Civic Intelligence

Beneath the Waves Inc.

990 • Fiscal year 2020 • EIN 46-3461387

Jan 01, 2020 to Dec 31, 2020 • Filed on Nov 12, 2021

Organization ProfileWWW.BENEATHTHEWAVES.ORG
PO Box 126Herndon, VA 20172

(617) 633-0207

Siviq Scores

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

Liabilities / Assets

52nd percentile

0.05x

Higher debt load relative to assets than 52% of similar nonprofits.

2020 filings • 501(c)3 • $500k-$1M nonprofits • Source year 2020

Liabilities / Revenue

42nd percentile

0.03x

Higher debt load relative to revenue than 42% of similar nonprofits.

2020 filings • 501(c)3 • $500k-$1M nonprofits • Source year 2020

Net Margin

78th percentile

27%

Higher net margin than 78% of similar nonprofits.

2020 filings • 501(c)3 • $500k-$1M nonprofits • Source year 2020

Top Officer Pay

77th percentile

$72,000

Higher top officer pay than 77% of similar nonprofits.

Top officer pay equals 9.0% of source-year revenue.

2020 filings • 501(c)3 • $500k-$1M nonprofits • Source year 2020

Asset Growth

92nd percentile

135%

Faster asset growth than 92% of similar nonprofits.

2020 filings • 501(c)3 • $500k-$1M nonprofits • Annualized from 2019 to 2020

Revenue Growth

13th percentile

-42%

Faster revenue growth than 13% of similar nonprofits.

2020 filings • 501(c)3 • $500k-$1M nonprofits • Annualized from 2019 to 2020

Balance Sheet
Liabilities / Assets52nd percentile

Assets

Up

$399,629

Up $229,917 (+135%) from 2019

Net Assets

Up

$378,512

Up $216,733 (+134%) from 2019

Liabilities

Up

$21,117

Up $13,184 (+166%) from 2019

Revenue And Expenses
Liabilities / Revenue42nd percentileNet Margin78th percentile

Revenue

Down

$798,500

Down $573,237 (-42%) from 2019

Expenses

Down

$581,767

Down $756,988 (-57%) from 2019

Net Income

Up

$216,733

Up $183,751 (+557%) from 2019

Historical Trend

Balance Sheet Trend

Asset Growth92nd percentile

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

$800K$600K$400K$200K$0Assets 2016: $117,824Liabilities 2016: $0Net Assets 2016: $117,8242016Assets 2017: $26,660Liabilities 2017: $02017Assets 2018: $121,486Liabilities 2018: $0Net Assets 2018: $121,4862018Assets 2019: $169,712Liabilities 2019: $7,933Net Assets 2019: $161,7792019Assets 2020: $399,629Liabilities 2020: $21,117Net Assets 2020: $378,5122020Assets 2021: $484,556Liabilities 2021: $59,785Net Assets 2021: $424,7712021Assets 2022: $290,664Liabilities 2022: $73,371Net Assets 2022: $217,2932022Assets 2023: $405,112Liabilities 2023: $70,630Net Assets 2023: $334,4822023Assets 2024: $644,409Liabilities 2024: $27,361Net Assets 2024: $617,0482024

Highlighted filing

2020

Assets$399,629
Liabilities$21,117
Net Assets$378,512
Open 2020 Filing

Operations Trend

Revenue Growth13th percentile

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

$3.0M$2.0M$1.0M$0-$1.0MRevenue 2016: $297,798Expenses 2016: $187,904Net Income 2016: $109,8942016Revenue 2017: $166,259Expenses 2017: $257,423Net Income 2017: -$91,1642017Revenue 2018: $287,093Expenses 2018: $192,267Net Income 2018: $94,8262018Revenue 2019: $1,371,737Expenses 2019: $1,338,755Net Income 2019: $32,9822019Revenue 2020: $798,500Expenses 2020: $581,767Net Income 2020: $216,7332020Revenue 2021: $1,995,768Expenses 2021: $2,040,889Net Income 2021: -$45,1212021Revenue 2022: $1,766,272Expenses 2022: $1,899,200Net Income 2022: -$132,9282022Revenue 2023: $1,350,620Expenses 2023: $1,233,431Net Income 2023: $117,1892023Revenue 2024: $973,724Expenses 2024: $682,045Net Income 2024: $291,6792024

