Civic Intelligence

Renew Oceans Inc

990 • Fiscal year 2019 • EIN 83-2435458

Apr 01, 2018 to Mar 31, 2019 • Filed on Feb 15, 2021

Organization ProfileWWW.RENEWOCEANS.ORG
PO Box 381109 Attn Whitney MasulisBrooklyn, NY 11238

(215) 266-4237

Siviq Scores

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

Liabilities / Assets

12th percentile

0.00x

Higher debt load relative to assets than 12% of similar nonprofits.

2019 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2019

Liabilities / Revenue

9th percentile

0.00x

Higher debt load relative to revenue than 9% of similar nonprofits.

2019 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2019

Net Margin

99th percentile

100%

Higher net margin than 99% of similar nonprofits.

2019 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2019

Top Officer Pay

21st percentile

$0

Higher top officer pay than 21% of similar nonprofits.

Top officer pay equals 0.0% of source-year revenue.

2019 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2019

Asset Growth

Score unavailable

No value available

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

Source year 2019

Revenue Growth

Score unavailable

No value available

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

Source year 2019

Balance Sheet
Liabilities / Assets12th percentile

Assets

$4,990,488

No earlier filing loaded for comparison.

Net Assets

$4,979,443

No earlier filing loaded for comparison.

Liabilities

$11,045

No earlier filing loaded for comparison.

Revenue And Expenses
Liabilities / Revenue9th percentileNet Margin99th percentile

Revenue

$5,000,000

No earlier filing loaded for comparison.

Expenses

$20,557

No earlier filing loaded for comparison.

Net Income

$4,979,443

No earlier filing loaded for comparison.

Historical Trend

Balance Sheet Trend

Asset GrowthScore unavailable

The highlighted filing sits inside the broader history for assets, liabilities, and net assets.

$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

2019

Assets$4,990,488
Liabilities$11,045
Net Assets$4,979,443
Open 2019 Filing

Operations Trend

Revenue GrowthScore unavailable

Revenue, expenses, and net income across loaded years, with this 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

2019

Revenue$5,000,000
Expenses$20,557
Net Income$4,979,443
Open 2019 Filing
Jump To
Filing Snapshot
Filing Period
Apr 1, 2018 to Mar 31, 2019
Signed
Feb 15, 2021
Return Version
2018v3.2
Gross Receipts
$5,000,000
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-
Cash and Non-Interest-Bearing Accounts-$790,488-
Loans From Officers Directors-$500-
Total Assets$0$4,990,488▲ $4,990,488
Other Assets Total$0$200,000▲ $200,000
Liabilities
Accounts Payable and Accrued Expenses-$10,545-
Total Liabilities$0$11,045▲ $11,045
Net Assets / Fund Balance
Temporarily Rstr Net Assets-$4,979,443-
Total Net Assets Fund Balance$0$4,979,443▲ $4,979,443
Total Liabilities and Net Assets / Fund Balance$0$4,990,488▲ $4,990,488
Compensation and Service Providers
Top Officer Pay21st percentile

Board Members and Trustees

NameTitle
Sumeet Bhatti BodingtonPresident
Whitney Braunstein MasulisVice President
Priyanka BakayaDirector
Min ZhangSecretary/treasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$5,000,000
Program Service Revenue
$0
Investment Income
$0
Other Revenue
$0
All Other Contributions
$5,000,000
Change in Net Assets
$4,979,443
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$20,557
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Salaries, Compensation, and Employee Benefits$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Fees for Services Other$10,900--$10,900
Travel$8,561--$8,561
Office Expenses$509$90-$599
Conferences and Meetings$497--$497
Total Functional Expenses$20,467$90$0$20,557
International Activity

International Summary

Offices
0
Employees
1
Spending
$5,000

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. the Organization Engaged a Consultant to Provide Technical and Programmatic Support in the Region.01$5,000
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$200,000

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
Backup withholding compliance
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, Part VI, Section B, Line 11B

“The 990 is disseminated to all board members 3 days prior to filing for their review.”

Form 990, Part VI, Section C, Line 19

“Renew oceans, inc. Makes its form 990, form 1023, and by-laws 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 MASULIS, 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
0
Volunteers
4

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

“Marketing & communications: program service expenses 5,900. Management and general expenses 0. Fundraising expenses 0. Total expenses 5,900. Program technical & coordination services: program service expenses 5,000. Management and general expenses 0. Fundraising expenses 0. Total expenses 5,000.”

AMENDED FORM 990 EXPLANATION:

“Subsequent to filing this tax return, it was determined that equipment was improperly capitalized, an amount was improperly reported in unrestricted net assets, and a $4 million pledge receivable was reported on the incorrect line. This return has been amended to reflect those changes. Part x, line 10a and 10c, column b were decreased by $200,000 and part x, line 15, column b was increased by $200,000. Schedule d, part vi was removed. Part x, line 27 was reduced by $979,443 and part x, line 28 was increased by $979,443. In part x, a $4 million pledge receivable was moved from line 4 to line 3. Also, the board of directors were listed for the incorrect fiscal year. The officers and directors were revised on part vii, line 1a. The supplemental informaton on schedule l, part v has been corrected. There were a few changes in part vi, section a, question 8a and 8b, section b, question 12a-12c, question 15a and 15b and section c, question 20.”

