Civic Intelligence

The Genesis Reef Project Inc

990 • Fiscal year 2021 • EIN 47-4637792

Jan 01, 2021 to Dec 31, 2021 • Filed on Nov 04, 2022

Organization ProfileWWW.ETERNALREEFS.COM
PO Box 3811Sarasota, FL 34230

(770) 500-3235

Siviq Scores

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

Liabilities / Assets

56th percentile

0.10x

Higher debt load relative to assets than 56% of similar nonprofits.

2021 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2021

Liabilities / Revenue

44th percentile

0.06x

Higher debt load relative to revenue than 44% of similar nonprofits.

2021 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2021

Net Margin

79th percentile

37%

Higher net margin than 79% of similar nonprofits.

2021 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2021

Top Officer Pay

39th percentile

$0

Higher top officer pay than 39% of similar nonprofits.

Top officer pay equals 0.0% of source-year revenue.

2021 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2021

Asset Growth

95th percentile

136%

Faster asset growth than 95% of similar nonprofits.

2021 filings • 501(c)3 • $1M-$5M nonprofits • Annualized from 2020 to 2021

Revenue Growth

87th percentile

96%

Faster revenue growth than 87% of similar nonprofits.

2021 filings • 501(c)3 • $1M-$5M nonprofits • Annualized from 2020 to 2021

Balance Sheet
Liabilities / Assets56th percentile

Assets

Up

$764,602

Up $441,130 (+136%) from 2020

Net Assets

Up

$688,452

Up $448,302 (+187%) from 2020

Liabilities

Down

$76,150

Down $7,172 (-8.6%) from 2020

Revenue And Expenses
Liabilities / Revenue44th percentileNet Margin79th percentile

Revenue

Up

$1,223,386

Up $600,593 (+96%) from 2020

Expenses

Up

$775,084

Up $316,360 (+69%) from 2020

Net Income

Up

$448,302

Up $284,233 (+173%) from 2020

Historical Trend

Balance Sheet Trend

Asset Growth95th 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

2021

Assets$764,602
Liabilities$76,150
Net Assets$688,452
Open 2021 Filing

Operations Trend

Revenue Growth87th 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

2021

Revenue$1,223,386
Expenses$775,084
Net Income$448,302
Open 2021 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2021 to Dec 31, 2021
Signed
Nov 4, 2022
Return Version
2021v4.0
Gross Receipts
$1,391,931
Mission and Program Overview

Mission

Marine environment development and preservation

Balance Sheet Detail
LineBeginningEndChange
Assets
Savings and Temporary Cash Investments$50,583$404,041▲ $353,458
Investments in Publicly Traded Securities$25,257$202,467▲ $177,210
Cash and Non-Interest-Bearing Accounts$247,632$108,094▼ $139,538
Receivables From Officers Etc-$50,000-
Total Assets$323,472$764,602▲ $441,130
Liabilities
Other Liabilities$83,322$76,150▼ $7,172
Total Liabilities$83,322$76,150▼ $7,172
Net Assets / Fund Balance
Net Assets With Donor Restrictions$246,685$572,826▲ $326,141
Net Assets Without Donor Restrictions$-6,535$115,626▲ $122,161
Total Net Assets Fund Balance$240,150$688,452▲ $448,302
Total Liabilities and Net Assets / Fund Balance$323,472$764,602▲ $441,130
Compensation and Service Providers
Top Officer Pay39th percentile

Board Members and Trustees

NameTitle
Joseph Patrick WeatherbyDirector
Lawrence Daniel BeggsDirector
George FrankelDirector/pre
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$1,222,074
Investment Income
$3,132
Other Revenue
$-1,820
Change in Net Assets
$448,302
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$577,388
Salaries, Compensation, and Employee Benefits$197,696
Total Fundraising Expense$48,465
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$178,068--$178,068
Office Expenses$57,452--$57,452
Advertising--$43,330$43,330
Occupancy$17,334$17,335-$34,669
Travel$19,678$6,559-$26,237
Fees for Services Accounting-$20,730-$20,730
Payroll Taxes$17,963--$17,963
Fees for Services Other$7,080--$7,080
Information Technology-$6,374-$6,374
Fees for Services Legal-$4,262-$4,262
Insurance-$4,058-$4,058
Other Employee Benefits$1,665--$1,665
Interest$603--$603
Other Expenses$-2,336-$5,135$-2,336
Total Functional Expenses$667,301$59,318$48,465$775,084
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 PurchasesNo$210,188
-100% CONTROLLEDIp Licensing FeeYes$66,546
-100% CONTROLLEDLoanNo$50,000

Loans and Receivables

Line ItemBeginningEndChange
Receivables from Officers, Directors, Trustees, and Key Employees-$50,000-
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
License Fee Payable$54,609
Credit Card Payable$20,223
N/p - Pnc Bank Ppp 1st Draw$1,318
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Backup withholding compliance
Yes
Business relationship with 35% controlled entity
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
No
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 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
PO BOX 3811, SARASOTA, FL 34230
Doing Business As
Eternal Reefs

