Nonprofit · EIN 26-4562328
SCHMIDT OCEAN INSTITUTE
Tax-exempt · PALO ALTO, CA 94301
Financials
| Year ended | Form | Revenue | Expenses | Net income | Total assets | Liabilities | Net assets |
|---|---|---|---|---|---|---|---|
| December 31, 2024 | 990-PF | $9,393,588 | $36,885,294 | -$27,491,706 | $108,526,993 | $5,028,876 | $103,498,117 |
| December 31, 2023 | 990-PF | $78,308,682 | $33,544,543 | $44,764,139 | $137,324,185 | $5,652,424 | $131,671,761 |
Financial details: 990-PF for the year ended December 31, 2024
Revenue
- Contributions, gifts and grants
- $315,000
- Dividends
- $1,717,180
- Interest
- $5,349
- Net gain from sales of assets
- $7,356,059
Expenses
- Grants and similar amounts paid
- $587,331
- Compensation of officers, directors and key employees
- $563,063
- Salaries, compensation and benefits (total)
- $12,062,616
- Disbursements for charitable purposes
- $35,741,248
- Excise tax on investment income
- $126,118
Balance sheet and other
- Total assets, start of year
- $137,324,185
- Total assets, end of year
- $108,526,993
- Total liabilities, end of year
- $5,028,876
- Net assets, end of year
- $103,498,117
- Fair market value of assets
- $108,526,993
- Qualifying distributions
- $36,137,118
- Net investment income
- $9,078,588
From the e-filed returns the IRS publishes as XML (latest three processing years; amended returns replace the original). PDF copies at the IRS.
Officers, directors and key employees
As listed on the 990-PF for the year ended December 31, 2024, highest compensation first.
| Name | Title | Hours / week | Compensation | Other / benefits |
|---|---|---|---|---|
| Jyotika Virmani 555 Bryant Street, Palo Alto, CA 94301 | EXECUTIVE DIRECTOR | 40 | $522,701 | $40,362 |
| Eric M King 555 Bryant Street, Palo Alto, CA 94301 | SR DR MARITIME INFRA Highest-paid employee | 40 | $394,083 | $39,699 |
| Nicolas Rowland De Courcy Bingham 555 Bryant Street, Palo Alto, CA 94301 | PRIN ELECTRICAL ENGR Highest-paid employee | 40 | $280,050 | $27,413 |
| Andrew William Boyer 555 Bryant Street, Palo Alto, CA 94301 | DR OF ENGINEERING Highest-paid employee | 40 | $275,802 | $39,872 |
| Jason Williams 555 Bryant Street, Palo Alto, CA 94301 | ENGR SR MANAGER Highest-paid employee | 40 | $242,966 | $29,307 |
| Corinne J Bassin 555 Bryant Street, Palo Alto, CA 94301 | HEAD OF DATA SOLU. Highest-paid employee | 40 | $236,891 | $42,791 |
| Wendy Schmidt 555 Bryant Street, Palo Alto, CA 94301 | DIRECTOR/PRESIDENT | 2.5 | $0 | $0 |
| Eric Schmidt 555 Bryant Street, Palo Alto, CA 94301 | DIRECTOR/VICE PRESIDENT | 1 | $0 | $0 |
| John Kelly 555 Bryant Street, Palo Alto, CA 94301 | TREASURER/CFO | 28 | $0 | $0 |
| Frances Babb 555 Bryant Street, Palo Alto, CA 94301 | Secretary | 0.25 | $0 | $0 |
990-PF for the year ended December 31, 2023: 10 people
| Name | Title | Hours / week | Compensation | Other / benefits |
|---|---|---|---|---|
| JYOTIKA VIRMANI 555 BRYANT ST 374, PALO ALTO, CA 94301 | EXECUTIVE DIRECTOR | 40 | $561,957 | $42,980 |
| ERIC KING 555 BRYANT ST 374, PALO ALTO, CA 94301 | SENIOR DIRECTOR OF O Highest-paid employee | 40 | $474,420 | $40,408 |
| ANDREW BOYER 555 BRYANT ST 374, PALO ALTO, CA 94301 | DIRECTOR OF ENGINEER Highest-paid employee | 40 | $367,461 | $43,366 |
| CARLIE WIENER 555 BRYANT ST 374, PALO ALTO, CA 94301 | DIRECTOR OF COMMS & Highest-paid employee | 40 | $287,910 | $15,735 |
| NICOLAS DECOURCY BINGHAM 555 BRYANT ST 374, PALO ALTO, CA 94301 | LEAD ELECTRICAL ENGI Highest-paid employee | 40 | $287,851 | $28,687 |
| JASON WILLIAMS 555 BRYANT ST 374, PALO ALTO, CA 94301 | LEAD MECHANICAL ENGI Highest-paid employee | 40 | $274,658 | $16,696 |
| WENDY SCHMIDT 555 BRYANT ST 374, PALO ALTO, CA 94301 | DIRECTOR/PRESIDENT | 3 | $0 | $0 |
| ERIC SCHMIDT 555 BRYANT ST 374, PALO ALTO, CA 94301 | DIRECTOR/VICE PRESIDENT | 1.5 | $0 | $0 |
| JOHN KELLY 555 BRYANT ST 374, PALO ALTO, CA 94301 | TREASURER/CHIEF FINANCIAL OFFICER | 28 | $0 | $0 |
| FRANCES BABB 555 BRYANT ST 374, PALO ALTO, CA 94301 | SECRETARY | 0.25 | $0 | $0 |
Address and contacts
- Address (IRS master file)
- 555 BRYANT STREET 374, PALO ALTO, CA 94301-1704
- In care of
- % JOHN KELLY
- Signed the 990-PF
- John Kelly, CFO
- Phone
- (650) 461-8092
- Website
- WWW.SCHMIDTOCEAN.ORG
- Return prepared by
- CROWE LLP
California records
California keeps its own records of charities and corporations. Search them by EIN 26-4562328 or by the name SCHMIDT OCEAN INSTITUTE.
