Maine Lobstermens Association Inc
Maine Lobstermen's Association sees significant revenue decline in 2023 but maintains positive net income and zero officer compensation.
EIN: 10455701 · Kennebunk, ME · NTEE: S41 · Updated: 2026-03-28
| Metric | Value |
|---|---|
| Total Revenue | $938K |
| Total Expenses | $822K |
| Program Spending | 80% |
| CEO/Top Officer Pay | $1 |
| Net Assets | $1.0M |
| Transparency Score | 85/100 |
Is Maine Lobstermens Association Inc Legit?
Some Concerns
Assessment based on IRS 990 filings, spending patterns, and AI analysis. Not a guarantee of legitimacy. Full charity check →
Maine Lobstermens Association Inc directs 80% of its spending to programs. This exceeds the industry benchmark of 65%, indicating strong mission focus.
About Maine Lobstermens Association Inc
Maine Lobstermens Association Inc (EIN: 10455701) is a nonprofit organization based in Kennebunk, ME, classified under NTEE code S41. The organization reported total revenue of $938K and total assets of $1.3M according to its most recent IRS 990 filing. This transparency report provides an AI-powered analysis of Maine Lobstermens Association Inc's financial health, spending patterns, executive compensation, and overall mission effectiveness based on publicly available IRS data.
Organization Overview
Maine Lobstermens Association Inc is a small nonprofit that has been operating for 4 years, with 2 years of IRS 990 filings on record (2022–2023). Revenue has grown at a compound annual rate of -51.3%.
Key Financial Metrics (2023)
From the most recent IRS 990 filing on record:
| Total Revenue | $848K |
| Total Expenses | $822K |
| Surplus / Deficit | +$26K |
| Total Assets | $1.1M |
| Total Liabilities | $75K |
| Net Assets | $1.0M |
| Operating Margin | 3.0% |
| Debt-to-Asset Ratio | 6.7% |
| Months of Reserves | 16.3 months |
Financial Health Grade: A
In 2023, Maine Lobstermens Association Inc reported a surplus of $26K with revenue exceeding expenses, holds 16.3 months of operating reserves (strong position), has a debt-to-asset ratio of 6.7% (very low leverage).
Financial Trends
Over 2 years of filings (2022–2023), Maine Lobstermens Association Inc's revenue has declined at a compound annual growth rate (CAGR) of -51.3%.
| Year | Revenue Change | Expense Change | Asset Change |
|---|---|---|---|
| 2023 | -51.3% | -27.9% | +3.6% |
IRS Tax-Exempt Classification
| IRS Classification Codes | 2000 |
| IRS Ruling Date | 2022 |
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 Lobstermens Association Inc with a Mission Score of 85 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: 15%
- programs: 80%
- fundraising: 5%
According to IRS 990 filings, Maine Lobstermens Association Inc allocates its expenses as follows: admin: 15%, programs: 80%, fundraising: 5%. With 80% 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 $26K, with revenue exceeding expenses.
- Debt-to-asset ratio: 6.7%.
Executive Compensation Analysis
Executive compensation is reported at 0% for both periods, indicating that no officers received compensation from the organization, which is highly favorable for a nonprofit of its size with assets over $1 million.
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 Lobstermens Association Inc's IRS 990 filings:
- Significant year-over-year revenue volatility (nearly 50% drop from 2022 to 2023)
Strengths
The following positive indicators were identified for Maine Lobstermens Association Inc:
- Zero officer compensation reported, indicating high efficiency in leadership costs.
- Consistent positive net income (revenue exceeding expenses) in both reported periods.
- Growing asset base, from $1,075,538 in 2022 to $1,113,891 in 2023.
Frequently Asked Questions about Maine Lobstermens Association Inc
Is Maine Lobstermens Association Inc a legitimate charity?
Based on AI analysis of IRS 990 filings, Maine Lobstermens Association Inc (EIN: 10455701) some concerns. Mission Score: 85/100. 1 red flag identified, 3 strengths noted.
How does Maine Lobstermens Association Inc spend its money?
Maine Lobstermens Association Inc directs 80% of its spending to programs and services. The remaining budget covers administration and fundraising costs.
Are donations to Maine Lobstermens Association Inc tax-deductible?
Maine Lobstermens Association Inc is registered as a tax-exempt nonprofit (EIN: 10455701). Donations to most 501(c)(3) organizations are tax-deductible. Consult a tax professional for your specific situation.
How much does the Maine Lobstermens Association Inc CEO make?
Maine Lobstermens Association Inc's highest-compensated officer earns $1 annually. The organization reported $938K in total revenue. Executive compensation data is disclosed in IRS 990 filings.
What percentage of Maine Lobstermens Association Inc's spending goes to programs?
Maine Lobstermens Association Inc directs 80% to programs, 5% to fundraising. This exceeds the 65% industry benchmark for efficient nonprofits.
How does Maine Lobstermens Association Inc compare to similar nonprofits?
With a transparency score of 85/100 (Excellent), Maine Lobstermens Association Inc is above average for NTEE category S41 nonprofits. The score reflects financial transparency, program spending efficiency, and governance quality based on IRS 990 data.
Where is Maine Lobstermens Association Inc located?
Maine Lobstermens Association Inc is headquartered in Kennebunk, Maine and files with the IRS under EIN 10455701. It is classified under NTEE code S41.
How many years of IRS 990 filings does Maine Lobstermens Association Inc have?
Maine Lobstermens Association Inc has 2 years of IRS 990 filings on record at NonprofitSpending. Additional filing years may become available as the IRS releases new data. The most recent filing shows $938K in total revenue.
What caused the significant drop in revenue from $1,742,154 in 2022 to $848,091 in 2023?
The provided data does not specify the reason for the revenue decline, but it is a key area for further investigation to understand funding stability.
How does the organization sustain its operations with 0% officer compensation?
This suggests that key leadership roles may be filled by volunteers, or compensation is covered through other means not reported as officer compensation, which is a positive sign for resource allocation.
Filing History
IRS 990 filing history for Maine Lobstermens Association Inc showing financial trends over 2 years of public records:
Over 2 years of IRS 990 filings (2022–2023), Maine Lobstermens Association Inc's revenue has declined by 51.3%, moving from $1.7M to $848K. Total assets increased by 3.6% over the same period, from $1.1M to $1.1M. Total functional expenses fell by 27.9%, from $1.1M to $822K. In its most recent filing year (2023), Maine Lobstermens Association Inc reported a surplus of $26K, with revenue exceeding expenses. The organization holds $75K in liabilities against $1.1M in assets (debt-to-asset ratio: 6.7%), resulting in net assets of $1.0M.
| Year | Revenue | Expenses | Assets | Liabilities | Officer Comp. % | |
|---|---|---|---|---|---|---|
| 2023 | $848K | $822K | $1.1M | $75K | — | — |
| 2022 | $1.7M | $1.1M | $1.1M | $62K | — | View 990 |
View Individual Filing Years
Explore detailed financial data from each IRS 990 filing year for Maine Lobstermens Association Inc:
Data Sources and Methodology
This transparency report for Maine Lobstermens Association 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.