The Global Foundation for Ocean Exploration Inc

Analysis

The Global Foundation for Ocean Exploration Inc is a registered charity in United States, based in Old Lyme, CT. It received its IRS tax-exemption ruling in January 2013, 13 years ago. Its declared purposes cover science and technology, which this site groups under arts, culture, heritage and science. The IRS classifies it as a publicly supported organisation (donations from the general public) under section 501(c)(3), and contributions to it are listed as tax-deductible.

In the financial year ending December 2023, The Global Foundation for Ocean Exploration Inc reported income of $5.0m and spending of $5.4m, spending 108% of what it took in. Across the 5 years on record, from December 2019 to December 2023, income fell from $6.9m to $5.0m (-28%), an average of -7.7% a year. The sharpest change came in the year to December 2020, when income dropped by 30%. Over the whole period it spent 104% of the income it received.

Among 45,478 United States charities whose main cause is arts, culture, heritage and science and that reported income, The Global Foundation for Ocean Exploration Inc sits at the 96th percentile: it is larger than about 96% of them. Against every charity in United States with reported income it ranks in the 92nd percentile, and in the 90th percentile within CT. Charities of a similar size with the same main cause include Lower Manhattan Cultural Council Inc ($5.0m), Asian American Journalists Association ($5.0m) and Igem Foundation Inc ($5.0m).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 100% of the total. Compensation of current officers, directors and key employees was $483k (8.9% of expenses). Other salaries and wages came to $115k. At year end it held assets of $2.1m against liabilities of $439k, net assets of $1.7m. It reported 3 employees.

Data notes from the register: Spending has exceeded income in each of the last three reported years, so the charity has been drawing on reserves or other funds.