Palacios Marine Agricultural Research Inc
- Assets
- $4.2m
- Revenue
- $2.6m
- Investments
- $0.0
- Employees
- 9
- Location
- Corpus Christi, TX
- Founding
- Data as of
- 08/2023
- EIN
- 84-5079866
Organization Overview
Palacios Marine Agricultural Research Inc is located in Corpus Christi, TX. 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 08/2023, Palacios Marine Agricultural Research Inc employed 9 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Palacios Marine Agricultural Research 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 08/2023, Palacios Marine Agricultural Research Inc generated $2.6m 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 (6.5%) each year. All expenses for the organization totaled $2.8m during the year ending 08/2023. 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
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Joe Fox Executive Director | Trustee | 40 | $213,923 |
Larry Mckinney Director | Trustee | 20 | $112,506 |
Clark C Flato Board Chairman | OfficerTrustee | 8 | $0 |
Stephen W Altheide Treasurer | OfficerTrustee | 5 | $0 |
David Hoyer Vice Chairman | OfficerTrustee | 2 | $0 |
John J Johnson Secretary | OfficerTrustee | 2 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Tri Moran Development Inc Contract Labor | 8/30/23 | $219,965 |
Timothy Richardson Consulting | 8/30/23 | $102,989 |
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 | $2,533,341 |
| Noncash contributions included in lines 1a–1f | $6,900 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $2,533,341 |
| Total Program Service Revenue | $18,000 |
| Investment income | $23,262 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $56,141 |
| Net Gain/Loss on Asset Sales | $9,955 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $2,640,699 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $729,438 |
| 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. | $326,429 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $551,282 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $28,212 |
| Payroll taxes | $61,134 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $1,200 |
| Fees for services: Accounting | $0 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $1,561 |
| Fees for services: Other | $0 |
| Advertising and promotion | $32,853 |
| Office expenses | $73,076 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $115,624 |
| Travel | $56,728 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $13,221 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $335,811 |
| Insurance | $48,367 |
| All other expenses | $11,961 |
| Total functional expenses | $2,834,423 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $453,590 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $15,294 |
| 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 | $2,811 |
| Net Land, buildings, and equipment | $2,325,244 |
| Investments—publicly traded securities | $1,364,779 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $4,161,718 |
| Accounts payable and accrued expenses | $152,793 |
| 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 | $72,762 |
| Total liabilities | $225,555 |
| Net assets without donor restrictions | $3,936,163 |
| 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 | $4,161,718 |
Grants Awarded
Over the last fiscal year, Palacios Marine Agricultural Research Inc has awarded $713,813 in support to 5 organizations.
| Grant Recipient | Amount |
|---|---|
TEXAS A&M UNIVERSITY CORPUS CHRISTI PURPOSE: MARINE RESEARCH | $669,813 |
SOUTHEASTERN ASSOCIATION OF FISH & PURPOSE: MARINE RESEARCH | $20,000 |
FRIENDS OF THE PALACIOS LIBRARY PURPOSE: NON-PROFIT SUPPORT | $10,000 |
OYSTER SOUTH PURPOSE: MARINE RESEARCH | $8,500 |
HOUSTON SAFARI CLUB FOUNDATION PURPOSE: NON-PROFIT SUPPORT | $5,500 |