Gulf of Maine Lobster Foundation Inc

Analysis

Gulf of Maine Lobster Foundation Inc is a registered charity in United States, based in Kennebunk, ME. It received its IRS tax-exemption ruling in January 2001, 25 years ago. Its declared purposes cover science and technology, which this site groups under arts, culture, heritage and science. 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 December 2023, Gulf of Maine Lobster Foundation Inc reported income of $972k and spending of $960k, spending 99% of its income. Across the 5 years on record, from December 2019 to December 2023, income grew from $537k to $972k (+81%), an average of +16% a year. The sharpest change came in the year to December 2023, when income rose by 80%. Over the whole period it spent 99% of the income it received.

Among 45,478 United States charities whose main cause is arts, culture, heritage and science and that reported income, Gulf of Maine Lobster Foundation Inc sits at the 86th percentile: it is larger than about 86% of them. Against every charity in United States with reported income it ranks in the 79th percentile, and in the 76th percentile within ME. Charities of a similar size with the same main cause include Spartanburg Little Theatre Inc ($972k), Axis Dance Company ($973k) and Express Yourself Inc ($972k).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 95% and program service revenue 4.7% of the total. Compensation of current officers, directors and key employees was $87k (9.1% of expenses). Other salaries and wages came to $63k. At year end it held assets of $152k against liabilities of $37k, net assets of $115k. It reported 3 employees.