Gulf of Maine Research Institute (GMRI) had a breakeven fiscal year ended June 30, 2020. We had another successful year, with continued delivery of core programs and 8% growth 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 up $1,300,000 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 subsidiaries.
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 2020 external audit was no exception.
Most of the growth in our net assets is in endowments and future programs. We maintain our laboratory facilities in A-class shape. We are creating a strategy to reduce our carbon footprint, with the goal of becoming carbon neutral by the end of 2021.
During our Fiscal Year Ending June 30, 2020, GMRI launched a second wholly-owned, 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