Schmidt Ocean Institute
- Assets
- $66.3m
- Revenue
- $22.0m
- Investments
- $0.0
- Employees
- 0
- Location
- Palo Alto, CA
- Founding
- 08/2009
- Data as of
- 12/2021
- EIN
- 26-4562328
Organization Overview
Schmidt Ocean Institute is located in Palo Alto, CA. The organization was established in 2009. According to its NTEE Classification (U21) the organization is classified as: Marine Science & Oceanography, under the broad grouping of Science & Technology and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Schmidt Ocean Institute is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
For the year ending 12/2021, Schmidt Ocean Institute generated $22.0m in total revenue. This represents relatively stable growth, over the past 4 years the organization has increased revenue by an average of 8.1% each year. All expenses for the organization totaled $29.6m during the year ending 12/2021. While expenses have increased by 5.1% per year over the past 4 years. They've been increasing with an increasing level of total revenue. You can explore the organizations financials more deeply in the financial statements section below.
Since 2020, Schmidt Ocean Institute has awarded 15 individual grants totaling $1,587,000. If you would like to learn more about the grant giving history of this organization, scroll down to the grant profile section of this page.
Form
990PF
Mission & Program ActivityExcerpts From the 990PF Filing
TAX YEAR
2021
Describe the Organization's Program Activity:
Part 3 - Line 4a
MARINE RESEARCH VESSEL PLATFORM DEVELOPMENT, DEVELOPMENT AND OPERATION OF 4500M REMOTE UNDERWATER VEHICLE, SUPPORTING EQUIPMENT.
RESEARCH VESSEL OPERATIONS - MAPPING AND ROV OPERATIONS, SOUTH PACIFIC, INDIAN, PACIFIC OCEAN. 243 SEA DAYS.
SCIENTIFIC PROGRAMS RESEARCH AND DEVELOPMENT
SCIENCE OUTREACH AND COMMUNICATION
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Jyotika Virmani Executive Director | 40 | $440,001 | |
Eric King Senior Director Of O | 40 | $353,312 | |
Nicolas Decourcy Bingham Lead Electrical Engi | 40 | $241,706 | |
John Kelly Treasurer/chief Financial Officer | 30 | $224,750 | |
Jason Williams Lead Mechanical Engi | 40 | $221,080 | |
Andrew Boyer Director Of Engineer | 40 | $203,001 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Hillspire Llc | 12/30/21 | $987,790 |
Foster Garvey Pc | 12/30/21 | $272,335 |
Adocean Sl (Eur) | 12/30/21 | $211,069 |
Team Trident Llc | 12/30/21 | $207,382 |
Heiko Volz | 12/30/21 | $169,761 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Contributions, Gifts, Grants & Similar | $22,000,000 |
| Interest on Savings | $17 |
| Dividends & Interest | $1,601 |
| Net Rental Income | $0 |
| Net Gain on Sale of Assets | $0 |
| Capital Gain Net Income | $0 |
| Net ST Capital Gain | $0 |
| Income Modifications | $0 |
| Profit on Inventory Sales | $0 |
| Other Income | -$16,740 |
| Total Revenue | $21,984,878 |
| Statement of Expenses | |
|---|---|
| Compensation of officers, directors, trustees, etc | $687,004 |
| Other employee salaries and wages | $10,040,537 |
| Pension plans, employee benefits | $1,529,106 |
| Interest | $0 |
| Taxes | $220 |
| Depreciation | $7,129,926 |
| Occupancy | $153,008 |
| Travel, conferences, and meetings | $778,591 |
| Printing and publications | $0 |
| Other expenses | $7,533,294 |
| Total operating and administrative expenses | $29,163,350 |
| Contributions, gifts, grants paid | $474,000 |
| Total expenses and disbursements | $29,637,350 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $726,279 |
| Savings and temporary cash investments | $11,002,690 |
| Net Accounts receivable | $0 |
| Net Pledges Receivable | $0 |
| Grants receivable | $0 |
| Receivables from Officers, Directors, or Controlling Persons | $0 |
| Net other notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $2,735,356 |
| Net Investments - land, buildings, equipment | $0 |
| Investments—mortgage loans | $0 |
| Investments—other | $0 |
| Net Land, buildings, and equipment | $51,839,399 |
| Other assets | $7,781 |
| Total assets | $66,311,505 |
| Accounts payable and accrued expenses | $8,412,725 |
| Grants payable | $588,000 |
| Deferred revenue | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Mortgages and other notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $9,000,725 |
Grants Awarded
Over the last fiscal year, Schmidt Ocean Institute has awarded $546,000 in support to 8 organizations.
| Grant Recipient | Amount |
|---|---|
KING BAUDOUIN FOUNDATION PURPOSE: SUPPORT TALOI HAVINI EXHIBITION - ACADEMY AT OCEAN SPACE | $150,000 |
Santa Cruz, CA PURPOSE: ANTARCTIC RESEARCH AND CONSERVATION PROJECT | $140,000 |
La Jolla, CA PURPOSE: SEAWATER MEASUREMENTS TO TRACK OCEAN ACIDIFICATION | $90,000 |
Monterey, CA PURPOSE: MATE ROV COMPETITION | $50,000 |
AUSTRALIAN NATIONAL MARITIME MUSEUM PURPOSE: VAST EXHIBITION - 3D INTERACTIVE ILLUSTRATION | $50,000 |
Sedgwick, ME PURPOSE: AQUARIUM DEEP SEA EXHIBIT | $50,000 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that Schmidt Ocean Institute has recieved totaling $46,000,000.
| Awarding Organization | Amount |
|---|---|
Schwab Charitable Fund San Francisco, CA PURPOSE: PUBLIC, SOCIETAL BENEFIT | $46,000,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Schmidt Ocean Institute Palo Alto, CA | $66,311,505 | $21,984,878 |
Theiss Research La Jolla, CA | $1,142,512 | $2,838,989 |
Altasea At The Port Of Los Angeles San Pedro, CA | $13,326,843 | $2,313,467 |
Sylvia Earle Alliance Mission Blue Napa, CA | $2,340,872 | $1,830,629 |
Marine Science Institute Redwood City, CA | $3,001,123 | $1,755,713 |
Marine Applied Research And Exploration Richmond, CA | $1,137,478 | $1,582,492 |
Oceanic Society Expeditions Ross, CA | $1,543,344 | $1,070,677 |
Climate Foundation Carson City, NV | $2,970,996 | $1,167,133 |
Rv Pilar Inc San Diego, CA | $1,347,535 | $0 |
Algalita Marine Research And Education Long Beach, CA | $558,525 | $426,453 |
Medical Foundation For The Stdy Of The Envir & Hum Bdy Char Tr 060789 Kailua, HI | $3,073,806 | $271,975 |
Marine Life Studies Monterey, CA | $302,023 | $222,959 |