Civic Intelligence

Pacific Ocean Energy Trust

990 • Fiscal year 2023 • EIN 26-4646584

Jan 01, 2023 to Dec 31, 2023 • Filed on Nov 11, 2024

9450 SW Gemini Dr Pmb 50944Beaverton, OR 97008

(503) 524-5621

Siviq Scores

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

Liabilities / Assets

94th percentile

1.03x

Higher debt load relative to assets than 94% of similar nonprofits.

2023 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2023

Liabilities / Revenue

78th percentile

0.42x

Higher debt load relative to revenue than 78% of similar nonprofits.

2023 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2023

Net Margin

28th percentile

-5.9%

Higher net margin than 28% of similar nonprofits.

2023 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2023

Top Officer Pay

67th percentile

$100,000

Higher top officer pay than 67% of similar nonprofits.

Top officer pay equals 4.4% of source-year revenue.

2023 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2023

Asset Growth

94th percentile

102%

Faster asset growth than 94% of similar nonprofits.

2023 filings • 501(c)3 • $1M-$5M nonprofits • Annualized from 2022 to 2023

Revenue Growth

16th percentile

-22%

Faster revenue growth than 16% of similar nonprofits.

2023 filings • 501(c)3 • $1M-$5M nonprofits • Annualized from 2022 to 2023

Assets

Up

$914,005

Up $460,892 (+102%) from 2022

Net Assets

Down

-$25,186

Down $132,215 (-124%) from 2022

Liabilities

Up

$939,191

Up $593,107 (+171%) from 2022

Revenue

Down

$2,250,515

Down $623,094 (-22%) from 2022

Expenses

Down

$2,382,730

Down $518,215 (-18%) from 2022

Net Income

Down

-$132,215

Down $104,879 (-384%) from 2022

Historical Trend

Balance Sheet Trend

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

$1.5M$1.0M$500K$0-$500KAssets 2017: $610,171Liabilities 2017: $2,093Net Assets 2017: $608,0782017Assets 2018: $439,630Liabilities 2018: $21,215Net Assets 2018: $418,4152018Assets 2019: $390,298Liabilities 2019: $27,733Net Assets 2019: $362,5652019Assets 2020: $255,338Liabilities 2020: $67,907Net Assets 2020: $187,4312020Assets 2021: $411,631Liabilities 2021: $277,266Net Assets 2021: $134,3652021Assets 2022: $453,113Liabilities 2022: $346,084Net Assets 2022: $107,0292022Assets 2023: $914,005Liabilities 2023: $939,191Net Assets 2023: -$25,1862023Assets 2024: $1,037,995Liabilities 2024: $1,008,597Net Assets 2024: $29,3982024

Highlighted filing

2023

Assets$914,005
Liabilities$939,191
Net Assets-$25,186

Operations Trend

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

$4.0M$3.0M$2.0M$1.0M$0-$1.0MRevenue 2017: $610,702Expenses 2017: $24,102Net Income 2017: $586,6002017Revenue 2018: $137,016Expenses 2018: $326,679Net Income 2018: -$189,6632018Revenue 2019: $317,628Expenses 2019: $374,221Net Income 2019: -$56,5932019Revenue 2020: $491,242Expenses 2020: $663,843Net Income 2020: -$172,6012020Revenue 2021: $1,138,682Expenses 2021: $1,191,750Net Income 2021: -$53,0682021Revenue 2022: $2,873,609Expenses 2022: $2,900,945Net Income 2022: -$27,3362022Revenue 2023: $2,250,515Expenses 2023: $2,382,730Net Income 2023: -$132,2152023Revenue 2024: $3,522,722Expenses 2024: $3,468,138Net Income 2024: $54,5842024

Highlighted filing

2023

Revenue$2,250,515
Expenses$2,382,730
Net Income-$132,215
Jump To
Filing Snapshot
Filing Period
Jan 1, 2023 to Dec 31, 2023
Signed
Nov 11, 2024
Return Version
2023v5.1
Gross Receipts
$2,459,339
Mission and Program Overview

Mission

The mission of the organization is to promote and support responsible development of ocean renewable energy in the pacific region through education, outreach and research.

