Civic Intelligence

Ferry Cove Shellfish Inc.

990 • Fiscal year 2023 • EIN 84-4611271

Jan 01, 2023 to Dec 31, 2023 • Filed on May 21, 2024

Organization Profilewww.ferrycove.org

View Organization Page

21770 Lowes Wharf RoadSherwood, MD 21665

(410) 886-1006

Siviq Scores

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

Liabilities / Assets

79th percentile

0.37x

Higher debt load relative to assets than 79% of similar nonprofits.

2023 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2023

Liabilities / Revenue

36th percentile

0.03x

Higher debt load relative to revenue than 36% of similar nonprofits.

2023 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2023

Net Margin

40th percentile

0.0%

Higher net margin than 40% of similar nonprofits.

2023 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2023

Top Officer Pay

91st percentile

$216,820

Higher top officer pay than 91% of similar nonprofits.

Top officer pay equals 12.6% of source-year revenue.

2023 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2023

Asset Growth

81st percentile

27%

Faster asset growth than 81% of similar nonprofits.

2023 filings • 501(c)3 • $1M-$5M nonprofits • Annualized from 2022 to 2023

Revenue Growth

95th percentile

192%

Faster revenue growth than 95% of similar nonprofits.

2023 filings • 501(c)3 • $1M-$5M nonprofits • Annualized from 2022 to 2023

Balance Sheet
Liabilities / Assets79th percentile

Assets

Up

$152,181

Up $32,207 (+27%) from 2022

Net Assets

Up

$95,341

Up $756 (+0.8%) from 2022

Liabilities

Up

$56,840

Up $31,451 (+124%) from 2022

Revenue And Expenses
Liabilities / Revenue36th percentileNet Margin40th percentile

Revenue

Up

$1,723,515

Up $1,134,119 (+192%) from 2022

Expenses

Up

$1,722,759

Up $447,345 (+35%) from 2022

Net Income

Up

$756

Up $686,774 (+100%) from 2022

Historical Trend

Balance Sheet Trend

Asset Growth81st percentile

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

2023

Assets$152,181
Liabilities$56,840
Net Assets$95,341
Open 2023 Filing

Operations Trend

Revenue Growth95th percentile

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

2023

Revenue$1,723,515
Expenses$1,722,759
Net Income$756
Open 2023 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2023 to Dec 31, 2023
Signed
May 21, 2024
Return Version
2023v5.0
Gross Receipts
$1,723,515
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$90,874$118,152▲ $27,278
Land, Buildings, and Equipment, Net$29,100$23,880▼ $5,220
Pledges and Grants Receivable-$10,149-
Total Assets$119,974$152,181▲ $32,207
Liabilities
Accounts Payable and Accrued Expenses$25,389$56,840▲ $31,451
Total Liabilities$25,389$56,840▲ $31,451
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$94,585$95,341▲ $756
Total Net Assets Fund Balance$94,585$95,341▲ $756
Total Liabilities and Net Assets / Fund Balance$119,974$152,181▲ $32,207

Asset Categories

AssetBook ValueDepreciationBasis
Equipment$23,880$12,660$36,540
Compensation and Service Providers
Top Officer Pay91st percentile

Employees

NameTitleFull / Part TimeBaseOtherTotal
Stephan AbelPresident CEOFT$177,019$39,801$216,820

Board Members and Trustees

NameTitle
James PerdueMember
Michael RomanMember
Tina DavenportMember
Revenue and Support

Revenue Composition

Contributions and Grants
$1,322,417
Program Service Revenue
$397,827
Investment Income
$0
Other Revenue
$3,271
All Other Contributions
$905,000
Change in Net Assets
$756

Audited Revenue Reconciliation

Revenue per Audited Statements
$1,723,515
Total Revenue per Audited Statements
$1,723,515
Total Revenue per Form 990
$1,723,515
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$838,850
Other Expenses$476,793
Grants and Similar Amounts Paid$407,116
Total Fundraising Expense$53,085
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$365,847$68,596$22,865$457,308
Grants to Domestic Orgs$407,116--$407,116
Current Officers, Directors, Trustees, and Key Employees$173,456$32,523$10,841$216,820
Occupancy$117,699$22,069$7,356$147,124
Other Employee Benefits$66,222$12,417$4,139$82,778
Payroll Taxes$38,972$7,307$2,436$48,715
Pension Plan Contributions$26,584$4,984$1,661$33,229
Office Expenses$23,694$4,443$1,481$29,618
Other Expenses$15,614$2,928$976$19,518
Fees for Services Accounting$14,639--$14,639
Information Technology$9,478$1,777$592$11,847
Depreciation Depletion$4,176$783$261$5,220
Insurance$4,007$751$250$5,008
Advertising$3,636$682$227$4,545
Travel$2,718--$2,718
Total Functional Expenses$1,510,414$159,260$53,085$1,722,759

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$1,722,759
Total Expenses per Audited Statements$1,722,759
Total Expenses per Form 990$1,722,759
International Activity

Grant and Assistance Recipients

RecipientLocationCategoryPurposeAmount
Md Seafood CooperativeSherwood, MD501cGeneral Operating Expenses$407,116
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
Yes
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 president 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
4108861006
Address
21770 LOWES WHARF ROAD, SHERWOOD, MD 21665

Signing Officer

Name
Stephan Abel
Title
President CEO
Phone
4108861006
Signed
2024-05-21
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
7
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/OtherSecuritiesGrp/Desc1Closely-held equity interests
IRS990ScheduleD/RevenueSubtotalAmt01723515
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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IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/PersonNm0STEPHAN ABEL
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TitleTxt0PRESIDENT CEO
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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 PRESIDENT AND THE BOARD OF DIRECTORS BEFORE IT IS FILED WITH THE INTERNAL REVENUE SERVICE.
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IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1Form 990, Part VI, Section B, Line 11
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IRS990/USAddress/CityNm0SHERWOOD
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IRS990/WebsiteAddressTxt0https://www.ferrycove.org/
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ReturnHeader/AdditionalFilerInformation/TrustedCustomerGrp/IdentityAssuranceLevelCd0IAL1
ReturnHeader/AdditionalFilerInformation/TrustedCustomerGrp/TrustedCustomerCd02
ReturnHeader/BuildTS02023-04-26 12:10:37Z
ReturnHeader/BusinessOfficerGrp/DiscussWithPaidPreparerInd0true
ReturnHeader/BusinessOfficerGrp/PersonNm0STEPHAN ABEL
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0PRESIDENT CEO
ReturnHeader/BusinessOfficerGrp/PhoneNum04108861006
ReturnHeader/BusinessOfficerGrp/SignatureDt02024-05-21
ReturnHeader/Filer/BusinessName/BusinessNameLine1Txt0FERRY COVE SHELLFISH INC
ReturnHeader/Filer/BusinessNameControlTxt0FERR
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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/PreparationDt02024-05-21
ReturnHeader/PreparerPersonGrp/PreparerPersonNm0Jeffrey Griffith

Document Assets

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Filings

Displayed year

2023 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$152,181
Liabilities
$56,840
Net assets
$95,341
Revenue
$1,723,515
Expenses
$1,722,759
Net income
$756
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