Block Island Maritime Funding Inc

Maritime Funding

Falmouth, ME
Tax-exempt since Dec. 2012
EIN: 05-0507802

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Type of Nonprofit

Designated as a 501(c)(3) Organizations for any of the following purposes: religious, educational, charitable, scientific, literary, testing for public safety, fostering national or international amateur sports competition (as long as it doesn't provide athletic facilities or equipment), or the prevention of cruelty to children or animals.

Category: Youth Development / Youth Development Programs, Other (NTEE)

Donations to this organization are tax deductible.

Details

According to its Dec. 2022 tax filing, this nonprofit:

Reported conflict of interest transactions

Organizations must report loans, grants or business transactions with interested parties, which may include key employees and officers, their family members and any businesses in which they hold a controlling interest. These transactions must be reported on Schedule L.

Revenue

$1.09M (2022)

Expenses

$1.6M (2022)

Total Assets

$1.78M (2022)

Total Liabilities

$242k (2022)

Years with missing data

Source: Form 990 tax filings from 2008 to 2022

Tax Filings by Year

Form 990 is an information return that most organizations claiming federal tax-exempt status must file yearly with the IRS. Nonprofit Explorer has IRS digitized Form 990 data for filings processed in 2012 and later. If this organization filed an amended return, it may not be reflected below. Duplicate download links may indicate a resubmission or amendment to this organization's original return. Form 990 data is from the IRS.

Fiscal Year Ending Dec.
2022

Revenue

$1,093,821

Expenses

$1,600,300

Net Income

-$506,479

Net Assets

$1,536,159

Notable Sources of Revenue		Percent of Total Revenue
Contributions	$505,500	46.2%
Program Services	$700,363	64.0%
Investment Income	$0
Bond Proceeds	$0
Royalties	$0
Rental Property Income	$0
Net Fundraising	$0
Sales of Assets	-$112,042
Net Inventory Sales	$0
Other Revenue	$0

Notable Expenses		Percent of Total Expenses
Executive Compensation	$111,689	7.0%
Professional Fundraising Fees	$0
Other Salaries and Wages	$27,880	1.7%

Assets/Debt
Total Assets	$1,778,340
Total Liabilities	$242,181
Net Assets	$1,536,159

Reported conflict of interest transactions

Compensation

Key Employees and Officers	Compensation	Related	Other
Richard T Harris (President)	$74,002	$0	$6,288
Linda Harris (Secretary)	$31,400	$0	$0
Nathaniel Harris (Director)	$0	$0	$0

990

Filed on Sept. 26, 2023

Primary tax return for a nonprofit’s activities, finances, and governance

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Fiscal Year Ending Dec.
2021

Revenue

$1,817,313

Expenses

$1,759,039

Net Income

$58,274

Net Assets

$2,042,638

Notable Sources of Revenue		Percent of Total Revenue
Contributions	$1,299,350	71.5%
Program Services	$935,127	51.5%
Investment Income	$2	0.0%
Bond Proceeds	$0
Royalties	$0
Rental Property Income	$0
Net Fundraising	$0
Sales of Assets	-$422,316
Net Inventory Sales	$5,150	0.3%
Other Revenue	$0

Notable Expenses		Percent of Total Expenses
Executive Compensation	$135,297	7.7%
Professional Fundraising Fees	$0
Other Salaries and Wages	$23,841	1.4%

Assets/Debt
Total Assets	$2,339,750
Total Liabilities	$297,112
Net Assets	$2,042,638

Reported conflict of interest transactions

Compensation

Key Employees and Officers	Compensation	Related	Other
Richard T Harris (President)	$83,300	$0	$6,026
Linda Harris (Secretary)	$24,938	$0	$0
Elizabeth Towne Harris (Vice President)	$14,839	$0	$6,194

990

Filed on Nov. 3, 2022

Primary tax return for a nonprofit’s activities, finances, and governance

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Fiscal Year Ending Dec.
2020

