2016-10-25T16:33:50-05:00 2015-12-31 453269313 YH ADVISORS INC 7755 CENTER AVENUE SUITE 1225 HUNTINGTON BEACH CA 92647 990 2015-01-01 463977904 ALTASEA AT THE PORT OF LOS ANGELES ALTA 4242104320 222 WEST 6TH STREET NO 1010 SAN PEDRO CA 90731 JENNY KRUSOE CFO/COO/EXECUTIVE DIRECTOR 4242104320 2016-10-11 1 BRIAN YACKER P00401346 3109822803 2015 2017-02-10 21:41:12Z JENNY KRUSOE 222 WEST 6TH STREET NO 1010 SAN PEDRO CA 90731 1300181 0 X ALTASEA.ORG X 2013 CA GENERATING INNOVATIVE SOLUTIONS TO THE GLOBAL CHALLENGES OF SUSTAINABILITY. 3 3 16 3 0 0 22188437 1293865 0 0 1223 6316 0 0 22189660 1300181 0 93377 0 0 715131 1486610 5000 446612 1640580 2274924 2710337 2995055 4736936 19194605 -3436755 19419338 6591053 224733 744791 19194605 5846262 TO BRING TOGETHER SCIENCE, BUSINESS AND EDUCATION TO GENERATE INNOVATIVE SOLUTIONS TO THE GLOBAL CHALLENGES OF SUSTAINABILITY. ALTASEA WORKS TO DEMONSTRATE HOW THE OCEAN IS INTEGRAL TO THE WELL-BEING OF HUMANKIND AND THE HEALTH OF THE EARTH. 0 0 2769950 93377 EXPAND SCIENCE-BASED UNDERSTANDING OF THE OCEAN. ALTASEA IS WORKING TO CONVENE AND SUPPORT THE WORLD'S BEST MARINE SCIENTISTS IN A STATE-OF-THE-ART URBAN OCEAN-BASED RESEARCH FACILITY, IN WHICH THE WORLD'S LEADING RESEARCHERS WILL ADVANCE UNDERSTANDING OF THE OCEAN AND DEVELOP CREATIVE AND CROSS-DISCIPLINARY SOLUTIONS. CATALYZE THE CREATION OF RELEVANT NEW INDUSTRIES. ALTASEA IS WORKING TO ESTABLISH A BUSINESS HUB WHICH WILL SUPPORT NEW AND EXISTING BUSINESSES THAT COMMERCIALIZE SCIENTIFIC BREAKTHROUGHS AND EMERGING TECHNOLOGIES TO CREATE OCEAN-RELATED PRODUCTS AND SERVICES. PIONEER CUTTING-EDGE EDUCATION AND COMMUNICATIONS PROGRAMS. ALTASEA IS DEDICATED TO IGNITING ENGAGEMENT AND EXCITEMENT IN PERSONS OF ALL AGES AND BACKGROUNDS WITH PROGRAMS THAT COMMUNICATE ABOUT THE OCEAN AND ITS IMPORTANCE TO OUR LIVES. 2769950 1 1 0 1 0 0 0 0 0 0 1 0 0 0 0 0 1 0 0 0 0 0 0 1 0 0 0 1 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 27 0 1 16 1 0 0 0 0 0 0 0 0 0 0 X 3 3 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 CA X ALTASEA 4242104320 222 WEST 6TH STREET SUITE 1010 SAN PEDRO CA 90731 X MARTIN H BLANK JR SECRETARY & DIRECTOR 4.00 X X 0 0 0 CAMILLA TOWNSEND TREASURER & DIRECTOR 4.00 X X 0 0 0 SAMUEL NAPPI DIRECTOR 4.00 X 0 0 0 JENNY KRUSOE CFO/COO/EXECUTIVE DIRECTOR 40.00 X 271067 0 16235 RACHEL ETHERINGTON CEO 40.00 X 253644 0 2643 KATE KERR DEVELOPMENT DIRECTOR 40.00 X 229774 0 8392 754485 0 27270 3 0 1 0 M ARTHUR GENSLER JR & ASSOCIATES FILE 57109 LOS ANGELES CA 900747109 ARCHITECTS 2272653 J BEN BOURGEOIS PRODUCTIONS 512 NORTH LARCHMONT BLVD LOS ANGELES CA 90004 EVENT PRODUCTION 737817 SHEPPARD MULLEN RICHTER & HAMPTON 3333 SOUTH HOPE STREET 43RD FLOOR LOS ANGELES CA 90071 LEGAL 376635 DLA PIPER 500 8TH STREET NW WASHINGTON CA 20004 GOVERNMENT FUNDING ADVISORS 316174 FREEMAN GROUP 3029 WILSHIRE BLVD