Seaworthy Foundation Inc
Nonprofit profile at a glance
- EIN
- 872883986
- IRS 990 coverage
- 2023–2024
- Forms available
- Form 990 2024, Form 990-EZ 2022
- Location
- Miami, FL, USA
- Rating
- 84
- Verdict
- STRONG
- Rating confidence
- Moderate
- Sector
- Environmental Education and Outdoor Survival Programs
Reported finances
- Revenue
- $431,973
- Expenses
- $557,273
- Assets
- $249,840
- Liabilities
- $0
Source: IRS Form 990. Selected filing: tax year 2024. Amounts in USD.
Leadership & pay
2 people listed
Executive titles in this filing
- Daniel Kleinman (Founder CEO)
Highest reported compensation
- Daniel Kleinman (Founder CEO): $80,000 total reported compensation
- Tamara Kahn Zissman (Director of Founder Succes): $78,750 total reported compensation
Source: IRS Form 990. Selected filing: tax year 2024. Names and roles reflect this filing, not necessarily current officeholders.
Overview
Mission
Seaworthy Collective is a Miami-based 501c3 nonprofit that supports current and aspiring entrepreneurs driving innovation for ocean impact AKA BlueTech. Our mission is to bring all hands on deck for BlueTech via programs to co-create and grow early-stage startups build regional capacity and educate our community.
What it reported doing in 2024
Seaworthys flagship startup program provides 12 weeks of bespoke support for both current and aspiring founders including access to Seaworthys global network resources service providers 1-on-1 support business curriculum grants support and opportunities for visibility. Each cohort group of startups consists of 7 startups with up to 2 cohorts per year.
Operating model
- Revenue model
- Grant-funded. 71% of the money available for current operations came from government grants.
- Distribution model
- Cannot be determined from the filing. The filing does not provide enough consistent spending detail to tell whether the nonprofit works directly or through others.
The verdict
STRONG - A large share of available resources goes toward mission work and the filed numbers largely add up. Expenses are high relative to revenue and total assets are small relative to annual expenses; liquid coverage is unknown.
Rating breakdown
- Financial Efficiency: 82
- Transparency & Controls: 89
- Accountability: 91
- Sustainability: 22
- Growth: 100
Detailed rating inputs
Financial Efficiency
- Mission deployment rate: 100%; rating input score 100
- Program expense ratio: 78.9%; rating input score 79
- Fundraising efficiency: Limited
Transparency & Controls
- Consistency checks: 81.8%; rating input score 82; 1st percentile among comparable filings
- Pay-setting controls: Limited
- Foreign activity oversight: Limited
- Grant itemization coverage: 100%; rating input score 100; 80th percentile among comparable filings
- Major donor itemization: Yes; rating input score 100
- Related-party transparency: Limited
Accountability
- Independent voting board: 100%; rating input score 100; 63rd percentile among comparable filings
- Governance controls: 7 of 9 controls in place; rating input score 78
- 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: Missing
- Independent financial-statement audit: Fail
Sustainability
- Operating margin: -29%; rating input score 10; 10th percentile among comparable filings
- Total-asset coverage ratio: 0.45; rating input score 22; 22nd percentile among comparable filings
- Liabilities to assets ratio: 0; rating input score 80; 80th percentile among comparable filings
- Officer compensation ratio: 28.5%; rating input score 12; 12th percentile among comparable filings
Growth
- Program expense growth: 99% per year; rating input score 100; 99th percentile among comparable filings
- Revenue growth: 47.3% per year; rating input score 100; 97th percentile among comparable filings
- Asset growth: 50.7% per year; rating input score 100; 96th percentile among comparable filings
Details
- Where the money goes: 100% of revenue deployed · 78.9% of spending went to programs
- Governance: 3 of 3 board members independent · 7 of 9 filing controls reported
- Programs: 5 filed program accomplishments · $439K in reported program spending
- Leadership: top reported pay $80K · 2 people listed
- Consistency: 37 of 39 current checks pass · 2 findings to review
- Schedules: 5 filed schedules · includes major donors and grants
- Filing history: 2 filing years from 2023 to 2024
- Contacts: How to reach this organization
- Money network: 7 filed money-flow records
- Related organizations: Filed and resolved organization relationships.
- Grant readiness: Federal tax and exclusion status, award history, and grant-maker relationships.
- People: Everyone the filings name, and which of them the filings identify by more than a name.
Key Signals
Signals prioritize questions for review. They are not findings of misconduct.
- High — Sustainability: Operating margin scored 10/100.
- High — Sustainability: Total-asset coverage ratio scored 22/100.
- Review — Accountability: Governance controls: Independent financial-statement audit not reported.
- High — Sustainability: Officer compensation ratio scored 12/100.
- Moderate — Transparency & Controls: Functional expense sum did not reconcile in the filed values.
- Moderate — Transparency & Controls: Part IX GrantsToDomesticOrgs column sum did not reconcile in the filed values.