Civic Intelligence

Gloucester Marine Genomics Institute Incorporated

990 • Fiscal year 2019 • EIN 46-3020006

Jan 01, 2019 to Dec 31, 2019 • Filed on Sep 11, 2020

Organization ProfileWWW.GMGI.ORG

View Organization Page

417 Main StreetGloucester, MA 01930

(978) 879-4575

Siviq Scores

Precomputed percentiles for this filing year versus similar nonprofits in the same peer cohort.

Liabilities / Assets

30th percentile

0.04x

Higher debt load relative to assets than 30% of similar nonprofits.

2019 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2019

Liabilities / Revenue

35th percentile

0.09x

Higher debt load relative to revenue than 35% of similar nonprofits.

2019 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2019

Net Margin

70th percentile

12%

Higher net margin than 70% of similar nonprofits.

2019 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2019

Top Officer Pay

82nd percentile

$236,452

Higher top officer pay than 82% of similar nonprofits.

Top officer pay equals 7.5% of source-year revenue.

2019 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2019

Asset Growth

52nd percentile

3.8%

Faster asset growth than 52% of similar nonprofits.

2019 filings • 501(c)3 • $5M-$10M nonprofits • Annualized from 2018 to 2019

Revenue Growth

10th percentile

-31%

Faster revenue growth than 10% of similar nonprofits.

2019 filings • 501(c)3 • $5M-$10M nonprofits • Annualized from 2018 to 2019

Balance Sheet
Liabilities / Assets30th percentile

Assets

Up

$6,702,969

Up $244,603 (+3.8%) from 2018

Net Assets

Up

$6,435,473

Up $383,935 (+6.3%) from 2018

Liabilities

Down

$267,496

Down $139,332 (-34%) from 2018

Revenue And Expenses
Liabilities / Revenue35th percentileNet Margin70th percentile

Revenue

Down

$3,132,397

Down $1,377,623 (-31%) from 2018

Expenses

Up

$2,748,462

Up $904,832 (+49%) from 2018

Net Income

Down

$383,935

Down $2,282,455 (-86%) from 2018

Historical Trend

Balance Sheet Trend

Asset Growth52nd percentile

The highlighted filing sits inside the broader history for assets, liabilities, and net assets.

$15M$10M$5.0M$0Assets 2013: $16,585Liabilities 2013: $15,0002013Assets 2014: $236,363Liabilities 2014: $16,537Net Assets 2014: $219,8262014Assets 2015: $635,734Liabilities 2015: $71,552Net Assets 2015: $564,1822015Assets 2016: $2,873,679Liabilities 2016: $30,034Net Assets 2016: $2,843,6452016Assets 2017: $3,535,470Liabilities 2017: $150,322Net Assets 2017: $3,385,1482017Assets 2018: $6,458,366Liabilities 2018: $406,828Net Assets 2018: $6,051,5382018Assets 2019: $6,702,969Liabilities 2019: $267,496Net Assets 2019: $6,435,4732019Assets 2020: $5,971,628Liabilities 2020: $241,475Net Assets 2020: $5,730,1532020Assets 2021: $6,391,248Liabilities 2021: $263,619Net Assets 2021: $6,127,6292021Assets 2022: $8,833,922Liabilities 2022: $1,937,763Net Assets 2022: $6,896,1592022Assets 2023: $9,194,920Liabilities 2023: $1,906,491Net Assets 2023: $7,288,4292023Assets 2024: $13,172,949Liabilities 2024: $1,867,136Net Assets 2024: $11,305,8132024

Highlighted filing

2019

Assets$6,702,969
Liabilities$267,496
Net Assets$6,435,473
Open 2019 Filing

Operations Trend

Revenue Growth10th percentile

Revenue, expenses, and net income across loaded years, with this filing highlighted.

$10M$5.0M$0-$5.0MRevenue 2013: $47,148Expenses 2013: $45,563Net Income 2013: $1,5852013Revenue 2014: $487,020Expenses 2014: $268,779Net Income 2014: $218,2412014Revenue 2015: $593,361Expenses 2015: $287,005Net Income 2015: $306,3562015Revenue 2016: $2,823,232Expenses 2016: $663,769Net Income 2016: $2,159,4632016Revenue 2017: $1,722,911Expenses 2017: $1,181,408Net Income 2017: $541,5032017Revenue 2018: $4,510,020Expenses 2018: $1,843,630Net Income 2018: $2,666,3902018Revenue 2019: $3,132,397Expenses 2019: $2,748,462Net Income 2019: $383,9352019Revenue 2020: $2,200,360Expenses 2020: $2,905,680Net Income 2020: -$705,3202020Revenue 2021: $3,696,624Expenses 2021: $3,299,148Net Income 2021: $397,4762021Revenue 2022: $4,950,560Expenses 2022: $4,182,030Net Income 2022: $768,5302022Revenue 2023: $5,663,713Expenses 2023: $5,271,443Net Income 2023: $392,2702023Revenue 2024: $9,856,858Expenses 2024: $5,839,474Net Income 2024: $4,017,3842024

