINE RESEARCH INSTITUTE GULF 2077722321 350 COMMERCIAL STREET PORTLAND ME 04101 GLENN PRICKETT CEO 2077722321 2025-02-05 1 0 JULIA HOWLAND CPA P01711658 2077745701 2025-02-05 2023 2025-03-06 01:10:19Z GLENN PRICKETT 350 COMMERCIAL STREET PORTLAND ME 04101 22470141 0 X WWW.GMRI.ORG X 1994 ME THE GULF OF MAINE RESEARCH INSTITUTE (GMRI) PIONEERS COLLABORATIVE SOLUTIONS TO GLOBAL OCEAN CHALLENGES. 24 24 121 24 -29265 0 18500511 18165074 517325 1338165 161724 501334 190560 238512 19370120 20243085 0 0 0 0 9076335 10518506 0 0 1471001 6284748 7190019 15361083 17708525 4009037 2534560 50428548 53705208 15334675 14481956 35093873 39223252 X THE GULF OF MAINE RESEARCH INSTITUTE (GMRI) DEVELOPS AND DELIVERS COLLABORATIVE SOLUTIONS TO GLOBAL OCEAN CHALLENGES. 0 0 4497785 0 0 HANDS-ON SCIENCE LEARNING EXPERIENCES FOR STUDENTS AND ADULTS AND SUPPORT FOR MAINE'S SCIENCE EDUCATORS. 3921352 0 334290 RESEARCH THAT DEEPENS OUR SCIENTIFIC UNDERSTANDING OF THE GULF OF MAINE ECOSYSTEM AND ECONOMY. 2497824 0 194719 SUPPORT FOR THE COMMUNITIES THAT DEPEND ON THE GULF OF MAINE, INCLUDING FISHERMEN, AQUACULTURISTS, AND SEAFOOD SUPPLY CHAIN BUSINESSES. 0 157419 GMRI PROVIDES PROPERTY MANAGEMENT SERVICES TO GMP, WHOSE PURPOSE IS TO SUPPORT GMRI, AND RECEIVES OTHER EXEMPT PURPOSE REVENUE WHICH SUPPORTS GMRI'S EXEMPT PURPOSE. GMRI ALSO PROVIDES PROPERTY MANAGEMENT SERVICES TO UW, A FOR-PROFIT SUBSIDIARY OF GMRI. 104790 LOCAL, STATE, NATIONAL, AND GLOBAL CLIMATE ACTIONS TO HELP COASTAL COMMUNITIES THRIVE IN A WARMER WORLD. 916770 546949 CREATING, SCALING, AND INVESTING IN HIGH-IMPACT COMPANIES THAT ADVANCE GMRI'S NONPROFIT MISSION. 916770 0 809158 11833731 1 1 0 1 0 0 0 0 0 1 1 0 0 1 1 1 0 1 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 1 0 0 0 1 1 1 1 0 0 1 136 0 1 121 1 1 1 0 0 0 0 0 0 0 0 0 0 0 X 24 24 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 1 1 X X CHARISSA KERR 2077722321 350 COMMERCIAL STREET PORTLAND ME 04101 DONALD W PERKINS JR PRESIDENT/CEO THRU 12/31/23 40.00 5.00 X X 631767 0 105446 GLENN PRICKETT PRESIDENT/CEO 40.00 5.00 X X 190186 0 27762 MICHAEL BONNEY CHAIR 2.00 X X 0 0 0 DENISE DESCHENES VICE CHAIR 2.00 X X 0 0 0 LISA HOOK TREASURER 1.00 X X 0 0 0 PAT PANAIA SECRETARY 2.00 X X 0 0 0 GEORGE BELL DIRECTOR 1.00 X 0 0 0 JULIA TROTMAN BRADY DIRECTOR 1.00 X 0 0 0 PETER BRYANT DIRECTOR 1.00 X 0 0 0 DICK CURRAN DIRECTOR 1.00 X 0 0 0 JILL DUSON DIRECTOR 1.00 X 0 0 0 JEAN