Pacific ocean energy trust is committed to promoting ocean-based climate solutions.

Balance Sheet Detail
LineBeginningEndChange
Assets
Accounts Receivable$233,676$898,957▲ $665,281
Cash and Non-Interest-Bearing Accounts$218,080$15,007▼ $203,073
Land, Buildings, and Equipment, Net$1,357$41▼ $1,316
Total Assets$453,113$914,005▲ $460,892
Liabilities
Accounts Payable and Accrued Expenses$346,084$939,191▲ $593,107
Total Liabilities$346,084$939,191▲ $593,107
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$107,029$-25,186▼ $132,215
Total Net Assets Fund Balance$107,029$-25,186▼ $132,215
Total Liabilities and Net Assets / Fund Balance$453,113$914,005▲ $460,892

Asset Categories

AssetBook ValueDepreciationBasis
Equipment$41$1,458$1,499
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseTotal
Jason BuschSec/treas/exec DirectorFT$100,000$100,000

Board Members and Trustees

NameTitle
Kevin BanisterPresident
Justin KlureVice President
Dave RobertsonBoard Member
Simon GeerlofsBoard Member
Revenue and Support

Revenue Composition

Contributions and Grants
$2,199,885
Program Service Revenue
$14,671
Investment Income
$0
Other Revenue
$35,959
Change in Net Assets
$-132,215

Audited Revenue Reconciliation

Revenue per Audited Statements
$2,250,515
Revenue Not Reported on Financial Statements
$0
Revenue Not Reported on Form 990
$0
Total Revenue per Audited Statements
$2,250,515
Total Revenue per Form 990
$2,250,515
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$1,949,477
Salaries, Compensation, and Employee Benefits$433,253
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Expenses$1,698,277--$1,698,277
Other Salaries and Wages$256,739$38,548-$295,287
Current Officers, Directors, Trustees, and Key Employees$90,000$10,000-$100,000
Travel$84,929$13,118-$98,047
Fees for Services Other$85,033--$85,033
Payroll Taxes$33,303$4,663-$37,966
Fees for Services Accounting-$24,594-$24,594
All Other Expenses-$16,138-$16,138
Information Technology-$13,737-$13,737
Office Expenses-$10,468-$10,468
Occupancy-$1,516-$1,516
Insurance-$1,095-$1,095
Depreciation Depletion-$572-$572
Total Functional Expenses$2,248,281$134,449$0$2,382,730

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$2,382,730
Total Expenses per Audited Statements$2,382,730
Total Expenses per Form 990$2,382,730
Expenses Not Reported on Financial Statements$0
Expenses Not Reported on Form 990$0
Fundraising, Events, and Gaming
Fundraising activities
Yes
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Fundraising Gross Income$244,783
Fundraising Direct Expenses$208,824
Professional Fundraising Fees$0

Fundraising Events

EventGross ReceiptsGross RevenueDirect ExpensesNet Income
Conference$301,085$244,783$51,909$192,874
Total Events$301,085$244,783$208,824$35,959
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
No
Subject to proxy tax
No
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
No
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, Section A, Line 6

The organization has individual and business members who pay dues.

Form 990, Part VI, Section B, Line 11B

The form 990 is reviewed and approved by the executive director. A copy of the approved form 990 is provided to all board members prior to filing.

Form 990, Part VI, Section B, Line 12C

During board meetings, when a project is considered or a discussion begins that could involve one of the board member's companies or their involvement, the person(s) is asked to leave and the discussion takes place in a "closed door meeting". In addition, when projects come up and a rfp is released, it is carefully monitored to make sure that a board member does not have an unfair advantage and has to bid as everyone else.

Form 990, Part VI, Section B, Line 15A

The organization's attorney counsel and board members researched similar non-profit organizations for salary comparisons to determine comparable data as baseline salary parameter and used that as baseline range to determine salary in accordance to experience.