Highlighted filing

2019

Revenue$3,132,397
Expenses$2,748,462
Net Income$383,935
Open 2019 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2019 to Dec 31, 2019
Signed
Sep 11, 2020
Return Version
2019v5.1
Gross Receipts
$3,132,397
Mission and Program Overview

Mission

Gmgi's mission is to conduct world-class marine biotechnology research which expands the regional economy. In order to accomplish this mission, gmgi is: establishing a marine biotechnology research institute that is powered by genomics; creating a vibrant science learning environment whose core program - gloucester biotechnology academy - trains local high school graduates for careers as professional lab technicians; and promoting conditions that encourage the development of a science community on cape ann.

Gloucester marine genomics institute (gmgi) was established in 2013. Gmgi's mission is to address critical challenges facing our oceans, human health and the environment through innovative scientific research and education. By bringing world-class science and transformative workforce development to gloucester's historic waterfront, gmgi is catalyzing the regional economy.

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$3,302,423$3,047,281▼ $255,142
Pledges and Grants Receivable$1,685,900$1,943,970▲ $258,070
Savings and Temporary Cash Investments$19,468$1,336,746▲ $1,317,278
Accounts Receivable$569,918$145,916▼ $424,002
Cash and Non-Interest-Bearing Accounts$778,083$136,950▼ $641,133
Prepaid Expenses and Deferred Charges$80,774$91,156▲ $10,382
Total Assets$6,458,366$6,702,969▲ $244,603
Other Assets Total$21,800$950▼ $20,850
Liabilities
Unsecured Notes Loans Payable$186,413$174,522▼ $11,891
Accounts Payable and Accrued Expenses$220,415$92,974▼ $127,441
Total Liabilities$406,828$267,496▼ $139,332
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$5,751,151$4,230,821▼ $1,520,330
Net Assets With Donor Restrictions$300,387$2,204,652▲ $1,904,265
Total Net Assets Fund Balance$6,051,538$6,435,473▲ $383,935
Total Liabilities and Net Assets / Fund Balance$6,458,366$6,702,969▲ $244,603

Asset Categories

AssetBook ValueDepreciationBasis
Leasehold Improvements$2,207,546$252,369$2,459,915
Equipment$839,735$521,218$1,360,953
Compensation and Service Providers
Top Officer Pay82nd percentile

Employees

NameTitleFull / Part TimeBaseOtherTotal
Andrea BodnarScience DirectorFT$210,087$26,365$236,452
Carson BerglundDevelopment DirectorFT$117,469$26,365$143,834
Christiane MunkholmCOO/clerkFT$90,865$2,439$93,304
Christine BolzanCOO/clerkFT$49,231$14,267$63,498

Board Members and Trustees

NameTitle
Marc VidalBoard Member/president
Bill KaneBoard Member
David WaltBoard Member
George PutnamBoard Member
JOHN O'CONNORBoard Member
Jim BaconBoard Member
John ConnollyBoard Member
Jose-carlos Gutierrez-ramosBoard Member
Laura SenBoard Member
Tom SimonsBoard Member/clerk
Michele MayBoard Member/treasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$2,743,199
Program Service Revenue
$379,092
Investment Income
$6,409
Other Revenue
$3,697
All Other Contributions
$2,584,932
Change in Net Assets
$383,935

Audited Revenue Reconciliation

Revenue per Audited Statements
$3,132,397
Revenue Not Reported on Financial Statements
$0
Revenue Not Reported on Form 990
$166,887
Total Revenue per Audited Statements
$3,299,284
Total Revenue per Form 990
$3,132,397
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$1,549,674
Other Expenses$1,198,788
Total Fundraising Expense$191,510
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$667,972$137,953$136,327$942,252
Depreciation Depletion$379,144$6,506$2,788$388,438
Current Officers, Directors, Trustees, and Key Employees$210,087$145,096-$355,183
Occupancy$156,230$8,866$3,800$168,896
Other Employee Benefits$100,833$31,213$16,003$148,049
All Other Expenses$100,806$26,785$12,683$140,274
Payroll Taxes$70,962$21,966$11,262$104,190
Information Technology$45,219$28,503$6,067$79,789
Other Expenses$42,218$3,459$1,584$47,261
Insurance$350$16,168-$16,518
Fees for Services Accounting-$15,000-$15,000
Interest-$12,449-$12,449
Office Expenses$4,743$6,562$428$11,733
Travel$7,597$2,868$454$10,919
Fees for Services Other$1,080$5,755-$6,835
Total Functional Expenses$2,085,969$470,983$191,510$2,748,462