GULLIVER DIRECTOR 1.00 X 0 0 0 ERIC HALEY DIRECTOR 1.00 X 0 0 0 REBECCA HATFIELD DIRECTOR 1.00 X 0 0 0 LUKE HOLDEN DIRECTOR 1.00 X 0 0 0 ERIC KOLBEN DIRECTOR 1.00 X 0 0 0 R SCOTT MAHONEY DIRECTOR 1.00 X 0 0 0 RICHARD MERRICK DIRECTOR 1.00 X 0 0 0 TONY MCDONALD DIRECTOR 0.00 1.00 X 0 0 0 PENNY NOYCE DIRECTOR 1.00 X 0 0 0 ANNE OLIVIERO DIRECTOR 1.00 X 0 0 0 MATTHEW O'REILLY DIRECTOR 1.00 X 0 0 0 CECILY PINGREE DIRECTOR 1.00 X 0 0 0 FRANK SIMON DIRECTOR 1.00 X 0 0 0 DAVID SMITH DIRECTOR 1.00 1.00 X 0 0 0 ABIGAL WARK DIRECTOR 1.00 X 0 0 0 CHARISSA KERR CHIEF FINANCIAL OFFICER 40.00 5.00 X 155829 0 12016 BLAINE GRIMES CHIEF VENTURES OFFICER 40.00 X 266589 0 24695 MARGARET HENDRICKS ROUDSARI CHIEF DEVELOPMENT OFFICER 40.00 X 195996 0 11965 JANET DUFFY-ANDERSON CHIEF SCIENTIFIC OFFICER 40.00 X 191868 0 9282 DAVID REIDMILLER CLIMATE CENTER DIRECTOR 40.00 X 177351 0 17499 LEIGH PEAKE CHIEF EDUCATION OFFICER 40.00 X 173986 0 20471 JONATHAN LABAREE CHIEF COMMUNITY OFFICER 40.00 X 151161 0 15947 GRAHAM SHERWOOD RESEARCH SCIENTIST 40.00 X 150521 0 18363 2285254 0 263446 20 0 1 0 CUSTOM COACH 19 BARTLETT ROAD GORHAM ME 04038 BUSSING STUDENTS FOR LABVENTURE PROGRAM 253628 UPSWELL 555 SE MLK BLVD SUITE 520 PORTLAND OR 97214 COHEN CENTER NEW PROGRAMMING AND OTHER S 172522 ISAACSON MILLER 334 BOYLSTON STREET SUITE 500 BOSTON MA 021163899 COO RECRUITING SERVICE 124667 GEI CONSULTANTS 400 UNICORN PARK DRIVE WOBURN MA 018013341 ENGINEERING SERVICES FOR BULKHEAD RECONS 114298 13 10398651 7766423 450156 18165074 CONTRACT INCOME 541700 1338165 1338165 1338165 504261 504261 1398038 1443648 -45610 -45610 -29265 -16345 780481 783408 -2927 -2927 -2927 PROPERTY MANAGEMENT FEE & OTHER 900099 223151 223151 60971 60971 284122 20243085 1622287 -29265 484989 X 2104406 391131 1454037 259238 6238096 4349874 1256575 631647 336605 235542 72156 28907 1287997 1742590 -711464 256871 551402 375352 128358 47692 50115 8904 41211 101177 101177 3227368 2924869 199838 102661 437796 185641 179445 72710 51031 50065 888 78 899890 899890 602869 414105 136989 51775 29126 21836 6100 1190 43500 43500 290837 290837 56177 56177 OTHER SPECIAL COSTS 1086870 1107832 -20962 0 RECRUITMENT COSTS 145006 7541 136805 660 BAD DEBT 60302 0 59052 1250 STAFF DEVELOPMENT 59308 2380 51572 5356 48647 16069 21612 10966 17708525 11833731 4403793 1471001 691533 576976 4789104 5413800 6639999 5302598 1789852 1834273 50000 50000 284259 245835 20013856 