Sea Change Foundation
Sea Change Foundation consistently reports zero officer compensation but has seen recent years' expenses significantly outpace revenue.
EIN: 204952986 · San Francisco, CA · NTEE: P20 · Updated: 2026-03-28
| Metric | Value |
|---|---|
| Total Revenue | $43.4M |
| Total Expenses | $48.2M |
| Program Spending | 90% |
| CEO/Top Officer Pay | $208,518,596 |
| Net Assets | $224.0M |
| Transparency Score | 85/100 |
Is Sea Change Foundation Legit?
Some Concerns
Assessment based on IRS 990 filings, spending patterns, and AI analysis. Not a guarantee of legitimacy. Full charity check →
Sea Change Foundation directs 90% of its spending to programs. This exceeds the industry benchmark of 65%, indicating strong mission focus.
About Sea Change Foundation
Sea Change Foundation (EIN: 204952986) is a nonprofit organization based in San Francisco, CA, classified under NTEE code P20. The organization reported total revenue of $43.4M and total assets of $208.5M according to its most recent IRS 990 filing. This transparency report provides an AI-powered analysis of Sea Change Foundation's financial health, spending patterns, executive compensation, and overall mission effectiveness based on publicly available IRS data.
Organization Overview
Sea Change Foundation is a large nonprofit that has been operating for 19 years, with 10 years of IRS 990 filings on record (2011–2023). Revenue has grown at a compound annual rate of -10.7%.
Key Financial Metrics (2023)
From the most recent IRS 990 filing on record:
| Total Revenue | $7.0M |
| Total Expenses | $48.2M |
| Surplus / Deficit | $-41,263,217 |
| Total Assets | $225.3M |
| Total Liabilities | $1.3M |
| Net Assets | $224.0M |
| Operating Margin | -593.7% |
| Debt-to-Asset Ratio | 0.6% |
| Months of Reserves | 56.1 months |
Financial Health Grade: B
In 2023, Sea Change Foundation reported a deficit of $41.3M with expenses exceeding revenue, holds 56.1 months of operating reserves (strong position), has a debt-to-asset ratio of 0.6% (very low leverage).
Financial Trends
Over 10 years of filings (2011–2023), Sea Change Foundation's revenue has declined at a compound annual growth rate (CAGR) of -10.7%.
| Year | Revenue Change | Expense Change | Asset Change |
|---|---|---|---|
| 2023 | -54.1% | +0.7% | -1.8% |
| 2022 | +43.5% | +4.3% | -22.1% |
| 2021 | -85.1% | -1.9% | -7.0% |
| 2020 | +2.9% | -3.9% | +8.0% |
| 2019 | +62.6% | +19.5% | +66.4% |
IRS Tax-Exempt Classification
| IRS Classification Codes | 1000 |
| IRS Ruling Date | 2007 |
Classification data from ProPublica Nonprofit Explorer. Additional BMF data may be available after enrichment.
AI Transparency Report
Mission Effectiveness Score
NonprofitSpending's AI analysis rates Sea Change Foundation with a Mission Score of 85 out of 100 (Excellent). This score reflects the organization's overall financial transparency, program spending efficiency, and governance indicators derived from IRS 990 public filings.
Spending Breakdown
- admin: 5%
- programs: 90%
- fundraising: 5%
According to IRS 990 filings, Sea Change Foundation allocates its expenses as follows: admin: 5%, programs: 90%, fundraising: 5%. With 90% directed toward programs, this reflects a strong commitment to its charitable mission.
Key Financial Metrics (2023)
From the most recent IRS 990 filing on record:
- The organization reported a deficit of $41.3M, with expenses exceeding revenue.
- Debt-to-asset ratio: 0.6%.
Executive Compensation Analysis
The Sea Change Foundation consistently reports 0% officer compensation across all available filings, indicating that no salaries or benefits are paid to its officers, which is highly unusual for an organization of its size and asset base ($208,518,596 latest assets). This suggests a strong commitment to directing funds towards its mission rather than executive salaries.
