Civic Intelligence

The Global Foundation for Ocean Exploration Inc.

990 • Fiscal year 2017 • EIN 46-0814861

Jan 01, 2017 to Dec 31, 2017 • Filed on Oct 14, 2018

Organization ProfileWWW.ENGINEERINGFORDISCOVERY.ORG
PO Box 417Mystic, CT 06355

(860) 572-7979

Siviq Scores

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

Liabilities / Assets

57th percentile

0.14x

Higher debt load relative to assets than 57% of similar nonprofits.

2017 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2017

Liabilities / Revenue

49th percentile

0.09x

Higher debt load relative to revenue than 49% of similar nonprofits.

2017 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2017

Net Margin

77th percentile

20%

Higher net margin than 77% of similar nonprofits.

2017 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2017

Top Officer Pay

94th percentile

$282,049

Higher top officer pay than 94% of similar nonprofits.

Top officer pay equals 7.0% of source-year revenue.

2017 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2017

Asset Growth

92nd percentile

61%

Faster asset growth than 92% of similar nonprofits.

2017 filings • 501(c)3 • $1M-$5M nonprofits • Annualized from 2016 to 2017

Revenue Growth

41st percentile

1.1%

Faster revenue growth than 41% of similar nonprofits.

2017 filings • 501(c)3 • $1M-$5M nonprofits • Annualized from 2016 to 2017

Balance Sheet
Liabilities / Assets57th percentile

Assets

Up

$2,547,749

Up $966,055 (+61%) from 2016

Net Assets

Up

$2,178,429

Up $786,042 (+56%) from 2016

Liabilities

Up

$369,320

Up $180,013 (+95%) from 2016

Revenue And Expenses
Liabilities / Revenue49th percentileNet Margin77th percentile

Revenue

Up

$4,022,172

Up $42,152 (+1.1%) from 2016

Expenses

Up

$3,236,130

Up $446,917 (+16%) from 2016

Net Income

Down

$786,042

Down $404,765 (-34%) from 2016

Historical Trend

Balance Sheet Trend

Asset Growth92nd percentile

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

$4.0M$3.0M$2.0M$1.0M$0Assets 2013: $79,565Liabilities 2013: $02013Assets 2014: $277,379Liabilities 2014: $3,850Net Assets 2014: $273,5292014Assets 2015: $229,361Liabilities 2015: $25,000Net Assets 2015: $204,3612015Assets 2016: $1,581,694Liabilities 2016: $189,307Net Assets 2016: $1,392,3872016Assets 2017: $2,547,749Liabilities 2017: $369,320Net Assets 2017: $2,178,4292017Assets 2018: $3,098,988Liabilities 2018: $326,971Net Assets 2018: $2,772,0172018Assets 2019: $3,222,684Liabilities 2019: $365,002Net Assets 2019: $2,857,6822019Assets 2020: $3,370,619Liabilities 2020: $496,935Net Assets 2020: $2,873,6842020Assets 2021: $2,739,847Liabilities 2021: $288,476Net Assets 2021: $2,451,3712021Assets 2022: $2,377,435Liabilities 2022: $306,512Net Assets 2022: $2,070,9232022Assets 2023: $2,116,191Liabilities 2023: $439,316Net Assets 2023: $1,676,8752023Assets 2024: $1,772,099Liabilities 2024: $174,174Net Assets 2024: $1,597,9252024

Highlighted filing

2017

Assets$2,547,749
Liabilities$369,320
Net Assets$2,178,429
Open 2017 Filing

Operations Trend

Revenue Growth41st percentile

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

$8.0M$6.0M$4.0M$2.0M$0-$2.0MRevenue 2013: $122,953Expenses 2013: $44,110Net Income 2013: $78,8432013Revenue 2014: $271,216Expenses 2014: $77,252Net Income 2014: $193,9642014Revenue 2015: $190,252Expenses 2015: $259,420Net Income 2015: -$69,1682015Revenue 2016: $3,980,020Expenses 2016: $2,789,213Net Income 2016: $1,190,8072016Revenue 2017: $4,022,172Expenses 2017: $3,236,130Net Income 2017: $786,0422017Revenue 2018: $4,405,420Expenses 2018: $3,811,832Net Income 2018: $593,5882018Revenue 2019: $6,934,718Expenses 2019: $6,849,053Net Income 2019: $85,6652019Revenue 2020: $4,870,398Expenses 2020: $4,849,066Net Income 2020: $21,3322020Revenue 2021: $5,589,475Expenses 2021: $5,975,904Net Income 2021: -$386,4292021Revenue 2022: $5,107,205Expenses 2022: $5,487,653Net Income 2022: -$380,4482022Revenue 2023: $5,022,655Expenses 2023: $5,416,703Net Income 2023: -$394,0482023Revenue 2024: $4,606,156Expenses 2024: $4,685,106Net Income 2024: -$78,9502024