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Audited Statements$2,915,349
Expenses per Audited Statements$2,748,462
Total Expenses per Form 990$2,748,462
Expenses Not Reported on Form 990$166,887
Expenses Not Reported on Financial Statements$0
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Professional Fundraising Fees$0
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
No
Subject to proxy tax
No
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
Yes
Backup withholding compliance
Yes
Business relationship with 35% controlled entity
No
Business relationship with family members
No
Business relationship with organization members
No
Material changes to governing documents
No
Compensation from other sources disclosed
No
CEO compensation reviewed
Yes
Other officer compensation reviewed
Yes
Conflict-of-interest policy
Yes
Audited financial statements prepared
No
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

Form 990, Part VI, Section A, Line 2

“Four members of the board of directors are in two family groups.”

Form 990, Part VI, Section B, Line 11B

“The form 990 is provided electronically to each board member for their review.”

Form 990, Part VI, Section B, Line 12C

“Gmgi requires members of the board to annually sign the conflict of interest policy.”

Form 990, Part VI, Section B, Line 15

“A board committee was assigned to review outside comparability data, including salary surveys to determine the compensation.”

Form 990, Part VI, Section C, Line 19

“Gmgi's principal governing documents including the articles of incorporation and by-laws are filed with the massachusetts secretary of state and therefore are available to the public. Gmgi's financial statements are available to the public on the massachusetts attorney general website.”

Filing and Contact Details

Filer

Filer Name
Gloucester Marine Genomics Institute
EIN
46-3020006
Phone
9788794575
Address
417 MAIN STREET, GLOUCESTER, MA 01930

Signing Officer

Name
Christine Bolzan
Title
COO & Clerk
Phone
9788794575
Signed
2020-09-11
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Christine Bolzan
Formed
2013
Legal Domicile
Ma
Voting Board Members
11
Independent Board Members
11
Employees
25
Volunteers
73

Preparer

Firm
Dicicco Gulman & Company Llp
Address
150 PRESIDENTIAL WAY SUITE 510, WOBURN, MA 01801
Preparer
Laura J Gregoriadis
Phone
7819375300
Supplemental Narrative

Financial Statement Notes

PART X, LINE 2:

“Gaap prescribes the threshold a tax position is required to meet before being recognized in the financial statements. The tax-exempt status of an entity is considered a tax position. An additional liability for uncertain tax positions ("utps") is recognized and recorded as a component of current income tax expense for differences between financial and income tax reporting positions which do not meet this threshold. Any interest and penalties related to utps are recorded as a component of income tax expense. Gmgi has reviewed its income tax positions and has not identified any material utps, including any tax positions that would jeopardize its tax-exempt status, and thus has not recorded a liability at december 31, 2019 or 2018. Gmgi's income tax returns are subject to examination by taxing authorities. Gmgi is no longer subject to examinations by tax authorities for years prior to 2016. Currently, there are no income tax audits in process.”

Raw XML AppendixShowing 400 of 586 raw XML fields

This appendix keeps the raw XML leaves available for debugging and edge-case review. The human report above is the primary experience.

