Overview
What is Block Island Maritime Funding Inc?
Block Island Maritime Funding Inc is a small nonprofit organization based in Falmouth, Maine. Their primary focus is on supporting educational programs related to marine activities, particularly youth sailing initiatives. They accomplish this by contributing to organizations such as Atlantic Challenge Foundation and Piers Island Maritime Institute. The organization's mission is to foster the growth and development of young individuals through engaging marine programs, providing them with valuable experiences and learning opportunities. With a team of three dedicated individuals, Block Island Maritime Funding Inc is committed to making a positive impact in the marine education sector.
Official website here: www.maritimefunding.com
What are the reviews and ratings of this charity?
Charity Navigator Rating: 54% (One-Star out of Four Stars)
Block Island Maritime Funding Inc has received a low rating of 54%, reflecting significant concerns regarding accountability and financial transparency. The organization lacks independent board members and has not provided financial statements, which raises questions about governance and oversight. The absence of critical policies, such as conflict of interest and whistleblower protections, further highlights potential weaknesses in operational integrity.
Despite these issues, the nonprofit demonstrates a strong commitment to its mission, as evidenced by a high program expense ratio of 96.22%, indicating that most of its funds are directed towards programs rather than administrative costs. The organization also has a favorable liabilities-to-assets ratio of 13.61%, showing it is managing its debts effectively relative to its assets.
However, the overall lack of transparency and governance structures may deter potential donors and supporters. The organization needs to address these limitations to improve its rating and foster greater trust within the community it serves.
This AI summary has been generated from information found on Charity Navigator.
Is Block Island Maritime Funding Inc legitimate?
Block Island Maritime Funding Inc is a legitimate nonprofit organization registered as a 501(c)(3) entity. Block Island Maritime Funding Inc submitted a form 990, which is a tax form used by tax-exempt organizations in the U.S., indicating its operational transparency and adherence to regulatory requirements. Donations to this organization are tax deductible.
Heare are some key statistics you may want to consider:
Executive Compensation: $142,222
Professional Fundraising Fees: $0
Other Salaries and Wages: $34,034
For more financial information, click here
Official website here: www.maritimefunding.com
What is the mission statement of Block Island Maritime Funding Inc?
Block Island Maritime Funding Inc's mission is centered around supporting youth sailing programs. They accomplish this objective through partnerships with organizations such as the Atlantic Challenge Foundation and Piers Island Maritime Institute. The primary aim of these collaborations is to promote the educational growth of children in various marine-related programs. By providing resources and support to these initiatives, Block Island Maritime Funding Inc contributes to the development of young sailors and fosters a deeper appreciation for marine environments.
Official website here: www.maritimefunding.com
What is the revenue of Block Island Maritime Funding Inc?
Block Island Maritime Funding Inc's revenue in 2023 was $1,850,050.
Official website here: www.maritimefunding.com
Who are the executives of Block Island Maritime Funding Inc and what are their salaries?
The average compensation at Block Island Maritime Funding Inc during 2023 was $44,064. There are 4 employees at Block Island Maritime Funding Inc.
Here are 3 key members and their salaries:
- Compensation: $101,676
- Related: $0
- Other: $6,377
- Compensation: $34,169
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
Official website here: www.maritimefunding.com
Where can I find the form 990 for Block Island Maritime Funding Inc?
Block Island Maritime Funding Inc's most recent form 990 was submitted in 2023 and can be accessed here.
Official website here: www.maritimefunding.com
Learn more at the official website: www.maritimefunding.com
Mission Statement of Block Island Maritime Funding Inc
Block Island Maritime Funding Inc, as its mission states, plays a crucial role in supporting youth sailing programs. It accomplishes this objective through its partnerships with the Atlantic Challenge Foundation and Piers Island Maritime Institute. The nonprofit organization's mission is to promote the education of children in various marine programs, thereby encouraging their interest and development in sailing activities. By collaborating with these organizations, Block Island Maritime Funding Inc contributes to the growth and learning of young sailors, providing them with a unique and enriching experience.
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Impact
July, 2024
Block Island Maritime Funding Inc's impact is significant in supporting youth sailing programs. Through its support of programs promoting the education of children in various marine activities, the organization plays a crucial role in fostering youth development in the maritime industry. Its focus on supporting youth sailing programs through the Atlantic Challenge Foundation and Piers Island Maritime Institute in Falmouth, ME, demonstrates a commitment to providing opportunities for young individuals to learn, grow, and succeed in the field of sailing.
This information is meant to be a general summary of Block Island Maritime Funding Inc. Please take the time to review official sources before making any decisions based upon the content provided here.
Financials
This financial information is from Propublica.
Other financial information:
This information is from the most recently submitted tax form from this organization, which was in 2023.
- Investment Income: -$112,042
- Program Service Revenue: $685,494
- Gross Receipts: $1,879,494
Assets and Liabilities:
- Total Assets: $1,778,340
- Total Liabilities: $242,181
- Net Assets: $1,536,159
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
CHARTER INCOME
Revenue
$685,494
Organization Details
Founding Year
2001
Principal Officer
Richard T Harris
Website
www.maritimefunding.comNTEE Category
Code: O50 - Youth development
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