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Nonprofiteer
← OCEAN VISIONS INC

Form 990 for tax year 2022

Filed by OCEAN VISIONS INC.

Totals

Total revenue
$3,044,937
Total expenses
$1,453,989
Contributions and grants received
$2,995,003
Grants paid
$115,000
Program service revenue
$12,500
Investment income
$37,133
Other revenue
$301
Total assets, end of year
$4,025,912
Total liabilities, end of year
$73,639
Net assets or fund balances, end of year
$3,952,273
Program services expenses (Part IX)
$1,376,820
Management and general expenses
$66,418
Fundraising expenses
$10,751
Program service expenses (Part III)
$1,376,820

Program services were 94.7% of total expenses calculated — Part IX's program-services column over total expenses, both as filed.

Line items

Every line the filer filed in Parts VIII, IX and X, as filed and in filed order. Blank columns are left out, and the lines are not forced to add up to the totals above.

Revenue

Part VIII, the statement of revenue.

  • 1f · All other contributions, gifts and grants

    $2,995,003

  • 2a · Program service revenue: MEMBERSHIP DUES

    total $12,500 · related or exempt $12,500

  • 3 · Investment income

    total $37,133 · excluded $37,133

  • 11d · All other revenue

    total $301 · excluded $301

  • 11e · Other revenue, total

    $301

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $115,000 · program services $115,000

  • 5 · Compensation of officers, directors and key employees

    total $249,317 · program services $235,430 · management and general $10,927 · fundraising $2,960

  • 7 · Other salaries and wages

    total $546,632 · program services $515,284 · management and general $24,839 · fundraising $6,509

  • 9 · Other employee benefits

    total $27,057 · program services $26,744 · management and general $17 · fundraising $296

  • 10 · Payroll taxes

    total $60,976 · program services $57,156 · management and general $3,077 · fundraising $743

  • 11b · Fees: legal

    total $740 · program services $596 · management and general $144

  • 11c · Fees: accounting

    total $20,771 · management and general $20,771

  • 11g · Fees: other

    total $145,040 · program services $142,943 · management and general $1,854 · fundraising $243

  • 12 · Advertising and promotion

    total $60,030 · program services $60,030

  • 13 · Office expenses

    total $4,143 · program services $2,596 · management and general $1,547

  • 14 · Information technology

    total $7,365 · program services $7,365

  • 16 · Occupancy

    total $59 · program services $59

  • 17 · Travel

    total $51,752 · program services $51,752

  • 19 · Conferences, conventions and meetings

    total $150,835 · program services $150,748 · management and general $87

  • 22 · Depreciation, depletion and amortization

    total $1,218 · management and general $1,218

  • 23 · Insurance

    total $2,188 · program services $2,188

  • 24a · Other expenses: DUES AND SUBSCRIPTIONS

    total $7,949 · program services $6,236 · management and general $1,713

  • 24e · All other expenses

    total $2,917 · program services $2,693 · management and general $224

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $91,534 · end of year $118,917

  • 2 · Savings and temporary cash investments

    beginning of year $2,311,115 · end of year $3,793,839

  • 3 · Pledges and grants receivable

    beginning of year $0 · end of year $110,000

  • 9 · Prepaid expenses and deferred charges

    beginning of year $0 · end of year $1,344

  • 10a · Land, buildings and equipment: cost or other basis

    $3,653

  • 10b · Land, buildings and equipment: accumulated depreciation

    $1,841

  • 10c · Land, buildings and equipment, net

    beginning of year $3,030 · end of year $1,812

  • 17 · Accounts payable and accrued expenses

    beginning of year $0 · end of year $73,639

  • 27 · Net assets without donor restrictions

    beginning of year $2,405,679 · end of year $3,952,273

Mission and programs · 2022

Mission

DEVELOP INNOVATIVE AND DURABLE SOLUTIONS TO COMPLEX CHALLENGES FACING OUR OCEAN.

  • OCEAN BASED CARBON REMOVAL - THE MOST DANGEROUS THREAT TO OUR GLOBAL OCEAN IS THE EXCESS OF CO2 AND OTHER GREENHOUSE GASES THAT ARE DRIVING DANGEROUS HEATING AND ACIDIFICATION OF OUR OCEAN. IN 2022 OVI CONTINUED TO BUILD UPON ITS CORE WORK TO SUPPORT DEVELOPMENT OF OCDR TECHNOLOGIES THROUGH ITS "ROAD MAPS AND CATALYZED A NUMBER OF EFFORTS AGAINST IDENTIFIED PRIORITIES. THESE INCLUDED SUPPORTING DEVELOPMENT OF A GLOBAL RESEARCH FRAMEWORK FOR VALIDATING THE EFFICACY AND IMPACTS OF SINKING SEAWEED TO SEQUESTER CARBON; RUNNING VARIOUS RFPS WITH PARTNERS TO MOVE PRIORITIES IN THE OCEAN ALKALINITY ENHANCEMENT AREA FORWARD; WORKING TO INCREASE SUPPORT FOR OCEAN-BASED CLIMATE SOLUTIONS AT NUMEROUS INTERNATIONAL GATHERINGS INCLUDING THE UN OCEAN CONFERENCE AND COP27; AND PARTNERING WITH THE SABIN CENTER FOR CLIMATE CHANGE LAW AT COLUMBIA UNIVERSITY ON A NEW PROJECT TO DEVELOP MODEL FEDERAL LAWS TO FACILITATE RESPONSIBLE RESEARCH AND DEVELOPMENT OF OCEAN-BASED CARBON DIOXIDE REMOVAL (CDR) TECHNOLOGIES.