Highlighted filing

2020

Revenue$798,500
Expenses$581,767
Net Income$216,733
Open 2020 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2020 to Dec 31, 2020
Signed
Nov 12, 2021
Return Version
2020v4.0
Gross Receipts
$798,500
Mission and Program Overview

Mission

Beneath the waves is dedicated to advancing the conservation of sharks and the habitats they occupy through cutting-edge, policy-relevant scientific research.

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$147,329$219,106▲ $71,777
Cash and Non-Interest-Bearing Accounts$22,383$148,023▲ $125,640
Pledges and Grants Receivable-$32,500-
Savings and Temporary Cash Investments-$0-
Accounts Receivable-$0-
Other Notes and Loans Receivable, Net-$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-
Intangible Assets-$0-
Inventories for Sale or Use-$0-
Prepaid Expenses and Deferred Charges-$0-
Total Assets$169,712$399,629▲ $229,917
Other Assets Total-$0-
Liabilities
Accounts Payable and Accrued Expenses$7,933$21,117▲ $13,184
Total Liabilities$7,933$21,117▲ $13,184
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$161,779$368,512▲ $206,733
Net Assets With Donor Restrictions-$10,000-
Total Net Assets Fund Balance$161,779$378,512▲ $216,733
Total Liabilities and Net Assets / Fund Balance$169,712$399,629▲ $229,917

Asset Categories

AssetBook ValueDepreciationBasis
Equipment$219,106$42,954$262,060
Compensation and Service Providers
Top Officer Pay77th percentile

Employees

NameTitleFull / Part TimeBaseTotal
Austin Gallagher PhdChairmanFT$72,000$72,000

Board Members and Trustees

NameTitle
Rosemary MannVice President
Jeffrey KingDirector
Malik AdunniDirector
Steven FeronDirector
Jeffrey PankeySecretary
Revenue and Support

Revenue Composition

Contributions and Grants
$798,500
Program Service Revenue
$0
Investment Income
$0
Other Revenue
$0
All Other Contributions
$798,500
Change in Net Assets
$216,733

Noncash Contribution Practices

Property subject to holding requirements
No
Reviewed unusual noncash gifts
No
Third parties used for noncash contributions
No

Noncash Contributions

Contribution TypeContribution CountReported AmountValuation Method
Other Non Cash Contri Table13$283,133Cost
Other Non Cash Contri Table1$28,159Cost
Total Noncash Contributions14$311,292-

Audited Revenue Reconciliation

Revenue per Audited Statements
$798,500
Revenue Not Reported on Form 990
$326,205
Total Revenue per Audited Statements
$1,124,705
Total Revenue per Form 990
$798,500
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$485,267
Salaries, Compensation, and Employee Benefits$96,500
Total Fundraising Expense$77,161
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Current Officers, Directors, Trustees, and Key Employees$55,116$203$16,681$72,000
Travel$54,315--$54,315
Advertising--$50,379$50,379
Depreciation Depletion$21,046--$21,046
Other Salaries and Wages$14,297$53$4,327$18,677
Office Expenses$10,454$39$3,164$13,657
Payroll Taxes$4,458$16$1,349$5,823
Fees for Services Accounting$2,012$7$609$2,628
Fees for Services Other$1,538$6$465$2,009
Other Expenses$618$500$187$500
Total Functional Expenses$502,748$1,858$77,161$581,767

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Audited Statements$907,972
Expenses per Audited Statements$581,767
Total Expenses per Form 990$581,767
Expenses Not Reported on Form 990$326,205
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

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
Audit committee
Yes
Backup withholding compliance
No
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
No
Other officer compensation reviewed
No
Conflict-of-interest policy
No
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

“The board of directors reviews form 990 before it is filed.”

