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Nonprofiteer
← PALACIOS MARINE AGRICULTURAL RESEARCH INC

Form 990 for tax year 2024

Filed by PALACIOS MARINE AGRICULTURAL RESEARCH INC.

Totals

Total revenue
$4,540,495
Total expenses
$6,463,633
Contributions and grants received
$4,000,000
Grants paid
$200,830
Program service revenue
$472,816
Investment income
$29,528
Other revenue
$38,151
Total assets, end of year
$2,381,351
Total liabilities, end of year
$105,018
Net assets or fund balances, end of year
$2,276,333
Program services expenses (Part IX)
$6,205,589
Management and general expenses
$258,044
Fundraising expenses
$0
Program service expenses (Part III)
$6,205,589

Program services were 96.0% 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

    $4,000,000

  • 2a · Program service revenue: OYSTER SEED SALES

    total $472,816 · related or exempt $472,816

  • 3 · Investment income

    total $21,175 · excluded $21,175

  • 6a · Gross rents

    real property $53,526

  • 6b · Less rental expenses

    real property $15,375

  • 6c · Rental income or loss

    real property $38,151

  • 6d · Net rental income or loss

    total $38,151 · excluded $38,151

  • 7a · Gross sales of assets other than inventory

    securities $1,808,950 · other assets $20,900

  • 7b · Less cost or other basis and sales expenses

    securities $1,808,792 · other assets $12,705

  • 7c · Gain or loss

    securities $158 · other assets $8,195

  • 7d · Net gain or loss

    total $8,353 · related or exempt $8,353

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $200,830 · program services $200,830

  • 5 · Compensation of officers, directors and key employees

    total $364,914 · program services $324,760 · management and general $40,154

  • 7 · Other salaries and wages

    total $761,639 · program services $722,750 · management and general $38,889

  • 9 · Other employee benefits

    total $67,541 · program services $67,533 · management and general $8

  • 10 · Payroll taxes

    total $75,631 · program services $73,287 · management and general $2,344

  • 11a · Fees: management

    total $152,494 · program services $136,699 · management and general $15,795

  • 11b · Fees: legal

    total $1,396 · program services $1,396

  • 11c · Fees: accounting

    total $79,959 · management and general $79,959

  • 12 · Advertising and promotion

    total $20,586 · program services $20,586

  • 13 · Office expenses

    total $326,833 · program services $302,007 · management and general $24,826

  • 14 · Information technology

    total $48,928 · program services $47,595 · management and general $1,333

  • 16 · Occupancy

    total $129,924 · program services $107,383 · management and general $22,541

  • 17 · Travel

    total $63,985 · program services $62,006 · management and general $1,979

  • 19 · Conferences, conventions and meetings

    total $3,725 · program services $3,725

  • 23 · Insurance

    total $27,122 · program services $27,122

  • 24a · Other expenses: EQUIPMENT AND TOOLS

    total $2,253,967 · program services $2,253,967

  • 24b · Other expenses: REPAIRS AND MAINTENANCE

    total $1,834,136 · program services $1,817,798 · management and general $16,338

  • 24c · Other expenses: FEES AND DUES

    total $45,157 · program services $32,788 · management and general $12,369

  • 24d · Other expenses: PAYROLL FEES

    total $3,612 · program services $2,103 · management and general $1,509

  • 24e · All other expenses

    total $1,254 · program services $1,254

Balance sheet

Part X, book values.

  • 2 · Savings and temporary cash investments

    beginning of year $317,568 · end of year $446,023

  • 4 · Accounts receivable

    beginning of year $42,944 · end of year $106,207

  • 9 · Prepaid expenses and deferred charges

    beginning of year $61,007 · end of year $51,355

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

    $1,277,850

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

    $0

  • 10c · Land, buildings and equipment, net

    beginning of year $3,917,084 · end of year $1,277,850

  • 11 · Investments: publicly traded securities

    end of year $499,916

  • 17 · Accounts payable and accrued expenses

    beginning of year $71,529 · end of year $34,434

  • 25 · Other liabilities

    beginning of year $67,189 · end of year $70,584

  • 27 · Net assets without donor restrictions

    beginning of year $4,199,885 · end of year $2,276,333

Mission and programs · 2024

Mission

SEE SCHEDULE O

  • SEE SCHEDULE O

    Expenses $6,205,589 · Grants $200,830

As filed on the 2024 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

  • LARRY MCKINNEY

    DIRECTOR

    Total calculated
    $164,144
    From this org
    $164,144
    From related orgs
    $0
    Other
    $0
    Hours/week
    20

    Schedule J breakdown matched by us

    Base
    $164,144
    Bonus
    $0
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $0
    Filer's total
    $164,144

  • CLARK C FLATO

    BOARD CHAIRMAN

    Total calculated
    $0
    Hours/week
    8

  • STEPHEN W ALTHEIDE

    TREASURER

    Total calculated
    $0
    Hours/week
    5

  • DAVID HOYER

    VICE CHAIRMAN

    Total calculated
    $0
    Hours/week
    2

  • JOHN J JOHNSON

    SECRETARY

    Total calculated
    $0
    Hours/week
    2

  • DAVID F SUTTER

    DIRECTOR

    Total calculated
    $0
    Hours/week
    2

  • JOSE SEVILLA

    ADVISORY DIRECTOR

    Total calculated
    $0
    Hours/week
    2

  • KENNETH W TRAWICK

    DIRECTOR

    Total calculated
    $0
    Hours/week
    2

  • JAMES MEYN

    CHIEF EXECUTIVE OFFICER

    Total calculated
    $207,860
    From this org
    $200,769
    From related orgs
    $0
    Other
    $7,091
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $200,769
    Bonus
    $0
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $7,091
    Filer's total
    $207,860

  • PAUL HEATH

    ADVISORY DIRECTOR

    Total calculated
    $0
    Hours/week
    2

  • ROBERT HEIN

    MANAGER

    Total calculated
    $105,506
    From this org
    $105,506
    From related orgs
    $0
    Other
    $0
    Hours/week
    40

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 · Independent compensation consultant
  • 3 · Compensation survey or study
  • 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
2024
Filed
15 July 2026
IRS schema version
2024v5.5
Source object
202621969349301982

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