Civic Intelligence

Renew Oceans Inc

EIN 83-2435458 • 501(c)3 • Brooklyn, NY

Profile

Renew oceans, inc. Worked to reduce ocean plastic pollution where it began-in populous river-adjacent communities in the developing world. Renew oceans worked to divert significant amounts of ocean-bound plastic waste from polluted rivers and their tributary systems by increasing recovery and recycling through infrastructure development for waste collection and management, innovation to make collection easier and create value from all post-use plastics, and engagement of local communities to mobilize action.

PO Box 381109 Attn Whitney MasuBrooklyn, NY 11238

www.renewoceans.org

Siviq Scores

Precomputed percentiles relative to similar nonprofits. These scores are descriptive rather than judgmental.

Liabilities / Assets

29th percentile

0.01x

Higher debt load relative to assets than 29% of similar nonprofits.

501(c)3 • $1M-$5M nonprofits • Source year 2020

Liabilities / Revenue

94th percentile

2.57x

Higher debt load relative to revenue than 94% of similar nonprofits.

501(c)3 • $1M-$5M nonprofits • Source year 2020

Net Margin

1st percentile

-24167%

Higher net margin than 1% of similar nonprofits.

501(c)3 • $1M-$5M nonprofits • Source year 2020

Top Officer Pay

Score unavailable

No value available

No filing with officer rows is available for this organization yet.

Asset Growth

Score unavailable

No value available

No earlier valid filing was available within the previous three public years.

Source year 2020

Revenue Growth

Score unavailable

No value available

No earlier valid filing was available within the previous three public years.

Source year 2020

Balance Sheet
Liabilities / Assets29th percentile

Assets

Down

$3,195,511

Down $1,794,977 (-36%) from 2019

Liabilities

Up

$19,160

Up $8,115 (+73%) from 2019

Net Assets

Down

$3,176,351

Down $1,803,092 (-36%) from 2019

Operations
Liabilities / Revenue94th percentileNet Margin1st percentile

Revenue

Down

$7,461

Down $4,992,539 (-100%) from 2019

Expenses

Up

$1,810,553

Up $1,789,996 (+8707%) from 2019

Net Income

Down

-$1,803,092

Down $6,782,535 (-136%) from 2019

Trend Graphs

Balance Sheet Trend

Asset GrowthScore unavailable

Grouped bars show assets, liabilities, and net assets across loaded filings.

$6.0M$4.0M$2.0M$0Assets 2019: $4,990,488Liabilities 2019: $11,045Net Assets 2019: $4,979,4432019Assets 2020: $3,195,511Liabilities 2020: $19,160Net Assets 2020: $3,176,3512020

Highlighted filing

2020

Assets$3,195,511
Liabilities$19,160
Net Assets$3,176,351
Open 2020 Filing

Operations Trend

Revenue GrowthScore unavailable

Revenue, expenses, and net income by year, with the latest filing highlighted.

$6.0M$4.0M$2.0M$0-$2.0MRevenue 2019: $5,000,000Expenses 2019: $20,557Net Income 2019: $4,979,4432019Revenue 2020: $7,461Expenses 2020: $1,810,553Net Income 2020: -$1,803,0922020

Highlighted filing

2020

Revenue$7,461
Expenses$1,810,553
Net Income-$1,803,092
Open 2020 Filing

Filings

Most recent year

2020 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$3,195,511
Liabilities
$19,160
Net assets
$3,176,351
Revenue
$7,461
Expenses
$1,810,553
Net income
-$1,803,092
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2020Detailed filing. Detailed filing data is available for this year.$3.20$0.02$3.18$0.01$1.81$1.80
2019Detailed filing. Detailed filing data is available for this year.$4.99$0.01$4.98$5.00$0.02$4.98
Latest Filing Detail
Jump To
Filing Snapshot
Filing Period
Apr 1, 2019 to Mar 31, 2020
Signed
Feb 15, 2021
Return Version
2019v5.2
Gross Receipts
$1,505,352
Mission and Program Overview

Mission

Renew oceans, inc. Worked to reduce ocean plastic pollution where it began-in populous river-adjacent communities in the developing world. Renew oceans worked to divert significant amounts of ocean-bound plastic waste from polluted rivers and their tributary systems by increasing recovery and recycling through infrastructure development for waste collection and management, innovation to make collection easier and create value from all post-use plastics, and engagement of local communities to mobilize action.

