Civic Intelligence

Ocean Tides Inc.

990 • Fiscal year 2024 • EIN 05-0366306

Jul 01, 2023 to Jun 30, 2024 • Filed on Oct 11, 2024

635 Ocean RoadNarragansett, RI 02882

(401) 789-1016

Siviq Scores

Precomputed percentiles for this filing year versus similar nonprofits in the same peer cohort.

Liabilities / Assets

58th percentile

0.18x

Higher debt load relative to assets than 58% of similar nonprofits.

2024 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2024

Liabilities / Revenue

51st percentile

0.17x

Higher debt load relative to revenue than 51% of similar nonprofits.

2024 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2024

Net Margin

18th percentile

-12%

Higher net margin than 18% of similar nonprofits.

2024 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2024

Top Officer Pay

57th percentile

$146,111

Higher top officer pay than 57% of similar nonprofits.

Top officer pay equals 2.6% of source-year revenue.

2024 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2024

Asset Growth

6th percentile

-17%

Faster asset growth than 6% of similar nonprofits.

2024 filings • 501(c)3 • $5M-$10M nonprofits • Annualized from 2023 to 2024

Revenue Growth

17th percentile

-14%

Faster revenue growth than 17% of similar nonprofits.

2024 filings • 501(c)3 • $5M-$10M nonprofits • Annualized from 2023 to 2024

Assets

Down

$5,234,019

Down $1,080,282 (-17%) from 2023

Net Assets

Down

$4,269,562

Down $443,852 (-9.4%) from 2023

Liabilities

Down

$964,457

Down $636,430 (-40%) from 2023

Revenue

Down

$5,593,078

Down $941,402 (-14%) from 2023

Expenses

Up

$6,248,294

Up $289,664 (+4.9%) from 2023

Net Income

Down

-$655,216

Down $1,231,066 (-214%) from 2023

Historical Trend

Balance Sheet Trend

The highlighted filing sits inside the broader history for assets, liabilities, and net assets.

$8.0M$6.0M$4.0M$2.0M$0Assets 2011: $4,643,601Liabilities 2011: $1,928,946Net Assets 2011: $2,714,6552011Assets 2012: $4,331,991Liabilities 2012: $1,889,842Net Assets 2012: $2,442,1492012Assets 2013: $4,018,019Liabilities 2013: $1,845,305Net Assets 2013: $2,172,7142013Assets 2014: $3,868,689Liabilities 2014: $1,805,123Net Assets 2014: $2,063,5662014Assets 2015: $3,792,243Liabilities 2015: $1,683,505Net Assets 2015: $2,108,7382015Assets 2016: $3,940,316Liabilities 2016: $149,683Net Assets 2016: $3,790,6332016Assets 2017: $4,180,887Liabilities 2017: $92,811Net Assets 2017: $4,088,0762017Assets 2018: $4,411,283Liabilities 2018: $197,172Net Assets 2018: $4,214,1112018Assets 2019: $4,194,092Liabilities 2019: $163,937Net Assets 2019: $4,030,1552019Assets 2020: $4,738,664Liabilities 2020: $928,023Net Assets 2020: $3,810,6412020Assets 2021: $4,820,342Liabilities 2021: $159,786Net Assets 2021: $4,660,5562021Assets 2022: $4,134,714Liabilities 2022: $173,063Net Assets 2022: $3,961,6512022Assets 2023: $6,314,301Liabilities 2023: $1,600,887Net Assets 2023: $4,713,4142023Assets 2024: $5,234,019Liabilities 2024: $964,457Net Assets 2024: $4,269,5622024Assets 2025: $6,128,266Liabilities 2025: $1,692,006Net Assets 2025: $4,436,2602025

Highlighted filing

2024

Assets$5,234,019
Liabilities$964,457
Net Assets$4,269,562

Operations Trend

Revenue, expenses, and net income across loaded years, with this filing highlighted.

