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Gb Cod Fixed Gear Sector INC

Not tax-deductible

Chatham, MA501(c)(5)Animals EIN 41-2237942Revenue $382K in FY2024

On file with the IRS1566 Main St, 02633-1805 · Chatham, MATax-exempt since Mar 2008

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The georges bank Cod Fixed Gear Sector represents a proactive group of small, dayboat fishermen on cape Cod that have voluntarily come together to cooperatively manage annual allocations of fish. Its members agree to fish within sustainable limits and to stop fishing once quotas have been met, thereby, protecting fish populations for future generations. The federal government (I.e. National marine fisheries service) has agreed to provide these quotas to the Sector, which includes fishermen who have developed and incorporated their organization in compliance with state and federal tax requirements.

501(c)(5) labor or agricultural organization; gifts are not tax-deductible as charitable contributions.
Mission: Form 990 Part I, line 1 · Status: IRS Pub. 78

Before you give

FY2024 · Form 990Independent: from IRS data, not the org
Download 990
IRS status
501(c)(5)
not on the IRS revocation list
Looks good: listed by the IRS and not on the revocation list.
IRS BMF · Auto-Revocation List
Tax-deductible gifts
No
Donations are not tax-deductible
Worth a look: the IRS does not list gifts to it as deductible.
IRS Pub. 78 · IRS BMF
Latest return
FY2024
latest Form 990
Looks good: the latest return is for FY2024, 2 tax years back; within 2 tax years.
IRS e-file · Filing history
Surplus or deficit
1 of 5
filings with a surplus
Average deficit $5K a year · 2% of revenue · last 5 filings
Concern: a surplus in 1 of the last 5 filings.
Pt I · Ln 19 · 5 filings
Spent on programs
0%
of spending
Concern: 0% of spending went to programs; under 50%.
Pt IX · Ln 25 · col B
Cash reserves
5 mo
of spending, in cash
Looks good: 5.0 months of spending in cash; 3 or more.
Pt X · Ln 1–2 · Pt I · Ln 18
Liabilities
$10K
7% of total assets
Looks good: liabilities are 7% of assets; 50% or less.
Pt X · Ln 26
Independent board members
9
of 9 voting members
Looks good: 9 of 9 voting members are independent, a majority.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$382K
+100% vs prior year
Spent
$306K
To programs
0%
Net assets
$118K
By yearFY2020–FY2024
Revenue
$382K
FY2024▲ +100%
Tap a bar for its year
Revenue by fiscal year
FY2020$114K
FY2021$164K
FY2022$384K
FY2023$191K
FY2024$382K
Expenses
$306K
FY2024▲ +53%
Tap a bar for its year
Expenses by fiscal year
FY2020$146K
FY2021$180K
FY2022$425K
FY2023$200K
FY2024$306K
Net assets
$118K
FY2024▲ +181%
Tap a bar for its year
Net assets by fiscal year
FY2020$108K
FY2021$92K
FY2022$51K
FY2023$42K
FY2024$118K

From the FY2024 Form 990 · see the original

990 PDF Claim

Is it real?

Yes. Never revoked by the IRS. Latest filing on record: FY2024. IRS ruling in Mar 2008.

IRS Pub. 78 · IRS Auto-Revocation List · IRS Business Master File

Who runs it and what they're paid

9 people listed on the 990.

Part VII, Section A · reportable compensation
Jared Bennett
President
$0Pt VII · Sec A
Jason Amaru
Treasurer
$0Pt VII · Sec A
$0Pt VII · Sec A
Sean Connors
Director
$0Pt VII · Sec A
Eric Hesse
Director
$0Pt VII · Sec A
Tim Linnell
Director
$0Pt VII · Sec A
$0Pt VII · Sec A
Nick O'Toole
Director
$0Pt VII · Sec A
See Gb Cod Fixed Gear Sector INC executive salaries →

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Questions the 990 asks

The form asks each of these directly. These are the filed answers.

  • Family or business ties among officersPt VI · Ln 2No
  • Top official's pay set by an independent reviewPt VI · Ln 15aNo

Programs and updates

Fishermen cooperatively manage cod quotas to protect fish populations for the future.

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Provided by the organization

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1 program · $306K · in their own filed words · FY2024
01

The sector did not exceed any of its allocations. It minimized the harvest of depleted stocks and instead focused on the harvest of healthy stocks such as monkfish, skates, dogfish and pollock.

$306Kprogram expense

By the numbers

The FY2024 990, line by line.