Renew oceans, inc. Works to reduce ocean plastic pollution where it begins-in populous river-adjacent communities in the developing world.

Balance Sheet Detail
LineBeginningEndChange
Assets
Pledges and Grants Receivable$4,000,000--
Savings and Temporary Cash Investments-$1,932,413-
Cash and Non-Interest-Bearing Accounts$790,488$1,256,979▲ $466,491
Prepaid Expenses and Deferred Charges-$4,211-
Loans From Officers Directors$500--
Total Assets$4,990,488$3,195,511▼ $1,794,977
Other Assets Total$200,000$1,908▼ $198,092
Liabilities
Accounts Payable and Accrued Expenses$10,545$19,160▲ $8,615
Total Liabilities$11,045$19,160▲ $8,115
Net Assets / Fund Balance
Net Assets With Donor Restrictions$4,979,443$3,176,351▼ $1,803,092
Total Net Assets Fund Balance$4,979,443$3,176,351▼ $1,803,092
Total Liabilities and Net Assets / Fund Balance$4,990,488$3,195,511▼ $1,794,977
Compensation and Service Providers
Top Officer PayScore unavailable

Employees

NameTitleBaseTotal
Sumeet Bhatti BodingtonPRESIDENT TIL AUG19; CDO BEGAN JUL19$77,308$77,308

Board Members and Trustees

NameTitle
Whitney Braunstein MasulisV.P. TIL AUG19;PRESIDENT BEGAN AUG19
Kanaka PattabiramanVice President Began Aug 2019
Priyanka BakayaDirector
Min ZhangSecretary/treasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$0
Investment Income
$7,461
Other Revenue
$0
Change in Net Assets
$-1,803,092
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$1,653,576
Salaries, Compensation, and Employee Benefits$156,977
Total Fundraising Expense$106,934
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Fees for Services Other$240,054$101,042$47,841$388,937
Current Officers, Directors, Trustees, and Key Employees$50,308$25,154$50,307$125,769
Travel$48,321$3,127-$51,448
Other Salaries and Wages$11,307$6,923$1,385$19,615
Payroll Taxes$4,906$2,550$4,137$11,593
Other Expenses$6,514$285-$6,799
Information Technology$1,114$2,049$2,229$5,392
Occupancy$2,635$1,376-$4,011
Conferences and Meetings-$3,275-$3,275
Fees for Services Legal-$3,060-$3,060
Fees for Services Accounting-$2,700-$2,700
All Other Expenses-$1,370$1,035$2,405
Fees for Service Investment Mgmnt Fees-$2,202-$2,202
Office Expenses-$763-$763
Total Functional Expenses$1,547,743$155,876$106,934$1,810,553
International Activity

International Summary

Offices
1
Employees
41
Spending
$315,616

International Compliance

Activity in boycott countries
No
Foreign corporation ownership
No
Foreign partnership interest
No
Interest in foreign trust
No
Passive foreign investment company interest
No
Transfers to foreign corporations
No

International Activities

RegionActivityServicesOfficesEmployeesSpending
South AsiaProgram ServicesRenew Oceans, Inc. Is Working in Varanasi, India to Engage This River-adjacent Community and Implement Technologies That Facilitate and Incentivize the Collection and Recycling of Plastic Waste in Order to Divert It From Entering the Ganges River, a Major Source of Ocean-bound Plastic Pollution.141$315,616
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
Priyanka BakayaFounder and DirectorSPECIALIZED EQUIPMENT FOR THE COLLECTION AND CONVERSION OF PLASTICS IS REQUIRED IN ORDER TO CARRY OUT THE ORGANIZATION'S TAX-EXEMPT PURPOSE AND PROMOTE THE RECYCLING OF OCEAN-BOUND PLASTICS. THIS EQUIPMENT IS BEING PURCHASED FROM PK CLEAN TECHNOLOGIES, INC., WHICH THE FOUNDER AND DIRECTOR, PRIYANKA BAKAYA, ALSO FOUNDED.No$1,025,000

Loans and Receivables

Line ItemBeginningEndChange
Loans from Officers, Directors, Trustees, and Key Employees$500--
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
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
Yes
Other officer compensation reviewed
No
Conflict-of-interest policy
Yes
Audited financial statements prepared
No
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

Form 990, Part VI, Section B, Line 11B

“The 990 is reviewed by all board members prior its filing.”

