OCEAN EXPLORATION TRUST INC Charity Report

Public IRS 990 nonprofit record

OCEAN EXPLORATION TRUST INC

EIN 83-0488383 · Research Institutes & Public Policy Analysis (C05)

What they do

ADVANCE THE EMERGING FIELDS of OCEAN EXPLORATION and ARCHAELOGICAL OCEANOGRAPHY THROUGH CO-SPONSORING and SUPPORTING DEEP SEA EXPEDITIONS and SUPPORTING THE DEVELOPMENT of ADVANCED TECHNOLOGY REQUIRED BY DEEP SEA EXPEDITIONS. FURTHERING PUBLIC INTEREST and SCIENTIFIC RESEARCH IN THE FIELDS of OCEAN EXPLORATION and ARCHAELOGICAL OCEANOGRAPHY THROUGH THE SUPPORT of REAL-TIME EDUCATIONAL PROGRAMMING and DISSEMINATION of DEEP SEA EXPEDITION RESEARCH THROUGH A VARIETY of EDUCATIONAL OUTREACH EFFORTS.

Before you give

Should I give to this charity?

Easy charity check

Look at where the money went

Of every $100 spent, about $80.40 was reported for mission work. Use the spending picture below and ask what results that work produced.

Plain answer: A tax form cannot prove that a charity is doing good. It can show how the charity says it spent its money—and point out questions you should ask.

Basic facts we verified

IRS warning checkNo IRS revocation warning appears in this data.

Money report from 2024The charity has a recent tax report to read.

They explain their jobThe charity tells us what it is trying to do.

They name their leaders22 people are listed in the latest report.

You can reach themThey list contact information, so you can ask questions.

Money made simple

68.74%of revenue went to mission work80.4% of expenses · Program services

0.81%of revenue went to fundraising0.9% of expenses

$85.54spent for every $100 of revenueRevenue covered expenses this year.

16.00%of revenue went to management and office costs18.7% of expenses

$0.73in assets for every $1 spent this yearSome assets cannot be spent right away.

86.5%of its money came from giftsOther money may come from services or investments.

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Is this really the charity? Give only through its official website or confirmed phone number.

Pay context: The highest compensation shown in this filing is $669,456 for DR ROBERT BALLARD (PRESIDENT). Compare pay with organizations of similar size and complexity.

Bottom line: Do not decide from a name, mission statement, or tax status alone. Look at where the money went, then ask what changed, who was helped, and what your gift will do. YouCanGiveBack does not endorse or grade organizations.

Money

Financial picture

Tax year 2024

A plain-language look at the latest Form 990 figures available. These numbers help you ask better questions; they do not, by themselves, rate whether a charity is good or bad.

$100revenue

How each $100 of revenue was used

The large number compares each expense with revenue. The smaller number shows its share of total expenses.

Total reported revenue$19,281,365

Mission workProgram services$13,253,26468.74% of revenue80.4% of expenses

ManagementOffice and general costs$3,084,61116.00% of revenue18.7% of expenses

FundraisingAsking for donations$156,2020.81% of revenue0.9% of expenses

Revenue left after expensesReported annual surplus$2,787,28814.46% of revenueShown in gray on the chart

Total expenses$16,494,07785.54% of revenue

Gray means reported revenue left after expenses for this filing year. It does not necessarily mean cash sitting in a bank account.

Has the pattern changed?

Colored bars = expense mix: how each year’s expenses were divided. Total expenses vs. revenue shows whether the charity spent less or more than it received. The current filing is first.

YearExpense mixDetails

2024CurrentExpense mix: 80.4% mission · 18.7% management · 0.9% fundraisingTotal expenses: 85.54% of revenue

2023Expense mix: 80.6% mission · 18.5% management · 0.9% fundraisingTotal expenses: 103.48% of revenue

2022Expense mix: 83.6% mission · 15.5% management · 1.0% fundraisingTotal expenses: 106.85% of revenue

2021Expense mix: 83.5% mission · 15.6% management · 0.9% fundraisingTotal expenses: 110.17% of revenue

2020Expense mix: 80.3% mission · 17.9% management · 1.8% fundraisingTotal expenses: 101.97% of revenue

2019Expense mix: 83.4% mission · 15.2% management · 1.4% fundraisingTotal expenses: 91.75% of revenue

2018Expense mix: 82.0% mission · 14.9% management · 3.1% fundraisingTotal expenses: 92.44% of revenue

2017Expense mix: 82.0% mission · 14.8% management · 3.2% fundraisingTotal expenses: 86.69% of revenue

Money in and money out

Revenue$19,281,365

Expenses$16,494,077

Annual surplus $2,787,288 Revenue was higher than expenses for this filing year.