Signing Officer

Name
George Frankel
Title
Director/president
Phone
7705003235
Signed
2022-11-04
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
6
Volunteers
60

Preparer

Firm
Herald & Haines LLC
Address
1595 PEACHTREE PARKWAY SUITE 204 BO, CUMMING, GA 30041
Preparer
P William Herald Jr CPA
Phone
7705003235
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IRS990ScheduleL/BusTrInvolveInterestedPrsnGrp/TransactionAmt250000
IRS990ScheduleL/BusTrInvolveInterestedPrsnGrp/TransactionDesc0IP LICENSING FEE
IRS990ScheduleL/BusTrInvolveInterestedPrsnGrp/TransactionDesc1REEF BALL PURCHASES
IRS990ScheduleL/BusTrInvolveInterestedPrsnGrp/TransactionDesc2LOAN
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/BalanceDueAmt050000
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/BoardOrCommitteeApprovalInd0true
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/BusinessName/BusinessNameLine1Txt0REEF INNOVATIONS INC
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/DefaultInd0false
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/LoanFromOrganizationInd0X
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/LoanPurposeTxt0EQUIPMENT PURCHASE
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/OriginalPrincipalAmt050000
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/RelationshipWithOrgTxt0VENDOR
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/WrittenAgreementInd0false
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 23 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 30 YEARS EXPERIENCE IN REEF BALL DESIGN, MANUFACTURING AND DEPLOYMENT.
IRS990ScheduleL/SupplementalInformationDetail/FormAndLineReferenceDesc0SCHEDULE L, PART V
IRS990ScheduleL/TotalBalanceDueAmt050000
IRS990/ScheduleORequiredInd0true
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0DIRECTORS HAVE POWER TO ELECT NEW/ADDITIONAL MEMBERS.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1PRESIDENT/DIRECTOR REVIEWS WITH OUTSIDE CPA FIRM.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2DOCUMENTS AVAILABLE TO THE PUBLIC UPON REQUEST.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0FORM 990, PAGE 6, PART VI, LINE 7A
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1FORM 990, PAGE 6, PART VI, LINE 11B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2FORM 990, PAGE 6, PART VI, LINE 19
IRS990ScheduleR/AssetExchangeInd0false
IRS990ScheduleR/AssetPurchaseFromOtherOrgInd0false
IRS990ScheduleR/AssetSaleToOtherOrgInd0false
IRS990ScheduleR/DivRelatedOrganizationInd0false
IRS990ScheduleR/GiftGrntCapContriFromOthOrgInd0false
IRS990ScheduleR/GiftGrntOrCapContriToOthOrgInd0false
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/ControlledOrganizationInd0false
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/ControlledOrganizationInd1false
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/DirectControllingNACd0N/A
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/DirectControllingNACd1N/A
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/EIN0582450162
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/EIN1593328645
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/LegalDomicileStateCd0FL
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/LegalDomicileStateCd1FL
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/PrimaryActivitiesTxt0LEASING
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/PrimaryActivitiesTxt1MANUFACTUR
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/RelatedOrganizationName/BusinessNameLine1Txt0ERI
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/RelatedOrganizationName/BusinessNameLine1Txt1REEF INNOVATIONS INC
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/USAddress/AddressLine1Txt0PO BOX 3811
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/USAddress/AddressLine1Txt12415 MCMICHAEL ROAD
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/USAddress/CityNm0SARASOTA
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/USAddress/CityNm1ST CLOUD
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/USAddress/StateAbbreviationCd0FL
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/USAddress/StateAbbreviationCd1FL