Download 990
from philanthropy.org
1The main four
Money inPt VIII
$382K
Ln 12
Fees for servicesLn 2g$382K
Investment incomeLn 3$10
Money outPt IX
$306K
Ln 25
Owns and owesPt X
$118K
net assets · Ln 32
Cash and savingsLn 1–2$126K
Total assetsLn 16$127K
LiabilitiesLn 26$10K
PeoplePt VI, VII
9
listed · VII A
PaidVII A0
Voting boardVI 1a9
IndependentVI 1b9
2In more detail
Revenue in detailPt VIII
Fees for servicesLn 2g$382K
Investment incomeLn 3$10
Total revenueLn 12$382K
Assets in detailPt X, end of year
CashLn 1$126K
Cash and savings togetherLn 1–2$126K
Other assetsLn 15$400
Total assetsLn 16$127K
LiabilitiesLn 26$10K
Net assetsLn 32$118K
OperationsPt I, VI
EmployeesI 50
Fiscal year endsHeaderDecember
Conflict-of-interest policyVI 12aYes
Whistleblower policyVI 13No
Records policyVI 14No
3Year over year
Balance sheet, start vs end of yearPt X · col A, B
LineStart FY24End FY24
Cash and savingsLn 1–2$41K$126K
Total assetsLn 16$42K$127K
LiabilitiesLn 26$0$10K
Net assetsLn 32$42K$118K
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Other fees for servicesLn 11g$53K
InsuranceLn 23$1K
Other expenses (24a–d)Ln 24$251K
All other expensesLn 24e$92
Total functional expensesLn 25$306K$0$0$0

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2024 Latest Viewing $382K$306K$76K$118K 990 PDF
FY2023 $191K$200K−$9K$42K 990 PDF
FY2022 $384K$425K−$41K$51K 990 PDF
FY2021 $164K$180K−$16K$92K 990 PDF
FY2020 $114K$146K−$33K$108K 990 PDF

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Schedules filed Part IV

III · Programs R · Related orgs G · Fundraising L · Interested persons I · Grants A · Public support O · Explanations
See the full FY2024 990 (6 parts)
Part I · Summary $381,550 revenue, 12 lines filed
I-8 Contributions and grants$0
I-9 Program service revenuePrior year $189,929$381,540
I-10 Investment incomePrior year $4$10
I-11 Other revenuePrior year $1,138$0
I-12 Total revenuePrior year $191,071$381,550
I-13 Grants and similar amounts paid$0
I-14 Benefits paid to members$0
I-15 Salaries and benefits$0
I-16a Professional fundraising fees$0
I-17 Other expensesPrior year $200,326$305,642
I-18 Total expensesPrior year $200,326$305,642
I-19 Revenue less expensesPrior year −$9,255$75,908
Part VI · Governance 9 of 9 board members independent, 3 to look at
VI-1a Voting members of the governing body9
VI-1b Independent voting members9
VI-13 Written whistleblower policyNo
VI-14 Document retention and destruction policyNo
VI-15a Process for setting top official's payNo
VI-2 Family or business relationship among officers or directorsNo
VI-12a Written conflict of interest policyYes
Part VIII · Statement of revenue $381,550 across 3 lines filed
Lines not itemized here account for $2,500 of total revenue; see the IRS return.
VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Related to mission $379,040$379,040
VIII-3 Investment incomeExcluded from tax $10$10
VIII-12 Total revenueRelated to mission $381,540 · Excluded from tax $10$381,550
Part IX · Statement of functional expenses $305,642 across 4 lines filed
IX-11g Other fees for services$53,000
IX-23 Insurance$1,200
IX-24 Other expenses (24a–d)$251,350
IX-24e All other expenses$92
IX-25 Total functional expensesPrograms $0 · Management $0 · Fundraising $0$305,642
Part X · Balance sheet $127,353 assets, 8 lines filed
X-1 Cash, non-interest-bearingStart of year $41,345$126,353
X-9 Prepaid expenses and deferred chargesStart of year $600$600
X-15 Other assets$400
X-16 Total assetsStart of year $41,945$127,353
X-17 Accounts payable and accrued expenses$9,500
X-26 Total liabilitiesStart of year $0$9,500
X-32 Total net assets or fund balancesStart of year $41,945$117,853
X-33 Total liabilities and net assetsStart of year $41,945$127,353
Part XI · Reconciliation of net assets $117,853 net assets at year end
XI-1 Total revenue$381,550
XI-2 Total expenses$305,642
XI-3 Revenue less expenses$75,908
XI-4 Net assets at start of year$41,945
XI-10 Net assets at end of year$117,853

Form 990 e-file (XML) FY2024 from the IRS · Classification, formation year and address from the IRS Business Master File

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