Oneill Sea Odyssey

“Section A: Bridget O'Neill and Tim O'Neill - Family RelationshipSection A: Bridget O'Neill and Tim O'Neill - Business Relationship”

“Section B: The Form 990 is reviewed by all of the officers and directors of the Organization during a board meeting prior to the filing of Form 990. For a complete listing of the Organization's officers and directors please review Form 990, Part VII, Section A.”

“The Organization's Board of Directors annually allows members to notify the Chairman of any conflicts which might exist in reality or appearance.”

“A committee of the Organization's Board of Directors prepares an annual compensation survey consisting of local and regional nonprofit organizations which are comparable to the Organization's purpose and annual revenues. The survey and salary recommendation is presented to the Organization's entire Board of Directors for discussion, review and approval. A majority of the Organization's Board of Directors are independent with respect to the Organization.”

“This compensation and review process is the same as that described on the prior page under Form 990, Part VI, Line 15a - Compensation Review & Approval Process for CEO, Exec. Dir., or Top Management.”

“The Organization's governing documents, policies and financial statements are open to public inspection. If a member of the public desires to view these Organization documents they are instructed to mail a letter of inquiry to the Organization explaining which document(s) they desire to view.”

“The amount appearing in Column F for Rachel Kippen (Exec. Director) of $20,700 is composed of employer medical contributions.”

“Book Rental Property Depreciation = -$43078”

“Tax Rental Property Depreciation = $27708”

“Subsequent EventsPer the footnotes to O'Neill Sea Odyssey's audited financial statements FYE 06/30/2020, O'Neill Sea Odysseys management has evaluated events and transactions for potential recognition or disclosure in the audited financial statements through November 9, 2020, the date the audited financial statements were issued. O'Neill Sea Odyssey had the following subsequent events that require disclosure in the audited financial statements for the year ended June 30, 2020. On March 15, 2020, ONeill Sea Odysseys (OSO) free marine science program was suspended by the COVID-19 pandemic and the shelter-in-place order mandated by the County of Santa Cruz and the State of California. While we fully intend to resume delivery of the program, the timing, capacity, and structure of the program will be determined based upon the recommendations from local and state public health officials and by the school districts we serve. Our first priority is the health and safety of our students, teachers, staff, and community.In addition to the COVID-19 pandemic causing a suspension of the free marine science program, COVID-19 has adversely affected the operations of O'Neill Sea Odyssey, including restrictions on our employees' ability to work. COVID-19 could adversely affect the economies and financial markets of the U.S., resulting in an economic downturn that could affect O'Neill Sea Odysseys revenue and public support, and the fair value of its investments held at community foundations. Included in O'Neill Sea Odysseys financial statements is rent income. COVID-19 could adversely affect the business of the lessees, and the lessees' ability to make timely rent payments. While the disruption is currently expected to be temporary, there is considerable uncertainty around the duration. O'Neill Sea Odyssey is not able to determine the related financial impact and duration cannot be reasonably estimated at this time.”

“The Organization does not file Form W-3 "Transmittal of Wage and Tax Statements" itself. The Organization's 17 employees are included within a Form W-3 which is filed annually by a related party O'Neill Wetsuits, LLC (FEIN: 26-1652953).”

“Per the footnotes to O'Neill Sea Odyssey's audited financial statements FYE 06/30/2020, the Community Foundation of Santa Cruz County holds an additional fund that does not meet the criteria of a beneficial interest in funds held by others. This designated fund was valued at $1,170. As such, this asset was not recorded on the FYE 06/30/2020 O'Neill Sea Odyssey tax return.”

“Paycheck Protection Program LoanPer the footnotes to O'Neill Sea Odyssey's audited financial statements FYE 06/30/2020, O'Neill Sea Odyssey received loan proceeds of $74,400 from a promissory note issued by a financial institution, under the Paycheck Protection Program ("PPP") which was established under the CARES Act and is administered by the U.S. Small Business Administration. The terms on the loans are two years and the annual interest rate is 1.00%. Payments of principal and interest are deferred to the date the SBA remits the loan forgiveness amount to the lender or ten months after the loan forgiveness covered period if the borrower has not applied for forgiveness. Under the terms of the CARES Act, PPP loan recipients can apply for and be granted forgiveness for all or a portion of the loans granted under PPP. Such forgiveness will be determined based on the use of the loan proceeds for payroll costs, rent and utility expenses and the maintenance of workforce and compensation levels with certain limitations.O'Neill Sea Odyssey used substantially all loan proceeds as of June 30, 2020 to partially subsidize direct payroll expenses and rent. O'Neill Sea Odyssey has recognized $73,620 as government grant to the extent qualifying expenses were incurred through June 30, 2020. The remaining balance of $780 is recognized as a refundable advance as of June 30, 2020 on the tax return (included on the tax return Balance Sheet within $35,564 Other Liabilities). ONeill Sea Odyssey submitted the PPP loan forgiveness application and was granted full debt forgiveness by the SBA on December 11, 2020. The fact of the forgiveness will be reflected in ONeill Sea Odysseys audited financial statements for the year ended June 30, 2021.”