Maine Aquaculture Association
Maine Aquaculture Association shows consistent revenue growth and strong asset accumulation with no reported officer compensation.
EIN: 10375969 · Gardiner, ME · NTEE: K20 · Updated: 2026-03-28
Is Maine Aquaculture Association Legit?
Some Concerns
Assessment based on IRS 990 filings, spending patterns, and AI analysis. Not a guarantee of legitimacy. Full charity check →
Maine Aquaculture Association directs 85% of its spending to programs. This exceeds the industry benchmark of 65%, indicating strong mission focus.
About Maine Aquaculture Association
Maine Aquaculture Association (EIN: 10375969) is a nonprofit organization based in Gardiner, ME, classified under NTEE code K20. The organization reported total revenue of $764K and total assets of $1.4M according to its most recent IRS 990 filing. This transparency report provides an AI-powered analysis of Maine Aquaculture Association's financial health, spending patterns, executive compensation, and overall mission effectiveness based on publicly available IRS data.
Organization Overview
Maine Aquaculture Association is a small nonprofit that has been operating for 45 years, with 13 years of IRS 990 filings on record (2011–2023). Revenue has grown at a compound annual rate of 10.3%.
Key Financial Metrics (2023)
From the most recent IRS 990 filing on record:
| Total Revenue | $760K |
| Total Expenses | $677K |
| Surplus / Deficit | +$83K |
| Total Assets | $1.4M |
| Total Liabilities | $14K |
| Net Assets | $1.4M |
| Operating Margin | 10.9% |
| Debt-to-Asset Ratio | 1.0% |
| Months of Reserves | 24.2 months |
Financial Health Grade: A
In 2023, Maine Aquaculture Association reported a surplus of $83K with revenue exceeding expenses, holds 24.2 months of operating reserves (strong position), has a debt-to-asset ratio of 1.0% (very low leverage).
Financial Trends
Over 13 years of filings (2011–2023), Maine Aquaculture Association's revenue has grown at a compound annual growth rate (CAGR) of 10.3%.
| Year | Revenue Change | Expense Change | Asset Change |
|---|---|---|---|
| 2023 | +11.3% | +29.6% | +6.4% |
| 2022 | -11.2% | +14.3% | +14.9% |
| 2021 | +99.2% | -0.5% | +62.0% |
| 2020 | -38.7% | +14.1% | -9.7% |
| 2019 | +31.0% | +6.9% | +40.8% |
IRS Tax-Exempt Classification
| IRS Classification Codes | 1000 |
| IRS Ruling Date | 1981 |
Classification data from ProPublica Nonprofit Explorer. Additional BMF data may be available after enrichment.
AI Transparency Report
Mission Effectiveness Score
NonprofitSpending's AI analysis rates Maine Aquaculture Association with a Mission Score of 90 out of 100 (Excellent). This score reflects the organization's overall financial transparency, program spending efficiency, and governance indicators derived from IRS 990 public filings.
Spending Breakdown
- admin: 10%
- programs: 85%
- fundraising: 5%
According to IRS 990 filings, Maine Aquaculture Association allocates its expenses as follows: admin: 10%, programs: 85%, fundraising: 5%. With 85% directed toward programs, this reflects a strong commitment to its charitable mission.
Key Financial Metrics (2023)
From the most recent IRS 990 filing on record:
- The organization reported a surplus of $83K, with revenue exceeding expenses.
- Debt-to-asset ratio: 1.0%.
Executive Compensation Analysis
The organization consistently reports 0% officer compensation across all available filings, indicating that executive leadership is either entirely volunteer-based or compensated through non-officer roles, which is highly unusual for an organization with nearly $760,000 in annual revenue and over $1.3 million in assets.
Executive compensation data is sourced from IRS 990 filings, which require nonprofits to disclose the compensation of officers, directors, trustees, and key employees. NonprofitSpending analyzes this data relative to the organization's total revenue and sector benchmarks to assess whether executive pay is reasonable.
Red Flags
The following concerns were identified during AI analysis of Maine Aquaculture Association's IRS 990 filings:
- Unusually low or zero reported officer compensation for an organization of this size, which might warrant further inquiry into how leadership is compensated or structured.
Strengths
The following positive indicators were identified for Maine Aquaculture Association:
- Consistent and strong revenue growth, from $212,631 in 2014 to $759,753 in 2023.
- Significant asset accumulation, growing from $84,497 in 2014 to $1,364,150 in 2023.
- Extremely low liabilities, consistently under $30,000, indicating strong fiscal management.
- Positive net income in most years, allowing for asset growth.
- Consistent filing of IRS 990 forms, demonstrating transparency.
Frequently Asked Questions about Maine Aquaculture Association
Is Maine Aquaculture Association a legitimate charity?
Based on AI analysis of IRS 990 filings, Maine Aquaculture Association (EIN: 10375969) some concerns. Mission Score: 90/100. 1 red flag identified, 5 strengths noted.
How does Maine Aquaculture Association spend its money?
Maine Aquaculture Association directs 85% of its spending to programs and services. The remaining budget covers administration and fundraising costs.
