2010 Annual Report
Gulf of Maine Research Institute

2010 Financials

Gulf of Maine Research Institute (GMRI) programs continued to operate at breakeven.  Programs grew by over  30% in 2010, reflecting an  increased need for services to support groundfish harvesting sectors and seafood sustainability. The surplus income over expenses arose from capital grants used primarily to complete reconstruction of our pier, which will be used by the U.S. Coast Guard. This investment permanently secures 2.2 acres of GMRI's waterfront site.

Science, Education and Community programs were funded mainly by  federal grants and charitable contributions  Most of the state funding was designated for the pier reconstruction project. 

Fundraising and community relations activities were funded by unrestricted contributions and investment income.  Administrative costs were funded by overhead allocations to programs and by property management income.

GMRI has a wholly owned subsidiary, Gulf of Maine Properties Inc. (GMPinc), which owns and operates GMRI's facilities. 

GMRI continues to receive unqualified opinions and top marks from our external auditors, Runyon Kersteen Ouelette, in our financial and federal compliance audits.

Our financial evolution from capital campaign (2002-2004) to facility ownership and emerging endowment base (2005-2010) is shown in the nine-year trend chart of the consolidated net assets of GMRI and GMPinc.

GMRI and GMPinc audited financial statements are reported on a consolidated basis. Copies can be downloaded from our website at www.gmri.org/financials, or by clicking the button below.

Download complete financial statements

Revenue: $10,300,000 

Revenue Chart

Expenses: $7,300,000

Expense Chart

Total Net Assets (including GMPinc):

Assets Chart