Island Institute
- Assets
- $34.9m
- Revenue
- $7.8m
- Investments
- $94.6k
- Employees
- 69
- Location
- Rockland, ME
- Founding
- 04/1987
- Data as of
- 06/2022
- EIN
- 22-2786731
Organization Overview
Island Institute is located in Rockland, ME. The organization was established in 1987. According to its NTEE Classification (B82) the organization is classified as: Scholarships & Student Financial Aid, under the broad grouping of Education and related organizations. As of 06/2022, Island Institute employed 69 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Island Institute is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
For the year ending 06/2022, Island Institute generated $7.8m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 3.6% each year. All expenses for the organization totaled $7.2m during the year ending 06/2022. While expenses have increased by 4.0% per year over the past 7 years. They've been increasing with an increasing level of total revenue. You can explore the organizations financials more deeply in the financial statements section below.
Since 2015, Island Institute has awarded 87 individual grants totaling $2,657,386. If you would like to learn more about the grant giving history of this organization, scroll down to the grant profile section of this page.
Form
990T
Mission & Program ActivityExcerpts From the 990T Filing
TAX YEAR
2022
Describe the Organization's Mission:
Part 3 - Line 1
THE ISLAND INSTITUTE WORKS TO SUSTAIN MAINE'S ISLAND AND COASTAL COMMUNITIES, AND EXCHANGE IDEAS HERE AND ELSEWHERE.
Describe the Organization's Program Activity:
PROMOTING ECONOMIC RESILIENCE THROUGH PROGRAMMING WHICH SUPPORTS THE BLUE ECONOMY, CRITICAL BUSINESS, AND BROADBAND INFRASTRUCTURE.
PROMOTING CLIMATE RESILIENCE THROUGH PROGRAMMING WHICH SUPPORTS CLEAN ENERGY AND SEA LEVEL RISE RESILIENCY.
PROMOTING SOCIAL RESILIENCE THROUGH PROGRAMMING WHICH SUPPORTS COMMUNITY LEADERSHIP, ISLAND COMMUNITIES, WORKFORCE, AND THROUGH THE ISLAND FELLOWS PROGRAM.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Susan Bernier Chief Philanthropy & Mktg Officer | 40 | $142,069 | |
Robert Beams COO | 40 | $140,305 | |
Peter Rand CFO | Officer | 40 | $121,767 |
Suzanne Macdonald Chief Community Development Officer | 40 | $100,982 | |
Anthony Chatwin President | Officer | 40 | $97,469 |
Kristin Howard Vice Chair | OfficerTrustee | 2 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Results Marketing & Design Inc Consulting | 6/29/21 | $100,698 |
Conkling & Associates Consulting | 6/29/21 | $104,040 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $1,879,523 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $986,881 |
| All other contributions, gifts, grants, and similar amounts not included above | $2,960,124 |
| Noncash contributions included in lines 1a–1f | $30,970 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $5,826,528 |
| Total Program Service Revenue | $222,739 |
| Investment income | $831,463 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $674,007 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $273,174 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $7,827,911 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $564,250 |
| Grants and other assistance to domestic individuals. | $144,835 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $363,313 |
| Compensation of current officers, directors, key employees. | $223,777 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $3,189,638 |
| Pension plan accruals and contributions | $130,055 |
| Other employee benefits | $351,839 |
| Payroll taxes | $258,115 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $7,764 |
| Fees for services: Accounting | $25,850 |
| Fees for services: Lobbying | $16,207 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $155,875 |
| Fees for services: Other | $575,869 |
| Advertising and promotion | $34,611 |
| Office expenses | $221,127 |
| Information technology | $287,136 |
| Royalties | $0 |
| Occupancy | $200,570 |
| Travel | $92,215 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $32,836 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $94,835 |
| Insurance | $27,661 |
| All other expenses | $0 |
| Total functional expenses | $7,181,390 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $44,515 |
| Savings and temporary cash investments | $1,716,586 |
| Pledges and grants receivable | $1,339,514 |
| Accounts receivable, net | $52,040 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $1,016,765 |
| Inventories for sale or use | $256,149 |
| Prepaid expenses and deferred charges | $142,313 |
| Net Land, buildings, and equipment | $918,631 |
| Investments—publicly traded securities | $26,736,340 |
| Investments—other securities | $94,557 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $2,624,994 |
| Total assets | $34,942,404 |
| Accounts payable and accrued expenses | $794,846 |
| Grants payable | $0 |
| Deferred revenue | $11,367 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $100,000 |
| Other liabilities | $0 |
| Total liabilities | $906,213 |
| Net assets without donor restrictions | $14,455,727 |
| Net assets with donor restrictions | $19,580,464 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $0 |
| Total liabilities and net assets/fund balances | $34,942,404 |
Grants Awarded
Over the last fiscal year, Island Institute has awarded $509,724 in support to 12 organizations.