Form 990, Part VI, Section B, Line 12C

“Board members complete and submit the conflict of interest policy form annually.”

Form 990, Part VI, Section B, Line 15A

“The board reviewed and approved the compensation of the chief development officer based on salary surveys of comparable nonprofit organizations.”

Form 990, Part VI, Section C, Line 19

“Renew oceans, inc. Makes its form 990, form 1023, by-laws, and conflict of interest policy available for public inspection upon written request. An electronic copy of the form 990 is also published on guidestar.org.”

Filing and Contact Details

Filer

Filer Name
Renew Oceans Inc
EIN
83-2435458
Phone
2152664237
Address
PO BOX 381109 ATTN WHITNEY MASU, BROOKLYN, NY 11238

Signing Officer

Name
Whitney Masulis
Title
Board President
Phone
2152664237
Signed
2021-02-15
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Whitney Masulis
Formed
2018
Legal Domicile
Ut
Voting Board Members
4
Independent Board Members
3
Employees
1
Volunteers
5

Preparer

Firm
Koonce Wooten & Haywood Llp
Address
P O BOX 17806, RALEIGH, NC 27619-7806
Preparer
Paul Miller
Phone
9197829265
Supplemental Narrative

Additional Explanations

Form 990, Part IX, Line 11G

“Program technical & coordination services: program service expenses 184,260. Management and general expenses 0. Fundraising expenses 0. Total expenses 184,260. Marketing & communications: program service expenses 13,300. Management and general expenses 101,042. Fundraising expenses 47,841. Total expenses 162,183. Technical consulting: program service expenses 42,494. Management and general expenses 0. Fundraising expenses 0. Total expenses 42,494.”

