Ocean Exploration Trust Inc

What it reported doing in 2024

See schedule oin 2024, e/v nautilus successfully completed an 8-month field season consisting of 11 multi-disciplinary expeditions that explored the pacific for a total of 163 days at sea. The 2024 season began with a shake down expedition in Hawaii to prepare for the field work ahead, followed by others centered on supporting maintenance of the ocean networks canada cabled observatory, seafloor mapping across the north and central pacific, multi-vehicle explorations in american samoa, rov explorations of the palau national marine sanctuary, and deployments of multiple robotic assets to study the physical oceanography around the palauan islands. Collectively, 2024 expeditions mapped over 150,000 square kilometers of seafloor, completed 62 successful rov dives, 61 deployments of other vehicles, and engaged many millions of viewers around the world. Expeditions in 2024 were funded by noaa ocean exploration via the ocean exploration cooperative institute, ocean networks canada, noaa uncrewed systems operation center, bureau of ocean energy management, and office of naval research. Throughout the planning and execution of expeditions, the ocean exploration trust worked closely with government agencies and the scientific community to ensure that expedition activities address science and management priorities. Expeditions took advantage of e/v nautilus telepresence capabilities and included extensive education and outreach activities to reach audiences of all ages.

Financial Efficiency

• Mission deployment rate: 68.7%; rating input score 69
• Program expense ratio: 80.4%; rating input score 80
• Fundraising efficiency: $106.78 raised per $1 spent on fundraising; rating input score 85; 85th percentile among comparable filings

Transparency & Controls

• Consistency checks: 100%; rating input score 100; 62nd percentile among comparable filings
• Pay-setting controls: 2 of 6 controls in place; rating input score 33
  • Compensation committee: Missing
  • Independent consultant: Missing
  • Other Form 990s reviewed: Missing
  • Written employment contract: Missing
  • Compensation survey or study: Pass
  • Board or committee approval: Pass
• Foreign activity oversight: Scored; rating input score 0
• Grant itemization coverage: Scored; rating input score 0
• Major donor itemization: Yes; rating input score 100
• Related-party transparency: Limited

Accountability

• Independent voting board: 92.3%; rating input score 92; 25th percentile among comparable filings
• Governance controls: 9 of 9 controls in place; rating input score 100
  • Conflict-of-interest policy: Pass
  • Whistleblower policy: Pass
  • Document-retention policy: Pass
  • CEO compensation review process: Pass
  • Other executive compensation review process: Pass
  • Form 990 shared with the board: Pass
  • Board meeting minutes documented: Pass
  • Audit committee oversight: Pass
  • Independent financial-statement audit: Pass

Sustainability

• Operating margin: 14.5%; rating input score 75; 75th percentile among comparable filings
• Total-asset coverage ratio: 0.73; rating input score 26; 26th percentile among comparable filings
• Liabilities to assets ratio: 0.19; rating input score 60; 60th percentile among comparable filings
• Officer compensation ratio: 15.3%; rating input score 8; 8th percentile among comparable filings

Growth

• Program expense growth: 6.5% per year; rating input score 100; 53rd percentile among comparable filings
• Revenue growth: 7.3% per year; rating input score 100; 61st percentile among comparable filings
• Asset growth: 4.9% per year; rating input score 100; 34th percentile among comparable filings