2024-10-07T18:03:36-05:00 2023-12-31 872525370 CITRIN COOPERMAN ADVISORS LLC 30 BRAINTREE HL OFFICE PARK STE 300 BRAINTREE MA 02184 990 2023-01-01 873285334 PROJECT INNERSPACE INC PROJ 2126971000 68 HARRISON AVE PMB 99590 605 BOSTON MA 021111929 JAMIE BEARD PRESIDENT, SECRETARY, EXEC DIR 2126971000 2024-09-23 1 1 AMANDA ADAMS P00748038 7813562000 2024-09-23 2023 2024-10-15 13:58:12Z X JAMIE BEARD 68 HARRISON AVE PMB 99590 605 BOSTON MA 021111929 7588206 0 X WWW.PROJECTINNERSPACE.ORG X 2021 MA TO MAKE THE PRODUCTION OF CLEAN, ALWAYS ON GEOTHERMAL ENERGY POSSIBLE ANYWHERE IN THE WORLD BY 2030. 3 2 1 0 0 0 1412062 7571907 0 0 0 14469 0 1027 1412062 7587403 217377 1055337 0 0 205399 731680 0 0 190942 288842 1802535 711618 3589552 700444 3997851 762291 4864858 61847 166563 700444 4698295 X SEE SCHEDULE O 0 0 2800526 1055337 PROJECT INNERSPACE FACILITATES, THROUGH GRANTS TO A GLOBAL TEAM OF EXPERTS, THE RESEARCH AND DEVELOPMENT OF GEOMAP, A GEOTHERMAL AND RESOURCE PROSPECT MAP THAT WILL HELP STAKEHOLDERS WORLDWIDE MINIMIZE THE RISKS ASSOCIATED WITH ACCESSING APPROPRIATE GEOTHERMAL RESOURCES. GEOMAP DEBUTED IN DUBAI IN NOVEMBER 2023 WITH THE RELEASE OF ITS AFRICA DATA MODULE. THE NORTH AMERICA MODULE, RELEASED IN JUNE 2024, INCLUDED MORE THAN 150 LAYERS OF SUBSURFACE AND SURFACE DATA, AND A USER-FRIENDLY TOOL TO ALLOW STAKEHOLDERS TO EXPLORE AND EVALUATE GEOTHERMAL DEVELOPMENT OPPORTUNITIES. MODULES FOR INDIA AND INDONESIA ARE EXPECTED TO LAUNCH IN 2024, FOLLOWED BY BRAZIL IN EARLY 2025. 352773 PIVOT: PROJECT INNERSPACE SEEKS TO EDUCATE THE PUBLIC, STAKEHOLDERS AND POLICY MAKERS ON BOTH THE VIRTUES OF GEOTHERMAL ENERGY AND THE CHALLENGES THAT MUST BE ADDRESSED TO ENABLE ITS WIDESPREAD AND RAPID ADOPTION THROUGH EDUCATIONAL CONFERENCES, SYMPOSIA AND PUBLIC-FACING EVENTS. PIVOT, NOW IN ITS FIFTH YEAR, BRINGS TOGETHER THOUGHT LEADERS, CHANGE MAKERS, TECHNICAL EXPERTS AND INDUSTRY TO SHARE THE LATEST DEVELOPMENTS IN GEOTHERMAL RESEARCH AND DEVELOPMENT AND TO ENCOURAGE COLLABORATION WITH THE GOAL OF ACCELERATING GEOTHERMAL DEVELOPMENT AS AN ENERGY SOURCE. PIVOT2023 ADOPTED A NEW FORMAT FROM PRIOR YEARS, FEATURING HUNDREDS OF SPEAKERS ACROSS BOTH VIRTUAL CONTENT AND IN PERSON CONFERENCES AROUND THE GLOBE INCLUDING GATHERINGS IN THE HAGUE, NETHERLANDS, ABERDEEN, UNITED KINGDOM, LADAKH, INDIA, BOGOTA, COLOMBIA, NAIROBI, KENYA, AND CALGARY, CANADA WITH ADDITIONAL ECOSYSTEM SPOTLIGHTS FOCUSED ON CHINA, ICELAND, THE MIDDLE EAST, AND NIGERIA. LEANING INTO THE YEAR'S THEME, BUILDING BRIDGES, PIVOT2023 WAS HOSTED IN PARTNERSHIP WITH THE WORLD