Gulf of Maine Research Institute (GMRI) programs grew over 10% in 2011. There was a drop in total revenue compared to 2010 because of large capital grants in the prior year for rebuilding our bulkhead pier, now leased to the US Coast Guard. The 2011 deficit in revenue to cover costs arose from a shortfall in fundraising for core program operations. GMRI elected to finance the deficit in the short term in order to preserve the programs, given their strategic value to our long-term mission.
In 2011 GMRI created and filled the position of Chief Operating Officer to provide more senior management capacity, which in turn allows the organization to work on securing an endowment base to help fund these core program costs.
Science, Education and Community programs are funded primarily by federal grants and charitable contributions.
Fundraising and community relations activities are funded by unrestricted contributions and investment income. Most administrative costs are allocated as overhead to the programs under Federal cost guidelines, and the balance are funded by property management income.
GMRI has a wholly owned subsidiary, Gulf of Maine Properties Inc. (GMPinc), which owns and operates GMRI's facilities. GMPinc has attracted an interesting mix of tenant partners to our lab, establishing a growing cluster of economic activity centered on marine science, technology, and education innovation at the heart to Portland's working waterfront.
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 base has evolved over the past decade as we completed the capital campaign to build our lab (2002-2004) and accelerated a mix of nationally recognized programs (2005-2011) is shown in the ten-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 or by clicking the button below.