Maine Built Boats Inc
Maine Built Boats Inc. reports zero revenue and assets in its latest available data, following years of fluctuating small revenues and expenses.
EIN: 202974146 · Belfast, ME · Updated: 2026-03-28
| Metric | Value |
|---|---|
| Total Expenses | $49K |
| Program Spending | 70% |
| Net Assets | $4K |
| Transparency Score | 45/100 |
Is Maine Built Boats Inc Legit?
Significant Concerns
Assessment based on IRS 990 filings, spending patterns, and AI analysis. Not a guarantee of legitimacy. Full charity check →
Maine Built Boats Inc directs 70% of its spending to programs. This meets the industry benchmark of 65% for efficient nonprofits.
About Maine Built Boats Inc
Maine Built Boats Inc (EIN: 202974146) is a nonprofit organization based in Belfast, ME. The organization reported total revenue of $0 and total assets of $0 according to its most recent IRS 990 filing. This transparency report provides an AI-powered analysis of Maine Built Boats Inc's financial health, spending patterns, executive compensation, and overall mission effectiveness based on publicly available IRS data.
Organization Overview
Maine Built Boats Inc is a micro nonprofit that has been operating for 20 years, with 3 years of IRS 990 filings on record (2011–2013). Revenue has grown at a compound annual rate of -16.2%.
Key Financial Metrics (2013)
From the most recent IRS 990 filing on record:
| Total Revenue | $22K |
| Total Expenses | $49K |
| Surplus / Deficit | $-27,227 |
| Total Assets | $4K |
| Net Assets | $4K |
| Operating Margin | -124.9% |
| Months of Reserves | 1.0 months |
Financial Health Grade: C
In 2013, Maine Built Boats Inc reported a deficit of $27K with expenses exceeding revenue, holds 1.0 months of operating reserves (limited).
Financial Trends
Over 3 years of filings (2011–2013), Maine Built Boats Inc's revenue has declined at a compound annual growth rate (CAGR) of -16.2%.
| Year | Revenue Change | Expense Change | Asset Change |
|---|---|---|---|
| 2013 | -49.0% | +63.4% | — |
| 2012 | +37.6% | +36.5% | -109.0% |
IRS Tax-Exempt Classification
| IRS Classification Codes | 1000 |
| IRS Ruling Date | 2006 |
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 Built Boats Inc with a Mission Score of 45 out of 100 (Fair). This score reflects the organization's overall financial transparency, program spending efficiency, and governance indicators derived from IRS 990 public filings.
Spending Breakdown
- admin: 20%
- programs: 70%
- fundraising: 10%
According to IRS 990 filings, Maine Built Boats Inc allocates its expenses as follows: admin: 20%, programs: 70%, fundraising: 10%. Approximately 70% goes to programs, indicating moderate mission focus.
Key Financial Metrics (2013)
From the most recent IRS 990 filing on record:
- The organization reported a deficit of $27K, with expenses exceeding revenue.
Executive Compensation Analysis
Executive compensation is reported as 0% across all available filings, suggesting a volunteer-led organization or that compensation is not being reported, which is common for very small nonprofits.
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 Built Boats Inc's IRS 990 filings:
- Latest reported data shows $0 revenue and $0 assets, indicating potential dormancy or cessation of operations.
- Reported negative assets ($-546) in 201212 filing, which is an unusual financial indicator.
- Expenses significantly exceeded revenue in 201312 ($49,027 expenses vs. $21,800 revenue), suggesting financial strain.
- Lack of detailed expense breakdown (program, admin, fundraising) in available summary data limits financial transparency assessment.
Strengths
The following positive indicators were identified for Maine Built Boats Inc:
- Consistent reporting of 0% officer compensation across all filings, indicating a volunteer-driven model or efficient use of funds for leadership.
- Maintained positive assets in two out of three reported periods (201112 and 201312, excluding the latest zero report).
Frequently Asked Questions about Maine Built Boats Inc
Is Maine Built Boats Inc a legitimate charity?
Maine Built Boats Inc (EIN: 202974146) is a registered tax-exempt nonprofit based in Maine. Our AI analysis gives it a Mission Score of 45/100. It has 3 years of IRS 990 filings on record. 4 red flags identified. 2 strengths noted. Financial health grade: C.
How does Maine Built Boats Inc spend its money?
Maine Built Boats Inc directs 70% of its spending to programs and services. Fundraising costs 10%. This meets the 65% industry benchmark.
Are donations to Maine Built Boats Inc tax-deductible?
Maine Built Boats Inc is registered as a tax-exempt nonprofit (EIN: 202974146). Donations to most 501(c)(3) organizations are tax-deductible. Consult a tax professional for your specific situation.
What percentage of Maine Built Boats Inc's spending goes to programs?
Maine Built Boats Inc directs 70% to programs, 10% to fundraising. This meets the 65% industry benchmark for efficient nonprofits.
Where is Maine Built Boats Inc located?
Maine Built Boats Inc is headquartered in Belfast, Maine and files with the IRS under EIN 202974146.
How many years of IRS 990 filings does Maine Built Boats Inc have?
Maine Built Boats Inc has 3 years of IRS 990 filings on record at NonprofitSpending. Additional filing years may become available as the IRS releases new data.
What is the current operational status of Maine Built Boats Inc., given the latest reported zero revenue and assets?
The latest available data (post-2013) shows zero revenue and assets, which strongly suggests the organization may be dormant or no longer actively operating. Further investigation would be needed to confirm its current status.
Why did the organization report negative assets in the 201212 period?
Reporting negative assets ($-546) is unusual and could indicate an accounting error, significant liabilities not fully disclosed, or a specific financial situation that requires further clarification from the organization's detailed financial statements.
What were the primary drivers of the significant expense increase in 201312 ($49,027) compared to prior years?
Without detailed expense breakdowns, it's impossible to determine the specific reasons for the nearly doubling of expenses from $30,003 in 2012 to $49,027 in 2013. This could be due to increased program activities, administrative costs, or one-time expenditures.
Filing History
IRS 990 filing history for Maine Built Boats Inc showing financial trends over 3 years of public records:
Over 3 years of IRS 990 filings (2011–2013), Maine Built Boats Inc's revenue has declined by 29.8%, moving from $31K to $22K. Total assets decreased by 30.6% over the same period, from $6K to $4K. Total functional expenses rose by 123.1%, from $22K to $49K. In its most recent filing year (2013), Maine Built Boats Inc reported a deficit of $27K, with expenses exceeding revenue.
| Year | Revenue | Expenses | Assets | Liabilities | Officer Comp. % | |
|---|---|---|---|---|---|---|
| 2013 | $22K | $49K | $4K | $0 | — | View 990 |
| 2012 | $43K | $30K | $-546 | $0 | — | View 990 |
| 2011 | $31K | $22K | $6K | $0 | — | View 990 |
Year-by-Year Financial Summary
- 2013: Revenue of $22K, expenses of $49K, and assets of $4K (revenue -49.0% year-over-year).
- 2012: Revenue of $43K, expenses of $30K, and assets of $-546 (revenue +37.6% year-over-year).
- 2011: Revenue of $31K, expenses of $22K, and assets of $6K.
View Individual Filing Years
Explore detailed financial data from each IRS 990 filing year for Maine Built Boats Inc:
Data Sources and Methodology
This transparency report for Maine Built Boats Inc 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.