Revenue

$1,274,723

Expenses

$1,457,686

Net Income

-$182,963

Net Assets

$1,984,364

Notable Sources of Revenue		Percent of Total Revenue
Contributions	$813,150	63.8%
Program Services	$880,016	69.0%
Investment Income	$3	0.0%
Bond Proceeds	$0
Royalties	$0
Rental Property Income	$0
Net Fundraising	$0
Sales of Assets	-$403,447
Net Inventory Sales	-$14,999
Other Revenue	$0

Notable Expenses		Percent of Total Expenses
Executive Compensation	$174,012	11.9%
Professional Fundraising Fees	$0
Other Salaries and Wages	$15,163	1.0%

Assets/Debt
Total Assets	$2,375,471
Total Liabilities	$391,107
Net Assets	$1,984,364

Reported conflict of interest transactions

Compensation

Key Employees and Officers	Compensation	Related	Other
Richard T Harris (President)	$78,905	$0	$9,011
Elizabeth Towne Harris (Vice President)	$23,291	$0	$16,674
Susan Rhodes (Treasurer)	$22,000	$0	$4,835
Linda Watts (Secretary)	$19,296	$0	$0

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990

Filed on Nov. 15, 2021

Primary tax return for a nonprofit’s activities, finances, and governance

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Fiscal Year Ending Dec.
2019

Revenue

$663,606

Expenses

$1,456,518

Net Income

-$792,912

Net Assets

$2,167,327

Notable Sources of Revenue		Percent of Total Revenue
Contributions	$1,005,500	> 100%
Program Services	$701,007	> 100%
Investment Income	$5	0.0%
Bond Proceeds	$0
Royalties	$0
Rental Property Income	$0
Net Fundraising	$0
Sales of Assets	-$1,034,773
Net Inventory Sales	-$8,133
Other Revenue	$0

Notable Expenses		Percent of Total Expenses
Executive Compensation	$208,158	14.3%
Professional Fundraising Fees	$0
Other Salaries and Wages	$0

Assets/Debt
Total Assets	$2,540,178
Total Liabilities	$372,851
Net Assets	$2,167,327

Reported conflict of interest transactions

Compensation

Key Employees and Officers	Compensation	Related	Other
Richard T Harris (President)	$78,201	$0	$5,228
Susan Rhodes (Treasurer)	$49,200	$0	$10,188
Elizabeth Towne Harris (Vice President)	$25,000	$0	$16,941
Linda Watts (Secretary)	$23,400	$0	$0

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990

Filed on Nov. 3, 2020

Primary tax return for a nonprofit’s activities, finances, and governance

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Fiscal Year Ending Dec.
2018

Revenue

-$266,789

Expenses

$2,083,889

Net Income

-$2,350,678

Net Assets

$2,960,239

Notable Sources of Revenue		Percent of Total Revenue
Contributions	$2,087,000
Program Services	$841,572
Investment Income	$8
Bond Proceeds	$0
Royalties	$0
Rental Property Income	$0
Net Fundraising	$0
Sales of Assets	-$3,194,969
Net Inventory Sales	-$400
Other Revenue	$0

Notable Expenses		Percent of Total Expenses
Executive Compensation	$211,898	10.2%
Professional Fundraising Fees	$0
Other Salaries and Wages	$6,400	0.3%

Assets/Debt
Total Assets	$3,319,482
Total Liabilities	$359,243
Net Assets	$2,960,239

Reported conflict of interest transactions

Compensation

Key Employees and Officers	Compensation	Related	Other
Richard T Harris (President)	$78,710	$0	$5,588
Susan Rhodes (Treasurer)	$51,199	$0	$7,723
Elizabeth Towne Harris (Vice President)	$25,000	$0	$20,278
Linda Watts (Secretary)	$23,400	$0	$0

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990

Filed on Nov. 14, 2019

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Fiscal Year Ending Dec.
2017

Revenue

$1,568,929

Expenses

$2,635,813

Net Income

-$1,066,884

Net Assets

$5,310,917

Notable Sources of Revenue		Percent of Total Revenue
Contributions	$1,080,450	68.9%
Program Services	$796,854	50.8%
Investment Income	$0
Bond Proceeds	$0
Royalties	$0
Rental Property Income	$0
Net Fundraising	$0
Sales of Assets	-$307,425
Net Inventory Sales	-$950
Other Revenue	$0

