Wave Foundation INC EIN 61-1325992 Form 990 (PDF) Claim this org

Wave Foundation INC FY2021 filing

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Educates and engages communities about aquatic life and environmental conservation through programs. For fiscal year 2021 it reported $624K in revenue, $333K in expenses, and $2.3M in net assets.Pt I

Type
Public charity (501(c)(3)) · Arts & Culture
Location
Newport, KY
Website
www.wavefoundation.org
Filings
5 on file (2020–2021)
Revenue
$624KFY2021
Expenses
$333K
Net assets
$2.3M
People
16
Filings
5
Updates
0
More identity details & actions ⌄
EIN  61-1325992 Public charity (501(c)(3)) Newport, KY
Form 990 (PDF)
You’re viewing the FY2021 filing — not the latest on file. See the latest (FY2024) →
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Size
$100K–1M
What they do
Educates and engages communities about aquatic life and environmental conservation through programs.
Leadership
Scott Wingate · Executive Director - Exited 8/1/2021 · $44K
Money in and out
$624K revenue, $333K expenses
Bottom line
65% program efficiency
Where the money goes · FY2021
Total revenue
$624K
Pt VIII · Ln 12
Total expenses
$333K
Pt IX · Ln 25
Net assets
$2.3M
Pt X · Ln 32
Revenue less expenses (Pt I · Ln 19): $291K
Where spending went · Part IX cols B–D
Program services $0.65 Management & general $0.20 Fundraising $0.15
Program efficiency
65%
of spending reaches programs
Operating runway
83.4mo
months of highly liquid reserves at operating expense rate
Surplus margin
+47%
revenue over expenses, this year

Summary of the Filing

Part I · fiscal year 2021 · Form 990
Revenue
$624K
FY2021▲ +26%
Expenses
$333K
FY2021▼ -30%
Total assets
$2.4M
FY2021▲ +21%
Total liabilities
$19K
FY2021▼ -76%
Total revenue
$624K
Pt VIII · Ln 12
Total expenses
$333K
Pt IX · Ln 25
Net assets
$2.3M
Pt X · Ln 32
Revenue less expensesPt I · Ln 19$291K
Total assetsPt X · Ln 16$2.4M
Program-expense ratioPt IX · col B65%
Voting members of governing bodyPt I · Ln 313
Independent voting membersPt I · Ln 413
Mission & Programs · Part III

Where the work happens

3 program services account for $215K of program spending, described in the organization's own filed words · FY2021.
01

Educational programs- Provides curriculum for teachers and students that further the educational goals of WAVE Foundation's mission and Newport Aquarium's programming which include educational camps, community outreach and after school programming.

$130Kprogram expense
02

Volunteer programs- Recruit, on-board, train and schedule volunteers to provide education to Newport Aquarium guests as well as the Greater Cincinnati area. Volunteer programs include exhibit interpreters, dive services, summer naturalist teen programming, outreach education specialists, husbandry aides and episodic volunteers to support…

$44Kprogram expense
03

Conservation programs- Provides funding for conservation projects locally, nationally and internationally. Also includes merchandise sales which include animal art, animal adoptions, shark tooth necklaces, coin drops and KY wild cards. Funds raised from the sales of these items help to support our conservation initiatives.

$41Kprogram expense

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Identity & Classification

Form 990 Header · IRS Business Master File
Legal nameHdr · item CWave Foundation INC
EINHdr · item D61-1325992
Principal addressHdr · item CNewport, KY
WebsiteHdr · item Jwww.wavefoundation.org
Year of formationHdr · item Lpending
State of legal domicileHdr · item MKY
Exempt statusHdr · item I501(c)(3) · active
NTEE classificationIRS BMFArts & Culture (A501)
Ruling yearIRS BMFNov 1998

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 12aYes
Whistleblower policyPt VI · Ln 13Yes
Document retention policyPt VI · Ln 14Yes
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
Executive Director - Exited 8/1/2021
$43,809Pt VII · Sec A
Executive Director - Joined 12/6/21
$3,465Pt VII · Sec A
$0Pt VII · Sec A
Member - Exited 11/1/2021
$0Pt VII · Sec A
Vice Chair
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A

