Ocean Health Initiatives Inc

Analysis

Ocean Health Initiatives Inc is a registered charity in United States, based in Lakewood, NJ. It received its IRS tax-exemption ruling in October 2003, 23 years ago. Its declared purposes cover health care, which this site groups under health and saving lives. The IRS classifies it as a hospital or medical research organisation under section 501(c)(3), and contributions to it are listed as tax-deductible.

In the financial year ending December 2023, Ocean Health Initiatives Inc reported income of $27.3m and spending of $29.5m, spending 108% of what it took in. Across the 5 years on record, from December 2019 to December 2023, income grew from $24.1m to $27.3m (+13%), an average of +3.2% a year. The sharpest change came in the year to December 2021, when income rose by 28%. Over the whole period it spent 97% of the income it received.

Among 40,470 United States charities whose main cause is health and saving lives and that reported income, Ocean Health Initiatives Inc sits at the 90th percentile: it is larger than about 90% of them. Against every charity in United States with reported income it ranks in the 98th percentile, and in the 98th percentile within NJ. Charities of a similar size with the same main cause include First to Serve Inc ($27.3m), Huntsman Cancer Foundation ($27.4m) and Creative Health Services Inc ($27.3m).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 36% and program service revenue 64% of the total. Compensation of current officers, directors and key employees was $1.6m (5.5% of expenses). Other salaries and wages came to $14.0m. At year end it held assets of $25.3m against liabilities of $13.4m, net assets of $11.9m. It reported 289 employees.