Ocean Exchange INC EIN 27-2691376

Ocean Exchange INC

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Accelerates adoption of startup innovations for healthy oceans, resilient coastlines, and sustainable shipping. For fiscal year 2025 it reported $745K in revenue, $254K in expenses.Pt I

Founded
2010
Type
Public charity (501(c)(3)) · Environment
Location
Savannah, GA
Website
www.oceanexchange.org
Filings
6 on file (2020–2025)
Revenue
$745KFY2025
Expenses
$254K
Net assets
$0
People
14
Filings
6
Updates
0
More identity details & actions ⌄
EIN  27-2691376 Public charity (501(c)(3)) Savannah, GA Founded 2010
Form 990 (PDF)
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Size
$100K–1M
What they do
Accelerates adoption of startup innovations for healthy oceans, resilient coastlines, and sustainable shipping.
Leadership
Millicent Pitts · CEO/Executive Direct · $62K
Money in and out
$745K revenue, $254K expenses
Bottom line
97% program efficiency
Where the money goes · FY2025
Total revenue
$745K
Pt VIII · Ln 12
Total expenses
$254K
Pt IX · Ln 25
Net assets
$0
Pt X · Ln 32
Revenue less expenses (Pt I · Ln 19): $492K
Where spending went · Part IX cols B–D
Program services $0.97 Management & general $0.03
Program efficiency
97%
of spending reaches programs-0.09% vs prior filing year
Surplus margin
+66%
revenue over expenses, this year▲ +798% vs prior filing year
Revenue trend
+17%
avg. annual growth over 5 years▼ -42% vs prior filing year

Summary of the Filing

Part I · fiscal year 2025 · Form 990
Revenue
$745K
FY2025▼ -22%
Expenses
$254K
FY2025▼ -71%
Total assets
FY2025
Total liabilities
$0
FY2025
Total revenue
$745K
Pt VIII · Ln 12
Total expenses
$254K
Pt IX · Ln 25
Net assets
$0
Pt X · Ln 32
Revenue less expensesPt I · Ln 19$492K
Total assetsPt X · Ln 16
Program-expense ratioPt IX · col B97%
Voting members of governing bodyPt I · Ln 313
Independent voting membersPt I · Ln 413
Mission & Programs · Part III

Where the work happens

1 program service account for $246K of program spending, described in the organization's own filed words · FY2025.
01

The annual exchange event showcases ten solutions, generated from an annual global call for solutions, highlighting different perspectives and approaches. Each year, individuals and organizations from diverse fields with expertise managing global issues meet in savannah, georgia.

$246Kprogram expense

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Identity & Classification

Form 990 Header · IRS Business Master File
Legal nameHdr · item COcean Exchange INC
EINHdr · item D27-2691376
Principal addressHdr · item CSavannah, GA
WebsiteHdr · item Jwww.oceanexchange.org
Year of formationHdr · item L2010
State of legal domicileHdr · item MGA
Exempt statusHdr · item I501(c)(3) · active
NTEE classificationIRS BMFEnvironment (C12)
Ruling yearIRS BMFMay 2011

Governance & Policies

Part VI
Voting members of the governing bodyPt VI · Ln 1a13
Independent voting membersPt VI · Ln 1b13
Conflict-of-interest policyPt VI · Ln 12aNo
Whistleblower policyPt VI · Ln 13No
Document retention policyPt VI · Ln 14No
CEO/top-official compensation independently reviewedPt VI · Ln 15aYes
Family or business relationships among officers/directorsPt VI · Ln 2No

Officers, Directors & Key Employees

Part VII, Section A · reportable compensation
CEO/Executive Direct
$62,500Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A

Millicent Pitts’s $62K as CEO/Executive Direct is at the 43rd percentile of top reported officer pay among 1981 $100K–1M environment nonprofits. Peer set: organizations in the same NTEE major field of work and revenue-size band, compared on each org’s own highest-paid officer/key-employee, from Form 990 Part VII / 990-PF Part VIII. Descriptive placement, not a verdict on whether the pay is appropriate.

Compensation history total reportable pay by year · 1 named individual · Part VII

NameFY2025FY2024FY2023FY2022FY2021
Millicent Pitts$62,500$100,000$62,500$75,000$75,000

Total reportable compensation (Form 990 Part VII column D / Schedule J column E) by filing year, matched by name within this organization. The Schedule J base / bonus / deferred breakdown is not parsed into this dataset.

