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Nonprofiteer
← PALACIOS MARINE AGRICULTURAL RESEARCH INC

Form 990 for tax year 2023

Filed by PALACIOS MARINE AGRICULTURAL RESEARCH INC.

Totals

Total revenue
$3,215,290
Total expenses
$2,914,311
Contributions and grants received
$3,000,000
Grants paid
$151,510
Program service revenue
$91,268
Investment income
$72,508
Other revenue
$51,514
Total assets, end of year
$4,338,603
Total liabilities, end of year
$138,718
Net assets or fund balances, end of year
$4,199,885
Program services expenses (Part IX)
$2,757,509
Management and general expenses
$156,802
Fundraising expenses
$0
Program service expenses (Part III)
$2,757,509

Program services were 94.6% 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

    $3,000,000

  • 2a · Program service revenue: OYSTER SEED SALES

    total $91,268 · related or exempt $91,268

  • 3 · Investment income

    total $22,989 · related or exempt $22,094 · excluded $895

  • 6a · Gross rents

    real property $51,514

  • 6b · Less rental expenses

    real property $0

  • 6c · Rental income or loss

    real property $51,514

  • 6d · Net rental income or loss

    total $51,514 · excluded $51,514

  • 7a · Gross sales of assets other than inventory

    securities $2,513,622

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

    securities $2,464,103

  • 7c · Gain or loss

    securities $49,519

  • 7d · Net gain or loss

    total $49,519 · related or exempt $49,519

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $151,510 · program services $151,510

  • 5 · Compensation of officers, directors and key employees

    total $254,184 · program services $230,953 · management and general $23,231

  • 6 · Compensation of disqualified persons

    total $222,078 · program services $222,078

  • 7 · Other salaries and wages

    total $688,479 · program services $614,409 · management and general $74,070

  • 9 · Other employee benefits

    total $31,380 · program services $30,492 · management and general $888

  • 10 · Payroll taxes

    total $67,824 · program services $62,135 · management and general $5,689

  • 11b · Fees: legal

    total $15,585 · program services $15,585

  • 11c · Fees: accounting

    total $25,304 · management and general $25,304

  • 11f · Fees: investment management

    total $2,666 · management and general $2,666

  • 12 · Advertising and promotion

    total $11,054 · program services $11,054

  • 13 · Office expenses

    total $186,103 · program services $172,423 · management and general $13,680

  • 16 · Occupancy

    total $145,362 · program services $142,137 · management and general $3,225

  • 17 · Travel

    total $41,682 · program services $41,472 · management and general $210

  • 19 · Conferences, conventions and meetings

    total $3,326 · program services $3,326

  • 22 · Depreciation, depletion and amortization

    total $536,834 · program services $529,647 · management and general $7,187

  • 23 · Insurance

    total $20,042 · program services $20,042

  • 24a · Other expenses: CONTRACT LABOR

    total $293,993 · program services $293,993

  • 24b · Other expenses: CONSULTING

    total $105,925 · program services $105,925

  • 24c · Other expenses: R&M

    total $86,821 · program services $86,821

  • 24d · Other expenses: ALL OTHER EXPENSES

    total $24,159 · program services $23,507 · management and general $652

Balance sheet

Part X, book values.

  • 2 · Savings and temporary cash investments

    beginning of year $453,590 · end of year $317,568

  • 4 · Accounts receivable

    beginning of year $15,294 · end of year $42,944

  • 9 · Prepaid expenses and deferred charges

    beginning of year $2,811 · end of year $61,007

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

    $4,769,929

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

    $852,845

  • 10c · Land, buildings and equipment, net

    beginning of year $2,325,244 · end of year $3,917,084

  • 11 · Investments: publicly traded securities

    beginning of year $1,364,779

  • 17 · Accounts payable and accrued expenses

    beginning of year $152,793 · end of year $71,529

  • 25 · Other liabilities

    beginning of year $72,762 · end of year $67,189

  • 27 · Net assets without donor restrictions

    beginning of year $3,936,163 · end of year $4,199,885

Mission and programs · 2023

Mission

SEE SCHEDULE O

  • SEE SCHEDULE O

    Expenses $2,757,509 · Grants $151,510

As filed on the 2023 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

  • LARRY MCKINNEY

    DIRECTOR

    Total calculated
    $138,030
    From this org
    $138,030
    From related orgs
    $0
    Other
    $0
    Hours/week
    20

  • 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
    $116,154
    From this org
    $116,154
    From related orgs
    $0
    Other
    $0
    Hours/week
    40

  • GAIL SUTTON

    DIRECTOR OF OPERAT.

    Total calculated
    $144,220
    From this org
    $144,220
    From related orgs
    $0
    Other
    $0
    Hours/week
    40

  • JOE FOX

    FORMER EXECUTIVE DIRECTOR

    Total calculated
    $222,078
    From this org
    $222,078
    From related orgs
    $0
    Other
    $0
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $222,078
    Bonus
    $0
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $0
    Filer's total
    $222,078

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

The filer's explanations (Part III)

PART I, LINE 3
PART III - OTHER ADDITIONAL INFORMATION METHOD USED FOR COMPENSATION EXPLANATION: COMPENSATION FOR THE DIRECTORS AND OFFICERS IS BASED ON RECOMMENDATIONS RECEIVED FROM LEGAL COUNSEL. LEGAL COUNSEL RETAINS QUALIFIED INDEPENDENT COMPENSATION CONSULTANTS TO BASE THEIR RECOMMENDATIONS ON. THE RETAINED QUALIFIED INDEPENDENT COMPENSATION CONSULTANTS BASE THEIR ADVICE ON MARKET SURVEYS, SITE VISITS, AND INDIVIDUAL PERSONAL INTERVIEWS WITH ALL PERSONNEL. OTHER INVESTIGATIONS AND PROCEDURES ARE PERFORMED AS THEY DEEM NECESSARY UNDER THE CIRCUMSTANCES.

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
2023
Filed
28 February 2025
IRS schema version
2023v6.0
Source object
202520649349301727

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