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Wave Foundation Inc

EIN 61-1325992 · Newport, KY

Public records show a registered, tax-exempt organization in good standing.

LegitimacyPassesRegistration and standingFinancial healthGood79 out of 100GovernanceStrong91 out of 100Impact evidenceDescribes programsHow well its results are evidenced

What it says it does

WAVE Foundation inspires and fosters environmental stewards of aquatic life through education, conservation, and volunteerism.

Income
$916,200
Spending
$969,262
Spent on programs
76%
Reserves
28.3 months of spending
Largest source of income
donations and private grants, 49%
Employees
0
Volunteers
100
Highest pay
$144,224, executive director

Source: Form 990 for the year ending December 31, 2024, filed with the Internal Revenue Service. Rating method 2026.2. How we rate

Financial health

Good: 79 out of 100. Higher than 57% of charities in its peer group (arts and culture, $250k to $1m).

  • Reserves

    35 of 35

    Spendable reserves would cover 28.3 months of spending.

  • Debt

    20 of 20

    It owes 4% of what it owns.

  • Living within its means

    4 of 15

    Spending exceeded income by 6% of income.

  • Income trend

    5 of 15

    Income fell 15% on the year before.

  • Spending floor

    15 of 15

    76% of spending went to programs and raising each dollar of donations cost 22 cents.

Source: Form 990 for the year ending December 31, 2024, filed with the Internal Revenue Service. Rating method 2026.2. How we rate

Governance

Strong: 91 out of 100. Higher than 79% of charities in its peer group (arts and culture, $250k to $1m).

  • Independent board

    25 of 25

    12 of 12 voting board members are independent.

  • Conflict of interest policy

    15 of 15

    Has a written conflict of interest policy.

  • Whistleblower policy

    8 of 8

    Has a written whistleblower policy.

  • Record keeping policy

    7 of 7

    Has a written policy on keeping and destroying records.

  • Board minutes

    5 of 5

    Keeps minutes of board meetings.

  • Board sees the tax return

    10 of 10

    Gave the board a copy of this return before filing it.

  • Pay set independently

    5 of 5

    Sets its chief executive's pay through independent review and comparison.

  • Independent check of accounts

    6 of 15

    Its accounts were not audited or reviewed by an independent accountant.

  • No reported misuse

    10 of 10

    Reports no diversion of assets, excess benefits or loans to insiders.

Source: Form 990 for the year ending December 31, 2024, filed with the Internal Revenue Service. Rating method 2026.2. How we rate

Impact evidence

Describes programs. Its tax return describes what it does but we have found no measurable results in it.

Programs described in its return (3)
  1. $611,074 spent. Educational programs - Provides curriculum for teachers and students that further the educational goals of WAVE Foundations mission and Newport Aquariums programming which includes educational camps, community outreach and after school program.
  2. $33,148 spent. Conservation programs - Provides funding for conservation projects locally, nationally, and internationally. Also includes merchandise sales which include animal art, animal adoptions, shark tooth necklaces, coin drops and Kentucky wild cards. Funds raised from the sales of these items help to support our conservation effort.
  3. $87,981 spent. Volunteer programs - Recruit, on-board, train and schedule volunteers to provide education to Newport Aquarium guests as well as the Greater Cincinnati area. Volunteer programs include exhibit interpreters, dive services, summer naturalist teem programming, outreach education specialists, husbandry aids and episodic volunteers to support our fundraising efforts.

Source: Form 990 for the year ending December 31, 2024, filed with the Internal Revenue Service. Rating method 2026.2. How we rate

Legitimacy checks

  1. Is it registered with the IRS? Passed.

    Listed in the IRS master file of tax-exempt organizations as a 501(c)(3) charitable organization.

    Source: Exempt Organizations Business Master File, Internal Revenue Service, file dated September 7, 2026.

  2. Has the IRS revoked its tax-exempt status? Passed.

    Not on the IRS automatic revocation list.

    Source: Automatic revocation of exemption list, Internal Revenue Service, file dated September 30, 2026.

  3. Are donations tax-deductible? Passed.

    On the IRS list of organizations eligible to receive tax-deductible contributions.

    Source: Publication 78 data: organizations eligible for tax-deductible contributions, Internal Revenue Service, file dated September 10, 2026.

  4. Is it keeping up with its IRS filings? Passed.

    Most recent return on file covers the year ending December 2024.

    Source: Exempt Organizations Business Master File, Internal Revenue Service, file dated September 7, 2026.

  5. How long has it been tax-exempt? Passed.

    Recognized by the IRS since November 1998.

    Source: Exempt Organizations Business Master File, Internal Revenue Service, file dated September 7, 2026.

  6. Is it in good standing with state regulators? Passed.

    Not on California's list of charities barred from soliciting. Other states are not yet checked.

    Source: May Not Operate or Solicit for Charitable Purposes list, California Attorney General, Registry of Charities and Fundraisers, file dated October 7, 2026.

Ratings and checks are our reading of public records, using the published method. They are not a statement about anyone's honesty. If you work for this organization, you can send corrections or results, confirm you want gifts through Veridonate, or ask to be removed from giving.