    Expenses $837,137 · Grants $115,000 · Revenue $12,500

  • IN 2022 OVI EXPANDED ITS WORK TO SUPPORT THE DEVELOPMENT OF A GLOBAL, MULTISECTOR, AND MULTIDISCIPLINARY COMMUNITY INTERESTED IN INNOVATING AND DEVELOPING SOLUTIONS TO PRESSING CHALLENGES AT THE OCEAN-CLIMATE NEXUS. OVI LAUNCHED THE OV-UN DECADE COLLABORATIVE CENTER FOR OCEAN-CLIMATE SOLUTIONS WHICH WILL LEAD AND SUPPORT PROCESSES TO CO-DESIGN, DEVELOP, TEST AND DELIVER SCALABLE AND EQUITABLE OCEAN-BASED SOLUTIONS TO MITIGATE AND REVERSE THE EFFECTS OF CLIMATE CHANGE. THROUGH THE GLOBAL ECOSYSTEM FOR OCEAN SOLUTIONS THE WORK OF OVI HAS EXPANDED TO AN INTERNATIONAL SCALE BY DEVELOPING NEW PARTNERSHIPS, SUPPORTING COLLABORATIONS, BUILDING CAPACITY AND WORKING TO DEVELOP CONNECTIONS BETWEEN INITIATIVES ACROSS CONTINENTS.

    Expenses $333,590

  • OVI LAUNCHPAD IS PART OF OUR CONTINUING EFFORTS TO SUPPORT INNOVATION AND TESTING OF POSSIBLE SOLUTIONS, OVI PROVIDED TAILORED EXPERT SUPPORT TO SIX SELECTED INVENTOR-LED START-UPS FOR THE $100M XPRIZE CARBON REMOVAL THROUGH THE OCEAN VISIONS LAUNCHPAD. OVI BUILT CUSTOMIZED EXPERT ADVISORY TEAMS FOR EACH COMPANY AND THESE EXPERT TEAMS HAVE HELPED COMPANIES TEST, OPTIMIZE AND VALIDATE THEIR TECHNOLOGIES IN ORDER TO IMPROVE THEIR CHANCES OF SUCCESS.

    Expenses $206,093

As filed on the 2022 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

  • Emanuele Dilorenzo

    CHAIR

    Total calculated
    $0
    Hours/week
    3

  • Joe Handy

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Nancy Knowlton

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Fiorenza Micheli

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Brad Ack

    EXECUTIVE DIRECTOR & CHIEF INNOVATION OFFICER

    Total calculated
    $249,317
    From this org
    $240,333
    From related orgs
    $0
    Other
    $8,984
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $215,333
    Bonus
    $25,000
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $8,984
    Filer's total
    $249,317

Compensation is as filed in Part VII: reportable pay from this organization and from related organizations, other compensation, and hours per week. The total, marked calculated, is our sum of the three dollar columns, with a blank column counted as $0; the form itself has no total. On a Form 990-EZ the columns are Part IV's instead, and on a Form 990-PF Part VIII's — compensation, contributions to benefit plans, and expense account — and the total sums those. A Schedule J breakdown is as filed: base pay, bonus, other, deferred compensation and nontaxable benefits from this organization, with any from related organizations beside each, and the filer's own total. It is shown with the Part VII listing of the same name on the same return. The form gives no key between the two, so that pairing is ours, and is marked matched by us.

Schedule J

Answered yes

  • 3 · Approval by the board or compensation committee

Answered no

  • 4a · Severance or change-of-control payment
  • 4b · Supplemental nonqualified retirement plan
  • 4c · Equity-based compensation arrangement
  • 5a · Pay contingent on this organization's revenues
  • 5b · Pay contingent on a related organization's revenues
  • 6a · Pay contingent on this organization's net earnings
  • 6b · Pay contingent on a related organization's net earnings
  • 7 · Other non-fixed payments
  • 8 · Paid under the initial-contract exception

Part I's answers as filed. A line not listed was left unanswered; on lines 1a and 3 that means the box was not checked.

Grants on this return

Provenance

Return type
form_990
Tax year
2022
Filed
22 September 2023
IRS schema version
2022v5.0
Source object
202302689349301050

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