The Global Foundation For Ocean Exploration Inc
- Assets
- $2.7m
- Revenue
- $5.6m
- Investments
- $0.0
- Employees
- 3
- Location
- Mystic, CT
- Founding
- 01/2013
- Data as of
- 12/2021
- EIN
- 46-0814861
Organization Overview
The Global Foundation For Ocean Exploration Inc is located in Mystic, CT. The organization was established in 2013. According to its NTEE Classification (U21) the organization is classified as: Marine Science & Oceanography, under the broad grouping of Science & Technology and related organizations. As of 12/2021, Global Foundation For Ocean Exploration Inc employed 3 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Global Foundation For Ocean Exploration Inc 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, Global Foundation For Ocean Exploration Inc generated $5.6m in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 62.1% each year . All expenses for the organization totaled $6.0m during the year ending 12/2021. While expenses have increased by 56.5% per year over the past 7 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.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2021
Describe the Organization's Mission:
Part 3 - Line 1
TO EMPOWER THE GLOBAL UNDERWATER SCIENCE COMMUNITY WITH THE TOOLS AND EXPERTISE REQUIRED TO EXPLORE THE GREATEST DEPTHS OF THE PLANET'S LARGEST AND DEEPEST BODIES OF WATER AND RETURN WITH DISCOVERIES THAT AMAZE AND INSPIRE A GLOBAL AUDIENCE.
Describe the Organization's Program Activity:
Part 3 - Line 4a
ADVANCEMENT OF DEEP SUBMERGENCE VEHICLES, EQUIPMENT AND TELEPRESENCE SYSTEMS INCLUDING THE DESIGN, ENGINEERING AND DEVELOPMENT OF SAMPLING CAPABILITIES FOR GOVERNMENT OWNED UNDERWATER ROBOTS; CONDUCT MAJOR OCEAN EXPLORATION EXPEDITIONS; TRAINED FILM MAKERS AND ENGINEERS. AFTER COVID RESTRICTIONS WERE LIFTED IN APRIL 2021, GFOE RESUMED AT SEA AND SHORESIDE OPERATIONS. WE CONDUCTED 7 AT SEA EXPEDITIONS IN THE ATLANTIC OCEAN OFF THE U.S. EAST COAST. DURING THE WINTER WE PERFORMED ROUTINE MAINTENANCE AND PREP ON THE ROVS AND OTHER EQUIPMENT IN ANTICIPATION OF 2022 OPERATIONS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
David Lovalvo President | OfficerTrustee | 40 | $291,392 |
Melissa Ryan Vice President | Officer | 40 | $171,554 |
Cynthia Shereda Sec/treas | OfficerTrustee | 1 | $0 |
Harlan Kredit Director | Trustee | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Christopher Wright Engineer | 12/30/21 | $233,542 |
Jam Industries Engineer | 12/30/21 | $209,006 |
James Meyers Engineer | 12/30/21 | $236,570 |
Robert Andrew Lister Llc Engineer | 12/30/21 | $163,148 |
Andrew Parson Obrien Engineer | 12/30/21 | $193,645 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $5,579,333 |
| All other contributions, gifts, grants, and similar amounts not included above | $10,114 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $5,589,447 |
| Total Program Service Revenue | $0 |
| Investment income | $28 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $5,589,475 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $462,946 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $116,239 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $39,115 |
| Payroll taxes | $0 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $6,538 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $3,307,910 |
| Advertising and promotion | $0 |
| Office expenses | $0 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $195,305 |
| Travel | $40,887 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $534,623 |
| Insurance | $25,191 |
| All other expenses | $392,584 |
| Total functional expenses | $5,975,904 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $338,849 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $302,176 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $25,963 |
| Net Land, buildings, and equipment | $2,072,859 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $2,739,847 |
| Accounts payable and accrued expenses | $275,869 |
| Grants payable | $0 |
| Deferred revenue | $12,607 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $288,476 |
| Net assets without donor restrictions | $2,451,371 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $0 |
| Total liabilities and net assets/fund balances | $2,739,847 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that The Global Foundation For Ocean Exploration Inc has recieved totaling $100.
| Awarding Organization | Amount |
|---|---|
Amazonsmile Foundation Seattle, WA PURPOSE: GENERAL SUPPORT | $100 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Sea Education Association Inc Falmouth, MA | $20,669,049 | $7,982,566 |
The Global Foundation For Ocean Exploration Inc Mystic, CT | $2,739,847 | $5,589,475 |
Project Ceti Inc New York, NY | $10,739,468 | $7,996,157 |
Inter District Committee For Project Oceanology Groton, CT | $1,360,230 | $1,726,047 |
Atlantic White Shark Conservancy Inc Chatham, MA | $1,610,848 | $1,610,574 |
Research Applied Technologyeducation Service Incorporated Potsdam, NY | $614,658 | $920,167 |
Society For Marine Mamalogy Yarmouth Port, MA | $3,099,610 | $367,619 |
American Saltwater Guides Association Inc Oceanside, NY | $340,083 | $502,533 |
Ocean Discovery League Inc Saunderstown, RI | $913,718 | $989,005 |
Atlantic Shark Institute Wakefield, RI | $105,537 | $0 |
Marine Studies Consortium Jamaica Plain, MA | $114,977 | $0 |
Zephyr Education Foundation Falmouth, MA | $64,674 | $0 |