Seaworthy Foundation INC EIN 87-2883986

Seaworthy Foundation INC

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Fosters ocean and climate innovation through accessible education and community-building opportunities. For fiscal year 2024 it reported $432K in revenue, $557K in expenses, and $250K in net assets.Pt I

Type
Public charity (501(c)(3)) · Environment
Location
Miami, FL
Website
seaworthycollective.com/foundation
Filings
4 on file (2021–2024)
Revenue
$432KFY2024
Expenses
$557K
Net assets
$250K
People
2
Filings
4
Updates
0
More identity details & actions ⌄
EIN  87-2883986 Public charity (501(c)(3)) Miami, FL
Form 990 (PDF)
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Size
$100K–1M
What they do
Fosters ocean and climate innovation through accessible education and community-building opportunities.
Leadership
Daniel Kleinman · Founder CEO · $80K
Money in and out
$432K revenue, $557K expenses
Bottom line
5.4mo operating runway
Where the money goes · FY2024
Total revenue
$432K
Pt VIII · Ln 12
Total expenses
$557K
Pt IX · Ln 25
Net assets
$250K
Pt X · Ln 32
Revenue less expenses (Pt I · Ln 19): −$125K
Where spending went · Part IX cols B–D
Program services $0.79 Management & general $0.11
Operating runway
5.4mo
months of highly liquid reserves at operating expense rate▼ -78% vs prior filing year
Surplus margin
-29%
revenue over expenses, this year▼ -144% vs prior filing year
Donor-funded
96%
of revenue is gifts & grants▼ -7% vs prior filing year

Summary of the Filing

Part I · fiscal year 2024 · Form 990
Revenue
$432K
FY2024▼ -18%
Expenses
$557K
FY2024▲ +205%
Total assets
$250K
FY2024▼ -33%
Total liabilities
$0
FY2024
Total revenue
$432K
Pt VIII · Ln 12
Total expenses
$557K
Pt IX · Ln 25
Net assets
$250K
Pt X · Ln 32
Revenue less expensesPt I · Ln 19−$125K
Total assetsPt X · Ln 16$250K
Program-expense ratioPt IX · col B79%
Voting members of governing bodyPt I · Ln 33
Independent voting membersPt I · Ln 43
Mission & Programs · Part III

Where the work happens

3 program services account for $407K of program spending, described in the organization's own filed words · FY2024.
01

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.

$287Kprogram expense
02

Our largest annual or bi-annual event in May and or October elevating the work of Seaworthy founders participating in our latest cohort. Founders share their latest pitches and progress developed during the startup programs. The event features a distinguished keynote speaker partner spotlights and major announcements.

$68Kprogram expense
03

Seaworthys 2 month program equips students and professionals who are aspiring BlueTech founders with the knowledge skills and support needed to build an ocean impact startup. Each program occurs in partnership with universities industry associations and additional stakeholders in workforce development.

$52Kprogram expense

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Identity & Classification

Form 990 Header · IRS Business Master File
Legal nameHdr · item CSeaworthy Foundation INC
EINHdr · item D87-2883986
Principal addressHdr · item CMiami, FL
Year of formationHdr · item Lpending
State of legal domicileHdr · item MFL
Exempt statusHdr · item I501(c)(3) · active
NTEE classificationIRS BMFEnvironment (C60)
Ruling yearIRS BMFMar 2022

Governance & Policies

Part VI
Voting members of the governing bodyPt VI · Ln 1a3
Independent voting membersPt VI · Ln 1b3
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
Founder CEO
$80,000Pt VII · Sec A
Director of Founder Succes
$78,750Pt VII · Sec A

Daniel Kleinman’s $80K as Founder CEO is at the 63rd 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 · 2 named individuals · Part VII

NameFY2024FY2023
Daniel Kleinman$80,000$47,385
Tamara Kahn Zissman$78,750

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$414K · 96%
Investment income$11K · 3%
Program service revenue$6K · 1%
Contributions & grants96%$414K
Investment income3%$11K
Program service revenue1%$6K
— government grantsLn 1e$306K
Total revenueLn 12$432K

Statement of Functional Expenses

Part IX · allocated across program, management, and fundraising
Allocation · columns B–D
Program services $0.79 Management & general $0.11
Program services79%$439K
Management & general11%$61K
Total functional expensesLn 25$557K

Balance Sheet

Part X · end of year
CashLn 1$250K
Total assetsLn 16$250K
Total liabilitiesLn 26$0
Total net assetsLn 32$250K
Months of cash on handcomputed5.4

Financial Metrics

Form 990 · FY2024 · each ratio shown with the dollars behind it
Liquidity & Payout
Operating runway
Highly liquid reserves $250K · Operating expenses/yr $557K
5.4 months
Where the money goes
Program services
Program services $439K · Total expenses $557K
not reported
Management & General
Management & general $61K · Total expenses $557K
not reported
Fundraising
Fundraising $0 · Total expenses $557K
not reported
Cost to raise $1
Fundraising expense (2-yr avg) $9K · Solicited contributions (2-yr avg) $200K
$0.05 to raise $1 (2-yr avg)
Where the money comes from
Contribution dependence
Contributions & grants $414K · Total revenue $432K
96%
Government reliance
Government grants $306K · Total revenue $432K
71%
Earned-income share
Program service revenue $6K · Total revenue $432K
1%
Investment reliance
Investment income $11K · Total revenue $432K
+3%
Program self-sufficiency
Program service revenue $6K · Total expenses $557K
1%
Growth & trend
Revenue growth (YoY)
This year $432K · Prior year $529K
-18%
Net-asset trend (YoY)
End of year $250K · Beginning of year —
Beginning net assets not meaningfully positive — showing dollar change
Balance sheet
Surplus Margin
Revenue $432K · Expenses $557K
-29%
Liabilities-to-Assets
Total liabilities — · Total assets $250K
Net-asset ratio
Net assets $250K · Total assets $250K
100%
Marketable Investment Share
Publicly traded securities (Pt X, ln 11) $0 · Other securities (Pt X, ln 12) $0 · Total assets (Pt X, ln 16) $250K
0%
People & payroll
Highest Reported Total Compensation
Individual Daniel Kleinman · Reported title Founder CEO · Highest reported compensation $80K · Total expenses $557K
14%
Personnel share
Salaries, benefits & payroll (Pt IX 5-10) $193K · Total expenses $557K
35%
Peer comparison

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

MetricThis orgPeer medianPercentile
Program ratio 79%
Overhead ratio 11%
Fundraising cost ratio 0%
Revenue growth -18%
Investment management fee ratio 0%
Legal fee ratio 0.1%
Accounting fee ratio 0.1%
Fundraising fee ratio 0%

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 1 funder$100K
Grants paid · 5 grants · $230K · 2024–2024
NoaaFY2024$56,629
Ocean Exchange INCGA · FY2024$51,869
Braid TheoryFY2024$51,281
World Ocean CouncilVA · FY2024$45,131
Miami Dade CollegeFY2024$25,000

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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
FY2024 (Latest)$432K revenue · viewing · ⤓ 990 PDF
FY2023$529K revenue · ⤓ 990 PDF
FY2022$98K revenue · ⤓ 990 PDF
FY2021$4K revenue · ⤓ 990 PDF

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Sources

Every figure above is drawn from these filings
Form 990 e-file (XML) · FY2024IRS
Classification, formation year, addressIRS Business Master File
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