Civic Intelligence

Ferry Cove Shellfish Inc.

990 • Fiscal year 2024 • EIN 84-4611271

Jan 01, 2024 to Dec 31, 2024 • Filed on Nov 10, 2025

Organization ProfileWWW.FERRYCOVE.ORG
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

70th percentile

0.22x

Higher debt load relative to assets than 70% of similar nonprofits.

2024 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2024

Liabilities / Revenue

31st percentile

0.01x

Higher debt load relative to revenue than 31% of similar nonprofits.

2024 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2024

Net Margin

32nd percentile

-2.8%

Higher net margin than 32% of similar nonprofits.

2024 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2024

Top Officer Pay

91st percentile

$214,801

Higher top officer pay than 91% of similar nonprofits.

Top officer pay equals 14.5% of source-year revenue.

2024 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2024

Asset Growth

4th percentile

-36%

Faster asset growth than 4% of similar nonprofits.

2024 filings • 501(c)3 • $1M-$5M nonprofits • Annualized from 2023 to 2024

Revenue Growth

19th percentile

-14%

Faster revenue growth than 19% of similar nonprofits.

2024 filings • 501(c)3 • $1M-$5M nonprofits • Annualized from 2023 to 2024

Balance Sheet
Liabilities / Assets70th percentile

Assets

Down

$97,061

Down $55,120 (-36%) from 2023

Net Assets

Down

$75,301

Down $20,040 (-21%) from 2023

Liabilities

Down

$21,760

Down $35,080 (-62%) from 2023

Revenue And Expenses
Liabilities / Revenue31st percentileNet Margin32nd percentile

Revenue

Down

$1,480,432

Down $243,083 (-14%) from 2023

Expenses

Down

$1,522,225

Down $200,534 (-12%) from 2023

Net Income

Down

-$41,793

Down $42,549 (-5628%) from 2023

Historical Trend

Balance Sheet Trend

Asset Growth4th 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

2024

Assets$97,061
Liabilities$21,760
Net Assets$75,301
Open 2024 Filing

Operations Trend

Revenue Growth19th 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

2024

Revenue$1,480,432
Expenses$1,522,225
Net Income-$41,793
Open 2024 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2024 to Dec 31, 2024
Signed
Nov 10, 2025
Return Version
2024v5.2
Gross Receipts
$1,480,432
Mission and Program Overview

Mission

Ferry cove shellfish is an oyster hatchery that will be designing, promoting and implementing sustainable aquaculture-related activities continued on schedule o

Ferry cove shellfish, an oyster hatchery on marylands eastern shore, produces shellfish larvae and seed and develops new techniques to improve aquaculture efficiency and cost-effectiveness. Continued on schedule o

Balance Sheet Detail
LineBeginningEndChange
Assets
Cash and Non-Interest-Bearing Accounts$118,152$78,401▼ $39,751
Land, Buildings, and Equipment, Net$23,880$18,660▼ $5,220
Pledges and Grants Receivable$10,149--
Total Assets$152,181$97,061▼ $55,120
Liabilities
Accounts Payable and Accrued Expenses$56,840$21,760▼ $35,080
Total Liabilities$56,840$21,760▼ $35,080
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$95,341$75,301▼ $20,040
Total Net Assets Fund Balance$95,341$75,301▼ $20,040
Total Liabilities and Net Assets / Fund Balance$152,181$97,061▼ $55,120

Asset Categories

AssetBook ValueDepreciationBasis
Equipment$18,660$17,880$36,540
Compensation and Service Providers
Top Officer Pay91st percentile

Employees

NameTitleFull / Part TimeBaseOtherTotal
Stephan AbelPresident CEOFT$175,000$39,801$214,801

Board Members and Trustees

NameTitle
James PerdueMember
Michael RomanMember
Tina DavenportMember
Revenue and Support

Revenue Composition

Contributions and Grants
$1,161,608
Program Service Revenue
$316,045
Investment Income
$0
Other Revenue
$2,779
All Other Contributions
$1,000,000
Change in Net Assets
$-41,793

Audited Revenue Reconciliation

Revenue per Audited Statements
$1,480,432
Total Revenue per Audited Statements
$1,480,432
Total Revenue per Form 990
$1,480,432
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$849,345
Other Expenses$544,288
Grants and Similar Amounts Paid$128,592
Total Fundraising Expense$53,132
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$351,790$65,961$21,987$439,738
Current Officers, Directors, Trustees, and Key Employees$171,841$32,220$10,740$214,801
Occupancy$115,118$21,585$7,195$143,898
Grants to Domestic Orgs$128,592--$128,592
Other Employee Benefits$98,828$18,529$6,176$123,533
Payroll Taxes$37,695$7,068$2,356$47,119
Pension Plan Contributions$19,322$3,624$1,208$24,154
Other Expenses$14,810$2,777$926$18,513
Office Expenses$13,937$2,613$871$17,421
Fees for Services Accounting$15,089--$15,089
Advertising$11,741$2,201$734$14,676
Information Technology$9,887$1,854$622$12,363
Depreciation Depletion$4,176$783$261$5,220
Travel$2,926--$2,926
Insurance$882$165$56$1,103
Total Functional Expenses$1,309,713$159,380$53,132$1,522,225

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$1,522,225
Total Expenses per Audited Statements$1,522,225
Total Expenses per Form 990$1,522,225
International Activity

Grant and Assistance Recipients

RecipientLocationCategoryPurposeAmount
Md Seafood CooperativeSherwood, MD501cGeneral Operating Expenses$118,592
University of Maryland for Environmental ScienceCambridge, MD-Support Mips Grant Partnership$10,000
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
2025-11-10
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 through its hatchery and production facilities, ferry coves goal is to facilitate the growth and long-term viability of the commercial shellfish industry and promote a thriving chesapeake bay.”

Form 990, Part III, Line 1

“Organization mission continued through its hatchery and production facilities, ferry coves goal is to facilitate the growth and long-term viability of the commercial shellfish industry and promote a thriving chesapeake bay.”

Form 990, Part XI, Line 8

“The form 990 prior-period adjustment of 21,753 corrects this error by restating the net assets as of january 1, 2024, for audit purposes. This restatement reduced accounts payable and expenses by 21,753 in the 2023 financial statements.”

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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Document Assets

No mirrored PDF or thumbnail assets are attached yet.

Filings

Displayed year

2024 • Form 990Facts available. Structured filing facts are available, but richer extracted sections are limited.

Open filing
Assets
$97,061
Liabilities
$21,760
Net assets
$75,301
Revenue
$1,480,432
Expenses
$1,522,225
Net income
-$41,793
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
Peer Organizations

Similar nonprofits based on the same Siviq industry and scale cohort. 2024 filings • 501(c)3 • $1M-$5M nonprofits