Reported spending amounts

Mission work means the Form 990 category called program services. These are reported accounting categories—not an independent measurement of results.

Mission work (program services)$13,253,264 · 80.4% of expenses

Management and office costs$3,084,611 · 18.7% of expenses

Fundraising$156,202 · 0.9% of expenses

See all reported dollar amounts

Revenue$19,281,365

Expenses$16,494,077

Assets$12,107,576

Income$19,281,365

Contributions$16,678,700

Mission work (program services)$13,253,264

Fundraising$156,202

Management and general$3,084,611

Accounting fees$63,872

People

Leadership and board

Tax year 2024

Names, titles, time, and compensation below are reported by the organization on its Form 990.

People reported as paid

Person and titleCompensation

DR ROBERT BALLARDPRESIDENT · 40 hrs/week $669,456Base $581,000 · Other $88,456

ALLISON FUNDISCOO/BOT SECRETARY · 40 hrs/week $500,989Base $432,616 · Other $68,373

DENISE H ARMSTRONGCFO/TREASURER · 40 hrs/week $274,174Base $237,517 · Other $36,657

DANIEL WAGNERCHIEF SCIENTIST · 40 hrs/week $178,950Base $156,470 · Other $22,480

ROBERT WATERSROV PILOT/MANAGER · 40 hrs/week $167,472Base $153,835 · Other $13,637

MATTHEW KOSKELADIRECTOR DATA SYSTEMS · 40 hrs/week $165,756Base $154,868 · Other $10,888

RICHARD DARLINGCONTROLLER · 40 hrs/week $156,607Base $138,109 · Other $18,498

JANICE MEAGHEREXECUTIVE ASSISTANT · 40 hrs/week $142,002Base $135,278 · Other $6,724

DEREK SOWERSSCIENTIST · 40 hrs/week $140,818Base $124,741 · Other $16,077

MEGAN COOKEDUCATION DIRECTOR · 40 hrs/week $119,831Base $114,372 · Other $5,459

Compensation alone does not tell whether pay is reasonable. Consider the charity’s size, work, location, and results.

See everyone listed on the board or leadership roster (22)

DR ROBERT BALLARDPRESIDENT

ALLISON FUNDISCOO/BOT SECRETARY

DENISE H ARMSTRONGCFO/TREASURER

DANIEL WAGNERCHIEF SCIENTIST

ROBERT WATERSROV PILOT/MANAGER

MATTHEW KOSKELADIRECTOR DATA SYSTEMS

RICHARD DARLINGCONTROLLER

JANICE MEAGHEREXECUTIVE ASSISTANT

DEREK SOWERSSCIENTIST

MEGAN COOKEDUCATION DIRECTOR

JOHN CULBERSONDIRECTOR

VICKI PHILLIPSDIRECTOR

ROBERT PATRICELLICHAIRMAN

PHIL STEPHENSONDIRECTOR

NEIL SMITDIRECTOR

LARRY MAYERVICE CHAIRMAN

KRISTIN RECHBERGERDIRECTOR

JACQUELINE HOLLISTERDIRECTOR

ELIZABETH LINDSAYDIRECTOR

DR ENRIC SALADIRECTOR

BARBARA SMITDIRECTOR

ARTHUR HOUSEDIRECTOR

About this charity

Recognized since: January 2008
Location: 613 WILLIAMS ST, NEW LONDON, CT 06320-4130
County: New London
In care of: RICHARD DARLING
Primary officer: RICHARD DARLING, CONTROLLER

How to reach them

WebsiteVisit the charity’s website Phone(860) 574-9079

Filing and classification

Latest tax year: 2024
Tax period began: January 1, 2024
Return type: 990
Tax preparer: HINTONBURDICK PLLC
NTEE classification: Research Institutes & Public Policy Analysis (C05)
IRS tax category: Research Institutes & Public Policy Analysis

OCEAN EXPLORATION TRUST INC

OCEAN EXPLORATION TRUST INC

What they do

Should I give to this charity?

Basic facts we verified

Money made simple

Ask these three easy questions

Financial picture

How each $100 of revenue was used

Has the pattern changed?

Money in and money out

Reported spending amounts

Leadership and board

People reported as paid

About this charity

How to reach them

Filing and classification

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