Marine Resources Development Foundation
- Assets
- $36.3m
- Revenue
- $26.7m
- Investments
- $0.0
- Employees
- 54
- Location
- Key Largo, FL
- Founding
- 09/1985
- Data as of
- 12/2022
- EIN
- 67-0258256
Organization Overview
Marine Resources Development Foundation, operating under the name Marinelab, is located in Key Largo, FL. The organization was established in 1985. 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 12/2022, Marinelab employed 54 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Marinelab 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, Marinelab generated $26.7m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 8.7% each year. All expenses for the organization totaled $7.8m 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
PROMOTING RESPONSIBLE & SUSTAINABLE USE OF MARINE RESOURCES THROUGH EDUCATION, RESEARCH,& COLLABORATION.
Describe the Organization's Program Activity:
Part 3 - Line 4a
OUR MARINELAB ONSITE PROGRAMS INTRODUCED OVER 4,500 STUDENTS TO MARINE SCIENCE CONCEPTS THROUGH HANDS-ON LABS, DISCUSSION ACTIVITIES, AND SNORKELING EXPLORATIONS BY BOAT ON OUR US COAST GUARD INSPECTED VESSELS. FOR MANY OF OUR STUDENTS, THIS IS THEIR FIRST EXPERIENCE OF THE OCEAN. IN ADDITION, WE HOSTED OVER 50 TEACHERS IN SEVERAL PROFESSIONAL DEVELOPMENT WORKSHOPS, INCLUDING 12 TEACHERS FROM CARIBBEAN NATIONS. OUR CURRICULUM IS BASED ON PEER-REVIEWED SCIENCE, AND CONCEPTS ARE REINFORCED THROUGHOUT THE PROGRAM. FIELD EXPERIENCES HAVE BEEN PROVEN TO INCREASE RETENTION OF KNOWLEDGE - PLUS THE STUDENTS ARE EXPERIENCING NATURE UNPLUGGED IN AN INCREASINGLY PLUGGED-IN WORLD. PARTICIPATION IN CITIZEN SCIENCE PROJECTS AND ADVANCED PROGRAMS IS AVAILABLE FOR HIGH SCHOOL AGE STUDENTS. FOR STUDENTS WHO CANNOT TRAVEL TO KEY LARGO, WE OFFER OUR EMARINELAB VIRTUAL PROGRAMS WHICH INCLUDE INTERACTING WITH A LIVE MARINE SCIENCE INSTRUCTOR, HERE ON LOCATION (SOMETIMES FROM A BOAT) AT OUR KEY LARGO CAMPUS. WE HAVE ALSO DEVELOPED LEARNING RESOURCES FOR TEACHERS TO USE IN THEIR CLASSROOMS, RANGING FROM VIDEOS TO GAMES AND LESSON PLANS.
THE MARINELAB UNDERSEA LABORATORY HOSTED RESEARCH AND EDUCATIONAL PROGRAMS WHILE IT WAS SUBMERGED IN OUR LAGOON FROM 1985 - 2018. AFTER IT WAS REMOVED FROM THE WATER IN 2018, IT WAS RENOVATED AND TURNED INTO AN INTERACTIVE MUSEUM, DESIGNED TO PROVIDE AN EXPERIENCE THAT MIMICS THE FEELING OF BEING IN A WORKING UNDERSEA RESEARCH STATION.
OUR LOCATION ON KEY LARGO PROVIDES UNPARALLELED ACCESS TO THE ECOSYSTEM PROTECTED BY THE FLORIDA KEYS NATIONAL MARINE SANCTUARY, EVERGLADES NATIONAL PARK, AND THE CROCODILE LAKE WILDLIFE REFUGE. WE HOST INDIVIDUAL RESEARCHERS AND ORGANIZATIONS CONDUCTING FIELD WORK IN THESE PROTECTED AREAS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
David Stone Director | Trustee | 0.5 | $0 |
Neil Monney Vice Chairman | Trustee | 0.5 | $0 |
Craig Mullen Director | Trustee | 0.5 | $0 |
Kathleen Mccue Secretary | Trustee | 1 | $0 |
Shawn Tolley Director | Trustee | 1 | $0 |
Les Burke Director | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $26,757,350 |
| Noncash contributions included in lines 1a–1f | $26,565,000 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $26,757,350 |
| Total Program Service Revenue | $2,084,194 |
| Investment income | $571 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $114,360 |
| Net Gain/Loss on Asset Sales | -$19,051 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $26,715,726 |
| 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. | $133,643 |
| Compensation of current officers, directors, key employees. | $133,643 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $851,619 |
| Pension plan accruals and contributions | $17,288 |
| Other employee benefits | $63,885 |
| Payroll taxes | $88,223 |
| Fees for services: Management | $60,000 |
| Fees for services: Legal | $4,639 |
| Fees for services: Accounting | $315 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $6,880 |
| Advertising and promotion | $23,414 |
| Office expenses | $24,865 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $90,450 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $106,020 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $2,129,895 |
| Insurance | $268,851 |
| All other expenses | $261,686 |
| Total functional expenses | $7,845,779 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $693,378 |
| Savings and temporary cash investments | $200,017 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $33,324,306 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $2,061,867 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $41,000 |
| Total assets | $36,320,568 |
| Accounts payable and accrued expenses | $47,786 |
| Grants payable | $0 |
| Deferred revenue | $500,666 |
| 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 | $7,465,276 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $163,610 |
| Total liabilities | $8,177,338 |
| Net assets without donor restrictions | $25,494,715 |
| Net assets with donor restrictions | $2,648,515 |
| 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 | $36,320,568 |