Promare Inc
- Assets
- $2.9m
- Revenue
- $557.8k
- Investments
- $890.9k
- Employees
- 0
- Location
- Chester, CT
- Founding
- 10/2002
- Data as of
- 12/2021
- EIN
- 76-0699869
Organization Overview
Promare Inc is located in Chester, CT. The organization was established in 2002. According to its NTEE Classification (A56) the organization is classified as: Natural History & Natural Science Museums, under the broad grouping of Arts, Culture & Humanities and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Promare Inc 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 12/2021, Promare Inc generated $557.8k in total revenue. This organization has experienced exceptional growth, as over the past 4 years, it has increased revenue by an average of 26.0% each year . All expenses for the organization totaled $246.0k during the year ending 12/2021. While expenses have increased by 0.2% per year over the past 4 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.
Form
990PF
Mission & Program ActivityExcerpts From the 990PF Filing
TAX YEAR
2021
Describe the Organization's Program Activity:
Part 3 - Line 4a
RESEARCH PROJECTS INCLUDING THE MAYFLOWER AUTONOMOUS SHIP WHICH IS A FULL SIZE UNMANNED RESEARCH SHIP THAT WILL TAKE THE ROUTE OF THE ORIGINAL MAYFLOWER SHIP AND THE VIKING SEAS PROJECT WHICH IS THE EXPLORATION OF VIKING SHIPS SUBMERGED ALONG THE NORWEGIAN COAST AND WATERWAYS.IN ADDITION TO PROGRAM EXPENSES DISCLOSED, PROMARE ALSO EXPENDED $869,977 OF PROJECT COSTS THAT WERE CAPITALIZED FOR THE CONSTRUCTION OF THE AUTONOMOUS MAYFLOWER SHIP
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Brett A Phaneuf Director | 20 | $0 | |
Gregory M Cook Director/chairman | 10 | $0 | |
Fredrik Soreide - 42875 Comp Director/vice President | 30 | $0 | |
Ayse D Phaneuf - 40750 Comp President | 20 | $0 | |
Michele M Gregory Director/secretary | 5 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Contributions, Gifts, Grants & Similar | $110,000 |
| Interest on Savings | $0 |
| Dividends & Interest | $35,203 |
| Net Rental Income | $0 |
| Net Gain on Sale of Assets | $412,577 |
| Capital Gain Net Income | $412,577 |
| Net ST Capital Gain | $0 |
| Income Modifications | $0 |
| Profit on Inventory Sales | $0 |
| Other Income | $0 |
| Total Revenue | $557,780 |
| Statement of Expenses | |
|---|---|
| Compensation of officers, directors, trustees, etc | $0 |
| Other employee salaries and wages | $0 |
| Pension plans, employee benefits | $0 |
| Interest | $0 |
| Taxes | $7,392 |
| Depreciation | $983 |
| Occupancy | $0 |
| Travel, conferences, and meetings | $12,530 |
| Printing and publications | $0 |
| Other expenses | $67,727 |
| Total operating and administrative expenses | $246,046 |
| Contributions, gifts, grants paid | $0 |
| Total expenses and disbursements | $246,046 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $50,454 |
| Savings and temporary cash investments | $16,407 |
| Net Accounts receivable | $0 |
| Net Pledges Receivable | $0 |
| Grants receivable | $0 |
| Receivables from Officers, Directors, or Controlling Persons | $0 |
| Net other notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Investments - land, buildings, equipment | $0 |
| Investments—mortgage loans | $0 |
| Investments—other | $0 |
| Net Land, buildings, and equipment | $1,645 |
| Other assets | $1,958,723 |
| Total assets | $2,918,156 |
| Accounts payable and accrued expenses | $0 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Mortgages and other notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $0 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Rochester Museum And Science Center Rochester, NY | $32,141,900 | $9,942,117 |
Natural History Museum Of The Adirondacks Tupper Lake, NY | $35,795,696 | $7,881,578 |
Buffalo Society Of Natural Sciences Buffalo, NY | $29,536,038 | $5,760,811 |
Worcester Natural History Society Worcester, MA | $24,778,012 | $5,171,795 |
Childrens Museum Inc West Hartford, CT | $3,378,947 | $2,561,597 |
Bronx Childrens Museum Bronx, NY | $3,102,925 | $1,502,216 |
Institute For Aegean Prehistory Study Center For East Crete New York, NY | $707,056 | $1,375,391 |
Hudson Highlands Nature Museum Cornwall, NY | $1,547,049 | $1,233,935 |
Cape Cod Museum Of Natural History Inc Brewster, MA | $5,380,254 | $1,073,012 |
National Marine Life Center Inc Buzzards Bay, MA | $3,574,632 | $658,218 |
Henry L Ferguson Museum Fishers Island, NY | $14,604,102 | $965,512 |
Hollister House Garden Inc Washington, CT | $6,329,362 | $820,091 |