Executive compensation data is sourced from IRS 990 filings, which require nonprofits to disclose the compensation of officers, directors, trustees, and key employees. NonprofitSpending analyzes this data relative to the organization's total revenue and sector benchmarks to assess whether executive pay is reasonable.
Red Flags
The following concerns were identified during AI analysis of Sea Change Foundation's IRS 990 filings:
- Consistent negative net income in recent years (expenses significantly exceeding revenue), e.g., 2023 expenses of $48,213,459 against revenue of $6,950,242.
- Significant decrease in assets from $316,657,107 in 2020 to $225,257,068 in 2023, indicating a draw-down on reserves.
Strengths
The following positive indicators were identified for Sea Change Foundation:
- Consistent reporting of 0% officer compensation across all filings, indicating high transparency and dedication to mission.
- Substantial asset base, with latest assets at $208,518,596, providing a strong financial cushion.
- Long history of IRS 990 filings (10 filings), suggesting consistent operation and compliance.
Frequently Asked Questions about Sea Change Foundation
Is Sea Change Foundation a legitimate charity?
Sea Change Foundation (EIN: 204952986) is a registered tax-exempt nonprofit based in California. Our AI analysis gives it a Mission Score of 85/100. It has 10 years of IRS 990 filings on record. Total revenue: $43.4M. 2 red flags identified. 3 strengths noted. Financial health grade: B.
How does Sea Change Foundation spend its money?
Sea Change Foundation directs 90% of its spending to programs and services. Fundraising costs 5%. This exceeds the 65% industry benchmark.
Are donations to Sea Change Foundation tax-deductible?
Sea Change Foundation is registered as a tax-exempt nonprofit (EIN: 204952986). Donations to most 501(c)(3) organizations are tax-deductible. Consult a tax professional for your specific situation.
How much does the Sea Change Foundation CEO make?
Sea Change Foundation's highest-compensated officer earns $208,518,596 annually. The organization reported $43.4M in total revenue. Executive compensation data is disclosed in IRS 990 filings.
What percentage of Sea Change Foundation's spending goes to programs?
Sea Change Foundation directs 90% to programs, 5% to fundraising. This exceeds the 65% industry benchmark for efficient nonprofits.
How does Sea Change Foundation compare to similar nonprofits?
With a transparency score of 85/100 (Excellent), Sea Change Foundation is above average for NTEE category P20 nonprofits. The score reflects financial transparency, program spending efficiency, and governance quality based on IRS 990 data.
Where is Sea Change Foundation located?
Sea Change Foundation is headquartered in San Francisco, California and files with the IRS under EIN 204952986. It is classified under NTEE code P20.
How many years of IRS 990 filings does Sea Change Foundation have?
Sea Change Foundation has 10 years of IRS 990 filings on record at NonprofitSpending. This extensive filing history provides a strong basis for evaluating long-term financial trends. The most recent filing shows $43.4M in total revenue.
Is Sea Change Foundation a good charity?
Based on the available data, Sea Change Foundation exhibits strong indicators of a good charity, particularly its consistent reporting of zero officer compensation, suggesting a high dedication to its mission. However, recent years' expenses significantly exceeding revenue warrant further investigation into its funding model and long-term sustainability.
How does Sea Change Foundation manage its executive compensation?
Sea Change Foundation reports 0% officer compensation in all provided filings, meaning no salaries or benefits are paid to its officers. This is a highly transparent and efficient approach to executive compensation.
What is the trend in Sea Change Foundation's financial health?
While the foundation maintains a substantial asset base (over $200 million), its financial health shows a recent trend of expenses significantly exceeding revenue. For instance, in 2023, expenses were $48,213,459 against revenue of $6,950,242, leading to a decrease in assets from $229,495,527 in 2022 to $225,257,068 in 2023. This trend of drawing down assets to cover expenses has been observed since 2021.
Does Sea Change Foundation spend efficiently?