Highlighted filing

2017

Revenue$4,022,172
Expenses$3,236,130
Net Income$786,042
Open 2017 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2017 to Dec 31, 2017
Signed
Oct 14, 2018
Return Version
2017v2.2
Gross Receipts
$4,022,172
Mission and Program Overview

Mission

To empower the global underwater science community with the tools and expertise required to explore the greatest depths of the planet's largest and deepest bodies of water and return with discoveries that amaze and inspire a global audience.

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$1,294,646$1,980,935▲ $686,289
Accounts Receivable$269,054$408,146▲ $139,092
Cash and Non-Interest-Bearing Accounts$6,844$41,797▲ $34,953
Prepaid Expenses and Deferred Charges$5,606$16,338▲ $10,732
Intangible Assets$5,544$3,386▼ $2,158
Savings and Temporary Cash Investments-$0-
Other Notes and Loans Receivable, Net-$0-
Pledges and Grants Receivable-$0-
Receivable From Disqualified Prsn-$0-
Receivables From Officers Etc-$0-
Investments Other Securities-$0-
Investments Program Related-$0-
Investments in Publicly Traded Securities-$0-
Inventories for Sale or Use-$0-
Total Assets$1,581,694$2,547,749▲ $966,055
Other Assets Total-$97,147-
Liabilities
Accounts Payable and Accrued Expenses$170,089$355,784▲ $185,695
Deferred Revenue$19,218$13,536▼ $5,682
Total Liabilities$189,307$369,320▲ $180,013
Net Assets / Fund Balance
Unrestricted Net Assets$1,391,867$2,178,281▲ $786,414
Temporarily Rstr Net Assets$520$148▼ $372
Total Net Assets Fund Balance$1,392,387$2,178,429▲ $786,042
Total Liabilities and Net Assets / Fund Balance$1,581,694$2,547,749▲ $966,055

Asset Categories

AssetBook ValueDepreciationBasis
Equipment$1,972,763$226,104$2,198,867
Other Land Buildings$8,172$1,787$9,959
Compensation and Service Providers
Top Officer Pay94th percentile

Employees

NameTitleFull / Part TimeBaseOtherTotal
David LovalvoPresidentFT$260,241$21,808$282,049
Melissa RyanVice PresidentFT$155,213-$155,213

Board Members and Trustees

NameTitle
Harlan KreditDirector
Cynthia SheredaSec/treas

Highest Paid Contractors

ContractorServicesLocationCompensation
Bobby MohrVideo-satellite Engi7739 33RD LANE E, Sarasota, FL 34243$146,219
Roland BrianElectrical Engineer10 SCHOOL STREET APT 1, Newport, RI 02840$141,237
-Robotics Engineer176 EAST LAKE SUE AVE, Winter Park, FL 32789$138,443
Jeff LaningMechanical EngineerPO BOX 3831, Newport, RI 02840$137,129
Daniel RogersData-network Enginee80 VALLEY VIEW DRIVE, Bristol, VT 05443$135,805
Revenue and Support

Revenue Composition

Contributions and Grants
$4,022,139
Program Service Revenue
$0
Investment Income
$33
Other Revenue
$0
All Other Contributions
$15,000
Change in Net Assets
$786,042

Audited Revenue Reconciliation

Revenue per Audited Statements
$4,022,172
Total Revenue per Audited Statements
$4,022,172
Total Revenue per Form 990
$4,022,172
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$2,690,502
Salaries, Compensation, and Employee Benefits$545,628
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Fees for Services Other$2,062,551$25,500-$2,088,051
Current Officers, Directors, Trustees, and Key Employees$415,691--$415,691
Depreciation Depletion$180,109$2,685-$182,794
Travel$89,197$358-$89,555
Other Salaries and Wages$62,865$15,705-$78,570
Fees for Services Accounting-$37,600-$37,600
Payroll Taxes$28,619$940-$29,559
Other Employee Benefits$21,808--$21,808
All Other Expenses$5,880$14,431-$20,311
Other Expenses$15,490$3,782-$19,272
Insurance$4,359$4,370-$8,729
Occupancy$5,422$3,103-$8,525
Total Functional Expenses$3,103,334$132,796$0$3,236,130

