Overview
Fall River Line Pier, Inc. (FRLP), located at 1 Water Street in Fall River, was created by Chapter 665 of the Acts of 1945 to establish, operate, and maintain a pier in Fall River, serving the South Coast area, for the shipment of freight and merchandise by water. On November 29, 1946, FRLP was chartered as a not-for-profit corporation.
During the audit period, FRLP was overseen by a board of directors with 11 members, who are responsible for managing FRLP’s property and business. The pier’s daily operations are managed by a general manager who is hired by, and reports to, the board of directors. The general manager supervises the daily activities of FRLP’s staff, which consisted of seven full-time and four part-time employees as of the end of the audit period.
FRLP previously leased its premises from the Commonwealth under a 50-year lease agreement, which ended in April 2014. FRLP is currently a tenant at will and negotiating a new agreement with the Commonwealth through MassDevelopment, the state’s finance and development agency, as directed by the Department of Conservation and Recreation.
FRLP’s revenue and expenses, as reported in its annual financial statements, are summarized below.
FRLP Net Income
|
|
Fiscal Year 2016 |
Fiscal Year 2017 |
Fiscal Year 2018 |
|---|---|---|---|
|
Revenue |
$477,665 |
$493,770 |
$610,843 |
|
Expenses |
(482,013) |
(470,643) |
(473,929) |
|
Net Income |
$(4,348) |
$23,127 |
$136,914 |
| Date published: | June 11, 2020 |
|---|