GEOTHERMAL CONGRESS, GEOTHERMAL RISING, AND THE SOCIETY OF PETROLEUM ENGINEERS, ALONG WITH MORE THAN TWENTY LOCAL PARTNERS, INCLUDING PROFESSIONAL AND INDUSTRY ASSOCIATIONS. DURING THE FINAL WEEK OF PIVOT2023, A FULL DAY OF SESSIONS WERE BROADCAST LIVE FROM THE GEOTHERMAL RISING CONFERENCE IN RENO, NEVADA. THE PIVOT2023 FINALE TOOK PLACE IN HOUSTON, TEXAS WITH A MOVING SET OF SESSIONS BROADCAST FROM HALLIBURTON HEADQUARTERS, FEATURING THOUGHT LEADERS WHO ARE BUILDING THE FUTURE OF GEOTHERMAL ENERGY FROM GOVERNMENT, STARTUPS, NONPROFITS, AND THE OIL AND GAS INDUSTRY. 3153299 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 0 0 0 1 1 0 0 0 0 0 1 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 29 0 1 1 1 0 0 0 0 0 0 0 0 0 0 0 0 X 3 2 0 0 1 0 0 0 0 1 1 0 0 1 0 0 0 1 0 0 MA X JAMIE BEARD - FOUNDER AND EXECUTIVE 2126971000 1227 S RIVER STREET MARSHFIELD MA 02050 JAMIE BEARD PRESIDENT, SECRETARY, EXEC DIR 50.00 X X 240000 0 0 KUMAR GARG DIRECTOR 5.00 X 0 0 0 CAROLINE DE BOSSART LESTER TREASURER 5.00 X X 0 0 0 240000 0 0 1 0 1 0 DAN PENROD 235 LINCOLN STREET NEWTON HIGHLANDS MA 02461 ADVISORY SERVICES 160000 1 7571907 7571907 14469 14469 641 803 -162 -162 1189 1189 1189 7587403 -162 0 15658 X 95579 95579 959758 959758 240000 168000 24000 48000 413782 289648 41378 82756 24169 16918 2417 4834 53729 37610 5373 10746 32337 26000 6337 97995 97995 933828 915980 17848 86354 86354 28482 16517 11965 143556 143556 89212 44606 44606 386370 352773 33597 4401 4401 3589552 3153299 245311 190942 757291 70239 3289818 5000 1504801 762291 4864858 61847 166563 61847 166563 X 700444 3198295 1500000 700444 4698295 762291 4864858 3997851 0 X 0 1 X 1 0 X 1412062 7571907 8983969 1412062 7571907 8983969 7469740 1514229 14469 14469 1189 1189 8999627 641 X SCHEDULE A, PART II, LINE 10, EXPLANATION OF OTHER INCOME: MISCELLANEOUS INCOME - 2023 AMOUNT: $ 1,189. RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 X 7628281 40075 803 40878 7587403 0 7587403 3630430 40075 803 40878 3589552 0 3589552 PART X, LINE 2: THE ORGANIZATION ACCOUNTS FOR UNCERTAIN TAX POSITIONS IN ACCORDANCE WITH FASB ASC TOPIC INCOME TAXES. THIS TOPIC PRESCRIBES A RECOGNITION THRESHOLD AND MEASUREMENT PROCESS FOR FINANCIAL STATEMENT RECOGNITION OF UNCERTAIN TAX POSITIONS TAKEN OR EXPECTED TO BE TAKEN IN A TAX RETURN. THIS TOPIC ALSO PROVIDES GUIDANCE ON RECOGNITION, DERECOGNITION, CLASSIFICATION, INTEREST AND PENALTIES, ACCOUNTING IN INTERIM PERIODS, DISCLOSURE AND TRANSITION. MANAGEMENT BELIEVES THAT THE ORGANIZATION HAS NO MATERIAL UNCERTAIN TAX POSITIONS AS OF DECEMBER 31, 2023 AND 2022. PART XI, LINE 2D - OTHER ADJUSTMENTS: COST OF GOODS SOLD 803. PART XII, LINE 2D - OTHER ADJUSTMENTS: COST OF GOODS SOLD 803. 