$8.0M$6.0M$4.0M$2.0M$0-$2.0MRevenue 2011: $6,104,056Expenses 2011: $6,483,110Net Income 2011: -$379,0542011Expenses 2012: $5,788,8922012Revenue 2013: $5,072,972Expenses 2013: $5,335,646Net Income 2013: -$262,6742013Revenue 2014: $4,503,237Expenses 2014: $4,815,033Net Income 2014: -$311,7962014Revenue 2015: $4,867,831Expenses 2015: $4,593,805Net Income 2015: $274,0262015Revenue 2016: $6,280,576Expenses 2016: $4,783,291Net Income 2016: $1,497,2852016Revenue 2017: $4,899,647Expenses 2017: $4,706,457Net Income 2017: $193,1902017Revenue 2018: $5,550,013Expenses 2018: $5,521,134Net Income 2018: $28,8792018Revenue 2019: $5,213,815Expenses 2019: $5,475,555Net Income 2019: -$261,7402019Revenue 2020: $5,234,781Expenses 2020: $5,507,719Net Income 2020: -$272,9382020Revenue 2021: $5,051,280Expenses 2021: $5,248,251Net Income 2021: -$196,9712021Revenue 2022: $5,175,422Expenses 2022: $5,731,403Net Income 2022: -$555,9812022Revenue 2023: $6,534,480Expenses 2023: $5,958,630Net Income 2023: $575,8502023Revenue 2024: $5,593,078Expenses 2024: $6,248,294Net Income 2024: -$655,2162024Revenue 2025: $6,772,307Expenses 2025: $6,759,973Net Income 2025: $12,3342025

Highlighted filing

2024

Revenue$5,593,078
Expenses$6,248,294
Net Income-$655,216
Jump To
Filing Snapshot
Filing Period
Jul 1, 2023 to Jun 30, 2024
Signed
Oct 11, 2024
Return Version
2023v5.0
Gross Receipts
$5,593,078
Mission and Program Overview

Mission

To help at-risk boys through a school and residential program tailored to the individual. We believe each individual that comes to us is worthy of our respect, needful of our care, and capable of success through everyday experiences and interactions in a highly structured program.

To treat, rehabilitate, and educate predelinquent youths and neglected children.

Balance Sheet Detail
LineBeginningEndChange
Assets
Cash and Non-Interest-Bearing Accounts$494,589$1,331,796▲ $837,207
Investments Other Securities$1,037,225$1,267,496▲ $230,271
Land, Buildings, and Equipment, Net$1,394,995$1,263,837▼ $131,158
Accounts Receivable$2,232,471$591,422▼ $1,641,049
Prepaid Expenses and Deferred Charges$9,914$10,614▲ $700
Total Assets$6,314,301$5,234,019▼ $1,080,282
Other Assets Total$1,145,107$768,854▼ $376,253
Liabilities
Other Liabilities$1,256,652$893,397▼ $363,255
Accounts Payable and Accrued Expenses$344,235$71,060▼ $273,175
Total Liabilities$1,600,887$964,457▼ $636,430
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$4,713,414$4,269,562▼ $443,852
Total Net Assets Fund Balance$4,713,414$4,269,562▼ $443,852
Total Liabilities and Net Assets / Fund Balance$6,314,301$5,234,019▼ $1,080,282

Asset Categories

AssetBook ValueDepreciationBasis
Leasehold Improvements$1,263,041$2,507,844$3,770,885
Other Land Buildings$39,269$467,316$506,585
Equipment$-38,473$418,719$380,246
Other Assets Org$3,334--
Other Securities$1,267,496--
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseOtherTotal
Brian SullivanPresidentFT$102,599$43,512$146,111
Elizabeth IovinoDirector of FinaFT$95,927$21,185$117,112

Board Members and Trustees

Revenue and Support

Revenue Composition

Contributions and Grants
$430,906
Program Service Revenue
$5,107,311
Investment Income
$54,861
Other Revenue
$0
All Other Contributions
$412,906
Change in Net Assets
$-655,216

Audited Revenue Reconciliation

Revenue per Audited Statements
$5,593,078
Revenue Not Reported on Form 990
$134,856
Total Revenue per Audited Statements
$5,727,934
Total Revenue per Form 990
$5,593,078
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$4,833,710
Other Expenses$1,414,584
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$3,271,666$153,358-$3,425,024
Other Employee Benefits$533,136$69,278-$602,414
Occupancy$386,227$50,188-$436,415
Payroll Taxes$279,087$36,266-$315,353
Current Officers, Directors, Trustees, and Key Employees-$271,774-$271,774
Pension Plan Contributions$193,943$25,202-$219,145
Depreciation Depletion$116,075$15,083-$131,158
Other Expenses$69,867$9,112-$69,867
Information Technology$51,095$6,640-$57,735
Fees for Services Other$57,092--$57,092
All Other Expenses$51,104--$51,104
Office Expenses$44,055$5,725-$49,780
Insurance$38,125$4,954-$43,079
Fees for Services Accounting$18,364$2,386-$20,750
Advertising$4,657--$4,657
Travel$-668$-85-$-753
Total Functional Expenses$5,579,297$668,997$0$6,248,294