SUITE 202 SANTA MONICA CA 90403 PROJECT MANAGER 309932 8 1293865 1293865 6316 6316 1300181 0 0 6316 X 93377 93377 781755 414841 65361 301553 578860 360195 67474 151191 41236 24241 4097 12898 84759 48326 8279 28154 174941 70932 28136 75873 155406 108784 46622 69882 2084 66584 1214 446612 446612 570978 467880 4906 98192 477566 334296 143270 28057 19643 2804 5610 29849 20894 2985 5970 169659 118761 16966 33932 1586 1110 159 317 24702 14821 2470 7411 70186 49130 7019 14037 COMMUNITY OUTREACH 773144 463886 309258 PROGRAM EXPENSES 138941 138941 EQUIPMENT 15161 10613 1516 3032 MISCELLANEOUS 5590 3913 559 1118 4689 3282 469 938 4736936 2769950 326406 1640580 1499130 1163935 16708406 2397097 35754 59346 3002781 32106 1176048 2970675 19419338 6591053 224733 744791 224733 744791 X 2496199 5776262 16698406 70000 19194605 5846262 19419338 6591053 X -3436755 -9911588 X 0 1 X 1 0 X 22188437 1293865 23482302 22188437 1293865 23482302 22287440 1194862 1223 6316 7539 23489841 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 0 0 0 0 0 0 0 1 31617 31617 0 2811651 2811651 101430 9063 92367 69511 17659 51852 20189 5384 14805 2970675 -8611407 -9911588 -9911588 1300181 0 1300181 4736936 0 4736936 0 4736936 PART XI, LINE 2D - OTHER ADJUSTMENTS: WRITE OFF OF UNCOLLECTIBLE PLEDGE RECEIVABLE -9,114,970. IMPAIRMENT LOSS ON CONSTRUCTION IN PROGRESS -796,618. X X X X X X 1 KATHERINE DESHAW PHILANTHROPIC CONSULTING 531 NORTH ROSSMORE AVE PHC LOS ANGELES CA 90004 FUNDRAISING 0 0 15000 0 PHILLIPS & ASSOCIATES INC 1308 COMSTOCK AVENUE LOS ANGELES CA 90025 FUNDRAISING 0 0 48094 0 DLA PIPER LLP US 500 8TH STREET NW WASHINGTON DC 20004 FUNDRAISING 0 0 316174 0 URBAN DESIGN CENTER 1100 SOUTH HOPE STREET SUITE 103 LOS ANGELES CA 90015 GRANT WRITER 0 0 19955 0 WIDE SKY CONSULTING INC 14558 OSTEGO STREET SHERMAN OAKS CA 91403 GRANT WRITER 0 0 20312 0 419535 CA 1 CAL STATE UNIVERSITY LONG BEACH RESEARCH FOUNDATION 6300 STATE UNIVERSITY DRIVE SUITE 332 LONG BEACH CA 90815 956106694 501(C)(3) 10077 SUPPORT RESEARCH IN CONNECTION WITH MONITORING MOVEMENTS OF LARGE MARINE PREDATORS USING A COAST-WIDE ACOUSTIC TELEMETRY NETWORK AND THE DEVELOPMENT OF NEW SMART TAG TECHNOLOGY. LOS ANGELES MARITIME INSTITUTE BERTH 73 SUITE 2 SAN PEDRO CA 90731 330515416 501(C)(3) 41097 STUDENT SCIENTIST PROGRAM AND SUPPORT REEF CHECK FOUNDATION 13723 FIJI WAY B-2 MARINA DEL REY CA 90292 954858649 501(C)(3) 12500 STUDENT SCIENTIST PROGRAM FRIENDS OF CABRILLO MARINE AQUARIUM 3720 STEPHEN M WHITE DRIVE SAN PEDRO CA 90731 330585381 501(C)(3) 27400 SUPPORT 4 PART I, LINE 2: ALTASEA FOLLOWS BEST PRACTICES WITH ITS LIMITED GRANT PROGRAM. THE CHIEF SCIENTIFIC OFFICER WORKS WITH A VOLUNTEER ADVISORY GROUP, COMPRISED OF MEMBERS OF THE SOUTHERN CALIFORNIA MARINE INSTITUTE, TO VET PROPOSED PROJECTS. THEIR RECOMMENDATIONS FOR FUNDING ARE REVIEWED AND APPROVED