Schmidt Ocean Institute
- Assets
- $99.9m
- Revenue
- $46.9m
- Investments
- $0.0
- Employees
- 0
- Location
- Palo Alto, CA
- Founding
- 08/2009
- Data as of
- 12/2022
- EIN
- 26-4562328
Organization Overview
Schmidt Ocean Institute is located in Palo Alto, CA. The organization was established in 2009. According to its NTEE Classification (U21) the organization is classified as: Marine Science & Oceanography, under the broad grouping of Science & Technology and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Schmidt Ocean Institute is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
For the year ending 12/2022, Schmidt Ocean Institute generated $46.9m in total revenue. This organization has experienced exceptional growth, as over the past 4 years, it has increased revenue by an average of 27.2% each year . All expenses for the organization totaled $21.8m during the year ending 12/2022. You can explore the organizations financials more deeply in the financial statements section below.
Since 2020, Schmidt Ocean Institute has awarded 33 individual grants totaling $3,200,400. If you would like to learn more about the grant giving history of this organization, scroll down to the grant profile section of this page.
Form
990PF
Mission & Program ActivityExcerpts From the 990PF Filing
TAX YEAR
2022
Describe the Organization's Program Activity:
Part 3 - Line 4a
MARINE RESEARCH VESSEL PLATFORM DEVELOPMENT, DEVELOPMENT AND OPERATION OF 4500M REMOTE UNDERWATER VEHICLE, SUPPORTING EQUIPMENT.
RESEARCH VESSEL OPERATIONS: FALKOR OPERATIONS, MARCH 2022 DONATION. FALKOR(TOO): REFIT AND SEA TRIAL.
SCIENTIFIC PROGRAMS RESEARCH AND DEVELOPMENT
SCIENCE OUTREACH AND COMMUNICATION
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Eric Schmidt Director/president | 1.5 | $0 | |
Wendy Schmidt Director/vice President | 3 | $0 | |
John Kelly Treasurer/chief Financial Officer | 22 | $172,744 | |
Jyotika Virmani Executive Director | 40 | $460,402 | |
Frances Babb Secretary | 0.5 | $7,228 | |
Eric King Senior Director Of O | 40 | $378,696 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Hillspire Llc | 12/30/22 | $746,911 |
Benhur G Chiong | 12/30/22 | $129,095 |
Adocean Sl (Eur) | 12/30/22 | $181,465 |
Brosnan Brothers | 12/30/22 | $113,047 |
Heiko Volz | 12/30/22 | $128,786 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Contributions, Gifts, Grants & Similar | $47,000,000 |
| Interest on Savings | $18 |
| Dividends & Interest | $51,791 |
| Net Rental Income | $0 |
| Net Gain on Sale of Assets | $0 |
| Capital Gain Net Income | $0 |
| Net ST Capital Gain | $0 |
| Income Modifications | $0 |
| Profit on Inventory Sales | $0 |
| Other Income | -$103,919 |
| Total Revenue | $46,947,890 |
| Statement of Expenses | |
|---|---|
| Compensation of officers, directors, trustees, etc | $640,374 |
| Other employee salaries and wages | $9,126,595 |
| Pension plans, employee benefits | $1,239,884 |
| Interest | $0 |
| Taxes | $2,165 |
| Depreciation | $1,876,672 |
| Occupancy | $176,707 |
| Travel, conferences, and meetings | $1,382,717 |
| Printing and publications | $0 |
| Other expenses | $5,222,348 |
| Total operating and administrative expenses | $20,360,380 |
| Contributions, gifts, grants paid | $1,467,400 |
| Total expenses and disbursements | $21,827,780 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,488,602 |
| Savings and temporary cash investments | $17,080,416 |
| Net Accounts receivable | $0 |
| Net Pledges Receivable | $0 |
| Grants receivable | $0 |
| Receivables from Officers, Directors, or Controlling Persons | $0 |
| Net other notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $2,411,349 |
| Net Investments - land, buildings, equipment | $0 |
| Investments—mortgage loans | $0 |
| Investments—other | $0 |
| Net Land, buildings, and equipment | $78,941,414 |
| Other assets | $7,781 |
| Total assets | $99,929,562 |
| Accounts payable and accrued expenses | $17,062,795 |
| Grants payable | $292,000 |
| Deferred revenue | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Mortgages and other notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $17,354,795 |
Grants Awarded
Over the last fiscal year, Schmidt Ocean Institute has awarded $1,613,400 in support to 18 organizations.
| Grant Recipient | Amount |
|---|---|
THE REGENTS OF THE UNIVERSITY OF CALIFORNIA PURPOSE: SEAWATER MEASUREMENTS TO TRACK OCEAN ACIDIFICATION | $90,000 |
NAUTILUS THINK INC PURPOSE: NAUTILUS OCEANS CHANNEL MAGAZINE | $50,000 |
MARINE TECHNOLOGY SOCIETY INC PURPOSE: MARINE TECHNOLOGY SOCIETY SPONSORSHIP OCEANS (GLOBAL) STUDENT POSTER COMPETITION | $6,000 |
CONSORTIUM FOR OCEAN LEADERSHIP PURPOSE: OCEAN STEM BUILDING DIVERSE LEADERSHIP | $212,503 |
KING BAUDOUIN FOUNDATION PURPOSE: 2022 OCEAN FELLOWSHIP RUN BY TBA21-ACADEMY | $30,000 |
MATE INSPIRATION FOR INNOVATION PURPOSE: MATE INSPIRATION ROV COMPETITION | $50,000 |