Civic Intelligence

The Genesis Reef Project Inc

990 • Fiscal year 2023 • EIN 47-4637792

Jan 01, 2023 to Dec 31, 2023 • Filed on Nov 10, 2025

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

(770) 500-3241

Siviq Scores

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

Liabilities / Assets

51st percentile

0.07x

Higher debt load relative to assets than 51% of similar nonprofits.

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

Liabilities / Revenue

45th percentile

0.06x

Higher debt load relative to revenue than 45% of similar nonprofits.

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

Net Margin

80th percentile

27%

Higher net margin than 80% of similar nonprofits.

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

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.

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

Asset Growth

88th percentile

46%

Faster asset growth than 88% of similar nonprofits.

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

Revenue Growth

78th percentile

37%

Faster revenue growth than 78% of similar nonprofits.

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

Balance Sheet
Liabilities / Assets51st percentile

Assets

Up

$1,151,445

Up $364,363 (+46%) from 2022

Net Assets

Up

$1,070,634

Up $353,377 (+49%) from 2022

Liabilities

Up

$80,811

Up $10,986 (+16%) from 2022

Revenue And Expenses
Liabilities / Revenue45th percentileNet Margin80th percentile

Revenue

Up

$1,262,945

Up $338,309 (+37%) from 2022

Expenses

Up

$920,738

Up $11,107 (+1.2%) from 2022

Net Income

Up

$342,207

Up $327,202 (+2181%) from 2022

Historical Trend

Balance Sheet Trend

Asset Growth88th 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

2023

Assets$1,151,445
Liabilities$80,811
Net Assets$1,070,634
Open 2023 Filing

Operations Trend

Revenue Growth78th 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

2023

Revenue$1,262,945
Expenses$920,738
Net Income$342,207
Open 2023 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2023 to Dec 31, 2023
Signed
Nov 10, 2025
Return Version
2023v6.0
Gross Receipts
$1,564,233
Mission and Program Overview

Mission

Marine environment development and preservation

Balance Sheet Detail
LineBeginningEndChange
Assets
Investments in Publicly Traded Securities$471,907$904,900▲ $432,993
Savings and Temporary Cash Investments$139,521$155,526▲ $16,005
Cash and Non-Interest-Bearing Accounts$142,256$49,283▼ $92,973
Land, Buildings, and Equipment, Net$30,598$37,899▲ $7,301
Loans From Officers Directors-$11,000-
Prepaid Expenses and Deferred Charges$2,800$3,200▲ $400
Total Assets$787,082$1,151,445▲ $364,363
Other Assets Total-$637-
Liabilities
Other Liabilities$69,825$69,811▼ $14
Total Liabilities$69,825$80,811▲ $10,986
Net Assets / Fund Balance
Net Assets With Donor Restrictions$931,628$1,272,448▲ $340,820
Net Assets Without Donor Restrictions$-214,371$-201,814▲ $12,557
Total Net Assets Fund Balance$717,257$1,070,634▲ $353,377
Total Liabilities and Net Assets / Fund Balance$787,082$1,151,445▲ $364,363

Asset Categories

AssetBook ValueDepreciationBasis
Equipment$37,899$13,099$50,998
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
$1,228,503
Investment Income
$111,154
Other Revenue
$-76,712
Change in Net Assets
$342,207
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$735,314
Salaries, Compensation, and Employee Benefits$185,424
Total Fundraising Expense$49,305
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$172,241--$172,241
Office Expenses$70,176--$70,176
Fees for Services Other$62,195--$62,195
Advertising--$45,360$45,360
Occupancy$19,317$19,317-$38,634
Fees for Services Accounting-$25,740-$25,740
Travel$15,466$5,155-$20,621
Depreciation Depletion$18,869--$18,869
Payroll Taxes$12,967--$12,967
Insurance-$12,502-$12,502
Information Technology-$5,761-$5,761
Fees for Services Legal-$1,411-$1,411
Other Employee Benefits$216--$216
Other Expenses$-3,007-$3,945$-3,007
Total Functional Expenses$801,547$69,886$49,305$920,738
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$193,277
-100% CONTROLLEDIp Licensing FeeYes$65,521

Loans and Receivables

Line ItemBeginningEndChange
Loans from Officers, Directors, Trustees, and Key Employees-$11,000-
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
License Fee Payable$64,238
Credit Card Payable$5,573
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
7705003241
Address
PO BOX 3811, SARASOTA, FL 34230
Doing Business As
Eternal Reefs

Signing Officer

Name
George Frankel
Title
Director/president
Phone
7705003241
Signed
2025-11-10
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
70

Preparer

Firm
Haines & Knox LLC
Address
1549 LAKE HOLCOMB LANE, MARIETTA, GA 30062
Preparer
Teresa L Knox CPA
Phone
7705003241
Supplemental Narrative

Additional Explanations

Form 990, Page 2, Part III, Line 4D

“Deployment of reef balls for the development of artificial reefs.”

