Marine Resources Development Foundation

Analysis

Marine Resources Development Foundation is a registered charity in United States, based in Key Largo, FL. It received its IRS tax-exemption ruling in September 1985, 41 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 2022, Marine Resources Development Foundation reported income of $26.7m and spending of $7.8m, leaving 71% of income unspent that year. Across the 4 years on record, from December 2019 to December 2022, income grew from $15.2m to $26.7m (+76%), an average of +21% a year. The sharpest change came in the year to December 2021, when income rose by 568%. Over the whole period it spent 96% of the income it received.

Among 45,478 United States charities whose main cause is arts, culture, heritage and science and that reported income, Marine Resources Development Foundation sits at the 99th percentile: it is one of the largest 1% in its cause. Against every charity in United States with reported income it ranks in the 98th percentile, and in the 98th percentile within FL. Charities of a similar size with the same main cause include Historic Haymarket Milwaukee I Inc ($26.6m), Democracy Prep Public Schools ($26.8m) and The Joffrey Ballet ($26.5m).

On its Form 990 for the period ending December 2022, revenue came from contributions and grants 100% and program service revenue 7.8% of the total. Compensation of current officers, directors and key employees was $134k (1.7% of expenses). Other salaries and wages came to $852k. At year end it held assets of $36.3m against liabilities of $8.2m, net assets of $28.1m. It reported 54 employees.