4076036 16294295 15937820 14781546 19311541 1338872 1144124 3769088 3888241 50428548 53705208 1402699 1376001 64446 68063 12546136 12353968 1321394 683924 15334675 14481956 X 16983146 19126421 18110727 20096831 35093873 39223252 50428548 53705208 X 2534560 1753007 -158188 X 0 1 X 1 1 1 X 15183247 12182676 14796754 18500511 18165074 78828262 15183247 12182676 14796754 18500511 18165074 78828262 4985607 73842655 148345 143435 755090 1676369 1902299 4625538 62537 41542 104079 83557879 3997991 0.88370 0.87050 X PART II, SECTION A AND SECTION B COLUMN (E) REPRESENTS THE AMOUNTS FOR FISCAL YEAR 06/30/2024. COLUMN (D) REPRESENTS THE AMOUNTS FOR FISCAL YEAR 06/30/2023. COLUMN (C) REPRESENTS THE AMOUNTS FOR FISCAL YEAR 06/30/2022. COLUMN (B) REPRESENTS THE AMOUNTS FOR FISCAL YEAR 06/30/2021. COLUMN (A) REPRESENTS THE AMOUNTS FOR FISCAL YEAR 06/30/2020. RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 0 0 0 0 0 0 0 1 50400 50400 0 PART II-B, LINE 1: PAID PINEAU POLICY ASSOCIATES FOR STATE OF MAINE LOBBYING. 11775118 1667643 1656684 433045 14666400 9909833 1169920 1115188 419823 11775118 10203962 1556179 -1474936 375372 9909833 6848441 1616576 2026808 287863 10203962 5872300 964793 281591 270243 6848441 0.84460 0.15540 0 0 5353052 5353052 8722710 871048 7851662 324057 156953 167104 1514471 1042313 472158 4099566 2005722 2093844 15937820 ACCRUED INTEREST AND DIVIDEND RECEIVABLE 55796 BENEFICIAL INTEREST IN CHARITABLE REMAINDER TRUST 188337 BENEFICIAL INTEREST IN POOLED INVESTMENTS HELD BY OTHERS 2993680 INCENTIVE COMPENSATION 650428 3888241 SECURITY DEPOSIT 19656 ACCRUED INCENTIVE COMPENSATION 664268 683924 X 23711782 1753007 272042 1443648 3468697 20243085 0 20243085 19424215 272042 1443648 1715690 17708525 0 17708525 PART V, LINE 4: THE INTENDED USE OF THESE ENDOWMENT FUNDS IS FOR LONG-TERM INVESTMENT PURPOSES. THE INCOME IS TO BE USED TO HELP MEET THE OPERATING COSTS OF GMRI AND, IF NECESSARY, THE BALANCE IS TO PROVIDE A LAST-RESORT SOURCE OF FUNDS IN THE CASE OF SERIOUS FINANCIAL NEED. PART X, LINE 2: GMRI AND GMPINC HAVE BEEN DETERMINED TO BE EXEMPT FROM FEDERAL AND STATE INCOME TAXES UNDER SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE AND HAVE BOTH BEEN CLASSIFIED AS PUBLICLY SUPPORTED ORGANIZATIONS THAT ARE NOT PRIVATE FOUNDATIONS UNDER SECTION 509(A) OF THE CODE. THE INSTITUTE HAS DETERMINED THERE ARE NO AMOUNTS TO RECORD AS ASSETS OR LIABILITIES RELATED TO UNCERTAIN