| Grant Recipient | Amount |
|---|---|
LUKE'S LOBSTER LLC PURPOSE: Sustainable Seafood Partnership | $389,035 |
MONHEGAN PLANTATION PURPOSE: Broadband Planning & ShoreUp Sea Level Rise Planning | $21,500 |
VINALHAVEN FISH CO-OP PURPOSE: Blue Econonmy | $13,000 |
TOWN OF SWAN'S ISLAND PURPOSE: Broadband Planning | $12,500 |
TOWN OF VINALHAVEN PURPOSE: ShoreUp Sea Level Rise Planning | $11,000 |
TOWN OF SOUTHPORT PURPOSE: Broadband Planning | $10,000 |
Grants Recieved
Over the last fiscal year, we have identified 7 grants that Island Institute has recieved totaling $416,250.
| Awarding Organization | Amount |
|---|---|
Cornerstone Foundation Inc Washington, DC PURPOSE: SUPPORT CHARITABLE ACTIVITIES | $300,000 |
Trust Ud W Bingham Ii 207751 Dallas, TX PURPOSE: UNRESTRICTED GENERAL | $100,000 |
General E R Quesada Educational Portland, ME PURPOSE: UNRESTRICTED | $10,000 |
Becton Family Foundation Tr Homosassa, FL PURPOSE: CONTRIBUTION TO GENERAL FUND | $5,000 |
Becton Family Foundation Tr Homosassa, FL PURPOSE: CONTRIBUTION TO GENERAL FUND | $1,000 |
Judith B Phelan And Richard S Phelan Fam Foundation Inc Germantown, NY PURPOSE: GENERAL PURPOSE | $200 |
Endowment Analysis
| Beg. Balance | $30,987,978 |
| Earnings | -$3,830,875 |
| Net Contributions | $694,333 |
| Other Expense | $1,089,376 |
| Ending Balance | $26,762,060 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Alfond Scholarship Foundation Portland, ME | $2,013,971 | $7,474,819 |
Island Institute Rockland, ME | $34,942,404 | $7,827,911 |
Senator George J Mitchell Scholarship Research Institute Portland, ME | $52,911,391 | $4,164,591 |
Dartmouth Educational Loan Corp Hanover, NH | $0 | $769,004 |
Maine Huts & Trails Kingfield, ME | $4,908,401 | $661,493 |
Donato J Tramuto Foundation Ogunquit, ME | $1,147,543 | $792,023 |
Lakes Region Scholarship Foundation Gilford, NH | $13,202,377 | $2,617,531 |
Harambe Endeavor Alliance Concord, NH | $2,789,573 | $314,506 |
Robert B Bunker Medical School Scholarship Trust Laconia, NH | $10,035,402 | $504,867 |
The Sukeforth Family Foundation South China, ME | $12,098,841 | $1,239,260 |
Service Credit Union Impact Foundation Portsmouth, NH | $153,778 | $370,899 |
Boothbay Region Student Aid Fund Inc Boothbay Harbor, ME | $8,673,590 | $2,669,575 |