BY THE BOARD. A FORMAL GRANT AGREEMENT IS NEGOTIATED THAT INCLUDES TIMELINES AND DELIVERABLES. REPORTS FROM GRANTEES ARE REQUIRED EVERY SIX MONTHS. X X X X X X 1 0 0 0 0 0 0 0 0 JENNY KRUSOE CFO/COO/EXECUTIVE DIRECTOR 271067 0 0 0 0 0 8245 0 7990 0 287302 0 0 0 RACHEL ETHERINGTON CEO 253644 0 0 0 0 0 0 0 2643 0 256287 0 0 0 KATE KERR DEVELOPMENT DIRECTOR 229774 0 0 0 0 0 3438 0 4954 0 238166 0 0 0 PART I, LINE 4A RACHEL ETHERINGTON $135,417 KATE KERR $47,500 FORM 990, PART VI, SECTION B, LINE 11 THE ORGANIZATION'S FORM 990 IS PREPARED BY AN INDEPENDENT ACCOUNTING FIRM BASED ON INFORMATION PROVIDED BY THE ORGANIZATION AND IS REVIEWED BY THE ORGANIZATION'S MANAGEMENT BEFORE BEING PRESENTED TO THE OPERATIONS COMMITTEE OF THE BOARD. THE OPERATIONS COMMITTEE HAS BEEN DELEGATED THE AUTHORITY BY THE BOARD TO REVIEW IN DETAIL AND APPROVE THE ORGANIZATION'S ANNUAL FORM 990. THE FINAL FORM 990 IS DISTRIBUTED TO THE FULL BOARD IN ADVANCE OF FILING WITH THE INTERNAL REVENUE SERVICE. FORM 990, PART VI, SECTION B, LINE 12C ALL TRUSTEES ANNUALLY EXECUTE A CONFLICT OF INTEREST FORM, WHICH IS REVIEWED BY THE CFO/COO AND LEGAL COUNSEL. TRUSTEES AND OFFICERS ARE ALSO REQUIRED TO DISCLOSE ANY POTENTIAL CONFLICTS OF INTEREST THAT ARISE DURING THE YEAR. ANY CONFLICTS OF INTEREST WOULD BE MANAGED IN ACCORDANCE WITH THE ORGANIZATION'S CONFLICT OF INTEREST POLICY. FORM 990, PART VI, SECTION B, LINE 15 A COHORT STUDY AND AN INDEPENDENT COMPENSATION STUDY (FOR CEO ONLY) WAS DEVELOPED AND REVIEWED BY THE BOARD. THE BOARD REVIEWS ALL APPROVED COMPENSATION FOR KEY EXECUTIVES BASED ON THESE STUDIES. NO BOARD MEMBER IS COMPENSATED. EXECUTIVE COMPENSATION PAID BY THE ORGANIZATION IS APPROVED BY DIRECTORS WHO DO NOT HAVE A CONFLICT OF INTEREST, AND THE COMPENSATION DETERMINATION PROCESS AND DECISION IS DOCUMENTED CONTEMPORANEOUSLY IN THE ORGANIZATION'S RECORDS. THE TOP FINANCIAL EMPLOYEE'S SALARY WAS BASED ON A COHORT ANALYSIS OF OTHER ORGANIZATIONS AND THE CENTER OF NONPROFIT MANAGEMENT'S SALARY REPORT. THE BOARD OF DIRECTORS AND THE CEO APPROVE THESE AMOUNTS. FORM 990, PART VI, SECTION C, LINE 19 THE ORGANIZATION'S GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY AND FINANCIAL STATEMENTS ARE MADE AVAILABLE TO THE PUBLIC UPON REQUEST. FORM 990, PART VII, SECTION A, LINES 4-6: IN MAY OF 2015 THE BOARD REVAMPED THE ORGANIZATIONAL STRUCTURE OF ALTASEA. BY THE END OF 2015, THE CEO-LED STRUCTURE OF 14 STAFF MEMBERS WAS DOWNSIZED TO AN EXECUTIVE DIRECTOR-LED TEAM OF SEVEN. THE CEO'S CONTRACT WAS NOT RENEWED. IN MAY OF 2015 ADDITIONAL STAFF REDUCTIONS OCCURRED UNTIL THE END OF FIRST QUARTER OF 2016. THE EXECUTIVE DIRECTOR HAS ABSORBED THE DUTIES OF THE DEVELOPMENT DIRECTOR. FORM 990, PART IX, LINE 11G PROJECT MANAGEMENT: PROGRAM SERVICE EXPENSES 309,805. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 309,805. DEVELOPMENT: PROGRAM SERVICE EXPENSES 50,140. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 50,140. TOTAL EXPENSES 100,280. IT CONSULTANT: PROGRAM SERVICE EXPENSES 20,592. MANAGEMENT AND GENERAL EXPENSES 3,528. FUNDRAISING EXPENSES 11,997. TOTAL EXPENSES 36,117. GOVERNMENT RELATIONS CONSULTANT: PROGRAM SERVICE EXPENSES 77,700. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 33,300. TOTAL EXPENSES 111,000. OTHER : PROGRAM SERVICE EXPENSES 9,643. MANAGEMENT AND GENERAL EXPENSES 1,378. FUNDRAISING EXPENSES 2,755. TOTAL EXPENSES 13,776. FORM 990, PART IX, LINE 25, COLUMN (D): ALTASEA'S MAIN GOAL IS TO RAISE $150 MILLION BY 2022 TO BUILD PHASE 1 OF THE 35-ACRE OCEAN INNOVATION CAMPUS AT THE PORT OF LOS ANGELES. CAPITAL PROGRAMS TRADITIONALLY REQUIRE A HIGHER PERCENTAGE OF EXPENSES IN OPERATIONS DUE TO THE PLANNING AND PERMITTING REQUIREMENTS. THE BEST PRACTICE PERCENTAGE USED FOR FUNDRAISING EXPENSES FOR A LARGE CAPITAL CAMPAIGN IS 5% OF THE GOAL. THEREFORE, ALTASEA PROJECTS TO SPEND $7.5 MILLION OVER THE LENGTH OF THE PHASE 1 CAMPAIGN (8 YEARS) - AN AVERAGE OF $937,500 A YEAR. THIS ALLOCATION WILL INCLUDE STAFF TIME. FORM 990, PART IX, LINES 11-24: ALTASEA IS DEDICATED TO SOLVING THE BIGGEST PROBLEMS FACING OUR OCEAN THROUGH A COLLECTIVE APPROACH THAT BRINGS TOGETHER LEADERS IN SCIENCE, BUSINESS, AND EDUCATION. WE ARE IN THE EARLY STAGES OF CONSTRUCTING AN AWARD-WINNING, ENVIRONMENTALLY SUSTAINABLE CAMPUS FROM THE UNDERUTILIZED AND CURRENTLY OBSOLETE CARGO WAREHOUSE FACILITIES AT HISTORIC CITY DOCK NO. 1 IN THE PORT OF LOS ANGELES, SAN PEDRO, CA. THE ALTASEA CAMPUS WILL SERVE AS THE NEW HOME FOR THE SOUTHERN CALIFORNIA MARINE INSTITUTE (SCMI) AND AS A COLLABORATIVE HUB FOR WATER-DEPENDENT RESEARCHERS, BUSINESSES, AND ENTREPRENEURS. ALTASEA'S INNOVATIVE MODEL OF COLLABORATION IS BASED ON A TRADITIONAL MULTI-TENANT NONPROFIT STRUCTURE. OUR TENANTS WILL BE THE MAIN PROGRAM DELIVERERS; ALTASEA'S ROLE IS TO CENTRALIZE AND THEREFORE REDUCE THEIR OPERATING AND FUNDRAISING ACTIVITIES. THIS MODEL INCREASES THE PERCENTAGE OF OPERATING COSTS FOR ALTASEA. IN ADDITION, AT THIS EARLY STAGE IN DEVELOPMENT, PLANNING COSTS ARE ADDING TO THIS UNUSUALLY HIGH OPERATIONS EXPENSES. 2015 EXPENDITURES HAVE MADE ALTASEA'S 35-ACRE SITE DEVELOPMENT-READY FOR THE CREATION OF AN INSTITUTE FOR INNOVATION IN THE MARINE SCIENCES AND SUSTAINABLE OCEAN BASED BUSINESSES. WE HAVE SECURED THE ENVIRONMENTAL AND ENTITLEMENT APPROVALS NECESSARY TO DEVELOP ALTASEA INTO A MAJOR MARINE SCIENCE AND BUSINESS INNOVATION FACILITY. IN ADDITION, ALTASEA HAS EXECUTED PLANNING MEMORANDUMS OF UNDERSTANDING WITH 14 PARTNERS. THE PARTNERSHIPS WITH OUR LANDLORD, THE PORT OF LOS ANGELES, ALSO HAS REQUIRED HIGHER THAN TRADITIONAL MANAGEMENT AND LEGAL EXPENSES. FORM 990, PART XI, LINE 9: IMPAIRMENT LOSS -796,618. UNCOLLECTIBLE PLEDGE -9,114,970.