Ocean Exploration Trust Inc is located in New London, CT. The organization was established in 2008. According to its NTEE Classification (C05) the organization is classified as: Research Institutes & Public Policy Analysis, under the broad grouping of Environment and related organizations. As of 12/2021, Ocean Exploration Trust Inc employed 22 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Ocean Exploration Trust 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, Ocean Exploration Trust Inc generated $11.8m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 3.0% each year. All expenses for the organization totaled $13.0m during the year ending 12/2021. While expenses have increased by 3.7% 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
ADVANCE THE EMERGING FIELDS OF OCEAN EXPLORATION AND ARCHAELOGICAL OCEANOGRAPHY THROUGH CO-SPONSORING AND SUPPORTING DEEP SEA EXPEDITIONS AND SUPPORTING THE DEVELOPMENT OF ADVANCED TECHNOLOGY REQUIRED BY DEEP SEA EXPEDITIONS. FURTHERING PUBLIC INTEREST AND SCIENTIFIC RESEARCH IN THE FIELDS OF OCEAN EXPLORATION AND ARCHAELOGICAL OCEANOGRAPHY THROUGH THE SUPPORT OF REAL-TIME EDUCATIONAL PROGRAMMING AND DISSEMINATION OF DEEP SEA EXPEDITION RESEARCH THROUGH A VARIETY OF EDUCATIONAL OUTREACH EFFORTS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
IN 2021, OET COMPLETED A 5-MONTH FIELD SEASONCONSISTING OF 11 EXPEDITIONS IN THE PACIFIC ABOARD E/V NAUTILUS FOR A TOTAL OF 133 OPERATIONAL DAYS AT SEA. THE E/VNAUTILUSBEGAN ITS 2021 FIELD SEASON WITHA SHAKEDOWNEXPEDITION OFF THE COAST OF SAN PEDRO, CALIFORNIA, AND THENEXPLORED THE WATERS ALONG THE NORTH AMERICAN WEST COAST FROM BRITISH COLUMBIA TO SOUTHERN CALIFORNIA AND WEST TO THE HAWAIIAN ISLANDS AND PAPAHANAUMOKUAKEA MARINE NATIONAL MONUMENT.EXPEDITIONS FOCUSED PRIMARILY ON SEAFLOOR MAPPING AND EXPLORATION OFF THE US WEST COAST AND HAWAII, TESTING EMERGING OCEAN EXPLORATION TECHNOLOGIES OFF CALIFORNIA, AND WORK IN SUPPORT OF OCEAN NETWORKS CANADA'S CABLED OCEAN OBSERVATORY OFF THE CANADIAN WEST COAST.EXPEDITION SPONSORS INCLUDED NOAA OCEAN EXPLORATION VIA THE OCEAN EXPLORATION COOPERATIVE INSTITUTE, WITH ADDITIONAL SUPPORT FROM NOAA OFFICE OF NATIONAL MARINE SANCTUARIES,NASA, HARVARD UNIVERSITY, WOODS HOLE OCEANOGRAPHIC INSTITUTION, NATIONAL OCEANOGRAPHIC PARTNERSHIP PROGRAM, AND OCEAN NETWORKS CANADA.THROUGHOUT THE PLANNING AND EXECUTION OF EXPEDITIONS, OET WORKED CLOSELY WITH FEDERAL AND STATE GOVERNMENT AGENCIES, AND THE SCIENTIFIC COMMUNITY TO ENSURE THAT EXPEDITION ACTIVITIES ADDRESS SCIENCE AND MANAGEMENT PRIORITIES. EXPEDITIONSTOOK ADVANTAGE OF E/V NAUTILUS' TELEPRESENCE CAPABILITIES AND INCLUDED EXTENSIVE EDUCATION AND OUTREACH ACTIVITIES TO REACH BROAD AUDIENCES.