Form 990, Part XI, Line 9

“Book / tax depreciation difference 11,170”

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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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IRS990ScheduleD/EquipmentGrp/BookValueAmt037899
IRS990ScheduleD/EquipmentGrp/DepreciationAmt013099
IRS990ScheduleD/EquipmentGrp/OtherCostOrOtherBasisAmt050998
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt064238
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt15573
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc0LICENSE FEE PAYABLE
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc1CREDIT CARD PAYABLE
IRS990ScheduleD/TotalBookValueLandBuildingsAmt037899
IRS990ScheduleD/TotalLiabilityAmt069811
IRS990/ScheduleJRequiredInd0false
IRS990ScheduleL/BusTrInvolveInterestedPrsnGrp/NameOfInterested/BusinessName/BusinessNameLine1Txt0ETERNAL REEFS INC
IRS990ScheduleL/BusTrInvolveInterestedPrsnGrp/NameOfInterested/BusinessName/BusinessNameLine1Txt1REEF INNOVATIONS INC
IRS990ScheduleL/BusTrInvolveInterestedPrsnGrp/RelationshipDescriptionTxt0100% CONTROLLED
IRS990ScheduleL/BusTrInvolveInterestedPrsnGrp/RelationshipDescriptionTxt1100% CONTROLLED
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IRS990ScheduleL/BusTrInvolveInterestedPrsnGrp/SharingOfRevenuesInd1false
IRS990ScheduleL/BusTrInvolveInterestedPrsnGrp/TransactionAmt065521
IRS990ScheduleL/BusTrInvolveInterestedPrsnGrp/TransactionAmt1193277
IRS990ScheduleL/BusTrInvolveInterestedPrsnGrp/TransactionDesc0IP LICENSING FEE
IRS990ScheduleL/BusTrInvolveInterestedPrsnGrp/TransactionDesc1REEF BALL PURCHASES
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/BalanceDueAmt011000
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/BoardOrCommitteeApprovalInd0true
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/DefaultInd0false
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/LoanPurposeTxt0AUTO FINANCE
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/LoanToOrganizationInd0X
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/OriginalPrincipalAmt015000
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/PersonNm0GEORGE FRANKEL
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/RelationshipWithOrgTxt0DIRECTOR
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/WrittenAgreementInd0true
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 25 YEARS EXPERIENCE IN ARTIFICIAL REEF BUILDING, DESIGN AND DEVELOPMENT. REEFS INNOVATIONS, INC. IS AN ENTITY 100% OWNED BY LAWRENCE D. BEGGS, A DIRECTOR FOR GENESIS REEF PROJECT, INC. MR. BEGGS HAS OVER 32 YEARS EXPERIENCE IN REEF BALL DESIGN, MANUFACTURING AND DEPLOYMENT.
IRS990ScheduleL/SupplementalInformationDetail/FormAndLineReferenceDesc0SCHEDULE L, PART V
IRS990ScheduleL/TotalBalanceDueAmt011000
IRS990/ScheduleORequiredInd0true
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0DEPLOYMENT OF REEF BALLS FOR THE DEVELOPMENT OF ARTIFICIAL REEFS.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1DIRECTORS HAVE POWER TO ELECT NEW/ADDITIONAL MEMBERS.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2PRESIDENT/DIRECTOR REVIEWS WITH OUTSIDE CPA FIRM.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3DOCUMENTS AVAILABLE TO THE PUBLIC UPON REQUEST.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4BOOK / TAX DEPRECIATION DIFFERENCE 11,170
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0FORM 990, PAGE 2, PART III, LINE 4D