Raw XML Appendix306 raw XML fields

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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IRS990/MissionDesc0RENEW OCEANS, INC. WORKS TO REDUCE OCEAN PLASTIC POLLUTION WHERE IT BEGINS-IN POPULOUS RIVER-ADJACENT COMMUNITIES IN THE DEVELOPING WORLD. RENEW OCEANS WORKS 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.
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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. THE ORGANIZATION ENGAGED A CONSULTANT TO PROVIDE TECHNICAL AND PROGRAMMATIC SUPPORT IN THE REGION.
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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.
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IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0THE 990 IS DISSEMINATED TO ALL BOARD MEMBERS 3 DAYS PRIOR TO FILING FOR THEIR REVIEW.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1RENEW OCEANS, INC. MAKES ITS FORM 990, FORM 1023, AND BY-LAWS AVAILABLE FOR PUBLIC INSPECTION UPON WRITTEN REQUEST. AN ELECTRONIC COPY OF THE FORM 990 IS ALSO PUBLISHED ON GUIDESTAR.ORG.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2MARKETING & COMMUNICATIONS: PROGRAM SERVICE EXPENSES 5,900. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 5,900. PROGRAM TECHNICAL & COORDINATION SERVICES: PROGRAM SERVICE EXPENSES 5,000. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 5,000.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3SUBSEQUENT TO FILING THIS TAX RETURN, IT WAS DETERMINED THAT EQUIPMENT WAS IMPROPERLY CAPITALIZED, AN AMOUNT WAS IMPROPERLY REPORTED IN UNRESTRICTED NET ASSETS, AND A $4 MILLION PLEDGE RECEIVABLE WAS REPORTED ON THE INCORRECT LINE. THIS RETURN HAS BEEN AMENDED TO REFLECT THOSE CHANGES. PART X, LINE 10A AND 10C, COLUMN B WERE DECREASED BY $200,000 AND PART X, LINE 15, COLUMN B WAS INCREASED BY $200,000. SCHEDULE D, PART VI WAS REMOVED. PART X, LINE 27 WAS REDUCED BY $979,443 AND PART X, LINE 28 WAS INCREASED BY $979,443. IN PART X, A $4 MILLION PLEDGE RECEIVABLE WAS MOVED FROM LINE 4 TO LINE 3. ALSO, THE BOARD OF DIRECTORS WERE LISTED FOR THE INCORRECT FISCAL YEAR. THE OFFICERS AND DIRECTORS WERE REVISED ON PART VII, LINE 1A. THE SUPPLEMENTAL INFORMATON ON SCHEDULE L, PART V HAS BEEN CORRECTED. THERE WERE A FEW CHANGES IN PART VI, SECTION A, QUESTION 8A AND 8B, SECTION B, QUESTION 12A-12C, QUESTION 15A AND 15B AND SECTION C, QUESTION 20.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0FORM 990, PART VI, SECTION B, LINE 11B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1FORM 990, PART VI, SECTION C, LINE 19
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2FORM 990, PART IX, LINE 11G
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3AMENDED FORM 990 EXPLANATION:
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IRS990/TemporarilyRstrNetAssetsGrp/EOYAmt04979443
IRS990/TempOrPermanentEndowmentsInd00
IRS990/TerminateOperationsInd00
IRS990/TotalAssetsEOYAmt04990488
IRS990/TotalAssetsGrp/BOYAmt00
IRS990/TotalAssetsGrp/EOYAmt04990488
IRS990/TotalCompGreaterThan150KInd00
IRS990/TotalContributionsAmt05000000
IRS990/TotalEmployeeCnt00
IRS990/TotalFunctionalExpensesGrp/FundraisingAmt00
IRS990/TotalFunctionalExpensesGrp/ManagementAndGeneralAmt090
IRS990/TotalFunctionalExpensesGrp/ProgramServicesAmt020467
IRS990/TotalFunctionalExpensesGrp/TotalAmt020557
IRS990/TotalGrossUBIAmt00
IRS990/TotalLiabilitiesEOYAmt011045
IRS990/TotalLiabilitiesGrp/BOYAmt00
IRS990/TotalLiabilitiesGrp/EOYAmt011045
IRS990/TotalNetAssetsFundBalanceGrp/BOYAmt00
IRS990/TotalNetAssetsFundBalanceGrp/EOYAmt04979443
IRS990/TotalOtherCompensationAmt00
IRS990/TotalProgramServiceExpensesAmt020467
IRS990/TotalReportableCompFromOrgAmt00
IRS990/TotalRevenueGrp/ExclusionAmt00
IRS990/TotalRevenueGrp/RelatedOrExemptFuncIncomeAmt00
IRS990/TotalRevenueGrp/TotalRevenueColumnAmt05000000
IRS990/TotalRevenueGrp/UnrelatedBusinessRevenueAmt00
IRS990/TotalVolunteersCnt04
IRS990/TotLiabNetAssetsFundBalanceGrp/BOYAmt00
IRS990/TotLiabNetAssetsFundBalanceGrp/EOYAmt04990488
IRS990/TotReportableCompRltdOrgAmt00
IRS990/TravelGrp/ProgramServicesAmt08561
IRS990/TravelGrp/TotalAmt08561
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 MASULIS
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/ReturnTs02021-02-15T14:57:14-06:00
ReturnHeader/ReturnTypeCd0990
ReturnHeader/TaxPeriodBeginDt02018-10-29
ReturnHeader/TaxPeriodEndDt02019-03-31
ReturnHeader/TaxYr02018

Document Assets

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Filings

Displayed year

2019 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$4,990,488
Liabilities
$11,045
Net assets
$4,979,443
Revenue
$5,000,000
Expenses
$20,557
Net income
$4,979,443
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