- Attorney General, Registry of Charities and Fundraisers
- Registration status and filed reports (CT-TR-1, RRF-1)
- Secretary of State, bizfile Online
- Corporation status, entity number, agent for service
- Franchise Tax Board
- Entity status letter (state tax exemption, good standing)
What it must file and when
IRS records say it files Form 990-PF. Private foundations file every year. Its accounting year ends in December, so each return is due on the 15th day of the 5th month after that.
| Tax year | Year ended | Due | IRS public records |
|---|---|---|---|
| 2025 | December 31, 2025 | May 15, 2026 | Not on file |
| 2024 | December 31, 2024 | May 15, 2025 | 990-PF on file |
| 2023 | December 31, 2023 | May 15, 2024 | 990-PF on file |
IRS record
- EIN
- 26-4562328
- Tax-exempt status
- 501(c)(3): Charitable, religious, educational or scientific organization
- Foundation status
- Private operating foundation
- Donations deductible (Pub 78)
- Private operating foundation, 50% limit
- Exempt since
- 2009
- Accounting year ends
- December
- Files
- Form 990-PF
- Category (NTEE)
- Science and technology (U21)
- Assets (IRS master file)
- $108,526,993
- Income (IRS master file)
- $32,806,121
Filing history
| Form | Year ended | Revenue | Expenses | Assets | Return |
|---|---|---|---|---|---|
| 990-PF | December 2024 | $9,393,588 | $36,885,294 | $108,526,993 | XML |
| 990-PF | December 2023 | $78,308,682 | $33,544,543 | $137,324,185 | XML |
| 990-PF | December 2022 | – | – | – | IRS |
| 990-PF | December 2021 | – | – | – | IRS |
| 990-PF | December 2020 | – | – | – | IRS |
990-N: the IRS bulk file holds only the latest e-Postcard per organization; earlier years come from archived copies of that file since 2020 and can have gaps (the IRS e-Postcard search lists every one). 990, 990-EZ, 990-PF, 990-T: every e-filed return in the IRS e-file index since 2019; XML for the latest three processing years, amounts from the IRS Statistics of Income extracts before that. PDF copies and determination letters at the IRS (search EIN 26-4562328).
Questions about SCHMIDT OCEAN INSTITUTE
- What is the EIN of SCHMIDT OCEAN INSTITUTE?
- The employer identification number (EIN) of SCHMIDT OCEAN INSTITUTE is 26-4562328.
- Is SCHMIDT OCEAN INSTITUTE tax-exempt?
- Yes. The IRS lists it as tax-exempt under section 501(c)(3) since 2009.
- Are donations to SCHMIDT OCEAN INSTITUTE tax-deductible?
- Yes. It is listed in IRS Publication 78 (Private operating foundation, 50% limit).
- Which annual return does SCHMIDT OCEAN INSTITUTE file?
- Form 990-PF. Private foundations file every year.
- When is the next return of SCHMIDT OCEAN INSTITUTE due?
- The return for tax year 2025 (the year ending December 31, 2025) is due May 15, 2026. Form 8868 extends it by six months; the 990-N cannot be extended.
- When did SCHMIDT OCEAN INSTITUTE last file with the IRS?
- The latest return in the IRS public files is the 990-PF for the year ended December 2024.
- Who are the officers and directors of SCHMIDT OCEAN INSTITUTE?
- The 990-PF for the year ended December 31, 2024 lists 10 people; 6 received compensation from the organization, the highest $522,701 (Jyotika Virmani, EXECUTIVE DIRECTOR).
- How much revenue does SCHMIDT OCEAN INSTITUTE have?
- On its 990-PF for the year ended December 31, 2024 it reported revenue of $9,393,588, expenses of $36,885,294 and total assets of $108,526,993 at year end.
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All nonprofits in PALO ALTO · California · Science and technology