Overview
What is Palacios Marine Agricultural Research Inc?
Palacios Marine Agricultural Research Inc, established in 2019, is a nonprofit organization based in Corpus Christi, Texas. Their sole mission is to engage in agricultural research, particularly focused on oysters and other marine organisms. The organization aims to save, restore, and enhance existing marine habitats, develop new ones, replenish and maintain marine organism stocks, and create environmentally sustainable methods for marine organism production and harvesting. They operate with a charitable purpose, as outlined in Section 501(C)(3) of the Internal Revenue Code, and their research activities extend beyond the Texas Gulf Coast. The organization's primary goal is to disseminate and educate the public about their findings. With around 5 employees, Palacios Marine Agricultural Research Inc is committed to advancing marine research and conservation.
What are the reviews and ratings of this charity?
Charity Navigator Rating: 87% (Three-Star out of Four Star Rating)
Palacios Marine Agricultural Research Inc has received a solid 87% rating from Charity Navigator, which highlights its strong performance in the Accountability & Finance category. This score reflects the organization's commitment to financial transparency and responsible management practices, making it a trustworthy option for potential donors and supporters.
The organization boasts impressive metrics, including a 100% program expense ratio, indicating that all of its funds are directed toward its programs. Additionally, the board of directors is comprised entirely of independent members, further enhancing its governance and oversight. Policies regarding conflicts of interest and whistleblower protection are in place, demonstrating a commitment to accountability.
However, while the charity excels in financial metrics, the overall rating is derived from a single beacon score, which could reflect a limitation in evaluating other important factors like impact or effectiveness. Overall, Palacios Marine Agricultural Research Inc appears to be a well-managed organization, though potential supporters may want to consider other dimensions of its work beyond financial accountability.
This AI summary has been generated from information found on Charity Navigator.
Is Palacios Marine Agricultural Research Inc legitimate?
Palacios Marine Agricultural Research Inc is a legitimate nonprofit organization registered as a 501(c)(3) entity. Palacios Marine Agricultural Research Inc submitted a form 990, which is a tax form used by tax-exempt organizations in the U.S., indicating its operational transparency and adherence to regulatory requirements. Donations to this organization are tax deductible.
Heare are some key statistics you may want to consider:
Executive Compensation: $254,683
Professional Fundraising Fees: $0
Other Salaries and Wages: $376,444
For more financial information, click here
What is the mission statement of Palacios Marine Agricultural Research Inc?
Palacios Marine Agricultural Research Inc is organized for charitable, scientific, educational, and other exempt purposes. Its primary objective is to conduct agricultural research, focusing on saving, restoring, and enhancing the existing habitats of oysters and other marine organisms. The corporation develops new habitats for these marine organisms, assists in the long-term stability of marine organism stacks, and creates environmentally sustainable marine organism production and harvesting methodologies. It disseminates and educates the public about its research findings. The corporation's activities are determined by its Board of Directors and are not limited to the Texas Gulf Coast.
Who is the CEO of Palacios Marine Agricultural Research Inc?
Clark C Flato is the Executive Di of Palacios Marine Agricultural Research Inc.
What is the revenue of Palacios Marine Agricultural Research Inc?
Palacios Marine Agricultural Research Inc's revenue in 2022 was $2,484,282.
Who are the executives of Palacios Marine Agricultural Research Inc and what are their salaries?
The average compensation at Palacios Marine Agricultural Research Inc during 2022 was $126,225. There are 5 employees and 5 volunteers at Palacios Marine Agricultural Research Inc.
Here are 9 key members and their salaries:
- Compensation: $208,846
- Related: $0
- Other: $695
- Compensation: $129,750
- Related: $0
- Other: $788
- Compensation: $45,837
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
Where can I find the form 990 for Palacios Marine Agricultural Research Inc?
Palacios Marine Agricultural Research Inc's most recent form 990 was submitted in 2022 and can be accessed here.
Mission Statement of Palacios Marine Agricultural Research Inc
Palacios Marine Agricultural Research Inc, a charity-focused organization, is dedicated to conducting agricultural research with a specific focus on marine organisms. Their primary objective is to save, restore, and enhance the existing habitats of oysters and other marine species, as well as develop new habitats for these organisms. Furthermore, they aim to replenish and contribute to the long-term stability of marine organism stacks, and develop environmentally sustainable methods for marine organism production and harvesting. The organization's mission also includes disseminating and educating the public about their findings and methods, with the ultimate goal of contributing positively to marine organism populations and their habitats.
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Impact
July, 2024
Palacios Marine Agricultural Research Inc's impact lies in its dedicated efforts to conduct agricultural research aimed at saving, restoring, and enhancing the habitats of oysters and other marine organisms. By developing new habitats, replenishing marine organism stocks, and promoting environmentally sustainable production and harvesting methodologies, the organization plays a crucial role in supporting the long-term stability of marine ecosystems. Through its scientific research and educational initiatives, Palacios Marine Agricultural Research Inc contributes to the conservation and preservation of marine environments in the Texas Gulf Coast and beyond.
This information is meant to be a general summary of Palacios Marine Agricultural Research Inc. Please take the time to review official sources before making any decisions based upon the content provided here.
Financials
This financial information is from Propublica.
Other financial information:
This information is from the most recently submitted tax form from this organization, which was in 2022.
- Investment Income: $29,824
- Gross Receipts: $2,484,282
Assets and Liabilities:
- Total Assets: $4,022,660
- Total Liabilities: $44,611
- Net Assets: $3,978,049
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Organization Details
Founding Year
2020
Phone
(361) 881-9040Principal Officer
Clark C Flato
Main Address
555 N CARANCAHUA SUITE 700, CORPUS CHRISTI, TX, 78401
NTEE Category
Code: U21 - Science research
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