Oceantic Network Inc
- Assets
- $10.2m
- Revenue
- $13.3m
- Investments
- $0.0
- Employees
- 61
- Location
- Baltimore, MD
- Founding
- 06/2015
- Data as of
- 12/2023
- EIN
- 46-3553839
Organization Overview
Oceantic Network Inc is located in Baltimore, MD. The organization was established in 2015. According to its NTEE Classification (C30) the organization is classified as: Natural Resources Conservation & Protection, under the broad grouping of Environment and related organizations. As of 12/2023, Oceantic Network Inc employed 61 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Oceantic Network 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, Oceantic Network Inc generated $13.3m in total revenue. This organization has experienced exceptional growth, as over the past 9 years, it has increased revenue by an average of 38.8% each year . All expenses for the organization totaled $11.2m during the year ending 12/2023. While expenses have increased by 39.0% 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 EXPAND PUBLIC AND PRIVATE SECTOR KNOWLEDGE, EXPERTISE AND CONTRACTS FOR THE OFFSHORE WIND INDUSTRY.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE ORGANIZATION'S GOAL IS FOR THE UNITED STATES TO HAVE A STRONG OFFSHORE WIND SUPPLY CHAIN THAT HAS A LEADING ROLE IN THE EVOLVING GLOBAL OFFSHORE WIND INDUSTRY. THE ORGANIZATION FACILITATES NETWORKING OPPORTUNITIES ALONGSIDE ITS EDUCATIONAL INITIATIVES AND WITH SMALLER EDUCATIONAL AND NETWORKING EVENTS. THE SIZE AND COMPLEXITY OF OFFSHORE WIND PROJECTS CREATES OPPORTUNITIES FOR MANY INDUSTRIES. BY COLLABORATING ACROSS INDUSTRY SECTORS, BUSINESSES ARE ABLE TO OFFER A WIDER RANGE OF PRODUCTS AND SERVICES IN ONE LOCATION. THROUGH COLLABORATION, BUSINESSES ARE ABLE TO BECOME MORE COMPETITIVE IN THE GLOBAL OFFSHORE WIND MARKET. THE ORGANIZATION BRINGS TOGETHER MEMBER BUSINESSES, DEVELOPERS, POLICY MAKERS, NATIONAL AND INTERNATIONAL EXPERTS, AND ECONOMIC DEVELOPMENT AGENCIES FOR UNPRECEDENTED KNOWLEDGE SHARING AND RELATIONSHIP BUILDING AND CLUSTER FORMING OPPORTUNITIES.
BUSINESS NETWORK FOR OFFSHORE WIND IS USING ITS EDUCATIONAL INITIATIVES: INTERNATIONAL EDUCATIONAL TOURS, EXCHANGES WITH INTERNATIONAL GOVERNMENTS, WEBINARS, ANNUAL MEETINGS AND ITS ANNUAL INTERNATIONAL PARTNERING FORUM TO EDUCATE ON THE TOPIC OF OFFSHORE WIND. THE ORGANIZATION BRINGS TOGETHER TOP DEVELOPERS, POLICYMAKERS, GLOBAL EXPERTS, AND LOCAL MEMBER BUSINESSES IN STRUCTURED SETTINGS TO PROVIDE TECHNICAL TRAINING AND EXPERTISE. ITS GOAL IS TO EDUCATE AND TO ADVANCE THE DEVELOPMENT OF THE OFFSHORE WIND INDUSTRY AND CREATE A COMPETITIVE UNITED STATES SUPPLY CHAIN.
THE ORGANIZATION CONDUCTS STUDIES AND SUPPORTS RESEARCH TO ADVANCE THE DEVELOPMENT OF OFFSHORE WIND AND MARINE OFFSHORE RENEWABLE ENERGY. IN CONJUNCTION WITH MARYLAND COMMUNITY COLLEGES, THE ORGANIZATION HAS SURVEYED THE EDUCATION AND TRAINING NEEDS OF MARYLAND WORKERS TO ACCOMMODATE A DEVELOPING OFFSHORE WIND INDUSTRY. THE ORGANIZATION HAS FACILITATED AND PARTICIPATED IN WORK FORCE DEVELOPMENT GRANTS BASED ON THE RESULTS OF THESE SURVEYS. AS THE DEVELOPMENT OF OFFSHORE WIND PROGRESSES, THE NETWORK MAY SUPPORT RESEARCH OF A MORE SCIENTIFIC NATURE, INCLUDING RESEARCH EXAMINING THE IMPACT OF THE DEVELOPMENT OF OFFSHORE WIND ON THE CHESAPEAKE BAY, FOR EXAMPLE. SUCH RESEARCH MAY BE CONDUCTED IN PARTNERSHIP WITH COLLEGES AND UNIVERSITIES IN THE AREA AND POSSIBLY INVOLVE THEIR STUDENTS AS INTERNS.
Get More from Intellispect for FreeCreate a free account to get more data, nonprofit salaries, advanced search and more.
Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Belton Zeigler Partner | Trustee | 2 | $0 |
Cindy Truitt Chief Exec. | Trustee | 4 | $0 |
Clarke Bruno Chief Exec. | Trustee | 10 | $0 |
Emmanuel Martin-Lauzer Director | Trustee | 8 | $0 |
Jan Klaassen Director | Trustee | 15 | $0 |
Jay Borkland Board Chair | OfficerTrustee | 25 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Ross Tyler Contractor | 6/29/19 | $122,500 |
Courtney Malik Contractor | 6/29/19 | $110,418 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $645,861 |
| All other contributions, gifts, grants, and similar amounts not included above | $128,387 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $774,248 |
| Total Program Service Revenue | $12,502,916 |
| Investment income | $33,958 |
| 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 | $13,309,489 |
| 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. | $429,542 |
| Compensation of current officers, directors, key employees. | $119,971 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $3,513,087 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $180,390 |
| Payroll taxes | $280,229 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $1,095 |
| Fees for services: Accounting | $182,596 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $313,011 |
| Advertising and promotion | $274,359 |
| Office expenses | $55,002 |
| Information technology | $287,528 |
| Royalties | $0 |
| Occupancy | $112,915 |
| Travel | $655,152 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $3,836,899 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $29,685 |
| Insurance | $44,313 |
| All other expenses | $16,679 |
| Total functional expenses | $11,224,728 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $2,617,391 |
| Savings and temporary cash investments | $3,480,758 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $227,026 |
| 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 | $504,555 |
| Net Land, buildings, and equipment | $15,267 |
| Investments—publicly traded securities | $3,107,241 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $165,929 |
| Other assets | $34,025 |
| Total assets | $10,152,192 |
| Accounts payable and accrued expenses | $482,655 |
| Grants payable | $0 |
| Deferred revenue | $2,737,540 |
| 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 | $3,220,195 |
| Net assets without donor restrictions | $6,931,997 |
| 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 | $10,152,192 |