Tricia Watts’s $127K as Executive Director is at the 96th percentile of top reported officer pay among 2213 $100K–1M arts & culture 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 · 4 named individuals · Part VII

NameFY2024FY2023FY2022FY2021FY2020
Tricia Watts$127,011$134,349$150,056$3,465
Trisha Watt$127,011
Scott Wingate$43,809$109,958
Julie Uffman$39,828$39,828$38,670

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 & grants$400K · 64%
Program service revenue$107K · 17%
Other revenue$84K · 14%
Investment income$33K · 5%
Contributions & grants64%$400K
Program service revenue17%$107K
Other revenue14%$84K
Investment income5%$33K
— government grantsLn 1e$68K
Total revenueLn 12$624K

Statement of Functional Expenses

Part IX · allocated across program, management, and fundraising
Allocation · columns B–D
Program services $0.65 Management & general $0.20 Fundraising $0.15
Program services65%$215K
Management & general20%$67K
Fundraising15%$51K
Total functional expensesLn 25$333K

Balance Sheet

Part X · end of year
CashLn 1$461K
Total assetsLn 16$2.4M
Total liabilitiesLn 26$19K
Total net assetsLn 32$2.3M
Months of cash on handcomputed16.6

Financial Metrics

Form 990 · FY2021 · each ratio shown with the dollars behind it
Liquidity & Payout
Operating runway
Highly liquid reserves $2.3M · Operating expenses/yr $333K
83.4 months
Where the money goes
Program services
Program services $215K · Total expenses $333K
65%
Management & General
Management & general $67K · Total expenses $333K
20%
Fundraising
Fundraising $51K · Total expenses $333K
15%
Cost to raise $1
Fundraising expense (2-yr avg) $72K · Solicited contributions (2-yr avg) $309K
$0.23 to raise $1 (2-yr avg)
Where the money comes from
Contribution dependence
Contributions & grants $400K · Total revenue $624K
64%
Government reliance
Government grants $68K · Total revenue $624K
11%
Earned-income share
Program service revenue $107K · Total revenue $624K
17%
Investment reliance
Investment income $33K · Total revenue $624K
+5%
Program self-sufficiency
Program service revenue $107K · Total expenses $333K
32%
Growth & trend
Revenue growth (YoY)
This year $624K · Prior year $497K
+26%
Net-asset trend (YoY)
End of year $2.3M · Beginning of year —
Beginning net assets not meaningfully positive — showing dollar change
Balance sheet
Surplus Margin
Revenue $624K · Expenses $333K
+47%
Liabilities-to-Assets
Total liabilities — · Total assets $2.4M
Net-asset ratio
Net assets $2.3M · Total assets $2.4M
99%
Marketable Investment Share
Publicly traded securities (Pt X, ln 11) $1.9M · Other securities (Pt X, ln 12) — · Total assets (Pt X, ln 16) $2.4M
79%
People & payroll
Highest Reported Total Compensation
Individual Scott Wingate · Reported title Executive Director - Exited 8/1/2021 · Highest reported compensation $44K · Total expenses $333K
13%
Personnel share
Salaries, benefits & payroll (Pt IX 5-10) $213K · Total expenses $333K
64%
Peer comparison

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

MetricThis orgPeer medianPercentile
Program ratio 65%
Overhead ratio 20%
Fundraising cost ratio 13%
Revenue growth 26%
Accounting fee ratio 9%

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 · funders on record
Grants received · FY2024
Total grants receivedfrom 1 funder$6K

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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
FY2024 (Latest)$916K revenue · ⤓ 990 PDF
FY2023$1.1M revenue · ⤓ 990 PDF
FY2022$982K revenue · ⤓ 990 PDF
FY2021$624K revenue · viewing · ⤓ 990 PDF
FY2020$497K revenue · ⤓ 990 PDF

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Sources

Every figure above is drawn from these filings
Form 990 e-file (XML) · FY2021IRS
Classification, formation year, addressIRS Business Master File
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