Algae Foundation
- Assets
- $810.0k
- Revenue
- $986.1k
- Investments
- $0.0
- Employees
- 3
- Location
- Poland, ME
- Founding
- 06/2014
- Data as of
- 12/2022
- EIN
- 46-2312083
Organization Overview
Algae Foundation is located in Poland, ME. The organization was established in 2014. According to its NTEE Classification (C60) the organization is classified as: Environmental Education, under the broad grouping of Environment and related organizations. As of 12/2022, Algae Foundation employed 3 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Algae Foundation 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 12/2022, Algae Foundation generated $986.1k in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 17.5% each year . All expenses for the organization totaled $756.4k during the year ending 12/2022. 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
2022
Describe the Organization's Mission:
Part 3 - Line 1
THE ALGAE FOUNDATION'S MISSION IS TO PROMOTE THE POWER OF ALGAE TO TRANSFORM HUMAN ENVIRONMENT UPON WHICH IT DEPENDS AND TO FACILITATE A FUTURE IN WHICH ALGAE ARE A FUNDAMENTAL SOURCE OF ENERGY, NUTRITION, PRODUCTS, AND ECOLOGICAL SERVICES FOR SUSTAINABLE SOCIETIES GLOBALLY.
Describe the Organization's Program Activity:
Part 3 - Line 4a
ALGAE FOUNDATION - TO PROMOTE THE POWER OF ALGAE TO TRANSFORM HUMAN SOCIETY AND THE ENVIRONMENT UPON WHICH IT DEPENDS AND TO FACILITATE A FUTURE IN WHICH ALGAE ARE A FUNDAMENTAL SOURCE OF ENERGY, NUTRITION, PRODUCTS, AND ECOLOGICAL SERVICES FOR SUSTAINABLE SOCIETIES GLOBALLY.
THE ALGAE TECHNOLOGY EDUCATIONAL CONSORTIUM (ATEC) - TO DEVELOP NOVEL EDUCATIONAL PROGRAMS TO STRENGTHEN INDUSTRY WORKFORCE CAPABILITIES, BY FOCUSING ON THE SKILLS NEEDED TO SUPPORT THE COMMERCIALIZATION OF ALGAL PRODUCTS.
THE ALGAE ACADEMY - TO UTILIZE ALGAE AS A TOOL TO EFFECTIVELY MEET THE FOUR DISCIPLINES OF STEM IN AN INTERDISCIPLINARY AND APPLIED APPROACH BY SHOWCASING VARIOUS ASPECTS OF ALGAE TECHNOLOGY AND REAL-WORLD EXAMPLES OF HOW ALGAE CREATE A MORE SUSTAINABLE PLANET.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Ira Levine Board Chair/president | OfficerTrustee | 36 | $162,000 |
Tiffany Cannis Vice Chair | OfficerTrustee | 14 | $0 |
Jakob Nalley Secretary | Trustee | 7.7 | $13,400 |
Philip Pienkos Board Member | Trustee | 1.8 | $2,000 |
Jesse Traller Ojeda Board Member | Trustee | 4.5 | $3,780 |
Greg Mitchell Board Member | Trustee | 5 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $45,490 |
| All other contributions, gifts, grants, and similar amounts not included above | $938,041 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $983,531 |
| Total Program Service Revenue | $0 |
| Investment income | $2,594 |
| 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 | $986,125 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $2,500 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $75 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $181,180 |
| Compensation of current officers, directors, key employees. | $6,480 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $143,603 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $11,161 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $20,414 |
| Fees for services: Accounting | $0 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $1,467 |
| Advertising and promotion | $31,999 |
| Office expenses | $0 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $4,764 |
| Travel | $92,442 |
| 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 | $363 |
| Insurance | $5,054 |
| All other expenses | $2,447 |
| Total functional expenses | $756,403 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $43,071 |
| Savings and temporary cash investments | $561,817 |
| Pledges and grants receivable | $30,000 |
| Accounts receivable, net | $170,000 |
| 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 | $0 |
| Net Land, buildings, and equipment | $5,088 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $809,976 |
| Accounts payable and accrued expenses | $70,014 |
| 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 | $1,197 |
| Total liabilities | $71,211 |
| Net assets without donor restrictions | $738,765 |
| 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 | $809,976 |