Civic Intelligence

The Genesis Reef Project Inc

990 • Fiscal year 2018 • EIN 47-4637792

Jan 01, 2018 to Dec 31, 2018 • Filed on Nov 07, 2019

Organization ProfileWWW.ETERNALREEFS.COM
1126 Central AvenueSarasota, FL 34236

(770) 500-3235

Siviq Scores

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

Liabilities / Assets

85th percentile

0.49x

Higher debt load relative to assets than 85% of similar nonprofits.

2018 filings • 501(c)3 • $500k-$1M nonprofits • Source year 2018

Liabilities / Revenue

62nd percentile

0.07x

Higher debt load relative to revenue than 62% of similar nonprofits.

2018 filings • 501(c)3 • $500k-$1M nonprofits • Source year 2018

Net Margin

14th percentile

-18%

Higher net margin than 14% of similar nonprofits.

2018 filings • 501(c)3 • $500k-$1M nonprofits • Source year 2018

Top Officer Pay

51st percentile

$3,632

Higher top officer pay than 51% of similar nonprofits.

Top officer pay equals 0.7% of source-year revenue.

2018 filings • 501(c)3 • $500k-$1M nonprofits • Source year 2018

Asset Growth

3rd percentile

-48%

Faster asset growth than 3% of similar nonprofits.

2018 filings • 501(c)3 • $500k-$1M nonprofits • Annualized from 2017 to 2018

Revenue Growth

52nd percentile

5.0%

Faster revenue growth than 52% of similar nonprofits.

2018 filings • 501(c)3 • $500k-$1M nonprofits • Annualized from 2017 to 2018

Balance Sheet
Liabilities / Assets85th percentile

Assets

Down

$74,894

Down $68,973 (-48%) from 2017

Net Assets

Down

$38,279

Down $89,774 (-70%) from 2017

Liabilities

Up

$36,615

Up $20,801 (+132%) from 2017

Revenue And Expenses
Liabilities / Revenue62nd percentileNet Margin14th percentile

Revenue

Up

$495,930

Up $23,824 (+5.0%) from 2017

Expenses

Up

$585,704

Up $241,651 (+70%) from 2017

Net Income

Down

-$89,774

Down $217,827 (-170%) from 2017

Historical Trend

Balance Sheet Trend

Asset Growth3rd percentile

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

$2.0M$1.5M$1.0M$500K$0Assets 2017: $143,867Liabilities 2017: $15,814Net Assets 2017: $128,0532017Assets 2018: $74,894Liabilities 2018: $36,615Net Assets 2018: $38,2792018Assets 2019: $107,430Liabilities 2019: $31,349Net Assets 2019: $76,0812019Assets 2020: $323,472Liabilities 2020: $83,322Net Assets 2020: $240,1502020Assets 2021: $764,602Liabilities 2021: $76,150Net Assets 2021: $688,4522021Assets 2022: $787,082Liabilities 2022: $69,825Net Assets 2022: $717,2572022Assets 2023: $1,151,445Liabilities 2023: $80,811Net Assets 2023: $1,070,6342023Assets 2024: $1,603,617Liabilities 2024: $54,354Net Assets 2024: $1,549,2632024

Highlighted filing

2018

Assets$74,894
Liabilities$36,615
Net Assets$38,279
Open 2018 Filing

Operations Trend

Revenue Growth52nd percentile

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

$1.5M$1.0M$500K$0-$500KRevenue 2017: $472,106Expenses 2017: $344,053Net Income 2017: $128,0532017Revenue 2018: $495,930Expenses 2018: $585,704Net Income 2018: -$89,7742018Revenue 2019: $561,154Expenses 2019: $523,352Net Income 2019: $37,8022019Revenue 2020: $622,793Expenses 2020: $458,724Net Income 2020: $164,0692020Revenue 2021: $1,223,386Expenses 2021: $775,084Net Income 2021: $448,3022021Revenue 2022: $924,636Expenses 2022: $909,631Net Income 2022: $15,0052022Revenue 2023: $1,262,945Expenses 2023: $920,738Net Income 2023: $342,2072023Revenue 2024: $1,273,455Expenses 2024: $791,327Net Income 2024: $482,1282024