Form 990, Part VI, Section C, Line 19

Upon request and through the organization's website.

Filing and Contact Details

Filer

Filer Name
Pacific Ocean Energy Trust
EIN
26-4646584
Phone
5035245621
Address
9450 SW GEMINI DR PMB 50944, BEAVERTON, OR 97008

Signing Officer

Name
Jason Busch
Title
Executive Director
Phone
5035245621
Signed
2024-11-11
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Jason Busch
Formed
2009
Legal Domicile
Or
Voting Board Members
5
Independent Board Members
4
Employees
6
Volunteers
0

Preparer

Firm
Hoffman Stewart & Schmidt Pc
Address
3 CENTERPOINTE DRIVE SUITE 300, LAKE OSWEGO, OR 97035-8663
Preparer
Nathan Stamets
Phone
5032205900
Supplemental Narrative

Financial Statement Notes

PART X, LINE 2:

Management believes the organization does not have any uncertain tax positions.

Raw XML Appendix399 raw XML fields

This appendix keeps the raw XML leaves available for debugging and edge-case review. The human report above is the primary experience.

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IRS990ScheduleA/TotalSupportCalendarYearGrp/TotalAmt07120131
IRS990ScheduleB/ContributorInformationGrp/ContributorBusinessName/BusinessNameLine10RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorNum0RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/AddressLine10RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/AddressLine20RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/City0RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/State0RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/ZIPCode0RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/TotalContributionsAmt0RESTRICTED
IRS990/ScheduleBRequiredInd01
IRS990ScheduleD/EquipmentGrp/BookValueAmt041
IRS990ScheduleD/EquipmentGrp/DepreciationAmt01458
IRS990ScheduleD/EquipmentGrp/OtherCostOrOtherBasisAmt01499
IRS990ScheduleD/ExpensesNotReportedAmt00
IRS990ScheduleD/ExpensesNotRptFinclStmtAmt00
IRS990ScheduleD/ExpensesSubtotalAmt02382730
IRS990ScheduleD/FootnoteTextInd0X
IRS990ScheduleD/RevenueNotReportedAmt00
IRS990ScheduleD/RevenueNotReportedFinclStmtAmt00
IRS990ScheduleD/RevenueSubtotalAmt02250515
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt0MANAGEMENT BELIEVES THE ORGANIZATION DOES NOT HAVE ANY UNCERTAIN TAX POSITIONS.
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc0PART X, LINE 2:
IRS990ScheduleD/TotalBookValueLandBuildingsAmt041
IRS990ScheduleD/TotalExpensesPerForm990Amt02382730
IRS990ScheduleD/TotalRevenuePerForm990Amt02250515
IRS990ScheduleD/TotalRevEtcAuditedFinclStmtAmt02250515
IRS990ScheduleD/TotExpnsEtcAuditedFinclStmtAmt02382730
IRS990ScheduleG/FundraisingEventInformationGrp/CharitableContributionsTotAmt056302
IRS990ScheduleG/FundraisingEventInformationGrp/CharitableContriEvent1Amt056302
IRS990ScheduleG/FundraisingEventInformationGrp/DirectExpenseSummaryEventsAmt0208824
IRS990ScheduleG/FundraisingEventInformationGrp/Event1Nm0CONFERENCE
IRS990ScheduleG/FundraisingEventInformationGrp/FoodAndBeverageEvent1Amt067740
IRS990ScheduleG/FundraisingEventInformationGrp/FoodAndBeverageTotalEventsAmt067740
IRS990ScheduleG/FundraisingEventInformationGrp/GrossReceiptsEvent1Amt0301085