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1FORM 990, PAGE 6, PART VI, LINE 7A
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2FORM 990, PAGE 6, PART VI, LINE 11B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3FORM 990, PAGE 6, PART VI, LINE 19
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc4FORM 990, PART XI, LINE 9
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/LoansOrGuaranteesToOtherOrgInd0false
IRS990ScheduleR/PaidEmployeesSharingInd0false
IRS990ScheduleR/PerformOfServicesByOtherOrgInd0false
IRS990ScheduleR/PerformOfServicesForOthOrgInd0false
IRS990ScheduleR/ReceiptOfIntAnntsRntsRyltsInd0false
IRS990ScheduleR/ReimbursementPaidByOtherOrgInd0false
IRS990ScheduleR/ReimbursementPaidToOtherOrgInd0false
IRS990ScheduleR/RentalOfFacilitiesToOthOrgInd0false
IRS990ScheduleR/RentalOfFcltsFromOthOrgInd0false
IRS990ScheduleR/SharingOfFacilitiesInd0false
IRS990ScheduleR/TransferFromOtherOrgInd0false
IRS990ScheduleR/TransferToOtherOrgInd0false
IRS990/SchoolOperatingInd0false
IRS990/SignificantChangeInd0false
IRS990/SignificantNewProgramSrvcInd0false
IRS990/SubjectToExcsTaxNetInvstIncInd0false
IRS990/SubjectToProxyTaxInd0false
IRS990/SubjToTaxRmnrtnExPrchtPymtInd0false
IRS990/TaxablePartyNotificationInd0false
IRS990/TaxExemptBondsInd0false
IRS990/TerminateOperationsInd0false
IRS990/TotalAssetsBOYAmt0787082
IRS990/TotalAssetsEOYAmt01151445
IRS990/TotalAssetsGrp/BOYAmt0787082
IRS990/TotalAssetsGrp/EOYAmt01151445
IRS990/TotalCompGreaterThan150KInd0false
IRS990/TotalEmployeeCnt05
IRS990/TotalFunctionalExpensesGrp/FundraisingAmt049305
IRS990/TotalFunctionalExpensesGrp/ManagementAndGeneralAmt069886
IRS990/TotalFunctionalExpensesGrp/ProgramServicesAmt0801547
IRS990/TotalFunctionalExpensesGrp/TotalAmt0920738
IRS990/TotalGrossUBIAmt0-76712
IRS990/TotalLiabilitiesBOYAmt069825
IRS990/TotalLiabilitiesEOYAmt080811
IRS990/TotalLiabilitiesGrp/BOYAmt069825
IRS990/TotalLiabilitiesGrp/EOYAmt080811
IRS990/TotalNetAssetsFundBalanceGrp/BOYAmt0717257
IRS990/TotalNetAssetsFundBalanceGrp/EOYAmt01070634
IRS990/TotalOtherProgSrvcExpenseAmt012366
IRS990/TotalProgramServiceExpensesAmt0801547
IRS990/TotalProgramServiceRevenueAmt01228503
IRS990/TotalRevenueGrp/RelatedOrExemptFuncIncomeAmt01339657
IRS990/TotalRevenueGrp/TotalRevenueColumnAmt01262945
IRS990/TotalRevenueGrp/UnrelatedBusinessRevenueAmt0-76712
IRS990/TotalVolunteersCnt070
IRS990/TotLiabNetAssetsFundBalanceGrp/BOYAmt0787082
IRS990/TotLiabNetAssetsFundBalanceGrp/EOYAmt01151445
IRS990/TravelGrp/ManagementAndGeneralAmt05155
IRS990/TravelGrp/ProgramServicesAmt015466
IRS990/TravelGrp/TotalAmt020621
IRS990/TrnsfrExmptNonChrtblRltdOrgInd0false
IRS990/TypeOfOrganizationCorpInd0X
IRS990/UnrelatedBusIncmOverLimitInd0false
IRS990/UponRequestInd0X
IRS990/USAddress/AddressLine1Txt0PO BOX 3811
IRS990/USAddress/CityNm0SARASOTA
IRS990/USAddress/StateAbbreviationCd0FL
IRS990/USAddress/ZIPCd034230

Document Assets

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Filings

Displayed year

2023 • Form 990Facts available. Structured filing facts are available, but richer extracted sections are limited.

Open filing
Assets
$1,151,445
Liabilities
$80,811
Net assets
$1,070,634
Revenue
$1,262,945
Expenses
$920,738
Net income
$342,207
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
Peer Organizations

Similar nonprofits based on the same Siviq industry and scale cohort. 2023 filings • 501(c)3 • $1M-$5M nonprofits