Civic Intelligence

Ferry Cove Shellfish Inc.

990 • Fiscal year 2021 • EIN 84-4611271

Jan 01, 2021 to Dec 31, 2021 • Filed on Jun 30, 2022

Organization Profilewww.ferrycove.org

View Organization Page

275 West Street Ste 109Annapolis, MD 21401

(667) 458-7992

Siviq Scores

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

Liabilities / Assets

22nd percentile

0.00x

Higher debt load relative to assets than 22% of similar nonprofits.

2021 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2021

Liabilities / Revenue

19th percentile

0.00x

Higher debt load relative to revenue than 19% of similar nonprofits.

2021 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2021

Net Margin

87th percentile

51%

Higher net margin than 87% of similar nonprofits.

2021 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2021

Top Officer Pay

90th percentile

$194,670

Higher top officer pay than 90% of similar nonprofits.

Top officer pay equals 13.2% of source-year revenue.

2021 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2021

Asset Growth

Score unavailable

No value available

No earlier valid filing was available within the previous three public years.

Source year 2021

Revenue Growth

Score unavailable

No value available

No earlier valid filing was available within the previous three public years.

Source year 2021

Balance Sheet
Liabilities / Assets22nd percentile

Assets

$782,377

No earlier filing loaded for comparison.

Net Assets

$780,603

No earlier filing loaded for comparison.

Liabilities

$1,774

No earlier filing loaded for comparison.

Revenue And Expenses
Liabilities / Revenue19th percentileNet Margin87th percentile

Revenue

$1,478,724

No earlier filing loaded for comparison.

Expenses

$723,819

No earlier filing loaded for comparison.

Net Income

$754,905

No earlier filing loaded for comparison.

Historical Trend

Balance Sheet Trend

Asset GrowthScore unavailable

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

$800K$600K$400K$200K$0Assets 2021: $782,377Liabilities 2021: $1,774Net Assets 2021: $780,6032021Assets 2022: $119,974Liabilities 2022: $25,389Net Assets 2022: $94,5852022Assets 2023: $152,181Liabilities 2023: $56,840Net Assets 2023: $95,3412023Assets 2024: $97,061Liabilities 2024: $21,760Net Assets 2024: $75,3012024

Highlighted filing

2021

Assets$782,377
Liabilities$1,774
Net Assets$780,603
Open 2021 Filing

Operations Trend

Revenue GrowthScore unavailable

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

$2.0M$1.0M$0-$1.0MRevenue 2021: $1,478,724Expenses 2021: $723,819Net Income 2021: $754,9052021Revenue 2022: $589,396Expenses 2022: $1,275,414Net Income 2022: -$686,0182022Revenue 2023: $1,723,515Expenses 2023: $1,722,759Net Income 2023: $7562023Revenue 2024: $1,480,432Expenses 2024: $1,522,225Net Income 2024: -$41,7932024

Highlighted filing

2021

Revenue$1,478,724
Expenses$723,819
Net Income$754,905
Open 2021 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2021 to Dec 31, 2021
Signed
Jun 30, 2022
Return Version
2021v4.2
Gross Receipts
$1,478,724
Mission and Program Overview

Mission

Ferry cove shellfish is designing, promoting and implementing sustainable aquaculture-related activities continued on schedule o

Balance Sheet Detail
LineBeginningEndChange
Assets
Cash and Non-Interest-Bearing Accounts$25,698$769,057▲ $743,359
Land, Buildings, and Equipment, Net-$13,320-
Total Assets$25,698$782,377▲ $756,679
Liabilities
Accounts Payable and Accrued Expenses-$1,774-
Total Liabilities$0$1,774▲ $1,774
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$25,698$780,603▲ $754,905
Total Net Assets Fund Balance$25,698$780,603▲ $754,905
Total Liabilities and Net Assets / Fund Balance$25,698$782,377▲ $756,679

Asset Categories

AssetBook ValueDepreciationBasis
Equipment$13,320$2,220$15,540
Compensation and Service Providers
Top Officer Pay90th percentile

Employees

NameTitleFull / Part TimeBaseOtherTotal
Stephan AbelPresident CEOFT$168,269$26,401$194,670

Board Members and Trustees

NameTitle
James PerdueMember
Michael RomanMember
Tina DavenportMember
Revenue and Support

Revenue Composition

Contributions and Grants
$1,478,724
Program Service Revenue
$0
Investment Income
$0
Other Revenue
$0
All Other Contributions
$1,478,724
Change in Net Assets
$754,905