TAX POSITIONS. THE INSTITUTE IS SUBJECT TO AUDIT UNDER THE STATUTE OF LIMITATIONS BY THE INTERNAL REVENUE SERVICE AND STATE TAXING AUTHORITIES FOR THREE YEARS AFTER THE FILING OF THE INSTITUTE'S RETURN. PART XI, LINE 2D - OTHER ADJUSTMENTS: RENTAL EXPENSES 1,414,583. PARKING LOT EXPENSES 29,065. PART XII, LINE 2D - OTHER ADJUSTMENTS: RENTAL EXPENSE 1,414,583. PARKING LOT EXPENSES 29,065. PART V, LINE 1 COLUMN (A) REPRESENTS THE AMOUNTS FOR FISCAL YEAR 06/30/2024. COLUMN (B) REPRESENTS THE AMOUNTS FOR FISCAL YEAR 06/30/2023. COLUMN (C) REPRESENTS THE AMOUNTS FOR FISCAL YEAR 06/30/2022. COLUMN (D) REPRESENTS THE AMOUNTS FOR FISCAL YEAR 06/30/2021. COLUMN (E) REPRESENTS THE AMOUNTS FOR FISCAL YEAR 06/30/2020. X X X X X X 0 1 0 1 0 0 0 1 0 DONALD W PERKINS JR PRESIDENT/CEO THRU 12/31/23 360205 0 50000 0 221562 0 96894 0 8552 0 737213 0 151236 0 BLAINE GRIMES CHIEF VENTURES OFFICER 246331 0 20000 0 258 0 12525 0 12170 0 291284 0 0 0 GLENN PRICKETT PRESIDENT/CEO 112508 0 50000 0 27678 0 25000 0 2762 0 217948 0 0 0 MARGARET HENDRICKS ROUDSARI CHIEF DEVELOPMENT OFFICER 170948 0 25000 0 48 0 9070 0 2895 0 207961 0 0 0 JANET DUFFY-ANDERSON CHIEF SCIENTIFIC OFFICER 180388 0 0 0 11480 0 9282 0 0 0 201150 0 0 0 DAVID REIDMILLER CLIMATE CENTER DIRECTOR 177291 0 0 0 60 0 11026 0 6473 0 194850 0 0 0 LEIGH PEAKE CHIEF EDUCATION OFFICER 171060 0 0 0 2926 0 10841 0 9630 0 194457 0 0 0 GRAHAM SHERWOOD RESEARCH SCIENTIST 150383 0 0 0 138 0 9552 0 8811 0 168884 0 0 0 CHARISSA KERR CHIEF FINANCIAL OFFICER 155691 0 0 0 138 0 9136 0 2880 0 167845 0 0 0 JONATHAN LABAREE CHIEF COMMUNITY OFFICER 150765 0 0 0 396 0 8671 0 7276 0 167108 0 0 0 PART I, LINE 3 WHEN NEGOTIATING THE PRESIDENT'S COMPENSATION, GMRI HAS USED A BOARD CEO COMPENSATION COMMITTEE, ADVICE FROM INDEPENDENT COMPENSATION CONSULTANTS REGARDING THE CEO COMPENSATION MARKET, INFORMATION FROM PEER ORGANIZATION 990S, AND A WRITTEN EMPLOYMENT AGREEMENT APPROVED BY GMRI'S BOARD OF DIRECTORS. PART I, LINE 4B LINE 4B: GLENN PRICKETT PARTICIPATES IN AN UNFUNDED SUPPLEMENTAL RETIREMENT PLAN UNDER SECTIONS 409 AND 457 OF THE INTERNAL REVENUE CODE OF $25,000 PER YEAR. IN JUNE 2024 $25,000 WAS ACCRUED AND SET ASIDE FOR THIS PLAN. LINE 4B: DONALD PERKINS PARTICIPATES IN A SUPPLEMENTAL NON-QUALIFIED RETIREMENT PLAN UNDER SECTIONS 409 AND 457 OF THE INTERNAL REVENUE CODE WITH A TOTAL MAXIMUM OBLIGATION OF $800,000. ACCRUAL OF FUNDING FOR THIS PLAN