Maine Aquaculture Innovation Center

Analysis

Maine Aquaculture Innovation Center is a registered charity in United States, based in Franklin, ME. It received its IRS tax-exemption ruling in April 1993, 33 years ago. Its declared purposes cover food, agriculture and nutrition, which this site groups under poverty relief. The IRS classifies it as a publicly supported organisation (donations from the general public) under section 501(c)(3), and contributions to it are listed as tax-deductible.

In the financial year ending June 2023, Maine Aquaculture Innovation Center reported income of $1.8m and spending of $988k, leaving 44% of income unspent that year. Across the 5 years on record, from June 2019 to June 2023, income grew from $476k to $1.8m (+268%), an average of +38% a year. The sharpest change came in the year to June 2021, when income rose by 264%. Over the whole period it spent 58% of the income it received.

Among 62,758 United States charities whose main cause is poverty relief and that reported income, Maine Aquaculture Innovation Center sits at the 82nd percentile: it is larger than about 82% of them. Against every charity in United States with reported income it ranks in the 85th percentile, and in the 83rd percentile within ME. Charities of a similar size with the same main cause include Beloved Builders Inc ($1.8m), Fame Assistance Corporation ($1.8m) and Senior Service Centers of the Albany Area Inc ($1.8m).

On its Form 990 for the period ending June 2023, revenue came from contributions and grants 100% of the total. Compensation of current officers, directors and key employees was $91k (9.2% of expenses). Other salaries and wages came to $158k. At year end it held assets of $3.1m against liabilities of $30k, net assets of $3.0m. It reported 4 employees.