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 12/2023, Ocean Exploration Trust Inc employed 18 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 12/2023, Ocean Exploration Trust Inc generated $15.0m in total revenue. This represents relatively stable growth, over the past 9 years the organization has increased revenue by an average of 5.1% each year. All expenses for the organization totaled $15.5m during the year ending 12/2023. While expenses have increased by 4.9% 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
SEE SCHEDULE O
Describe the Organization's Program Activity:
Part 3 - Line 4a
SEE SCHEDULE O
Name (title) | Role | Hours | Compensation |
---|---|---|---|
Dr Robert Ballard President | OfficerTrustee | 40 | $579,716 |
Robert Patricelli Chairman | OfficerTrustee | 1 | $0 |
Larry Mayer Vice Chairman | OfficerTrustee | 1 | $0 |
Arthur House Director | Trustee | 1 | $0 |
Jacqueline Hollister Director | Trustee | 1 | $0 |
Peter Girguis Director | Trustee | 1 | $0 |
Vendor Name (Service) | Service Year | Compensation |
---|---|---|
Marlink Satellite | 12/30/23 | $388,216 |
Berg Maritime Management Vessel Mgmt | 12/30/23 | $1,891,717 |
Red River Resources Dba Navaide Fuel | 12/30/23 | $580,548 |
Ocean Dynamics Inc Remotely Operated Vehicles | 12/30/23 | $345,193 |
Gulf Agency Company Cleopatra Project Survey Boat | 12/30/23 | $215,369 |
Statement of Revenue | |
---|---|
Federated campaigns | $0 |
Membership dues | $0 |
Fundraising events | $0 |
Related organizations | $0 |
Government grants | $11,374,918 |
All other contributions, gifts, grants, and similar amounts not included above | $1,272,957 |
Noncash contributions included in lines 1a–1f | $0 |
Total Revenue from Contributions, Gifts, Grants & Similar | $12,647,875 |
Total Program Service Revenue | $2,266,315 |
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 | $14,982,503 |
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. | $2,022,342 |
Compensation of current officers, directors, key employees. | $1,061,778 |
Compensation to disqualified persons | $0 |
Other salaries and wages | $1,069,107 |
Pension plan accruals and contributions | $30,090 |
Other employee benefits | $67,813 |
Payroll taxes | $174,690 |
Fees for services: Management | $0 |
Fees for services: Legal | $165,823 |
Fees for services: Accounting | $62,110 |
Fees for services: Lobbying | $99,960 |
Fees for services: Fundraising | $0 |
Fees for services: Investment Management | $0 |
Fees for services: Other | $5,371,000 |
Advertising and promotion | $17,327 |
Office expenses | $74,599 |
Information technology | $0 |
Royalties | $0 |
Occupancy | $133,665 |
Travel | $743,292 |
Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
Conferences, conventions, and meetings | $51,540 |
Interest | $60,060 |
Payments to affiliates | $0 |
Depreciation, depletion, and amortization | $2,176,962 |
Insurance | $495,229 |
All other expenses | $637,025 |
Total functional expenses | $15,503,963 |
Balance Sheet | |
---|---|
Cash—non-interest-bearing | $563,418 |
Savings and temporary cash investments | $820,261 |
Pledges and grants receivable | $1,868,058 |
Accounts receivable, net | $7,823 |
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 | $115,330 |
Net Land, buildings, and equipment | $6,961,840 |
Investments—publicly traded securities | $0 |
Investments—other securities | $0 |
Investments—program-related | $0 |
Intangible assets | $0 |
Other assets | $407,521 |
Total assets | $10,744,251 |
Accounts payable and accrued expenses | $1,272,567 |
Grants payable | $0 |
Deferred revenue | $1,425,282 |
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 | $433,527 |
Unsecured mortgages and notes payable | $0 |
Other liabilities | $613,280 |
Total liabilities | $3,744,656 |
Net assets without donor restrictions | $6,940,675 |
Net assets with donor restrictions | $58,920 |
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 | $10,744,251 |