The Gulf of Maine Research Institute (GMRI) had another successful year, with continued delivery of core programs and 13% growth in total expenses. Operations broke even, and the $2,200,000 surplus of total revenue over expense reflects the growth in endowments and reserves.
Science, Education, and Community programs are funded primarily by federal grants, foundation grants, and individual contributions. Revenue was up $900,000 over 2016, primarily arising from increases in federal grants, individual contributions, and investment market gains.
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 subsidiary.
GMRI’s wholly-owned subsidiary, Gulf of Maine Properties Inc. (GMPInc), owns and operates GMRI’s facilities. GMRI rents 78% of the total space in the building and the remaining space is rented to other tenants.
Our 2017 external audit is underway and will be added to the website when available.
Most of the growth in our net assets is in endowments and reserves. We maintain our 2005 laboratory facilities in A-class shape. We have not made any major investment in capital expansion in the last 12 years, other than rebuilding the waterfront pier in 2010. The Science Literacy Fund for Maine and other GMRI-held endowment funds reflect a new phase of asset growth, starting in 2013.
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. Copies can be downloaded from our website. Please note that 2017 Complete Financials document will be released at a later stage.