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$6,248,294
Total Expenses per Form 990$6,248,294
Total Expenses per Audited Statements$6,171,786
Expenses Not Reported on Form 990$-76,508
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Professional Fundraising Fees$0
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
No
Subject to proxy tax
No
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Operating Lease Liability$765,520
Due to Related Party$127,877
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
Yes
Backup withholding compliance
Yes
Business relationship with 35% controlled entity
No
Business relationship with family members
No
Business relationship with organization members
No
Material changes to governing documents
No
Compensation from other sources disclosed
No
CEO compensation reviewed
Yes
Other officer compensation reviewed
Yes
Conflict-of-interest policy
Yes
Audited financial statements prepared
No
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

Form 990, Part VI

Line 2 - two trustees of the organization are also trustees of the ocean tides christian brothers charitable trust. The trust provides support to the organization and the organization leases vehicles from the trust.

Form 990, Page 6, Part VI, Line 2

SEE RESPONSE ABOVE

Form 990, Page 6, Part VI, Line 11B

The president/ceo of the organization reviews the form 990 before it is filed. A copy of the tax return is emailed to all members of the board of trustees.

Form 990, Page 6, Part VI, Line 12C

The president/ceo of ocean tides receives copies of the conflict of interest policy annually.

Form 990, Page 6, Part VI, Line 15A

The chair of the board and fianance committee is responsible for reviewing and approving the compensation of the ceo every three years.

Form 990, Page 6, Part VI, Line 15B

The other officers' compensation are reviewed and approved by the finance committee.

Form 990, Page 6, Part VI, Line 19

The governing documents, conflict of interest policy and financial statements are made available to the public upon request.

Filing and Contact Details

Filer

Filer Name
Ocean Tides Inc
EIN
05-0366306
Phone
4017891016
Address
635 OCEAN ROAD, NARRAGANSETT, RI 02882

Signing Officer

Name
Brian Sullivan
Title
President
Phone
4017891016
Signed
2024-10-11
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Brian Sullivan
Formed
1975
Legal Domicile
Ri
Voting Board Members
19
Independent Board Members
18
Employees
103

Preparer

Firm
Cavanagh Cpas & Associates LLC
Address
2346 POST RD SUITE 204, WARWICK, RI 02886
Preparer
Paul J Cavanagh
Phone
4016163700
Supplemental Narrative

Additional Explanations

FORM 990 - ORGANIZATION'S MISSION

To help at-risk boys through a school and residential program tailored to the individual. We believe each individual that comes to us is worthy of our respect, needful of our care, and capable of success through everyday experiences and interactions in a highly structured program.

Form 990, Page 2, Part III, Line 4A

Ocean tides school is one school with two campuses. Ocean tides school narrgansett campus is located in narragansett, rhode island. It is a residential school for students who are in the ocean tides residential program. It is for boys in grades eight through twelve. Ocean tides school providence campus is located in providence, rhode island. It is a day school. It is an alternative school for boys in grades nine through twelve. At both campuses, students are offered a full high school diploma. Both campuses are fully accredited by the rhode island department of education including special education. It is the responsibility of the education component to provide ongoing educational services to the youngsters in the program. Given the severe educational problems that the ocean tides youngster has experienced in the past, the school program is one that seeks to provide creative, individualized programs that meet the needs of each youngsters entrusted to our care.

Form 990, Page 2, Part III, Line 4B

Ocean tides offers residential services for at-risk boys. The residential program is broken down into three components: group living, extensions, and social services. The role of the group living ccomponent in the total treatment plan is one that assures responsibility for the everyday living of the youngsters in the narragansett facility. There is an attempt to create a warm atmosphere where youngsters will grow physically, emotionally, and spiritually; this is an atmosphere created on the basis of concern, responsibility and trust. The extensions provide a youngster with the opportunity to return to the community, while still a part of the ocean tides program. The social services component of the program is responsible for providing services for the youngsters and their families in the entire ocean tides program. The social services department established regular contact with the youngsters and their families, providing for counseling services, support systems and other needs which might be apparent in an individual situation.