Notable Expenses		Percent of Total Expenses
Executive Compensation	$162,600	6.2%
Professional Fundraising Fees	$0
Other Salaries and Wages	$41,600	1.6%

Assets/Debt
Total Assets	$5,554,849
Total Liabilities	$243,932
Net Assets	$5,310,917

Reported conflict of interest transactions

Compensation

Key Employees and Officers	Compensation	Related	Other
Richard T Harris (President)	$65,000	$0	$4,278
Susan Rhodes (Treasurer)	$49,200	$0	$9,007
Elizabeth Towne Harris (Vice President)	$25,000	$0	$7,019
Linda Watts (Secretary)	$23,400	$0	$0

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990

Filed on May 11, 2018

Primary tax return for a nonprofit’s activities, finances, and governance

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Fiscal Year Ending Dec.
2016

Revenue

$3,830,021

Expenses

$5,208,072

Net Income

-$1,378,051

Net Assets

$6,377,801

Notable Sources of Revenue		Percent of Total Revenue
Contributions	$1,145,250	29.9%
Program Services	$2,880,415	75.2%
Investment Income	$112	0.0%
Bond Proceeds	$0
Royalties	$0
Rental Property Income	$0
Net Fundraising	$0
Sales of Assets	-$181,181
Net Inventory Sales	-$14,575
Other Revenue	$0

Notable Expenses		Percent of Total Expenses
Executive Compensation	$180,120	3.5%
Professional Fundraising Fees	$0
Other Salaries and Wages	$36,400	0.7%

Assets/Debt
Total Assets	$6,599,717
Total Liabilities	$221,916
Net Assets	$6,377,801

Reported conflict of interest transactions

Compensation

Key Employees and Officers	Compensation	Related	Other
Richard T Harris (President)	$65,000	$0	$7,206
Susan Rhodes (Treasurer)	$45,900	$0	$9,696
Linda Watts (Secretary)	$24,300	$0	$0
Elizabeth Towne (Vise President)	$24,039	$0	$3,979

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990

Filed on May 15, 2017

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Fiscal Year Ending Dec.
2015

Revenue

$9,668,467

Expenses

$3,213,357

Net Income

$6,455,110

Net Assets

$7,755,852

Notable Sources of Revenue		Percent of Total Revenue
Contributions	$4,583,760	47.4%
Program Services	$5,364,151	55.5%
Investment Income	$207	0.0%
Bond Proceeds	$0
Royalties	$0
Rental Property Income	$0
Net Fundraising	$0
Sales of Assets	-$268,351
Net Inventory Sales	-$11,300
Other Revenue	$0

Notable Expenses		Percent of Total Expenses
Executive Compensation	$72,317	2.3%
Professional Fundraising Fees	$0
Other Salaries and Wages	$7,200	0.2%

Assets/Debt
Total Assets	$8,092,145
Total Liabilities	$336,293
Net Assets	$7,755,852

Reported conflict of interest transactions

Compensation

Key Employees and Officers	Compensation	Related	Other
Susan Rhodes (Treasurer)	$47,581	$0	$6,324
Linda Watts (Secretary)	$5,400	$0	$0
Richard T Harris (President)	$0	$0	$10,992
Elizabeth Towne (Vise President)	$0	$0	$2,020

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990

Filed on Nov. 9, 2016

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Fiscal Year Ending Dec.
2014

Revenue

$1,205,328

Expenses

$936,545

Net Income

$268,783

Net Assets

$1,300,742

Notable Sources of Revenue		Percent of Total Revenue
Contributions	$1,087,900	90.3%
Program Services	$510,260	42.3%
Investment Income	$20	0.0%
Bond Proceeds	$0
Royalties	$0
Rental Property Income	$0
Net Fundraising	$0
Sales of Assets	-$388,166
Net Inventory Sales	-$4,686
Other Revenue	$0