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$3,236,130
Total Expenses per Audited Statements$3,236,130
Total Expenses per Form 990$3,236,130
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
Insider Transactions and Loans

Interested-Person Transactions

Interested PartyRelationshipDescriptionShared RevenueAmount
David LovalvoOfficerResearch Vessel LeasNo$90,000
David LovalvoOfficerTrailer RentalsNo$13,912

Loans and Receivables

Line ItemBeginningEndChange
Receivables from Disqualified Persons-$0-
Receivables from Officers, Directors, Trustees, and Key Employees-$0-
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
No
Backup withholding compliance
Yes
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 11B: Form 990 Review Process

“A copy of form 990 is provided to each board member for their review and comment prior to being filed with the irs.”

Form 990, Part VI, Line 12C: Explanation of Monitoring and Enforcement of Conflicts

“Related party transactions are brought before the board for approval prior to execution.”

Form 990, Part VI, Line 15A: Compensation Review & Approval Process - CEO, Top Management

“Gfoe reviewed other organizations' forms 990, undertook compensation research, and obtained board approval for compensation.”

Form 990, Part VI, Line 19: Other Organization Documents Publicly Available

“Organization documents are all available upon request”

Filing and Contact Details

Filer

Filer Name
The Global Foundation for Ocean
EIN
46-0814861
Phone
8605727979
Address
PO BOX 417, MYSTIC, CT 06355

Signing Officer

Name
David Lovalvo
Title
President
Signed
2018-10-14
Discuss with paid preparer
Yes

Organization Details

Principal Officer
David Lovalvo
Formed
2012
Legal Domicile
Ct
Voting Board Members
4
Independent Board Members
2
Employees
3
Volunteers
2

Preparer

Firm
Lewitz Balosie Wollack Rayner & Giroux LLC
Address
36 Elm St, Old Saybrook, CT 06475
Preparer
Joseph J Wollack CPA
Phone
8603884451
Supplemental Narrative

Additional Explanations

Form 990, Part III, Line 4D: Other Program Services Description

“OTHER PROGRAM SERVICES 4: GFOE engaged in a number of other activities that advanced ocean exploration and research.”