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

“The organization makes its governing documents available to the public upon request.”

Filing and Contact Details

Filer

Filer Name
Beneath the Waves Inc
EIN
46-3461387
Phone
6176330207
Address
PO BOX 126, HERNDON, VA 20172

Signing Officer

Name
Austin Gallagher
Title
President & CEO
Signed
2021-11-12
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Austin Gallagher
Formed
2014
Legal Domicile
Va
Voting Board Members
6
Independent Board Members
5
Employees
1
Volunteers
15

Preparer

Firm
CEA Scholtes and Associates
Address
106 Tunbridge Rd, Baltimore, MD 21212
Preparer
Chris Scholtes CPA
Phone
4103230010
Supplemental Narrative

Financial Statement Notes

Part X : FIN48 Footnote

“The Organization is exempt from income tax under Section 501c3 of the Internal Revenue Code the Code and comparable State law, and contributions to it are tax deductible within the limitations prescribed by the Code. The accounting standard on accounting for uncertainty in income taxes addresses the determination of whether tax benefits claimed or expected to be claimed on a tax return should be recorded in the financial statements. Under that guidance, the Organization may recognize the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by taxing authorities based on the technical merits of the positions. There were no unrecognized tax benefits identified or recorded as liabilities for the year ended December 31, 2020. The Organization files federal and state information returns. The Organizations Federal Forms 990 remain open for three years for federal and state examination.”

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IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt0The Organization is exempt from income tax under Section 501c3 of the Internal Revenue Code the Code and comparable State law, and contributions to it are tax deductible within the limitations prescribed by the Code. The accounting standard on accounting for uncertainty in income taxes addresses the determination of whether tax benefits claimed or expected to be claimed on a tax return should be recorded in the financial statements. Under that guidance, the Organization may recognize the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by taxing authorities based on the technical merits of the positions. There were no unrecognized tax benefits identified or recorded as liabilities for the year ended December 31, 2020. The Organization files federal and state information returns. The Organizations Federal Forms 990 remain open for three years for federal and state examination.
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc0Part X : FIN48 Footnote
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IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0THE BOARD OF DIRECTORS REVIEWS FORM 990 BEFORE IT IS FILED.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1THE ORGANIZATION MAKES ITS GOVERNING DOCUMENTS AVAILABLE TO THE PUBLIC UPON REQUEST.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0Form 990, Part VI, Line 11b: Form 990 Review Process
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1Form 990, Part VI, Line 19: Other Organization Documents Publicly Available
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ReturnHeader/BuildTS02022-09-23 18:48:47Z

Document Assets

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Filings

Displayed year

2020 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$399,629
Liabilities
$21,117
Net assets
$378,512
Revenue
$798,500
Expenses
$581,767
Net income
$216,733
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Facts available. Structured filing facts are available, but richer extracted sections are limited.$0.64$0.03$0.62$0.97$0.68$0.29
2023Detailed filing. Detailed filing data is available for this year.$0.41$0.07$0.33$1.35$1.23$0.12
2022Detailed filing. Detailed filing data is available for this year.$0.29$0.07$0.22$1.77$1.90$0.13
2021Detailed filing. Detailed filing data is available for this year.$0.48$0.06$0.42$2.00$2.04$0.05
2020Detailed filing. Detailed filing data is available for this year.$0.40$0.02$0.38$0.80$0.58$0.22
2019Detailed filing. Detailed filing data is available for this year.$0.17$0.01$0.16$1.37$1.34$0.03
2018Summary only. Only limited summary data is available for this year.$0.12$0.00$0.12$0.29$0.19$0.09
2017Summary only. Only limited summary data is available for this year.$0.03$0.00$0.17$0.26$0.09
2016Summary only. Only limited summary data is available for this year.$0.12$0.00$0.12$0.30$0.19$0.11