Renew Oceans Inc
- Assets
- $0.0
- Revenue
- $303.1k
- Investments
- $0.0
- Employees
- 4
- Location
- Brooklyn, NY
- Founding
- 01/2020
- Data as of
- 12/2020
- EIN
- 83-2435458
Organization Overview
Renew Oceans Inc is located in Brooklyn, NY. The organization was established in 2020. According to its NTEE Classification (C32) the organization is classified as: Water Resources, Wetlands Conservation & Management, under the broad grouping of Environment and related organizations. As of 12/2020, Renew Oceans Inc employed 4 individuals. Renew Oceans 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 12/2020, Renew Oceans Inc generated $303.1k in total revenue. This represents a relatively dramatic decline in revenue. Over the past 3 years, the organization has seen revenues fall by an average of (60.7%) each year. All expenses for the organization totaled $3.5m during the year ending 12/2020. 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
2020
Describe the Organization's Mission:
Part 3 - Line 1
RENEW OCEANS, INC. WORKED TO REDUCE OCEAN PLASTIC POLLUTION WHERE IT BEGAN-IN POPULOUS RIVER-ADJACENT COMMUNITIES IN THE DEVELOPING WORLD.
Describe the Organization's Program Activity:
Part 3 - Line 4a
RENEW OCEANS WORKED TO DIVERT SIGNIFICANT AMOUNTS OF OCEAN-BOUND PLASTIC WASTE FROM POLLUTED RIVERS AND THEIR TRIBUTARY SYSTEMS BY INCREASING RECOVERY AND RECYCLING THROUGH INFRASTRUCTURE DEVELOPMENT FOR WASTE COLLECTION AND MANAGEMENT, INNOVATION TO MAKE COLLECTION EASIER AND CREATE VALUE FROM ALL POST-USE PLASTICS, AND ENGAGEMENT OF LOCAL COMMUNITIES TO MOBILIZE ACTION.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Sumeet Bhatti Bodington Chief Develop. Officer Til Jun'20 | Officer | 40 | $101,077 |
Andrew J Sullivan Chief Of Staff | 40 | $100,968 | |
Whitney Masulis President | OfficerTrustee | 0.5 | $0 |
Kanaka Pattabiraman V.P. Til Jul'20; Sec. Began Jul'20 | OfficerTrustee | 0.5 | $0 |
Min Zhang Secretary/treasurer | OfficerTrustee | 0.5 | $0 |
Alyson Culin Interim Exec Director Began Jul'20 | Officer | 32 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Cerius Executives Management Services | 12/29/20 | $120,594 |
Caplin & Drysdale Attorneys Legal Services | 12/29/20 | $112,078 |
U-ma Studios Professional Media Services | 12/29/20 | $110,824 |
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 | $300,000 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $300,000 |
| Total Program Service Revenue | $0 |
| Investment income | $111 |
| 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 | $303,111 |
| 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. | $52,615 |
| Compensation of current officers, directors, key employees. | $10,523 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $227,733 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $22,014 |
| Fees for services: Management | $140,593 |
| Fees for services: Legal | $302,206 |
| Fees for services: Accounting | $63,890 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $319,244 |
| Advertising and promotion | $0 |
| Office expenses | $0 |
| Information technology | $15,750 |
| Royalties | $0 |
| Occupancy | $4,150 |
| Travel | $451 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $2,094 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $0 |
| All other expenses | $10,790 |
| Total functional expenses | $3,479,462 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $0 |
| 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 | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $0 |
| Accounts payable and accrued expenses | $0 |
| 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 | $0 |
| Total liabilities | $0 |
| Net assets without donor restrictions | $0 |
| 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 | $0 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that Renew Oceans Inc has recieved totaling $5,000,000.
| Awarding Organization | Amount |
|---|---|
Alliance To End Plastic Waste Inc Austin, TX PURPOSE: PROJECT GRANTS | $5,000,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Catskill Watershed Corporation Arkville, NY | $166,890,312 | $18,353,633 |
Scenic Hudson Inc poughkeepsie, NY | $38,136,273 | $14,869,807 |
Safe Water Network New York, NY | $11,807,774 | $8,506,828 |
Earth Conservancy Ashley, PA | $31,704,256 | $2,874,276 |
Buffalo Niagara Waterkeeper Inc Buffalo, NY | $12,074,005 | $5,933,047 |
Riverkeeper Inc Ossining, NY | $3,555,297 | $4,414,432 |
Buzzards Bay Coalition Inc New Bedford, MA | $35,427,271 | $10,789,245 |
Hudson River Foundation For Science And Environmental Research Inc New York, NY | $44,144,233 | $1,711,986 |
Delaware Bay And River Cooperative Inc Linwood, PA | $4,814,583 | $3,275,578 |
Renew Oceans Inc Brooklyn, NY | $0 | $303,111 |
Connecticut River Watershed Council Inc Greenfield, MA | $5,295,847 | $3,497,811 |
Charles River Transportation Management Association Cambridge, MA | $5,311,502 | $3,433,111 |