BEGAN IN 2016 AS PART OF A FIVE-YEAR EMPLOYMENT CONTRACT. QUARTERLY PAYMENTS STARTED IN 2021 FOLLOWING COMPLETION OF THE EXECUTIVE'S FIVE-YEAR EMPLOYMENT COMMITMENT. FUNDING OF THIS PLAN WAS EXTENDED TO 2023 DUE TO THE EXECUTIVE'S AGREEMENT TO EXTEND HIS EMPLOYMENT THROUGH DECEMBER 2023. THE SUPPLEMENTAL RETIREMENT PLAN WAS FULLY FUNDED AS OF DECEMBER 2023. PART I, LINE 5 DONALD PERKINS HAS BEEN EMPLOYED AS GMRI'S PRESIDENT/CEO FOR 29 YEARS. GMRI COMPENSATES THIS EXECUTIVE THROUGH A COMBINATION OF BASE ANNUAL SALARY - PART 2(B)(I), ANNUAL PERFORMANCE BONUS - PART 2(B)(II), LONG-TERM PERFORMANCE BONUS - PART 2 (B)(III), A SUPPLEMENTAL RETIREMENT PLAN - PART 2 (C), AND 401K MATCHING CONTRIBUTION - PART 2 (D). ACCRUED DEFERRED INCENTIVE COMPENSATION FOR MEETING LONG-TERM FINANCIAL GOALS FROM 2015-2023, UNDER WHICH $27,095 WAS EARNED AND A PAYMENT OF $59,931 WAS MADE IN 2023. THE 2024 TOTAL ACCRUAL BALANCE TO SATISFY FUTURE OBLIGATIONS OF THE LONG TERM INCENTIVE PLAN WAS $217,176. PART I, LINE 7 DONALD PERKINS, BLAINE GRIMES, MARGARET HENDRICKS ROUDSARI AND GLENN PRICKETT RECEIVED BONUSES DURING THE YEAR BASED ON THEIR PERFORMANCE THROUGHOUT THE YEAR. X 39 1503428 MARKET VALUE 0 1 1 PART I, LINE 32B: THE ORGANIZATION USES AN INVESTMENT FIRM TO SELL ANY STOCK CONTRIBUTIONS IT RECEIVES. FORM 990, PART VI, SECTION B, LINE 11B THE ORGANIZATION HAS THE FOLLOWING REVIEW AND APPROVAL PROCESS: 1. 990 FILINGS ARE REVIEWED BY GMRI FINANCIAL STAFF. 2. COPIES OF 990 FILINGS ARE THEN PROVIDED TO THE PRESIDENT AND FINANCE COMMITTEE. 3. COPIES OF THE FINAL 990 FILING ARE PROVIDED TO THE ORGANIZATION'S DIRECTORS PRIOR TO FILING. FORM 990, PART VI, SECTION B, LINE 12C STAFF AND BOARD ARE MINDFUL OF THE POTENTIAL FOR CONFLICT OF INTEREST. IF ONE ARISES, WE DISCUSS AND ADDRESS THE ISSUE. ANNUALLY BOARD MEMBERS ARE PRESENTED WITH A DISCLOSURE FORM. FORM 990, PART VI, SECTION B, LINE 15 STAFF AND EXTERNAL STAKEHOLDERS ARE ASKED TO GIVE INPUT ON THE PERFORMANCE OF THE PRESIDENT. THE INFORMATION IS THEN COMPILED AND THE RESULTS SUMMARIZED. THE CHAIRMAN OF THE BOARD COLLECTS ALL INPUTS AND REVIEWS THE RESULTS WITH THE EXECUTIVE COMMITTEE. ANNUALLY THE PRESIDENT AND CHIEF OPERATING OFFICER CONDUCT A REVIEW OF COMPENSATION OF KEY EMPLOYEES. PERIODICALLY EXTERNAL SURVEYS AND COMPARISONS ARE DONE BY AN INDEPENDENT COMPENSATION ADVISOR. FORM 990, PART VI, SECTION C, LINE 19 THE ORGANIZATION'S GOVERNING DOCUMENTS