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Statement of Revenue

Part VIII
Contributions & grants100%$745K
Total revenueLn 12$745K

Statement of Functional Expenses

Part IX · allocated across program, management, and fundraising
Allocation · columns B–D
Program services $0.97 Management & general $0.03
Program services97%$246K
Management & general3%$7K
Total functional expensesLn 25$254K

Balance Sheet

Part X · end of year
CashLn 1
Total assetsLn 16
Total liabilitiesLn 26$0
Total net assetsLn 32$0

Financial Metrics

Form 990 · FY2025 · each ratio shown with the dollars behind it
Liquidity & Payout
Operating runway
Highly liquid reserves — · Operating expenses/yr $254K
Highly liquid reserves (cash & marketable securities on Pt X) ÷ monthly operating expenses (Pt IX total, less non-cash grants & depreciation when reported).
Where the money goes
Program services
Program services $246K · Total expenses $254K
97%
Management & General
Management & general $7K · Total expenses $254K
3%
Fundraising
Fundraising $0 · Total expenses $254K
0%
Cost to raise $1
Fundraising expense (3-yr avg) $0 · Solicited contributions (3-yr avg) $838K
Solicited contributions below reporting floor
Where the money comes from
Contribution dependence
Contributions & grants $745K · Total revenue $745K
100%
Government reliance
Government grants — · Total revenue $745K
Earned-income share
Program service revenue $0 · Total revenue $745K
0%
Investment reliance
Investment income $0 · Total revenue $745K
0%
Program self-sufficiency
Program service revenue $0 · Total expenses $254K
0%
Growth & trend
Revenue growth (YoY)
This year $745K · Prior year $961K
-22%
Revenue CAGR
FY2020 $336K · FY2025 $745K
+17%
Net-asset trend (YoY)
End of year $0 · Beginning of year —
Beginning net assets not meaningfully positive — showing dollar change
Balance sheet
Surplus Margin
Revenue $745K · Expenses $254K
+66%
Liabilities-to-Assets
Total liabilities — · Total assets —
Net-asset ratio
Net assets $0 · Total assets —
Marketable Investment Share
Publicly traded securities (Pt X, ln 11) $0 · Other securities (Pt X, ln 12) $0 · Total assets (Pt X, ln 16) —
Excludes program-related investments (Pt X, ln 13)
People & payroll
Highest Reported Total Compensation
Individual Millicent Pitts · Reported title CEO/EXECUTIVE DIRECT · Highest reported compensation $62K · Total expenses $254K
25%
Personnel share
Salaries, benefits & payroll (Pt IX 5-10) $111K · Total expenses $254K
44%
Peer comparison

Same NTEE category, revenue band, and state where available. Descriptive — not a grade.

MetricThis orgPeer medianPercentile
Program ratio 97%
Overhead ratio 3%
Revenue growth -22%

Straight from the Form 990 — descriptive, not an evaluation. A ratio is hidden when its base is zero or too small to be meaningful; the dollars are always shown.

Grants

Schedule I · received and paid
Grants received · FY2024
Total grants receivedfrom 3 funders$562K
See all 3 funders →
Grants paid · 14 grants · $860K · 2020–2024
Carbon BridgeFY2024$100,000
Phoenix WasteFY2024$100,000
CeretuneFY2024$10,000
Helix EnergyFY2023$100,000
Remora TechnicalFY2023$100,000
Cordelia BiosciencesFY2023$10,000
Virgil GroupFY2022$100,000
GreenblueFY2022$10,000
Element ResourcesFY2021$100,000
E-WaveFY2021$10,000
Ocean Rescue Alliance INCFL · FY2021$10,000
Noon Energy INCFY2020$100,000
Opus 12 INCFY2020$100,000
Celise LLCFY2020$10,000

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Filings & Schedule Manifest

Part IV
III · Programs I · Grants R · Related orgs G · Fundraising L · Interested persons A · Public support F · Foreign M · Noncash
FY2025 (Latest)$745K revenue · viewing · ⤓ 990 PDF
FY2024$961K revenue · ⤓ 990 PDF
FY2023$832K revenue · ⤓ 990 PDF
FY2022$812K revenue · ⤓ 990 PDF
FY2021$482K revenue · ⤓ 990 PDF
FY2020$336K revenue · ⤓ 990 PDF

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Sources

Every figure above is drawn from these filings
Form 990 e-file (XML) · FY2025IRS
Classification, formation year, addressIRS Business Master File
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