Raw XML AppendixShowing 400 of 482 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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IRS990/ActivityOrMissionDesc0TO EMPOWER THE GLOBAL UNDERWATER SCIENCE COMMUNITY WITH THE TOOLS AND EXPERTISE REQUIRED TO EXPLORE THE GREATEST DEPTHS OF THE PLANET'S LARGEST AND DEEPEST BODIES OF WATER AND RETURN WITH DISCOVERIES THAT AMAZE AND INSPIRE A GLOBAL AUDIENCE.
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IRS990/Desc0Advancement of deep submergence vehicles, equipment and telepresence systems including the design, engineering and development of sampling capabilities for government owned underwater robots; conducted major ocean exploration expeditions; trained film makers and engineers. GFOE provided technical expertise in the area of telepresence-enabled ocean exploration cruises aboard the NOAA Ship Okeanos Explorer to collect critical baseline information to meet NOAA science and management needs in OERs Campaign to Address Pacific Monument Science, Technology, and Ocean Needs (CAPSTONE). Exploration in 2017 included areas of the Pacific Remote Islands Marine National Monument, Hawaii, and the Gulf of Mexico, leading to the discoveries of new species and important resources. GFOE data managers were responsible for recording, organizing, and transferring to shore the 15 terabytes of data gathered during each expedition. GFOE continues to ensure that ocean exploration expeditions are conducted by well-trained teams; document, improve, and expand ocean exploration technologies and procedures; expand the ocean exploration workforce by training the next generation of ocean exploration engineers, data and telepresence experts; and promote the activities and programs of NOAA OER to a global audience through telepresence. Capitalized equipment costing $735,979 was acquired as part of this program.
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IRS990/MissionDesc0TO EMPOWER THE GLOBAL UNDERWATER SCIENCE COMMUNITY WITH THE TOOLS AND EXPERTISE REQUIRED TO EXPLORE THE GREATEST DEPTHS OF THE PLANET'S LARGEST AND DEEPEST BODIES OF WATER AND RETURN WITH DISCOVERIES THAT AMAZE AND INSPIRE A GLOBAL AUDIENCE.
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IRS990/PrincipalOfficerNm0DAVID LOVALVO
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IRS990/ProgSrvcAccomActy2Grp/Desc0GFOE provided engineering and technical operations for a multi-partner research project assessing geophysical and geochemical activity in Yellowstone Lake. Provided design, engineering, fabrication and testing of underwater equipment. GFOE was technical lead during the 2017 field season and retrieved lake bottom sensors while allowing scientists to investigate underwater volcanos/hydrothermal vents.
IRS990/ProgSrvcAccomActy2Grp/ExpenseAmt0191047
IRS990/ProgSrvcAccomActy3Grp/Desc0GFOE continued the integration of the GFOE state-of-the-art satellite communication system and upgrade of the network and data management systems onboard the NOAA Ship Okeanos Explorer.
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IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/PersonNm0DAVID LOVALVO
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/PersonNm1MELISSA RYAN
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TitleTxt0President
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TitleTxt1Vice President
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IRS990ScheduleJ/SupplementalInformationDetail/ExplanationTxt0DAVID LOVALVO'S COMPENSATION INCLUDES $90,000 FOR THE LEASE OF A RESEARCH VESSEL THAT HE OWNS WHICH WAS USED FOR A SCIENTIFIC EXPEDITION ON YELLOWSTONE LAKE.
IRS990ScheduleJ/SupplementalInformationDetail/FormAndLineReferenceDesc0Part III, Additional Information
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IRS990ScheduleL/BusTrInvolveInterestedPrsnGrp/TransactionDesc0RESEARCH VESSEL LEAS
IRS990ScheduleL/BusTrInvolveInterestedPrsnGrp/TransactionDesc1TRAILER RENTALS
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IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0OTHER PROGRAM SERVICES 4: GFOE engaged in a number of other activities that advanced ocean exploration and research.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1A COPY OF FORM 990 IS PROVIDED TO EACH BOARD MEMBER FOR THEIR REVIEW AND COMMENT PRIOR TO BEING FILED WITH THE IRS.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2RELATED PARTY TRANSACTIONS ARE BROUGHT BEFORE THE BOARD FOR APPROVAL PRIOR TO EXECUTION.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3GFOE REVIEWED OTHER ORGANIZATIONS' FORMS 990, UNDERTOOK COMPENSATION RESEARCH, AND OBTAINED BOARD APPROVAL FOR COMPENSATION.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4ORGANIZATION DOCUMENTS ARE ALL AVAILABLE UPON REQUEST
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0Form 990, Part III, Line 4d: Other Program Services Description
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1Form 990, Part VI, Line 11b: Form 990 Review Process
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2Form 990, Part VI, Line 12c: Explanation of Monitoring and Enforcement of Conflicts

Document Assets

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Filings

Displayed year

2017 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$2,547,749
Liabilities
$369,320
Net assets
$2,178,429
Revenue
$4,022,172
Expenses
$3,236,130
Net income
$786,042
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Facts available. Structured filing facts are available, but richer extracted sections are limited.$1.77$0.17$1.60$4.61$4.69$0.08
2023Detailed filing. Detailed filing data is available for this year.$2.12$0.44$1.68$5.02$5.42$0.39
2022Detailed filing. Detailed filing data is available for this year.$2.38$0.31$2.07$5.11$5.49$0.38
2021Detailed filing. Detailed filing data is available for this year.$2.74$0.29$2.45$5.59$5.98$0.39
2020Detailed filing. Detailed filing data is available for this year.$3.37$0.50$2.87$4.87$4.85$0.02
2019Detailed filing. Detailed filing data is available for this year.$3.22$0.37$2.86$6.93$6.85$0.09
2018Detailed filing. Detailed filing data is available for this year.$3.10$0.33$2.77$4.41$3.81$0.59
2017Detailed filing. Detailed filing data is available for this year.$2.55$0.37$2.18$4.02$3.24$0.79
2016Detailed filing. Detailed filing data is available for this year.$1.58$0.19$1.39$3.98$2.79$1.19
2015Detailed filing. Detailed filing data is available for this year.$0.23$0.03$0.20$0.19$0.26$0.07
2014Detailed filing. Detailed filing data is available for this year.$0.28$0.00$0.27$0.27$0.08$0.19
2013Summary only. Only limited summary data is available for this year.$0.08$0.00$0.12$0.04$0.08