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 $13,626 is composed of employer medical contributions.”

“Book Rental Property Depreciation = -$43078”

“Tax Rental Property Depreciation = $27707”

“Amending the 2020 FYE June 30, 2021 tax return to include revised related party disclosures on Schedule L, Part IV. Tax return attachment for Schedule B, Part I.”

“Subsequent EventsPer the footnotes to O'Neill Sea Odyssey's audited financial statements FYE 06/30/2021, O'Neill Sea Odysseys management has evaluated events and transactions for potential recognition or disclosure in the audited financial statements through November 15, 2021, the date the audited financial statements were issued. O'Neill Sea Odyssey did not have subsequent events that require recognition or disclosure in the audited financial statements for the year ended June 30, 2021.Impact of COVID-19 On March 15, 2020, ONeill Sea Odysseys 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 the ONeill Sea Odyssey fully intends 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 ONeill Sea Odyssey serves. ONeill Sea Odyssey's first priority is the health and safety of its 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.For the year ended June 30, 2021 COVID-19 restrictions necessiated that the format of the ONeill Sea Odyssey's free marine sciennce program was virtual learning. The ONeill Sea Odyssey is currently planning on opening up in-person learning for the Spring 2022 schedule.Commitments and Contingent LiabilitiesThe ONeill Sea Odyssey received funding from various agencies in the form of public support and grants. A significant reduction in funding from these agencies may have an effect on the ONeill Sea Odyssey's programs. The public support and grants may require compliance with certain regulations or restrictions of funding. Noncompliance with those regulations or restrictions could result in a claim for refund by the agency. Management considers liability for unrecorded claims, if any, to be immaterial.The ONeill Sea Odyssey received a letter from Santa Cruz Port District dated April 23, 2021, in relation to the ONeill Sea Odyssey ground lease, described as a Courtesy Notice of Obligatioon to Repair the Second Story Deck at 222 East Cliff Drive. Port district believes that ONeill Sea Odyssey is responsible under the lease agreement. The Courtesy notice was sent in lieu of seeking other remedies provided for in the 2004 lease, up to and including a 20-day notice of default for failure to perform tenant obligations (2004 lease section 17(b). The letter goes on to note that the Port district facilities maintenace and engineering manager solicited a bid from a roofing contractor and a bid in the amount of $325,164 was submitted. The ONeill Sea Odyssey has hired legal counsel and legal counsel believes that ONeill Sea Odyssey is not obligated.”

“Included under Program expenses is the following:Other Program Costs 213,646Return of grant funds 35,000Total 248,646”

“The Organization does not file Form W-3 "Transmittal of Wage and Tax Statements" itself. The Organization's 16 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 06/30/2021, 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 $1,416. As such, this asset was not recorded on the FYE 06/30/2021 O'Neill Sea Odyssey tax return.”

“Paycheck Protection Program LoanPer the footnotes to O'Neill Sea Odyssey's audited financial statements FYE 06/30/2021, O'Neill Sea Odyssey received its first PPP loan of $74,400 during the year ended June 30, 2020 and recognized $73,620 as "Contributions Paycheck Protection Program" on the statement of activities and changes in net assets for the year ended June 30, 2020. The remaining balance of $780 was recognized as "Contributions Paycheck Protection Program" on the statement of activities and changes in net assets as qualifying expenses for the year ended June 30, 2021. The Odyssey received notification from the SBA in December 2020 that the first PPP loan of $74,400 was issued a judgement of full forgiveness.The Odyssey received its second PPP loan of $77,290 on March 5, 2021. The terms on the loan 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. The Odyssey has recognized $75,820 as "Contributions Paycheck Protection Program" to the extent qualifying expenses were incurred through June 30, 2021. The remaining balance of $1,470 is shown as "Refundable advance, Paycheck Protection Program" under current liabilities on the statement of financial position. The Odyssey received notification from the SBA in August 2021 that the second PPP loan of $77,290 was issued a judgement of full forgiveness.Conditional GrantsConditional promises to give are not recognized until they become unconditional, that is, when the barrier(s) in the agreement are overcome, when recorded the contributions are reported as revenues without donor restrictions on the statements of activities.The ONeill Sea Odyssey has been notified as of June 30, 2021 of the following conditional grants.Conditional grant received in advance: PPP loan, remaining amount subject to qualifying costs $1,470Conditional grants, to be billed as conditions are released: California state agency, provide transportation $17,000”