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/USAddress/ZIPCd034236
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/USAddress/ZIPCd134771
IRS990ScheduleR/LoansOrGuaranteesFromOthOrgInd0false
IRS990ScheduleR/LoansOrGuaranteesToOtherOrgInd0true
IRS990ScheduleR/PaidEmployeesSharingInd0false
IRS990ScheduleR/PerformOfServicesByOtherOrgInd0true
IRS990ScheduleR/PerformOfServicesForOthOrgInd0false
IRS990ScheduleR/ReceiptOfIntAnntsRntsRyltsInd0false
IRS990ScheduleR/ReimbursementPaidByOtherOrgInd0false
IRS990ScheduleR/ReimbursementPaidToOtherOrgInd0false
IRS990ScheduleR/RentalOfFacilitiesToOthOrgInd0false
IRS990ScheduleR/RentalOfFcltsFromOthOrgInd0true
IRS990ScheduleR/SharingOfFacilitiesInd0false
IRS990ScheduleR/TransactionsRelatedOrgGrp/InvolvedAmt066439
IRS990ScheduleR/TransactionsRelatedOrgGrp/InvolvedAmt196466
IRS990ScheduleR/TransactionsRelatedOrgGrp/InvolvedAmt2113722
IRS990ScheduleR/TransactionsRelatedOrgGrp/InvolvedAmt350000
IRS990ScheduleR/TransactionsRelatedOrgGrp/MethodOfAmountDeterminationTxt0% OF DONATIONS RECEIVED
IRS990ScheduleR/TransactionsRelatedOrgGrp/MethodOfAmountDeterminationTxt1LIST PRICE MINUS 15%
IRS990ScheduleR/TransactionsRelatedOrgGrp/MethodOfAmountDeterminationTxt2REIMBURSEMENT AT COST
IRS990ScheduleR/TransactionsRelatedOrgGrp/MethodOfAmountDeterminationTxt3LOAN BALANCE
IRS990ScheduleR/TransactionsRelatedOrgGrp/OtherOrganizationName/BusinessNameLine1Txt0ETERNAL REEFS INC
IRS990ScheduleR/TransactionsRelatedOrgGrp/OtherOrganizationName/BusinessNameLine1Txt1REEF INNOVATIONS INC
IRS990ScheduleR/TransactionsRelatedOrgGrp/OtherOrganizationName/BusinessNameLine1Txt2REEF INNOVATIONS INC
IRS990ScheduleR/TransactionsRelatedOrgGrp/OtherOrganizationName/BusinessNameLine1Txt3REEF INNOVATIONS INC
IRS990ScheduleR/TransactionsRelatedOrgGrp/TransactionTypeTxt0K
IRS990ScheduleR/TransactionsRelatedOrgGrp/TransactionTypeTxt1M
IRS990ScheduleR/TransactionsRelatedOrgGrp/TransactionTypeTxt2M
IRS990ScheduleR/TransactionsRelatedOrgGrp/TransactionTypeTxt3D
IRS990ScheduleR/TransferFromOtherOrgInd0false
IRS990ScheduleR/TransferToOtherOrgInd0false
IRS990/SchoolOperatingInd0false
IRS990/SignificantChangeInd0false
IRS990/SignificantNewProgramSrvcInd0false
IRS990/SubjectToExcsTaxNetInvstIncInd0false
IRS990/SubjectToProxyTaxInd0false
IRS990/SubjToTaxRmnrtnExPrchtPymtInd0false
IRS990/TaxablePartyNotificationInd0false
IRS990/TaxExemptBondsInd0false
IRS990/TerminateOperationsInd0false
IRS990/TotalAssetsBOYAmt0323472
IRS990/TotalAssetsEOYAmt0764602
IRS990/TotalAssetsGrp/BOYAmt0323472
IRS990/TotalAssetsGrp/EOYAmt0764602
IRS990/TotalCompGreaterThan150KInd0false
IRS990/TotalEmployeeCnt06
IRS990/TotalFunctionalExpensesGrp/FundraisingAmt048465
IRS990/TotalFunctionalExpensesGrp/ManagementAndGeneralAmt059318
IRS990/TotalFunctionalExpensesGrp/ProgramServicesAmt0667301
IRS990/TotalFunctionalExpensesGrp/TotalAmt0775084
IRS990/TotalGrossUBIAmt0-34439
IRS990/TotalLiabilitiesBOYAmt083322
IRS990/TotalLiabilitiesEOYAmt076150
IRS990/TotalLiabilitiesGrp/BOYAmt083322
IRS990/TotalLiabilitiesGrp/EOYAmt076150
IRS990/TotalNetAssetsFundBalanceGrp/BOYAmt0240150
IRS990/TotalNetAssetsFundBalanceGrp/EOYAmt0688452
IRS990/TotalProgramServiceExpensesAmt0667301
IRS990/TotalProgramServiceRevenueAmt01222074
IRS990/TotalRevenueGrp/RelatedOrExemptFuncIncomeAmt01257825
IRS990/TotalRevenueGrp/TotalRevenueColumnAmt01223386
IRS990/TotalRevenueGrp/UnrelatedBusinessRevenueAmt0-34439
IRS990/TotalVolunteersCnt060
IRS990/TotLiabNetAssetsFundBalanceGrp/BOYAmt0323472
IRS990/TotLiabNetAssetsFundBalanceGrp/EOYAmt0764602
IRS990/TravelGrp/ManagementAndGeneralAmt06559
IRS990/TravelGrp/ProgramServicesAmt019678
IRS990/TravelGrp/TotalAmt026237
IRS990/TrnsfrExmptNonChrtblRltdOrgInd0false
IRS990/TypeOfOrganizationCorpInd0X
IRS990/UnrelatedBusIncmOverLimitInd0false
IRS990/UponRequestInd0X
IRS990/USAddress/AddressLine1Txt0PO BOX 3811
IRS990/USAddress/CityNm0SARASOTA
IRS990/USAddress/StateAbbreviationCd0FL

Document Assets

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Filings

Displayed year

2021 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$764,602
Liabilities
$76,150
Net assets
$688,452
Revenue
$1,223,386
Expenses
$775,084
Net income
$448,302
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