AND POLICIES ARE AVAILABLE UPON REQUEST AT THE ORGANIZATION'S OFFICE. FINANCIAL STATEMENTS ARE AVAILABLE ON THE WEBSITE. FORM 990, PART IX, LINE 11G SUBCONTRACTED RESEARCH AND OTHER SERVICES: PROGRAM SERVICE EXPENSES 2,453,153. MANAGEMENT AND GENERAL EXPENSES 163,332. FUNDRAISING EXPENSES 38,461. TOTAL EXPENSES 2,654,946. OUTSIDE SERVICES: PROGRAM SERVICE EXPENSES 471,716. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 48,000. TOTAL EXPENSES 519,716. RECEPTIONIST SERVICES: PROGRAM SERVICE EXPENSES 0. MANAGEMENT AND GENERAL EXPENSES 36,506. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 36,506. FUNDRAISING FEES: PROGRAM SERVICE EXPENSES 0. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 16,200. TOTAL EXPENSES 16,200. FORM 990, PART XI, LINE 9: CHANGE IN VALUE OF SUBSIDIARIES -194,748. TRANSFER OF ASSETS FROM GMP 36,560. FORM 990 - THROUGHOUT: REFERENCE TO GMPINC IS THE GULF OF MAINE PROPERTIES, INC., WHOSE NAME HAS BEEN SHORTENED ON THIS FORM IN ORDER TO FIT WITHIN THE SPACES PROVIDED. UNION WHARF LLC 350 COMMERCIAL STREET PORTLAND ME 04101 301287662 TO ACQUIRE, HOLD, MANAGE, DEVELOP, OR DISPOSE OF REAL PROPERTY ME 2200 12690960 GULF OF MAINE RESEARCH INSTITUTE GULF OF MAINE VENTURES LLC 350 COMMERCIAL STREET PORTLAND ME 04101 881765254 TO INVEST IN BLUE ECONOMY BUS-S TO SUPPORT RESILIENCE IN COASTAL COMMUNITIES ME -375 1208 GULF OF MAINE RESEARCH INSTITUTE GULF OF MAINE PROPERTIES INC 350 COMMERCIAL STREET PORTLAND ME 04101 201480528 SEE SCHEDULE R, PART VII ME 501(C)(3) LINE 12A, I GULF OF MAINE RESEARCH INSTITUTE 1 GULF OF MAINE PROPERTIES I A CONDOMINIUM 350 COMMERCIAL STREET PORTLAND ME 04101 352446323 CONDOMINIUM ASSOCIATION ME GULF OF MAINE PROPERTIES INC C 1.00000 1 GULF OF MAINE SASHIMI INC 350 COMMERCIAL STREET PORTLAND ME 04101 832833089 SALE OF SASHIMI GRADE FISH ME GULF OF MAINE RESEARCH INSTITUTE C -196573 44515 1.00000 1 0 1 0 1 1 0 0 0 0 0 1 1 0 0 0 0 1 0 1 GULF OF MAINE PROPERTIES INC K 911388 ACCOUNTING RECORDS GULF OF MAINE PROPERTIES INC L 223151 ACCOUNTING RECORDS UNION WHARF LLC L 83219 ACCOUNTING RECORDS GULF OF MAINE PROPERTIES INC D 2654539 BOOK VALUE GULF OF MAINE PROPERTIES INC (GUARANTOR) E 1400000 LINE OF CREDIT LIMITS GULF OF MAINE PROPERTIES INC S 36560 FMV SCHEDULE R, PART II, COLUMN B - GMP INC'S PRIMARY ACTIVITY TO ACQUIRE, HOLD, MANAGE, DEVELOP, OR DISPOSE OF REAL PROPERTY FOR THE BENEFIT OF AND IN CONNECTION WITH GMRI.