The consistent reporting of 0% officer compensation strongly suggests efficient spending by minimizing overhead related to executive salaries. While a detailed breakdown of program vs. administrative costs isn't provided, this specific fact points to a high degree of efficiency in this area.
Filing History
IRS 990 filing history for Sea Change Foundation showing financial trends over 10 years of public records:
Over 10 years of IRS 990 filings (2011–2023), Sea Change Foundation's revenue has declined by 74.4%, moving from $27.1M to $7.0M. Total assets increased by 59.5% over the same period, from $141.2M to $225.3M. Total functional expenses fell by 16.2%, from $57.6M to $48.2M. In its most recent filing year (2023), Sea Change Foundation reported a deficit of $41.3M, with expenses exceeding revenue. The organization holds $1.3M in liabilities against $225.3M in assets (debt-to-asset ratio: 0.6%), resulting in net assets of $224.0M.
| Year | Revenue | Expenses | Assets | Liabilities | Officer Comp. % | |
|---|---|---|---|---|---|---|
| 2023 | $7.0M | $48.2M | $225.3M | $1.3M | — | — |
| 2022 | $15.1M | $47.9M | $229.5M | $795K | — | View 990 |
| 2021 | $10.6M | $45.9M | $294.5M | $1.3M | — | View 990 |
| 2020 | $70.7M | $46.8M | $316.7M | $775K | — | View 990 |
| 2019 | $68.7M | $48.6M | $293.3M | $1.3M | — | — |
| 2015 | $42.3M | $40.7M | $176.3M | $8.3M | — | View 990 |
| 2014 | $61.2M | $45.1M | $167.9M | $19.1M | — | View 990 |
| 2013 | $43.7M | $45.8M | $134.5M | $8.5M | — | View 990 |
| 2012 | $97.7M | $53.1M | $124.4M | $7.1M | — | View 990 |
| 2011 | $27.1M | $57.6M | $141.2M | $33.0M | — | View 990 |
Year-by-Year Financial Summary
- 2023: Revenue of $7.0M, expenses of $48.2M, and assets of $225.3M (revenue -54.1% year-over-year).
- 2022: Revenue of $15.1M, expenses of $47.9M, and assets of $229.5M (revenue +43.5% year-over-year).
- 2021: Revenue of $10.6M, expenses of $45.9M, and assets of $294.5M (revenue -85.1% year-over-year).
- 2020: Revenue of $70.7M, expenses of $46.8M, and assets of $316.7M (revenue +2.9% year-over-year).
- 2019: Revenue of $68.7M, expenses of $48.6M, and assets of $293.3M (revenue +62.6% year-over-year).
- 2015: Revenue of $42.3M, expenses of $40.7M, and assets of $176.3M (revenue -31.0% year-over-year).
- 2014: Revenue of $61.2M, expenses of $45.1M, and assets of $167.9M (revenue +40.0% year-over-year).
- 2013: Revenue of $43.7M, expenses of $45.8M, and assets of $134.5M (revenue -55.2% year-over-year).
- 2012: Revenue of $97.7M, expenses of $53.1M, and assets of $124.4M (revenue +260.6% year-over-year).
- 2011: Revenue of $27.1M, expenses of $57.6M, and assets of $141.2M.
View Individual Filing Years
Explore detailed financial data from each IRS 990 filing year for Sea Change Foundation:
Data Sources and Methodology
This transparency report for Sea Change Foundation is generated by NonprofitSpending's AI analysis engine. The data is sourced from publicly available IRS 990 filings accessed through the ProPublica Nonprofit Explorer API and IRS electronic filing records. The Mission Score, spending breakdown, and other analytical insights are produced by artificial intelligence and should be used as one of multiple factors when evaluating a nonprofit organization.
IRS 990 forms are annual information returns that most tax-exempt organizations must file with the IRS. These forms provide detailed financial information including revenue, expenses, assets, liabilities, and compensation of officers. NonprofitSpending processes this data to provide accessible transparency reports for donors, researchers, and the general public.
Disclaimer
AI-generated analysis based on IRS public records. Not financial or legal advice. Verify information directly with the organization.