Highlighted filing

2018

Revenue$495,930
Expenses$585,704
Net Income-$89,774
Open 2018 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2018 to Dec 31, 2018
Signed
Nov 7, 2019
Return Version
2018v3.1
Gross Receipts
$587,942
Mission and Program Overview

Mission

Marine environment development and preservation

Balance Sheet Detail
LineBeginningEndChange
Assets
Savings and Temporary Cash Investments-$56,829-
Cash and Non-Interest-Bearing Accounts$143,867$18,065▼ $125,802
Total Assets$143,867$74,894▼ $68,973
Liabilities
Other Liabilities$15,814$36,615▲ $20,801
Total Liabilities$15,814$36,615▲ $20,801
Net Assets / Fund Balance
Unrestricted Net Assets$128,053$38,279▼ $89,774
Total Net Assets Fund Balance$128,053$38,279▼ $89,774
Total Liabilities and Net Assets / Fund Balance$143,867$74,894▼ $68,973
Compensation and Service Providers
Top Officer Pay51st percentile

Employees

NameTitleFull / Part TimeBaseTotal
George FrankelDirector/preFT$3,632$3,632

Board Members and Trustees

NameTitle
Joseph Patrick WeatherbyDirector
Lawrence Daniel BeggsDirector
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$508,387
Investment Income
$181
Other Revenue
$-12,638
Change in Net Assets
$-89,774
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$566,189
Total Fundraising Expense$105,474
Salaries, Compensation, and Employee Benefits$19,515
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Fees for Services Other$106,157--$106,157
Advertising--$105,174$105,174
Office Expenses$56,410--$56,410
Travel$21,035$7,012-$28,047
Occupancy$12,337$12,337-$24,674
Other Salaries and Wages$15,883--$15,883
Fees for Services Accounting-$5,294-$5,294
Fees for Services Legal-$4,150-$4,150
Current Officers, Directors, Trustees, and Key Employees$3,632--$3,632
Information Technology-$3,130-$3,130
Insurance-$2,962-$2,962
Other Expenses$29,388-$300$300
Total Functional Expenses$445,345$34,885$105,474$585,704
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
-100% CONTROLLEDReef Ball ManufacterNo$129,852
-100% CONTROLLEDIp Licensing FeeYes$29,388
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
License Fee Payable$26,264
Credit Card Payable$10,351
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
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
No
Other officer compensation reviewed
No
Conflict-of-interest policy
No
Audited financial statements prepared
No
Key decisions subject to board approval
Yes
Management duties delegated
No

Governance Explanations

Form 990, Page 6, Part VI, Line 7A

“Directors have power to elect new/additional members.”

Form 990, Page 6, Part VI, Line 7B

“Board members have power to approve organization actions.”

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

“President/director reviews with outside cpa firm.”

Form 990, Page 6, Part VI, Line 19

“Documents available to the public upon request.”

Filing and Contact Details

Filer

Filer Name
The Genesis Reef Project Inc
EIN
47-4637792
Phone
7705003235
Address
1126 CENTRAL AVENUE, SARASOTA, FL 34236
Doing Business As
Eternal Reefs

Signing Officer

Name
George Frankel
Title
Director/president
Phone
7705003235
Signed
2019-11-07
Discuss with paid preparer
Yes

Organization Details

Principal Officer
George Frankel
Formed
2015
Legal Domicile
Fl
Voting Board Members
3
Independent Board Members
2
Employees
5
Volunteers
40

Preparer

Firm
Herald & Haines LLC
Address
625 BEAVER RUIN ROAD NW STE B, LILBURN, GA 30047-3407
Preparer
P William Herald Jr CPA
Phone
7709218110
Supplemental Narrative

Additional Explanations

Form 990, Part IX, Line 11G

“Contract labor 106,157 0 0”

