Gloucester Marine Genomics Institute Incorporated

Analysis

Gloucester Marine Genomics Institute Incorporated is a registered charity in United States, based in Gloucester, MA. It received its IRS tax-exemption ruling in October 2014, 12 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, Gloucester Marine Genomics Institute Incorporated reported income of $5.7m and spending of $5.3m, spending 93% of its income. Across the 5 years on record, from December 2019 to December 2023, income grew from $3.1m to $5.7m (+81%), an average of +16% a year. The sharpest change came in the year to December 2021, when income rose by 68%. Over the whole period it spent 94% of the income it received.

Among 45,478 United States charities whose main cause is arts, culture, heritage and science and that reported income, Gloucester Marine Genomics Institute Incorporated sits at the 96th percentile: it is larger than about 96% of them. Against every charity in United States with reported income it ranks in the 93rd percentile, and in the 92nd percentile within MA. Charities of a similar size with the same main cause include Sunfest of Palm Beach County Inc ($5.7m), California State Railroad Museum Foundation Inc ($5.7m) and Humanity First USA ($5.6m).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 97% and program service revenue 2.4% of the total. Compensation of current officers, directors and key employees was $524k (9.9% of expenses). Other salaries and wages came to $2.1m. At year end it held assets of $9.2m against liabilities of $1.9m, net assets of $7.3m. It reported 40 employees.