Ocean Exploration Trust Inc

Analysis

Ocean Exploration Trust Inc is a registered charity in United States, based in New London, CT. It received its IRS tax-exemption ruling in September 2008, 18 years ago. Its declared purposes cover environment, which this site groups under environment and conservation. 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, Ocean Exploration Trust Inc reported income of $15.0m and spending of $15.5m, spending 103% of its income. Across the 5 years on record, from December 2019 to December 2023, income grew from $11.9m to $15.0m (+26%), an average of +5.9% a year. The sharpest change came in the year to December 2021, when income rose by 22%. Over the whole period it spent 103% of the income it received.

Among 10,430 United States charities whose main cause is environment and conservation and that reported income, Ocean Exploration Trust Inc sits at the 98th percentile: it is larger than about 98% of them. Against every charity in United States with reported income it ranks in the 96th percentile, and in the 96th percentile within CT. Charities of a similar size with the same main cause include Western Conservation Foundation ($15.0m), Ocean Foundation ($15.2m) and Wetlands America Trust Inc ($14.6m).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 84% and program service revenue 15% of the total. Compensation of current officers, directors and key employees was $2.0m (13% of expenses). Other salaries and wages came to $1.1m. At year end it held assets of $10.7m against liabilities of $3.7m, net assets of $7.0m. It reported 18 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.