Raw XML Appendix365 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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IRS990ScheduleL/SupplementalInformationDetail/ExplanationTxt0ETERNAL REEFS, INC. IS AN ENTITY 100% OWNED BY GEORGE FRANKEL, AN OFFICER AND DIRECTOR OF GENESIS REEF PROJECT, INC. MR. FRANKEL HAS OVER 20 YEARS EXPERIENCE IN ARTIFICIAL REEF BUILDING, DESIGN AND DEVELOPMENT REEFS INNOVATIONS, INC. IS AN ENTITY 100% OWNED BY LAWRENCE D. BEGGS, AN OFFICER AND DIRECTOR FOR GENESIS REEF PROJECT, INC. MR. BEGGS HAS OVER 27 YEARS EXPERIENCE IN REEF BALL DESIGN, MANUFACTURING AND DEPLOYMENT.
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IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2PRESIDENT/DIRECTOR REVIEWS WITH OUTSIDE CPA FIRM.
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IRS990ScheduleR/TransactionsRelatedOrgGrp/OtherOrganizationName/BusinessNameLine1Txt1REEFS INNOVATIONS INC
IRS990ScheduleR/TransactionsRelatedOrgGrp/TransactionTypeTxt0K
IRS990ScheduleR/TransactionsRelatedOrgGrp/TransactionTypeTxt1M
IRS990ScheduleR/TransferFromOtherOrgInd0false
IRS990ScheduleR/TransferToOtherOrgInd0false
IRS990/SchoolOperatingInd0false
IRS990/SignificantChangeInd0false
IRS990/SignificantNewProgramSrvcInd0false
IRS990/SubjectToExcsTaxNetInvstIncInd0false
IRS990/SubjectToProxyTaxInd0false
IRS990/SubjToTaxRmnrtnExPrchtPymtInd0false
IRS990/TaxablePartyNotificationInd0false
IRS990/TaxExemptBondsInd0false
IRS990/TempOrPermanentEndowmentsInd0false
IRS990/TerminateOperationsInd0false
IRS990/TotalAssetsBOYAmt0143867
IRS990/TotalAssetsEOYAmt074894
IRS990/TotalAssetsGrp/BOYAmt0143867
IRS990/TotalAssetsGrp/EOYAmt074894
IRS990/TotalCompGreaterThan150KInd0false
IRS990/TotalEmployeeCnt05
IRS990/TotalFunctionalExpensesGrp/FundraisingAmt0105474
IRS990/TotalFunctionalExpensesGrp/ManagementAndGeneralAmt034885
IRS990/TotalFunctionalExpensesGrp/ProgramServicesAmt0445345
IRS990/TotalFunctionalExpensesGrp/TotalAmt0585704
IRS990/TotalGrossUBIAmt0-12638
IRS990/TotalLiabilitiesBOYAmt015814
IRS990/TotalLiabilitiesEOYAmt036615
IRS990/TotalLiabilitiesGrp/BOYAmt015814
IRS990/TotalLiabilitiesGrp/EOYAmt036615
IRS990/TotalNetAssetsFundBalanceGrp/BOYAmt0128053
IRS990/TotalNetAssetsFundBalanceGrp/EOYAmt038279
IRS990/TotalProgramServiceExpensesAmt0445345
IRS990/TotalProgramServiceRevenueAmt0508387
IRS990/TotalReportableCompFromOrgAmt03632
IRS990/TotalRevenueGrp/RelatedOrExemptFuncIncomeAmt0508568
IRS990/TotalRevenueGrp/TotalRevenueColumnAmt0495930
IRS990/TotalRevenueGrp/UnrelatedBusinessRevenueAmt0-12638
IRS990/TotalVolunteersCnt040
IRS990/TotLiabNetAssetsFundBalanceGrp/BOYAmt0143867
IRS990/TotLiabNetAssetsFundBalanceGrp/EOYAmt074894
IRS990/TravelGrp/ManagementAndGeneralAmt07012
IRS990/TravelGrp/ProgramServicesAmt021035
IRS990/TravelGrp/TotalAmt028047
IRS990/TrnsfrExmptNonChrtblRltdOrgInd0false
IRS990/TypeOfOrganizationCorpInd0X
IRS990/UnrelatedBusIncmOverLimitInd0false
IRS990/UnrestrictedNetAssetsGrp/BOYAmt0128053
IRS990/UnrestrictedNetAssetsGrp/EOYAmt038279
IRS990/USAddress/AddressLine1Txt01126 CENTRAL AVENUE
IRS990/USAddress/CityNm0SARASOTA
IRS990/USAddress/StateAbbreviationCd0FL
IRS990/USAddress/ZIPCd034236
IRS990/VotingMembersGoverningBodyCnt03
IRS990/VotingMembersIndependentCnt02