Audited Revenue Reconciliation

Revenue per Audited Statements
$1,478,724
Total Revenue per Audited Statements
$1,478,724
Total Revenue per Form 990
$1,478,724
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$422,393
Other Expenses$301,426
Total Fundraising Expense$24,529
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Current Officers, Directors, Trustees, and Key Employees$155,736$29,200$9,733$194,669
Other Salaries and Wages$128,970$24,182$8,061$161,213
Payroll Taxes$20,129$3,774$1,258$25,161
Occupancy$19,935$3,738$1,246$24,919
Other Employee Benefits$19,106$3,583$1,195$23,884
Pension Plan Contributions$13,973$2,620$873$17,466
Office Expenses$10,618$1,991$664$13,273
Insurance$6,988$1,310$437$8,735
Fees for Services Accounting$3,988$748$249$4,985
Fees for Services Legal$3,524$661$220$4,405
Other Expenses$2,696$506$169$3,371
Travel$2,678$502$167$3,347
Advertising$2,334$438$146$2,918
Depreciation Depletion$1,776$333$111$2,220
Total Functional Expenses$625,704$73,586$24,529$723,819

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$723,819
Total Expenses per Audited Statements$723,819
Total Expenses per Form 990$723,819
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
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Federal income taxes-
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
No
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
No
Other officer compensation reviewed
No
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 B, Line 11

“The form 990 is reviewed by the executive director and the board of directors before it is filed with the internal revenue service.”

Filing and Contact Details

Filer

Filer Name
Ferry Cove Shellfish Inc
EIN
84-4611271
Phone
6674587992
Address
275 WEST STREET STE 109, ANNAPOLIS, MD 21401

Signing Officer

Name
Stephan Abel
Title
President CEO
Phone
6674587992
Signed
2022-06-30
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Stephan Abel
Formed
2020
Legal Domicile
Md
Voting Board Members
3
Independent Board Members
3
Employees
5
Volunteers
3

Preparer

Firm
Alta CPA Group
Address
59 Franklin St 2nd Floor, Annapolis, MD 21401
Preparer
Jeffrey Griffith
Phone
4103495101
Supplemental Narrative

Additional Explanations

Form 990, Part I, Line 1

“Organization mission continued to encourage entrepreneurship and expand the economic opportunities for the regions oyster growers. Through its hatchery and production facilities at ferry cove, our goal is to facilitate the growth and long-term viability of the commercial shellfish industry.”

Financial Statement Notes

X 2

“The organization is exempt from federal and state income taxes under internal revenue code section 501c3. The federal form 990, return of organization exempt from income tax, is subject to examination by the internal revenue service, generally for the three years after it is filed.”