Are donations to Maine Aquaculture Association tax-deductible?
Maine Aquaculture Association is registered as a tax-exempt nonprofit (EIN: 10375969). Donations to most 501(c)(3) organizations are tax-deductible. Consult a tax professional for your specific situation.
Is the Maine Aquaculture Association a good charity?
Based on its financial data, the Maine Aquaculture Association appears to be a very good charity. It demonstrates strong financial health, consistent revenue growth, significant asset accumulation, and very low liabilities. The absence of reported officer compensation is also a notable positive, suggesting a high dedication of resources to its mission.
How has the organization's revenue changed over time?
The organization has experienced significant revenue growth, increasing from $212,631 in 2014 to $759,753 in 2023, representing a substantial increase over the decade.
What is the trend in the organization's assets?
Assets have shown a strong upward trend, growing from $84,497 in 2014 to $1,364,150 in 2023, indicating effective financial management and accumulation of resources.
Are there any concerns regarding liabilities?
No, liabilities are consistently very low, ranging from $0 to $29,317 across all filings, which is excellent for an organization of this size and indicates strong financial stability.
Filing History
IRS 990 filing history for Maine Aquaculture Association showing financial trends over 13 years of public records:
Over 13 years of IRS 990 filings (2011–2023), Maine Aquaculture Association's revenue has grown by 224.2%, moving from $234K to $760K. Total assets increased by 700% over the same period, from $171K to $1.4M. Total functional expenses rose by 142%, from $280K to $677K. In its most recent filing year (2023), Maine Aquaculture Association reported a surplus of $83K, with revenue exceeding expenses. The organization holds $14K in liabilities against $1.4M in assets (debt-to-asset ratio: 1.0%), resulting in net assets of $1.4M.
| Year | Revenue | Expenses | Assets | Liabilities | Officer Comp. % | |
|---|---|---|---|---|---|---|
| 2023 | $760K | $677K | $1.4M | $14K | — | View 990 |
| 2022 | $683K | $522K | $1.3M | $15K | — | View 990 |
| 2021 | $768K | $457K | $1.1M | $9K | — | View 990 |
| 2020 | $386K | $460K | $689K | $0 | — | — |
| 2019 | $629K | $403K | $763K | $0 | — | View 990 |
| 2018 | $480K | $377K | $542K | $5K | — | View 990 |
| 2017 | $439K | $266K | $445K | $11K | — | View 990 |
| 2016 | $330K | $234K | $278K | $17K | — | View 990 |
| 2015 | $310K | $225K | $194K | $29K | — | View 990 |
| 2014 | $213K | $242K | $84K | $5K | — | View 990 |
| 2013 | $224K | $221K | $134K | $25K | — | View 990 |
| 2012 | $302K | $282K | $151K | $9K | — | View 990 |
| 2011 | $234K | $280K | $171K | $50K | — | View 990 |
Year-by-Year Financial Summary
- 2023: Revenue of $760K, expenses of $677K, and assets of $1.4M (revenue +11.3% year-over-year).
- 2022: Revenue of $683K, expenses of $522K, and assets of $1.3M (revenue -11.2% year-over-year).
- 2021: Revenue of $768K, expenses of $457K, and assets of $1.1M (revenue +99.2% year-over-year).
- 2020: Revenue of $386K, expenses of $460K, and assets of $689K (revenue -38.7% year-over-year).
- 2019: Revenue of $629K, expenses of $403K, and assets of $763K (revenue +31.0% year-over-year).
- 2018: Revenue of $480K, expenses of $377K, and assets of $542K (revenue +9.2% year-over-year).
- 2017: Revenue of $439K, expenses of $266K, and assets of $445K (revenue +33.2% year-over-year).
- 2016: Revenue of $330K, expenses of $234K, and assets of $278K (revenue +6.4% year-over-year).
- 2015: Revenue of $310K, expenses of $225K, and assets of $194K (revenue +45.7% year-over-year).
- 2014: Revenue of $213K, expenses of $242K, and assets of $84K (revenue -4.9% year-over-year).
- 2013: Revenue of $224K, expenses of $221K, and assets of $134K (revenue -26.0% year-over-year).
- 2012: Revenue of $302K, expenses of $282K, and assets of $151K (revenue +28.9% year-over-year).
- 2011: Revenue of $234K, expenses of $280K, and assets of $171K.
Data Sources and Methodology
This transparency report for Maine Aquaculture Association is generated by NonprofitSpending's AI analysis engine. The data is sourced from publicly available IRS 990 filings accessed through the ProPublica Nonprofit Explorer API and IRS electronic filing records. The Mission Score, spending breakdown, and other analytical insights are produced by artificial intelligence and should be used as one of multiple factors when evaluating a nonprofit organization.
IRS 990 forms are annual information returns that most tax-exempt organizations must file with the IRS. These forms provide detailed financial information including revenue, expenses, assets, liabilities, and compensation of officers. NonprofitSpending processes this data to provide accessible transparency reports for donors, researchers, and the general public.
Disclaimer
AI-generated analysis based on IRS public records. Not financial or legal advice. Verify information directly with the organization.