Gulf of Maine Research Institute (GMRI) had another successful year, continuing to deliver on core programs.
GMRI programs are funded primarily by federal grants, foundation grants, and individual contributions. Revenue was down less than 15% when compared to the previous twelve months largely due to investment losses because of market volatility.
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 2022 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.
During Fiscal Year Ending June 30, 2022, GMRI created a new wholly-owned subsidiary, Union Wharf (UW), which owns the Union Wharf pier and rents the buildings to tenants.
Meanwhile, GMRI continues to grow its national and international reputation as a marine research institute, a leader in community 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