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IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt0THE ORGANIZATION IS EXEMPT FROM FEDERAL AND STATE INCOME TAXES UNDER INTERNAL REVENUE CODE SECTION 501C3. THE FEDERAL FORM 990, RETURN OF ORGANIZATION EXEMPT FROM INCOME TAX, IS SUBJECT TO EXAMINATION BY THE INTERNAL REVENUE SERVICE, GENERALLY FOR THE THREE YEARS AFTER IT IS FILED.
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IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0ORGANIZATION MISSION CONTINUED TO ENCOURAGE ENTREPRENEURSHIP AND EXPAND THE ECONOMIC OPPORTUNITIES FOR THE REGIONS OYSTER GROWERS. THROUGH ITS HATCHERY AND PRODUCTION FACILITIES AT FERRY COVE, OUR GOAL IS TO FACILITATE THE GROWTH AND LONG-TERM VIABILITY OF THE COMMERCIAL SHELLFISH INDUSTRY.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1THE FORM 990 IS REVIEWED BY THE EXECUTIVE DIRECTOR AND THE BOARD OF DIRECTORS BEFORE IT IS FILED WITH THE INTERNAL REVENUE SERVICE.
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IRS990/TotalLiabilitiesEOYAmt01774
IRS990/TotalLiabilitiesGrp/BOYAmt00
IRS990/TotalLiabilitiesGrp/EOYAmt01774
IRS990/TotalNetAssetsFundBalanceGrp/BOYAmt025698
IRS990/TotalNetAssetsFundBalanceGrp/EOYAmt0780603
IRS990/TotalOtherCompensationAmt026401
IRS990/TotalProgramServiceExpensesAmt0625704
IRS990/TotalReportableCompFromOrgAmt0168269
IRS990/TotalRevenueGrp/TotalRevenueColumnAmt01478724
IRS990/TotalVolunteersCnt03
IRS990/TotLiabNetAssetsFundBalanceGrp/BOYAmt025698
IRS990/TotLiabNetAssetsFundBalanceGrp/EOYAmt0782377
IRS990/TravelGrp/FundraisingAmt0167
IRS990/TravelGrp/ManagementAndGeneralAmt0502
IRS990/TravelGrp/ProgramServicesAmt02678
IRS990/TravelGrp/TotalAmt03347
IRS990/TrnsfrExmptNonChrtblRltdOrgInd0false
IRS990/TypeOfOrganizationCorpInd0X
IRS990/UnrelatedBusIncmOverLimitInd0false
IRS990/UponRequestInd0X
IRS990/USAddress/AddressLine1Txt0275 WEST STREET STE 109
IRS990/USAddress/CityNm0ANNAPOLIS
IRS990/USAddress/StateAbbreviationCd0MD
IRS990/USAddress/ZIPCd021401
IRS990/VotingMembersGoverningBodyCnt03
IRS990/VotingMembersIndependentCnt03
IRS990/WebsiteAddressTxt0https://www.ferrycove.org/
IRS990/WhistleblowerPolicyInd0true
ReturnHeader/AdditionalFilerInformation/TrustedCustomerGrp/AuthenticationAssuranceLevelCd0AAL1
ReturnHeader/AdditionalFilerInformation/TrustedCustomerGrp/IdentityAssuranceLevelCd0IAL1
ReturnHeader/AdditionalFilerInformation/TrustedCustomerGrp/TrustedCustomerCd02
ReturnHeader/BuildTS02022-09-23 18:48:47Z
ReturnHeader/BusinessOfficerGrp/DiscussWithPaidPreparerInd0true
ReturnHeader/BusinessOfficerGrp/PersonNm0STEPHAN ABEL
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0PRESIDENT CEO
ReturnHeader/BusinessOfficerGrp/PhoneNum06674587992
ReturnHeader/BusinessOfficerGrp/SignatureDt02022-06-30
ReturnHeader/Filer/BusinessName/BusinessNameLine1Txt0FERRY COVE SHELLFISH INC
ReturnHeader/Filer/BusinessNameControlTxt0FERR
ReturnHeader/Filer/EIN0844611271
ReturnHeader/Filer/PhoneNum06674587992
ReturnHeader/Filer/USAddress/AddressLine1Txt0275 WEST STREET STE 109
ReturnHeader/Filer/USAddress/CityNm0ANNAPOLIS
ReturnHeader/Filer/USAddress/StateAbbreviationCd0MD
ReturnHeader/Filer/USAddress/ZIPCd021401
ReturnHeader/PreparerFirmGrp/PreparerFirmEIN0821650312
ReturnHeader/PreparerFirmGrp/PreparerFirmName/BusinessNameLine1Txt0Alta CPA Group
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/AddressLine1Txt059 Franklin St 2nd Floor
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/CityNm0Annapolis
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/StateAbbreviationCd0MD
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/ZIPCd021401
ReturnHeader/PreparerPersonGrp/PhoneNum04103495101
ReturnHeader/PreparerPersonGrp/PreparationDt02022-06-30
ReturnHeader/PreparerPersonGrp/PreparerPersonNm0Jeffrey Griffith
ReturnHeader/ReturnTs02022-06-30T02:49:14-00:00
ReturnHeader/ReturnTypeCd0990
ReturnHeader/SigningOfficerGrp/PersonFullName/PersonFirstNm0STEPHAN
ReturnHeader/SigningOfficerGrp/PersonFullName/PersonLastNm0ABEL
ReturnHeader/TaxPeriodBeginDt02021-01-01
ReturnHeader/TaxPeriodEndDt02021-12-31
ReturnHeader/TaxYr02021

Document Assets

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Filings

Displayed year

2021 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$782,377
Liabilities
$1,774
Net assets
$780,603
Revenue
$1,478,724
Expenses
$723,819
Net income
$754,905
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Facts available. Structured filing facts are available, but richer extracted sections are limited.$0.10$0.02$0.08$1.48$1.52$0.04
2023Detailed filing. Detailed filing data is available for this year.$0.15$0.06$0.10$1.72$1.72$0.00
2022Detailed filing. Detailed filing data is available for this year.$0.12$0.03$0.09$0.59$1.28$0.69
2021Detailed filing. Detailed filing data is available for this year.$0.78$0.00$0.78$1.48$0.72$0.75