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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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IRS990ScheduleF/AccountActivitiesOutsideUSGrp/RegionTxt0SOUTH ASIA
IRS990ScheduleF/AccountActivitiesOutsideUSGrp/SpecificServicesProvidedTxt0RENEW OCEANS, INC. IS WORKING IN VARANASI, INDIA TO ENGAGE THIS RIVER-ADJACENT COMMUNITY AND IMPLEMENT TECHNOLOGIES THAT FACILITATE AND INCENTIVIZE THE COLLECTION AND RECYCLING OF PLASTIC WASTE IN ORDER TO DIVERT IT FROM ENTERING THE GANGES RIVER, A MAJOR SOURCE OF OCEAN-BOUND PLASTIC POLLUTION.
IRS990ScheduleF/AccountActivitiesOutsideUSGrp/TypeOfActivitiesConductedTxt0PROGRAM SERVICES
IRS990ScheduleF/BoycottCountriesInd00
IRS990ScheduleF/ContinuationSpentAmt00
IRS990ScheduleF/ContinuationTotalEmployeeCnt00
IRS990ScheduleF/ContinuationTotalOfficeCnt00
IRS990ScheduleF/ForeignCorpOwnershipInd00
IRS990ScheduleF/ForeignPartnershipInd00
IRS990ScheduleF/InterestInForeignTrustInd00
IRS990ScheduleF/PassiveForeignInvestmestCoInd00
IRS990ScheduleF/SubtotalEmployeesCnt041
IRS990ScheduleF/SubtotalOfficesCnt01
IRS990ScheduleF/SubtotalSpentAmt0315616
IRS990ScheduleF/SupplementalInformationDetail/FormAndLineReferenceDesc0PART III ACCOUNTING METHOD:
IRS990ScheduleF/TotalEmployeeCnt041
IRS990ScheduleF/TotalOfficeCnt01
IRS990ScheduleF/TotalSpentAmt0315616
IRS990ScheduleF/TransferToForeignCorpInd00
IRS990/ScheduleJRequiredInd00
IRS990ScheduleL/BusTrInvolveInterestedPrsnGrp/NameOfInterested/PersonNm0PRIYANKA BAKAYA
IRS990ScheduleL/BusTrInvolveInterestedPrsnGrp/RelationshipDescriptionTxt0FOUNDER AND DIRECTOR
IRS990ScheduleL/BusTrInvolveInterestedPrsnGrp/SharingOfRevenuesInd00
IRS990ScheduleL/BusTrInvolveInterestedPrsnGrp/TransactionAmt01025000
IRS990ScheduleL/BusTrInvolveInterestedPrsnGrp/TransactionDesc0SPECIALIZED EQUIPMENT FOR THE COLLECTION AND CONVERSION OF PLASTICS IS REQUIRED IN ORDER TO CARRY OUT THE ORGANIZATION'S TAX-EXEMPT PURPOSE AND PROMOTE THE RECYCLING OF OCEAN-BOUND PLASTICS. THIS EQUIPMENT IS BEING PURCHASED FROM PK CLEAN TECHNOLOGIES, INC., WHICH THE FOUNDER AND DIRECTOR, PRIYANKA BAKAYA, ALSO FOUNDED.
IRS990/ScheduleORequiredInd01
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0THE 990 IS REVIEWED BY ALL BOARD MEMBERS PRIOR ITS FILING.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1BOARD MEMBERS COMPLETE AND SUBMIT THE CONFLICT OF INTEREST POLICY FORM ANNUALLY.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2THE BOARD REVIEWED AND APPROVED THE COMPENSATION OF THE CHIEF DEVELOPMENT OFFICER BASED ON SALARY SURVEYS OF COMPARABLE NONPROFIT ORGANIZATIONS.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3RENEW OCEANS, INC. MAKES ITS FORM 990, FORM 1023, BY-LAWS, AND CONFLICT OF INTEREST POLICY AVAILABLE FOR PUBLIC INSPECTION UPON WRITTEN REQUEST. AN ELECTRONIC COPY OF THE FORM 990 IS ALSO PUBLISHED ON GUIDESTAR.ORG.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4PROGRAM TECHNICAL & COORDINATION SERVICES: PROGRAM SERVICE EXPENSES 184,260. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 184,260. MARKETING & COMMUNICATIONS: PROGRAM SERVICE EXPENSES 13,300. MANAGEMENT AND GENERAL EXPENSES 101,042. FUNDRAISING EXPENSES 47,841. TOTAL EXPENSES 162,183. TECHNICAL CONSULTING: PROGRAM SERVICE EXPENSES 42,494. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 42,494.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0FORM 990, PART VI, SECTION B, LINE 11B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1FORM 990, PART VI, SECTION B, LINE 12C
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2FORM 990, PART VI, SECTION B, LINE 15A
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3FORM 990, PART VI, SECTION C, LINE 19