IRS990ScheduleG/FundraisingEventInformationGrp/GrossReceiptsTotalAmt0301085
IRS990ScheduleG/FundraisingEventInformationGrp/GrossRevenueEvent1Amt0244783
IRS990ScheduleG/FundraisingEventInformationGrp/GrossRevenueTotalEventsAmt0244783
IRS990ScheduleG/FundraisingEventInformationGrp/NetIncomeSummaryAmt035959
IRS990ScheduleG/FundraisingEventInformationGrp/OthDirectExpnssTotalEventsAmt051909
IRS990ScheduleG/FundraisingEventInformationGrp/OtherDirectExpensesEvent1Amt051909
IRS990ScheduleG/FundraisingEventInformationGrp/RentFacilityCostsEvent1Amt089175
IRS990ScheduleG/FundraisingEventInformationGrp/RentFcltyCostsTotalEventsAmt089175
IRS990/ScheduleJRequiredInd00
IRS990/ScheduleORequiredInd01
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0THE ORGANIZATION HAS INDIVIDUAL AND BUSINESS MEMBERS WHO PAY DUES.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1THE FORM 990 IS REVIEWED AND APPROVED BY THE EXECUTIVE DIRECTOR. A COPY OF THE APPROVED FORM 990 IS PROVIDED TO ALL BOARD MEMBERS PRIOR TO FILING.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2DURING BOARD MEETINGS, WHEN A PROJECT IS CONSIDERED OR A DISCUSSION BEGINS THAT COULD INVOLVE ONE OF THE BOARD MEMBER'S COMPANIES OR THEIR INVOLVEMENT, THE PERSON(S) IS ASKED TO LEAVE AND THE DISCUSSION TAKES PLACE IN A "CLOSED DOOR MEETING". IN ADDITION, WHEN PROJECTS COME UP AND A RFP IS RELEASED, IT IS CAREFULLY MONITORED TO MAKE SURE THAT A BOARD MEMBER DOES NOT HAVE AN UNFAIR ADVANTAGE AND HAS TO BID AS EVERYONE ELSE.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3THE ORGANIZATION'S ATTORNEY COUNSEL AND BOARD MEMBERS RESEARCHED SIMILAR NON-PROFIT ORGANIZATIONS FOR SALARY COMPARISONS TO DETERMINE COMPARABLE DATA AS BASELINE SALARY PARAMETER AND USED THAT AS BASELINE RANGE TO DETERMINE SALARY IN ACCORDANCE TO EXPERIENCE.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4UPON REQUEST AND THROUGH THE ORGANIZATION'S WEBSITE.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0FORM 990, PART VI, SECTION A, LINE 6
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1FORM 990, PART VI, SECTION B, LINE 11B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2FORM 990, PART VI, SECTION B, LINE 12C
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3FORM 990, PART VI, SECTION B, LINE 15A
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc4FORM 990, PART VI, SECTION C, LINE 19
IRS990/SchoolOperatingInd00
IRS990/SignificantChangeInd00
IRS990/SignificantNewProgramSrvcInd00
IRS990/StatesWhereCopyOfReturnIsFldCd0OR
IRS990/SubjectToExcsTaxNetInvstIncInd00
IRS990/SubjectToProxyTaxInd00
IRS990/SubjToTaxRmnrtnExPrchtPymtInd00
IRS990/TaxablePartyNotificationInd00
IRS990/TaxExemptBondsInd00
IRS990/TerminateOperationsInd00
IRS990/TotalAssetsBOYAmt0453113
IRS990/TotalAssetsEOYAmt0914005
IRS990/TotalAssetsGrp/BOYAmt0453113
IRS990/TotalAssetsGrp/EOYAmt0914005
IRS990/TotalCompGreaterThan150KInd00
IRS990/TotalContributionsAmt02199885
IRS990/TotalEmployeeCnt06
IRS990/TotalFunctionalExpensesGrp/FundraisingAmt00
IRS990/TotalFunctionalExpensesGrp/ManagementAndGeneralAmt0134449