Name (title) | Role | Hours | Compensation |
---|---|---|---|
Dr Robert Ballard President | OfficerTrustee | 40 | $495,258 |
Allison Fundis Coo/bot Secr | Officer | 40 | $238,639 |
Denise H Armstrong Cfo/treasure | Officer | 40 | $232,033 |
Nicole Raineault Chief Scient | 40 | $132,533 | |
Robert Waters Rov Pilot/ma | 40 | $131,481 | |
Richard Darling Controller | 40 | $118,256 |
Vendor Name (Service) | Service Year | Compensation |
---|---|---|
Berg Maritime Management Vessel Mgmt | 12/30/21 | $1,815,242 |
Ocean Dynamics Inc Rov Consult | 12/30/21 | $364,102 |
University Of Rhode Island Telepresence | 12/30/21 | $156,192 |
Mci International Inc Satellite | 12/30/21 | $458,777 |
Daniel Cormany Rov Pilot | 12/30/21 | $122,728 |
Statement of Revenue | |
---|---|
Federated campaigns | $0 |
Membership dues | $0 |
Fundraising events | $0 |
Related organizations | $0 |
Government grants | $9,472,393 |
All other contributions, gifts, grants, and similar amounts not included above | $570,847 |
Noncash contributions included in lines 1a–1f | $0 |
Total Revenue from Contributions, Gifts, Grants & Similar | $10,043,240 |
Total Program Service Revenue | $1,730,880 |
Investment income | $0 |
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 | $11,787,296 |
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. | $1,082,228 |
Compensation of current officers, directors, key employees. | $798,558 |
Compensation to disqualified persons | $0 |
Other salaries and wages | $1,534,141 |
Pension plan accruals and contributions | $59,071 |
Other employee benefits | $78,926 |
Payroll taxes | $155,171 |
Fees for services: Management | $0 |
Fees for services: Legal | $29,477 |
Fees for services: Accounting | $63,285 |
Fees for services: Lobbying | $99,960 |
Fees for services: Fundraising | $0 |
Fees for services: Investment Management | $0 |
Fees for services: Other | $4,138,025 |
Advertising and promotion | $6,762 |
Office expenses | $56,790 |
Information technology | $0 |
Royalties | $0 |
Occupancy | $122,508 |
Travel | $286,107 |
Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
Conferences, conventions, and meetings | $21,152 |
Interest | $50,351 |
Payments to affiliates | $0 |
Depreciation, depletion, and amortization | $2,046,966 |
Insurance | $437,987 |
All other expenses | $703,289 |
Total functional expenses | $12,985,546 |
Balance Sheet | |
---|---|
Cash—non-interest-bearing | $683,337 |
Savings and temporary cash investments | $325,415 |
Pledges and grants receivable | $2,036,379 |
Accounts receivable, net | $30,915 |
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 | $83,924 |
Net Land, buildings, and equipment | $8,717,158 |
Investments—publicly traded securities | $0 |
Investments—other securities | $0 |
Investments—program-related | $0 |
Intangible assets | $0 |
Other assets | $1,358,643 |
Total assets | $13,235,771 |
Accounts payable and accrued expenses | $2,975,247 |
Grants payable | $0 |
Deferred revenue | $257,801 |
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 | $1,134,357 |
Unsecured mortgages and notes payable | $0 |
Other liabilities | $425,415 |
Total liabilities | $4,792,820 |
Net assets without donor restrictions | $8,319,867 |
Net assets with donor restrictions | $123,084 |
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 | $13,235,771 |
Over the last fiscal year, we have identified 6 grants that Ocean Exploration Trust Inc has recieved totaling $352,490.
Awarding Organization | Amount |
---|---|
National Marine Sanctuary Foundation Silver Spring, MD PURPOSE: EXPLORATION EDUCATION RESOURCES DEVELOPMENT | $168,162 |
Philip Stephenson Foundation Alexandria, VA PURPOSE: OCEAN EXPLORATION | $100,000 |
Dau Family Foundation Cambridge, MA PURPOSE: CONSERVATION AND EDUCATION | $67,647 |
Silicon Valley Community Foundation Mountain View, CA PURPOSE: Environment | $10,000 |
Network For Good Inc Washington, DC PURPOSE: UNRESTRICTED | $6,663 |
Amazonsmile Foundation Seattle, WA PURPOSE: GENERAL SUPPORT | $18 |
Organization Name | Assets | Revenue |
---|---|---|
350 Org Brooklyn, NY | $16,160,058 | $23,133,635 |
Cary Institute Of Ecosystem Studies Inc Millbrook, NY | $140,518,327 | $15,738,420 |
Ocean Exploration Trust Inc New London, CT | $13,235,771 | $11,787,296 |
Manomet Inc Manomet, MA | $29,230,503 | $4,483,267 |
Center For Coastal Studies Inc Provincetown, MA | $6,273,659 | $5,055,340 |
Specialized Consultative Union For Intergovernmental Organizations In New York, NY | $450 | $4,363,851 |
B Team Headquarters Inc New York, NY | $2,921,981 | $4,389,629 |
Environmental Advocates Ny Inc Albany, NY | $2,612,721 | $2,517,146 |
Coonamessett Farm Foundation Inc East Falmouth, MA | $2,190,667 | $2,045,162 |
Upstate Freshwater Institute Incorporated Syracuse, NY | $1,975,869 | $1,225,312 |
Climate Xchange Education And Research Inc Boston, MA | $329,418 | $1,879,934 |
Sustainability Laboratory Inc New York, NY | $259,545 | $948,323 |