Notable Expenses		Percent of Total Expenses
Executive Compensation	$35,704	3.8%
Professional Fundraising Fees	$0
Other Salaries and Wages	$0

Assets/Debt
Total Assets	$1,721,662
Total Liabilities	$420,920
Net Assets	$1,300,742

Reported conflict of interest transactions

Compensation

Key Employees and Officers	Compensation	Related	Other
Susan Rhodes (Executive Dir.)	$29,066	$0	$0
Richard T Harris (President)	$0	$0	$6,638
Lauren Lennahan (Secretary)	$0	$0	$0
Nancy Harris (Director)	$0	$0	$0

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990

Filed on July 30, 2015

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Fiscal Year Ending Dec.
2013

Revenue

$770,354

Expenses

$913,620

Net Income

-$143,266

Net Assets

$1,031,959

Notable Sources of Revenue		Percent of Total Revenue
Contributions	$555,005	72.0%
Program Services	$425,645	55.3%
Investment Income	$21	0.0%
Bond Proceeds	$0
Royalties	$0
Rental Property Income	$0
Net Fundraising	$0
Sales of Assets	-$205,687
Net Inventory Sales	-$4,630
Other Revenue	$0

Notable Expenses		Percent of Total Expenses
Executive Compensation	$30,526	3.3%
Professional Fundraising Fees	$0
Other Salaries and Wages	$0

Assets/Debt
Total Assets	$1,493,736
Total Liabilities	$461,777
Net Assets	$1,031,959

Reported conflict of interest transactions

Compensation

Key Employees and Officers	Compensation	Related	Other
Susan Rhodes (Executive Dir.)	$28,400	$0	$0
Richard T Harris (President)	$0	$0	$2,126
Lauren Lennahan (Secretary)	$0	$0	$0
Nancy Harris (Director)	$0	$0	$0

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990

Filed on July 21, 2014

Primary tax return for a nonprofit’s activities, finances, and governance

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Fiscal Year Ending Dec.
2012

Revenue

$1,149,361

Expenses

$1,140,211

Net Income

$9,150

Net Assets

$1,175,225

Notable Sources of Revenue		Percent of Total Revenue
Contributions	$641,200	55.8%
Program Services	$610,230	53.1%
Investment Income	$35	0.0%
Bond Proceeds	$0
Royalties	$0
Rental Property Income	$0
Net Fundraising	$0
Sales of Assets	-$97,986
Net Inventory Sales	-$6,349
Other Revenue	$2,231	0.2%

Notable Expenses		Percent of Total Expenses
Executive Compensation	$59,227	5.2%
Professional Fundraising Fees	$0
Other Salaries and Wages	$0

Assets/Debt
Total Assets	$1,672,361
Total Liabilities	$497,136
Net Assets	$1,175,225

990

Primary tax return for a nonprofit’s activities, finances, and governance

PDF

Fiscal Year Ending Dec.
2011

Revenue

$1,650,258

Expenses

$836,432

Net Income

$813,826

Net Assets

$1,166,075

Notable Sources of Revenue		Percent of Total Revenue
Contributions	$1,151,383	69.8%
Program Services	$452,994	27.4%
Investment Income	$16	0.0%
Bond Proceeds	$0
Royalties	$0
Rental Property Income	$0
Net Fundraising	$0
Sales of Assets	$0
Net Inventory Sales	$0
Other Revenue	$45,865	2.8%

Notable Expenses		Percent of Total Expenses
Executive Compensation	$66,680	8.0%
Professional Fundraising Fees	$0
Other Salaries and Wages	$0

Assets/Debt
Total Assets	$1,696,950
Total Liabilities	$530,875
Net Assets	$1,166,075

The IRS has provided extracted financial data for this filing, but has not yet released the source documents.

