AMERICAN FRIENDS OF THE OCEAN CLEANUP FOUNDATION

EIN: 815132355 501(c)(3)

NEW YORK, NY

Total Revenue
$12,513,955
Total Expenses
$17,732,162
Total Assets
$20,206,628
Net Assets
$3,583,698
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Financial Vulnerability Assessment (Tuckman-Chang)

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Financial Trends

Organization Details

Formation Year
2017
Legal Domicile
DE
Principal Officer
JOY P GAO
Phone
3322368004
Tax Period
2024-01-01 to 2024-12-31

AMERICAN FRIENDS OF THE OCEAN CLEANUP FOUNDATION, founded in 2017, is a mid-sized nonprofit that reported $12.5M in total revenue in fiscal year 2024. Revenue fell 37% from the prior year — a significant decline worth monitoring. Expenses of $17.7M exceeded revenue, resulting in a 42% operating deficit.

Mission

TO PRESERVE AND PROTECT THE NATURAL OCEAN ENVIRONMENT FOR THE BENEFIT OF THE PUBLIC INCLUDING (I) PROMOTING, DEVELOPING AND PERFORMING THE ENVIRONMENTALLY FRIENDLY, LARGE-SCALE AND EFFICIENT EXTRACTION AND REMOVAL OF WASTE FROM OCEANS, SEAS AND OTHER WASTE AREAS, AND (II) PROMOTING, DEVELOPING AND PERFORMING THE ENVIRONMENTALLY FRIENDLY RECYCLING OF SUCH WASTE.

Program Service Accomplishments

Program 1
Expenses: $17,301,775

AMERICAN FRIENDS OF THE OCEAN CLEANUP, FOUNDATION ("THE FOUNDATION") IS RESPONSIBLE FOR SOLICITING DONATIONS IN THE U.S, PRIMARILY TO SUPPORT CLEAN UP INITIATIVES IN OCEANS, RIVERS, AND OTHER BODIES...

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AMERICAN FRIENDS OF THE OCEAN CLEANUP, FOUNDATION ("THE FOUNDATION") IS RESPONSIBLE FOR SOLICITING DONATIONS IN THE U.S, PRIMARILY TO SUPPORT CLEAN UP INITIATIVES IN OCEANS, RIVERS, AND OTHER BODIES OF WATER AROUND THE WORLD. THESE DONATIONS ARE REVIEWED BY AN INDEPENDENT BOARD, AND CERTAIN GRANTS ARE APPROVED TO BE MADE TO THE RELATED DUTCH ORGANIZATION, STICHTING THE OCEAN CLEANUP ("STICHTING"), TO BE USED IN SUPPORT OF THEIR MISSION, WHICH IS ALIGNED WITH THE FOUNDATION'S MISSION OF PROTECTING THE OCEANS, THROUGHOUT THE WORLD. THE FOUNDATION HAS FULL CONTROL AND DISCRETION OVER THE DONATED FUNDS IT RECEIVES AND MAINTAINS PROPER INTERNAL CONTROLS AND PROCESSES FOR THE APPROVAL OF GRANTS TO STICHTING.

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Trantor Score

Financial Health Score (300–850) · Liquidity · Solvency · Sustainability · Efficiency

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Liquidity (40%) • Solvency (30%) • Sustainability (20%) • Efficiency (10%)

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Financial Overview (2024)

Revenue Breakdown

Contributions & Grants $11,705,133
Program Service Revenue $0
Investment Income $809,690
Other Revenue $-868
TOTAL REVENUE $12,513,955

Expense Breakdown

Grants Paid $17,147,000
Salaries & Benefits $0
Fundraising Expenses $108,594
Program Expenses $17,301,775
Other Expenses $585,162
TOTAL EXPENSES $17,732,162

Year-over-Year Comparison

2024 2023 Change
Revenue $12,513,955 $19,747,898 -0.4%
Expenses $17,732,162 $30,619,405 -0.4%
Net Income $-5,218,207 $-10,871,507 -0.5%
Key Indicators
✗ Grants to Organizations ✗ Grants to Individuals ✗ Lobbying ✗ Political Activity ✓ Foreign Activities ✗ Donor Advised Fund ✓ Schedule B Required
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Liquidity & Cash Position

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Governance

Voting Members
5
Independent Members
3
Employees
N/A
Volunteers
N/A

Governance Policies

✓ Conflict of Interest Policy
✗ Whistleblower Policy
✗ Document Retention Policy

Special Practices & Reported Activities

✗ Operated a School
✗ Operated a Hospital
✗ Provided First Class Travel
⚠ Reported Conflict of Interest
✗ Reported Asset Diversion
✗ Excess Benefit Transaction
✗ Made Political Expenditures
✗ Engaged in Lobbying
✗ Operated Donor Advised Fund
✗ Maintained Art Collections
✗ Filed Form 720

Compensation of Officers, Directors & Key Employees

Total Officers
3
$297,047
Total Directors
5
$297,047
Key Employees
0
$0
Highest Compensated
0
reported
Name Title Hours/Week Role Reportable Comp Other Comp Total
BOYAN DAMIR SLAT PRESIDENT 1.00
Officer Director
$0 $0 $185,750
JOY GAO TREASURER 1.00
Officer Director
$0 $0 $111,297
CARL MR VAN DER ZANDT SECRETARY 1.00
Officer Director
$0 $0 $0
ROBERT C PARKER DIRECTOR 1.00
Director
$0 $0 $0
PETER SCHWARTZ DIRECTOR 1.00
Director
$0 $0 $0
Note: Compensation data is self-reported by the organization on their Form 990. "Reportable Comp" includes salary, bonuses, and other reportable compensation from the organization and related organizations. "Other Comp" includes benefits, deferred compensation, and non-taxable benefits.

Historical Data

Year Revenue Expenses Assets Net Income
2024 $12,513,955 $17,732,162 $20,206,628 $-5,218,207
2023 $19,747,898 $30,619,405 $20,673,378 $-10,871,507
2022 $36,740,334 $23,744,670 $45,358,189 $12,995,664
2021 $8,535,781 $7,896,828 $18,161,783 $638,953
2020 $4,270,344 $85,306 $7,608,235 $4,185,038
2019 $5,836,437 $3,072,855 $3,298,809 $2,763,582
2018 $2,625,278 $2,095,133 $661,285 $530,145
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