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IRS990/ActivityOrMissionDesc0GLOUCESTER MARINE GENOMICS INSTITUTE (GMGI) WAS ESTABLISHED IN 2013. GMGI'S MISSION IS TO ADDRESS CRITICAL CHALLENGES FACING OUR OCEANS, HUMAN HEALTH AND THE ENVIRONMENT THROUGH INNOVATIVE SCIENTIFIC RESEARCH AND EDUCATION. BY BRINGING WORLD-CLASS SCIENCE AND TRANSFORMATIVE WORKFORCE DEVELOPMENT TO GLOUCESTER'S HISTORIC WATERFRONT, GMGI IS CATALYZING THE REGIONAL ECONOMY.
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IRS990/Desc0RESEARCH- GMGI HAS ESTABLISHED A WORLD-CLASS MARINE BIOTECHNOLOGY RESEARCH INSTITUTE ON THE GLOUCESTER HARBOR WHOSE WORK IS POWERED BY THE SCIENTIFIC FIELD OF GENOMICS. MARINE GENOMICS REPRESENTS A NEW EPOCH IN BOTH MARINE SCIENCE AND BIOTECHNOLOGY AND GMGI IS LEADING THE WAY. THE PRIMARY FOCUS IS ON TRANSLATIONAL RESEARCH THAT CONNECTS DIRECTLY WITH HUMAN HEALTH. GMGI IS ALSO BRINGING THE BEST SCIENCE TO FISHERY RESEARCH.
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IRS990/MissionDesc0GLOUCESTER MARINE GENOMICS INSTITUTE ADDRESSES CRITICAL CHALLENGES FACING OUR OCEANS, HUMAN HEALTH AND THE ENVIRONMENT THROUGH INNOVATIVE SCIENTIFIC RESEARCH AND EDUCATION. BY BRINGING WORLD-CLASS SCIENCE AND TRANSFORMATIVE WORKPLACE DEVELOPMENT TO GLOUCESTER'S HISTORIC WATERFRONT, GMGI IS CATALYZING THE REGIONAL ECONOMY.
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IRS990/PayPremiumsPrsnlBnftCntrctInd00
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IRS990/ProgSrvcAccomActy2Grp/Desc0BIOTECHNOLOGY ACADEMY- GMGI HAS CREATED A VIBRANT SCIENCE LEARNING ENVIRONMENT, WITH GLOUCESTER BIOTECHNOLOGY ACADEMY AS THE FLAGSHIP PROGRAM. THE ACADEMY TRAINS LOCAL HIGH SCHOOL GRADUATES FOR JOBS AS BIOTECH LAB TECHNICIANS THROUGH A LAB-IMMERSION CURRICULUM AT OUR STATE-OF-THE-ART TRAINING FACILITY AND PAID INTERNSHIPS AT LOCAL BIOTECH FIRMS. THE ACADEMY ALSO OFFERS EDUCATIONAL SCIENCE PROGRAMS FOR MIDDLE AND HIGH SCHOOL STUDENTS.
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IRS990/ProgSrvcAccomActy2Grp/RevenueAmt080092
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IRS990/RegularMonitoringEnfrcInd01
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IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt0GAAP PRESCRIBES THE THRESHOLD A TAX POSITION IS REQUIRED TO MEET BEFORE BEING RECOGNIZED IN THE FINANCIAL STATEMENTS. THE TAX-EXEMPT STATUS OF AN ENTITY IS CONSIDERED A TAX POSITION. AN ADDITIONAL LIABILITY FOR UNCERTAIN TAX POSITIONS ("UTPS") IS RECOGNIZED AND RECORDED AS A COMPONENT OF CURRENT INCOME TAX EXPENSE FOR DIFFERENCES BETWEEN FINANCIAL AND INCOME TAX REPORTING POSITIONS WHICH DO NOT MEET THIS THRESHOLD. ANY INTEREST AND PENALTIES RELATED TO UTPS ARE RECORDED AS A COMPONENT OF INCOME TAX EXPENSE. GMGI HAS REVIEWED ITS INCOME TAX POSITIONS AND HAS NOT IDENTIFIED ANY MATERIAL UTPS, INCLUDING ANY TAX POSITIONS THAT WOULD JEOPARDIZE ITS TAX-EXEMPT STATUS, AND THUS HAS NOT RECORDED A LIABILITY AT DECEMBER 31, 2019 OR 2018. GMGI'S INCOME TAX RETURNS ARE SUBJECT TO EXAMINATION BY TAXING AUTHORITIES. GMGI IS NO LONGER SUBJECT TO EXAMINATIONS BY TAX AUTHORITIES FOR YEARS PRIOR TO 2016. CURRENTLY, THERE ARE NO INCOME TAX AUDITS IN PROCESS.
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc0PART X, LINE 2:
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Document Assets

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Filings

Displayed year

2019 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$6,702,969
Liabilities
$267,496
Net assets
$6,435,473
Revenue
$3,132,397
Expenses
$2,748,462
Net income
$383,935
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Facts available. Structured filing facts are available, but richer extracted sections are limited.$13.2$1.87$11.3$9.86$5.84$4.02
2023Detailed filing. Detailed filing data is available for this year.$9.19$1.91$7.29$5.66$5.27$0.39
2022Detailed filing. Detailed filing data is available for this year.$8.83$1.94$6.90$4.95$4.18$0.77
2021Detailed filing. Detailed filing data is available for this year.$6.39$0.26$6.13$3.70$3.30$0.40
2020Detailed filing. Detailed filing data is available for this year.$5.97$0.24$5.73$2.20$2.91$0.71
2019Detailed filing. Detailed filing data is available for this year.$6.70$0.27$6.44$3.13$2.75$0.38
2018Detailed filing. Detailed filing data is available for this year.$6.46$0.41$6.05$4.51$1.84$2.67
2017Detailed filing. Detailed filing data is available for this year.$3.54$0.15$3.39$1.72$1.18$0.54
2016Detailed filing. Detailed filing data is available for this year.$2.87$0.03$2.84$2.82$0.66$2.16
2015Summary only. Only limited summary data is available for this year.$0.64$0.07$0.56$0.59$0.29$0.31
2014Summary only. Only limited summary data is available for this year.$0.24$0.02$0.22$0.49$0.27$0.22
2013Summary only. Only limited summary data is available for this year.$0.02$0.02$0.05$0.05$0.00