Fiscal Year Ending Dec.
2009

Revenue

-$1,339,050

Expenses

$355,081

Net Income

-$1,694,131

Net Assets

$5,903,394

Notable Sources of Revenue		Percent of Total Revenue
Contributions	$1,045,400
Program Services	$0
Investment Income	$0
Bond Proceeds	$0
Royalties	$0
Rental Property Income	$0
Net Fundraising	$0
Sales of Assets	$0
Net Inventory Sales	-$2,384,450
Other Revenue	$0

Notable Expenses		Percent of Total Expenses
Executive Compensation	$52,000	14.6%
Professional Fundraising Fees	$0
Other Salaries and Wages	$0

Assets/Debt
Total Assets	$6,425,874
Total Liabilities	$522,480
Net Assets	$5,903,394

The IRS has provided extracted financial data for this filing, but has not yet released the source documents.

Fiscal Year Ending Dec.
2008

Revenue

$4,590,407

Expenses

$312,611

Net Income

$4,277,796

Net Assets

$2,690,971

Notable Sources of Revenue		Percent of Total Revenue
Contributions	$4,530,400	98.7%
Program Services	$0
Investment Income	$2	0.0%
Bond Proceeds	$0
Royalties	$0
Rental Property Income	$0
Net Fundraising	$0
Sales of Assets	$0
Net Inventory Sales	$60,005	1.3%
Other Revenue	$0

Notable Expenses		Percent of Total Expenses
Executive Compensation	$65,600	21.0%
Professional Fundraising Fees	$0
Other Salaries and Wages	$5,370	1.7%

Assets/Debt
Total Assets	$3,199,120
Total Liabilities	$508,149
Net Assets	$2,690,971

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Updated November 21, 2024

Block Island Maritime Funding Inc

Organization summary

Type of Nonprofit

Details

Summary charts: organization finances over time

Revenue $1.09M (2022)

Expenses $1.6M (2022)

Total Assets $1.78M (2022)

Total Liabilities $242k (2022)

Tax Filings by Year

Fiscal Year Ending Dec. 2022

Extracted Financial Data

Extracted Financial Data from Form 990

Other

Compensation

Document Links

990

Fiscal Year Ending Dec. 2021

Extracted Financial Data

Extracted Financial Data from Form 990

Other

Compensation

Document Links

990

Fiscal Year Ending Dec. 2020

Extracted Financial Data

Extracted Financial Data from Form 990

Other

Compensation

Document Links

990

Fiscal Year Ending Dec. 2019

Extracted Financial Data

Extracted Financial Data from Form 990

Other

Compensation

Document Links

990

Fiscal Year Ending Dec. 2018

Extracted Financial Data

Extracted Financial Data from Form 990

Other

Compensation

Document Links

990

Fiscal Year Ending Dec. 2017

Extracted Financial Data

Extracted Financial Data from Form 990

Other

Compensation

Document Links

990

Fiscal Year Ending Dec. 2016

Extracted Financial Data

Extracted Financial Data from Form 990

Other

Compensation

Document Links

990

Fiscal Year Ending Dec. 2015

Extracted Financial Data

Extracted Financial Data from Form 990

Other

Compensation

Document Links

990

Fiscal Year Ending Dec. 2014

Extracted Financial Data

Extracted Financial Data from Form 990

Other

Compensation

Document Links

990

Fiscal Year Ending Dec. 2013

Extracted Financial Data

Extracted Financial Data from Form 990

Other

Compensation

Document Links

990

Revenue

$1.09M (2022)

Expenses

$1.6M (2022)

Total Assets

$1.78M (2022)

Total Liabilities

$242k (2022)

Fiscal Year Ending Dec.
2022

Fiscal Year Ending Dec.
2021

Fiscal Year Ending Dec.
2020

Fiscal Year Ending Dec.
2019

Fiscal Year Ending Dec.
2018

Fiscal Year Ending Dec.
2017

Fiscal Year Ending Dec.
2016

Fiscal Year Ending Dec.
2015

Fiscal Year Ending Dec.
2014

Fiscal Year Ending Dec.
2013

Fiscal Year Ending Dec.
2012

Fiscal Year Ending Dec.
2011

Fiscal Year Ending Dec.
2009

Fiscal Year Ending Dec.
2008

Fiscal Year Ending Dec.
2007

Fiscal Year Ending Dec.
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Fiscal Year Ending Dec.
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Fiscal Year Ending Dec.
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2001