IRS990/WebsiteAddressTxt0WWW.ETERNALREEFS.COM
IRS990/WhistleblowerPolicyInd0false
ReturnHeader/BuildTS02020-04-17 16:48:07Z
ReturnHeader/BusinessOfficerGrp/DiscussWithPaidPreparerInd0true
ReturnHeader/BusinessOfficerGrp/PersonNm0GEORGE FRANKEL
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0DIRECTOR/PRESIDENT
ReturnHeader/BusinessOfficerGrp/PhoneNum07705003235
ReturnHeader/BusinessOfficerGrp/SignatureDt02019-11-07
ReturnHeader/Filer/BusinessName/BusinessNameLine1Txt0THE GENESIS REEF PROJECT INC
ReturnHeader/Filer/BusinessNameControlTxt0GENE
ReturnHeader/Filer/EIN0474637792
ReturnHeader/Filer/PhoneNum07705003235
ReturnHeader/Filer/USAddress/AddressLine1Txt01126 CENTRAL AVENUE
ReturnHeader/Filer/USAddress/CityNm0SARASOTA
ReturnHeader/Filer/USAddress/StateAbbreviationCd0FL
ReturnHeader/Filer/USAddress/ZIPCd034236
ReturnHeader/FilingSecurityInformation/AtSubmissionCreationDeviceId01F42528478DC7E7411427E6F1DAB736FF41F66AE
ReturnHeader/FilingSecurityInformation/AtSubmissionFilingDeviceId0A659835BDFC60209BAD7E45B26A3CFFD34A4AAD1
ReturnHeader/FilingSecurityInformation/FilingLicenseTypeCd0P
ReturnHeader/FilingSecurityInformation/IPAddress/IPv4AddressTxt052.37.240.203
ReturnHeader/FilingSecurityInformation/IPDt02019-11-14
ReturnHeader/FilingSecurityInformation/IPTimezoneCd0CS
ReturnHeader/FilingSecurityInformation/IPTm006:05:11
ReturnHeader/PreparerFirmGrp/PreparerFirmEIN0582356893
ReturnHeader/PreparerFirmGrp/PreparerFirmName/BusinessNameLine1Txt0HERALD & HAINES LLC
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/AddressLine1Txt0625 BEAVER RUIN ROAD NW STE B
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/CityNm0LILBURN
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/StateAbbreviationCd0GA
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/ZIPCd0300473407
ReturnHeader/PreparerPersonGrp/PhoneNum07709218110
ReturnHeader/PreparerPersonGrp/PreparationDt02019-11-13
ReturnHeader/PreparerPersonGrp/PreparerPersonNm0P WILLIAM HERALD JR CPA
ReturnHeader/ReturnTs02019-11-14T06:05:11-06:00
ReturnHeader/ReturnTypeCd0990
ReturnHeader/TaxPeriodBeginDt02018-01-01
ReturnHeader/TaxPeriodEndDt02018-12-31
ReturnHeader/TaxYr02018

Document Assets

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Filings

Displayed year

2018 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$74,894
Liabilities
$36,615
Net assets
$38,279
Revenue
$495,930
Expenses
$585,704
Net income
-$89,774
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$1.60$0.05$1.55$1.27$0.79$0.48
2023Facts available. Structured filing facts are available, but richer extracted sections are limited.$1.15$0.08$1.07$1.26$0.92$0.34
2022Detailed filing. Detailed filing data is available for this year.$0.79$0.07$0.72$0.92$0.91$0.02
2021Detailed filing. Detailed filing data is available for this year.$0.76$0.08$0.69$1.22$0.78$0.45
2020Detailed filing. Detailed filing data is available for this year.$0.32$0.08$0.24$0.62$0.46$0.16
2019Detailed filing. Detailed filing data is available for this year.$0.11$0.03$0.08$0.56$0.52$0.04
2018Detailed filing. Detailed filing data is available for this year.$0.07$0.04$0.04$0.50$0.59$0.09
2017Detailed filing. Detailed filing data is available for this year.$0.14$0.02$0.13$0.47$0.34$0.13