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc4FORM 990, PART IX, LINE 11G
IRS990/SchoolOperatingInd00
IRS990/SignificantChangeInd00
IRS990/SignificantNewProgramSrvcInd00
IRS990/SubjectToExcsTaxNetInvstIncInd00
IRS990/SubjectToProxyTaxInd00
IRS990/SubjToTaxRmnrtnExPrchtPymtInd00
IRS990/TaxablePartyNotificationInd00
IRS990/TaxExemptBondsInd00
IRS990/TerminateOperationsInd00
IRS990/TotalAssetsBOYAmt04990488
IRS990/TotalAssetsEOYAmt03195511
IRS990/TotalAssetsGrp/BOYAmt04990488
IRS990/TotalAssetsGrp/EOYAmt03195511
IRS990/TotalCompGreaterThan150KInd00
IRS990/TotalEmployeeCnt01
IRS990/TotalFunctionalExpensesGrp/FundraisingAmt0106934
IRS990/TotalFunctionalExpensesGrp/ManagementAndGeneralAmt0155876
IRS990/TotalFunctionalExpensesGrp/ProgramServicesAmt01547743
IRS990/TotalFunctionalExpensesGrp/TotalAmt01810553
IRS990/TotalGrossUBIAmt00
IRS990/TotalLiabilitiesBOYAmt011045
IRS990/TotalLiabilitiesEOYAmt019160
IRS990/TotalLiabilitiesGrp/BOYAmt011045
IRS990/TotalLiabilitiesGrp/EOYAmt019160
IRS990/TotalNetAssetsFundBalanceGrp/BOYAmt04979443
IRS990/TotalNetAssetsFundBalanceGrp/EOYAmt03176351
IRS990/TotalOtherCompensationAmt00
IRS990/TotalProgramServiceExpensesAmt01547743
IRS990/TotalReportableCompFromOrgAmt077308
IRS990/TotalRevenueGrp/ExclusionAmt07461
IRS990/TotalRevenueGrp/RelatedOrExemptFuncIncomeAmt00
IRS990/TotalRevenueGrp/TotalRevenueColumnAmt07461
IRS990/TotalRevenueGrp/UnrelatedBusinessRevenueAmt00
IRS990/TotalVolunteersCnt05
IRS990/TotLiabNetAssetsFundBalanceGrp/BOYAmt04990488
IRS990/TotLiabNetAssetsFundBalanceGrp/EOYAmt03195511
IRS990/TotReportableCompRltdOrgAmt00
IRS990/TravelGrp/ManagementAndGeneralAmt03127
IRS990/TravelGrp/ProgramServicesAmt048321
IRS990/TravelGrp/TotalAmt051448
IRS990/TrnsfrExmptNonChrtblRltdOrgInd00
IRS990/TypeOfOrganizationCorpInd0X
IRS990/UnrelatedBusIncmOverLimitInd00
IRS990/UponRequestInd0X
IRS990/USAddress/AddressLine1Txt0PO BOX 381109 ATTN WHITNEY MASULIS
IRS990/USAddress/CityNm0BROOKLYN
IRS990/USAddress/StateAbbreviationCd0NY
IRS990/USAddress/ZIPCd011238
IRS990/VotingMembersGoverningBodyCnt04
IRS990/VotingMembersIndependentCnt03
IRS990/WebsiteAddressTxt0WWW.RENEWOCEANS.ORG
IRS990/WhistleblowerPolicyInd00
ReturnHeader/BuildTS02022-09-23 18:48:47Z
ReturnHeader/BusinessOfficerGrp/DiscussWithPaidPreparerInd01
ReturnHeader/BusinessOfficerGrp/PersonNm0WHITNEY MASULIS
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0BOARD PRESIDENT
ReturnHeader/BusinessOfficerGrp/PhoneNum02152664237
ReturnHeader/BusinessOfficerGrp/SignatureDt02021-02-15
ReturnHeader/Filer/BusinessName/BusinessNameLine1Txt0RENEW OCEANS INC
ReturnHeader/Filer/BusinessNameControlTxt0RENE
ReturnHeader/Filer/EIN0832435458
ReturnHeader/Filer/PhoneNum02152664237
ReturnHeader/Filer/USAddress/AddressLine1Txt0PO BOX 381109 ATTN WHITNEY MASU
ReturnHeader/Filer/USAddress/CityNm0BROOKLYN
ReturnHeader/Filer/USAddress/StateAbbreviationCd0NY
ReturnHeader/Filer/USAddress/ZIPCd011238
ReturnHeader/PreparerFirmGrp/PreparerFirmEIN0560517823
ReturnHeader/PreparerFirmGrp/PreparerFirmName/BusinessNameLine1Txt0KOONCE WOOTEN & HAYWOOD LLP
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/AddressLine1Txt0P O BOX 17806
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/CityNm0RALEIGH
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/StateAbbreviationCd0NC
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/ZIPCd0276197806
ReturnHeader/PreparerPersonGrp/PhoneNum09197829265
ReturnHeader/PreparerPersonGrp/PreparerPersonNm0PAUL MILLER
ReturnHeader/ReturnTs02021-02-15T14:57:51-06:00
ReturnHeader/ReturnTypeCd0990
ReturnHeader/TaxPeriodBeginDt02019-04-01
ReturnHeader/TaxPeriodEndDt02020-03-31
ReturnHeader/TaxYr02019

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