The Global Foundation For Ocean Exploration Inc
- Assets
- $2.1m
- Revenue
- $5.0m
- Investments
- $0.0
- Employees
- 3
- Location
- Mystic, CT
- Founding
- 01/2013
- Data as of
- 12/2023
- 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 12/2023, 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 12/2023, Global Foundation For Ocean Exploration Inc generated $5.0m in total revenue. This organization has experienced exceptional growth, as over the past 9 years, it has increased revenue by an average of 43.9% each year . All expenses for the organization totaled $5.4m during the year ending 12/2023. While expenses have increased by 40.2% per year over the past 9 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
2023
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. WE CONDUCTED 4 ROV CRUISES AND 6 MAPPING CRUISES IN THE PACIFIC OCEAN BETWEEN CALIFORNIA AND ALASKA DURING 2023. WE PERFORMED ROUTINE EQUIPMENT MAINTENANCE IN THE WINTER OF 2023 IN ANTICIPATION OF 2024 OPERATIONS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
David Lovalvo President | OfficerTrustee | 40 | $302,470 |
Melissa Ryan Vice President | Officer | 40 | $180,400 |
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 | 12/30/23 | $258,094 |
Levi Unema Engineer | 12/30/23 | $187,332 |
Andrew Parson Obrien Engineer | 12/30/23 | $207,033 |
Roland Brian Jr Engineer | 12/30/23 | $229,558 |
Fernando Aragon Sanabria Engineer | 12/30/23 | $184,550 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $5,016,142 |
| All other contributions, gifts, grants, and similar amounts not included above | $6,207 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $5,022,349 |
| Total Program Service Revenue | $0 |
| Investment income | $306 |
| 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 | $5,022,655 |
| 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. | $482,870 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $114,778 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $10,134 |
| Payroll taxes | $36,169 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $236 |
| Fees for services: Accounting | $30,900 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $2,874,274 |
| Advertising and promotion | $0 |
| Office expenses | $0 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $175,808 |
| Travel | $32,512 |
| 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 | $502,932 |
| Insurance | $6,963 |
| All other expenses | $88,536 |
| Total functional expenses | $5,416,703 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $329,158 |
| Savings and temporary cash investments | $204,369 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $239,464 |
| 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 | $22,128 |
| Net Land, buildings, and equipment | $1,114,712 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $206,360 |
| Total assets | $2,116,191 |
| Accounts payable and accrued expenses | $439,316 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| 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 | $439,316 |
| Net assets without donor restrictions | $1,676,875 |
| 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 | $2,116,191 |