IRS990/TotalFunctionalExpensesGrp/ProgramServicesAmt02248281
IRS990/TotalFunctionalExpensesGrp/TotalAmt02382730
IRS990/TotalGrossUBIAmt00
IRS990/TotalLiabilitiesBOYAmt0346084
IRS990/TotalLiabilitiesEOYAmt0939191
IRS990/TotalLiabilitiesGrp/BOYAmt0346084
IRS990/TotalLiabilitiesGrp/EOYAmt0939191
IRS990/TotalNetAssetsFundBalanceGrp/BOYAmt0107029
IRS990/TotalNetAssetsFundBalanceGrp/EOYAmt0-25186
IRS990/TotalOtherCompensationAmt00
IRS990/TotalProgramServiceExpensesAmt02248281
IRS990/TotalProgramServiceRevenueAmt014671
IRS990/TotalReportableCompFromOrgAmt0100000
IRS990/TotalRevenueGrp/ExclusionAmt035959
IRS990/TotalRevenueGrp/RelatedOrExemptFuncIncomeAmt014671
IRS990/TotalRevenueGrp/TotalRevenueColumnAmt02250515
IRS990/TotalRevenueGrp/UnrelatedBusinessRevenueAmt00
IRS990/TotalVolunteersCnt00
IRS990/TotLiabNetAssetsFundBalanceGrp/BOYAmt0453113
IRS990/TotLiabNetAssetsFundBalanceGrp/EOYAmt0914005
IRS990/TotReportableCompRltdOrgAmt00
IRS990/TravelGrp/ManagementAndGeneralAmt013118
IRS990/TravelGrp/ProgramServicesAmt084929
IRS990/TravelGrp/TotalAmt098047
IRS990/TrnsfrExmptNonChrtblRltdOrgInd00
IRS990/TypeOfOrganizationCorpInd0X
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IRS990/UponRequestInd0X
IRS990/USAddress/AddressLine1Txt09450 SW GEMINI DR PMB 50944
IRS990/USAddress/CityNm0BEAVERTON
IRS990/USAddress/StateAbbreviationCd0OR
IRS990/USAddress/ZIPCd097008
IRS990/VotingMembersGoverningBodyCnt05
IRS990/VotingMembersIndependentCnt04
IRS990/WebsiteAddressTxt0PACIFICOCEANENERGY.ORG
IRS990/WhistleblowerPolicyInd01
ReturnHeader/BuildTS02024-10-15 13:58:12Z
ReturnHeader/BusinessOfficerGrp/DiscussWithPaidPreparerInd01
ReturnHeader/BusinessOfficerGrp/PersonNm0JASON BUSCH
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0EXECUTIVE DIRECTOR
ReturnHeader/BusinessOfficerGrp/PhoneNum05035245621
ReturnHeader/BusinessOfficerGrp/SignatureDt02024-11-11
ReturnHeader/Filer/BusinessName/BusinessNameLine1Txt0PACIFIC OCEAN ENERGY TRUST
ReturnHeader/Filer/BusinessNameControlTxt0PACI
ReturnHeader/Filer/EIN0264646584
ReturnHeader/Filer/PhoneNum05035245621
ReturnHeader/Filer/USAddress/AddressLine1Txt09450 SW GEMINI DR PMB 50944
ReturnHeader/Filer/USAddress/CityNm0BEAVERTON
ReturnHeader/Filer/USAddress/StateAbbreviationCd0OR
ReturnHeader/Filer/USAddress/ZIPCd097008
ReturnHeader/IRSResponsiblePrtyInfoCurrInd01
ReturnHeader/PreparerFirmGrp/PreparerFirmEIN0930743240
ReturnHeader/PreparerFirmGrp/PreparerFirmName/BusinessNameLine1Txt0HOFFMAN STEWART & SCHMIDT PC
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/AddressLine1Txt03 CENTERPOINTE DRIVE SUITE 300
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/CityNm0LAKE OSWEGO
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/StateAbbreviationCd0OR
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/ZIPCd0970358663
ReturnHeader/PreparerPersonGrp/PhoneNum05032205900
ReturnHeader/PreparerPersonGrp/PreparerPersonNm0NATHAN STAMETS
ReturnHeader/ReturnTs02024-11-15T12:04:08-06:00
ReturnHeader/ReturnTypeCd0990
ReturnHeader/TaxPeriodBeginDt02023-01-01
ReturnHeader/TaxPeriodEndDt02023-12-31
ReturnHeader/TaxYr02023

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