Palacios Marine Agricultural Research

“Organization's process to review form 990 each director is provided a copy of the form 990. The form 990 is explained in detail by the executive director and all questions raised by individual board members are discussed. When the presentation and discussions are completed the board takes the formal action to approve the form 990. The board's approval is reflected in the minutes of the meeting.”

“Enforcement of conflicts policy the organization requires each director to acknowledge the conflict of interest policy at least annually, and at least annually report any ongoing potential conflicts. Each director is required to inform the board on each occasion a potential conflict arises. The board addresses the situation in accordance with the written conflict of interest policy.”

“Form 990, part vi, line 15a - compensation process for top official see schedule j, part i, line 3 form 990, part vi, line 15b - compensation process for officers method used for compensation explanation: compensation for other officers or key employees is based on recommendations received from legal cousel. Legal counsel retains qualified independent compensation consultants to base their recommendations on. The retained qualified independent compensation consultants base their advice on market surveys, site visits, and individual personal interviews with all personnel. Other investigations and procedures are performed as they deem necessary under the circumstances. Form 990, part xi, line 9 - other changes in net assets explanation unrealized gain/(loss) on fixed assets $ 0”

“Form 990, part vi, line 19 - governing documents disclosure explanation all documents required to be made available to the public by the internal revenue service or by the governing laws of the state of texas as available by written request. These documents include, but ae not limited to, the certificate of formation, financial statements, and form 990.”

“The corporation is organized, and shall be operated, exclusively for charitable, scientific, educational, and/or other exempt purposes set forth in section 501(c)(3) of the internal revenue code of 1986, as amended, or the corresponding section of any future federal tax code("code"). Specifically, but without limitation of the foregoing, the corporation is organized for the purpose of conducting agricultural research. The primary charitable activities of the corporation is without limitation directly conducting research targeted toward saving, restoring, and enhancing the existing habitats of oysters and other marine organisms, developing new habitats for such marine organisms, replenishing and assisting in the long term stability of marine organism stacks, developing environmentally sustainable marine organism production and harvesting methodologies in the texas gulf coast and elsewhere, as determined by the corporation's board of directors, and disseminating and educating the public, both directly and indirectly, regarding its research outcomes. The corporation has entered into collaborative agreements so that its agricultural research is conducted in conjunction with one or more (a) land-grant colleges and universities, and/or (b) non-land-grant colleges of agriculture designated as such by the national institute of food and agriculture.”

“Palacios agricultural research, inc. Was formed in 2019 as an agricultural research organization with the purpose of directly engaging in with one or more land-grant universities and/or non-land grant colleges of agriculture. Palacios marine agricultural research, inc.'s sole program service is conducting research targeted toward saving, restoring, and enhancing the existing habitats of oysters and other marine organisms, developing new habitats for such marine organisms, replenishing, and assisting in the long-term stability of marine organism stacks, developing environmentally sustainable marine organism production, and harvesting methodologies. All expenses of the organization are related to this program service. A mobile hatchery has been installed and is operational. A permanent hatchery has also been constructed with initial operations at 10x that of the mobile hatchery.”