Marine Technology Society Inc

“The Executive Committee is comprised of the President, President Elect, and Immediate Past President. The Committee meets as needed to approve changes to CEO/Executive Director's salary and benefit package, CEO/Executive Director's tenure, and to carry out any other duties and actions identified by the Board of Directors.”

“On April 11, 2025, MTS entered into a Transaction Agreement ("the Agreement") with Ocean Exchange, Inc. (OE), a Georgia not-for-profit organization. Under the terms of the Agreement, OE agreed to assign and transfer substantially all of its assets and associated liabilities to MTS. This merger marks a significant milestone in the marine technology industry, ensuring innovation to support a sustainable and thriving future for the world's oceans remains central to the MTS mission. By combining expertise and resources, MTS and Ocean Exchange are committed to advancing innovation, strengthening the ocean workforce, and accelerating the transition of groundbreaking technologies into real-world applications. The MTS By-laws were updated in May of 2025 to add an additional board seat- VP of Ocean Exchange.”

“The Society has dues paying members. The classes of MTS membership are as follows: Individual member, Student member, Associate member, Emeritus member, Patron member, Corporate Gold member, Corporate Silver member, Corporate Platinum member, Life member, Small Business member, Institutional member, ECOP member. Any member shall be eligible to vote on any action, so long as the member's name appears on the rolls of the Society in good standing as of a date set by the Board not more than fifty (50) nor less than ten (10) days before the date of the meeting.”

“All officers shall be elected by a plurality of Members eligible to vote, in person and by proxy, at the Annual Meeting. Each Member is entitled to one vote.”

“Form 990 is prepared by an independent accounting firm and reviewed by the Society's Executive Director and Treasurer/VP of Budget and Finance. The 990 is then provided to the full Board of Directors prior to the filing with the Internal Revenue Service”

“The Society requires completion of annual disclosure form of any potential conflicts of interest by all officers, directors, and committee chairs.”

“The Society's Board of Directors approves the compensation of the CEO/Executive Director and documents the arrangement through an employment contract.”

“Form 990 is made available to the public on the Society's website.”

“The Society makes its Form 1023, governing documents, conflict of interest policy, and financial statements available upon request.”

“Committees are focusing on the concerns of the specific subject area within three major groups: Research, Industry, and Technology; Government and Public Affairs; and Education.”

“Students also must organize themselves into mock companies, encouraging them to develop entrepreneurial thinking and business and project management skills while spurring innovation and collaboration to produce and compete with ROVs.”

“Consultants and contractors: Program service expenses 485,936. Management and general expenses 45,708. Fundraising expenses 0. Total expenses 531,644.”

“The Society has a Budget and Finance Committee responsible for the oversight of the audit and selection of the independent accountant. The process has not changed from prior years.”