Form 990, Part XI, Line 9

Expenses netted with revenue on fs -76,508 expenses netted with revenue on fs 76,508

Financial Statement Notes

Schedule D, Page 3, Part X

The organization evaluates all significant tax positions. The organization does not believe that there are any material uncertain tax positions requring disclosure or recognition.

Schedule D, Page 4, Part XI, Line 2D

Expenses netted with revenue on fs -76,508

Schedule D, Page 4, Part XII, Line 2D

Expenses netted with revenue on fs -76,508

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IRS990/Desc0OCEAN TIDES SCHOOL IS ONE SCHOOL WITH TWO CAMPUSES. OCEAN TIDES SCHOOL NARRGANSETT CAMPUS IS LOCATED IN NARRAGANSETT, RHODE ISLAND. IT IS A RESIDENTIAL SCHOOL FOR STUDENTS WHO ARE IN THE OCEAN TIDES RESIDENTIAL PROGRAM. IT IS FOR BOYS IN GRADES EIGHT THROUGH TWELVE. OCEAN TIDES SCHOOL PROVIDENCE CAMPUS IS LOCATED IN PROVIDENCE, RHODE ISLAND. IT IS A DAY SCHOOL. IT IS AN ALTERNATIVE SCHOOL FOR BOYS IN GRADES NINE THROUGH TWELVE. AT BOTH CAMPUSES, STUDENTS ARE OFFERED A FULL HIGH SCHOOL DIPLOMA. BOTH CAMPUSES ARE FULLY ACCREDITED BY THE RHODE ISLAND DEPARTMENT OF EDUCATION INCLUDING SPECIAL EDUCATION. IT IS THE RESPONSIBILITY OF THE EDUCATION COMPONENT TO PROVIDE ONGOING EDUCATIONAL SERVICES TO THE YOUNGSTERS IN THE PROGRAM. GIVEN THE SEVERE EDUCATIONAL PROBLEMS THAT THE OCEAN TIDES YOUNGSTER HAS EXPERIENCED IN THE PAST, THE SCHOOL PROGRAM IS ONE THAT SEEKS TO PROVIDE CREATIVE, INDIVIDUALIZED PROGRAMS THAT MEET THE NEEDS OF EACH YOUNGSTERS ENTRUSTED TO OUR CARE.
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IRS990/Form990PartVIISectionAGrp/TitleTxt18DIR. OF FINA
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Filings

Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2025Facts available. Structured filing facts are available, but richer extracted sections are limited.$6.13$1.69$4.44$6.77$6.76$0.01
2024Detailed filing. Detailed filing data is available for this year.$5.23$0.96$4.27$5.59$6.25$0.66
2023Detailed filing. Detailed filing data is available for this year.$6.31$1.60$4.71$6.53$5.96$0.58
2022Detailed filing. Detailed filing data is available for this year.$4.13$0.17$3.96$5.18$5.73$0.56
2021Detailed filing. Detailed filing data is available for this year.$4.82$0.16$4.66$5.05$5.25$0.20
2020Detailed filing. Detailed filing data is available for this year.$4.74$0.93$3.81$5.23$5.51$0.27
2019Summary only. Only limited summary data is available for this year.$4.19$0.16$4.03$5.21$5.48$0.26
2018Summary only. Only limited summary data is available for this year.$4.41$0.20$4.21$5.55$5.52$0.03
2017Summary only. Only limited summary data is available for this year.$4.18$0.09$4.09$4.90$4.71$0.19
2016Summary only. Only limited summary data is available for this year.$3.94$0.15$3.79$6.28$4.78$1.50
2015Detailed filing. Detailed filing data is available for this year.$3.79$1.68$2.11$4.87$4.59$0.27
2014Detailed filing. Detailed filing data is available for this year.$3.87$1.81$2.06$4.50$4.82$0.31
2013Facts available. Structured filing facts are available, but richer extracted sections are limited.$4.02$1.85$2.17$5.07$5.34$0.26
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$4.33$1.89$2.44$5.79
2011Summary only. Only limited summary data is available for this year.$4.64$1.93$2.71$6.10$6.48$0.38