1 EUROPE (INCLUDING ICELAND & GREENLAND) 0 0 GRANTS TO RECIPIENTS LOCATED IN REGION 959758 EAST ASIA AND THE PACIFIC 0 0 PROGRAM SERVICES RESEARCH AND DEVELOPMENT OF PROGRAM TOOLS 2500 EUROPE (INCLUDING ICELAND & GREENLAND) 0 0 PROGRAM SERVICES RESEARCH AND DEVELOPMENT OF PROGRAM TOOLS 447547 MIDDLE EAST AND NORTH AFRICA 0 0 PROGRAM SERVICES RESEARCH AND DEVELOPMENT OF PROGRAM TOOLS 131 0 0 0 0 0 0 1409936 0 1409936 EUROPE (INCLUDING ICELAND & GREENLAND) GEOMAPPING: PROJECT SUPPORTS THE ON-GOING GLOBAL HEAT FLOW ASSESSMENT PROJECT, WHERE THE EXISTING GLOBAL COLLECTION OF HEAT-FLOW DATA UNDERGOES A REVISION AND UPDATE OF EACH ENTRY WITHIN THE NEXT TWO YEARS. 355875 WIRE TRANSFER 0 EUROPE (INCLUDING ICELAND & GREENLAND) GEOMAPPING: THE PROPOSED PROJECT WILL EXPAND THE PRINCIPAL INVESTIGATORS (PIS) (PATON AND MARKWICK) ONGOING GEOSPATIAL DATABASING OF THE EARTH'S CRUST TO PROVIDE A GLOBAL STRUCTURE-TECTONIC-MAGMATIC-FRAMEWORK THAT CAN ADDRESS THESE TWO CHALLENGES AND PROVIDE A UNIFYING AND ADAPTABLE ONLINE RESOURCE FOR GEOTHERMAL EXPLOITATION. 156759 WIRE TRANSFER 0 EUROPE (INCLUDING ICELAND & GREENLAND) GEOMAPPING: THE PROPOSED PROJECT WILL EXPAND THE PRINCIPAL INVESTIGATORS (PIS) (PATON AND MARKWICK) ONGOING GEOSPATIAL DATABASING OF THE EARTH'S CRUST TO PROVIDE A GLOBAL STRUCTURE-TECTONIC-MAGMATIC-FRAMEWORK THAT CAN ADDRESS THESE TWO CHALLENGES AND PROVIDE A UNIFYING AND ADAPTABLE ONLINE RESOURCE FOR GEOTHERMAL EXPLOITATION. 123451 WIRE TRANSFER 0 EUROPE (INCLUDING ICELAND & GREENLAND) GEOMAPPING: GENERATE A GLOBAL DATA BASE OF CRUSTAL TEMPERATURES CONSTRAINED BY GEOPHYSICAL OBSERVATIONS (TERRESTRIAL AND SATELLITE) AND, WHEN AVAILABLE, HIGH QUALITY SHF. 84454 WIRE TRANSFER 0 EUROPE (INCLUDING ICELAND & GREENLAND) GEOMAPPING: DELIVER SEISMIC DATA WITH HIGH, REGIONAL RESOLUTION AT CONTINENTAL AND GLOBAL SCALES AND FINE-TUNE THE THERMODYNAMIC INVERSION OF THESE DATA, SO AS TO MAP GEOTHERMAL POTENTIAL IN AFRICA, ASIA, AND S. AMERICA AND GLOBALLY. 146672 WIRE TRANSFER 0 EUROPE (INCLUDING ICELAND & GREENLAND) GEOMAPPING: THE PRIMARY OBJECTIVE OF THIS PHASE IS TO DETERMINE WHAT FAULT BLOCKS GLOBALLY CONTAIN MAXIMUM HORIZONTAL STRESS DATA AND WHICH DO NOT PROVIDE GUIDANCE OF EXISTING DATA AND IMPORTANTLY KNOWLEDGE OF DATA GAPS THAT POTENTIALLY INCREASE THE RISK AROUND AN INDIVIDUAL GEOTHERMAL PROJECT. 92547 WIRE TRANSFER 0 0 6 0 0 0 0 0 0 PART I, LINE 2: EACH GRANT IS OVERSEEN BY A PROJECT INNERSPACE SUBJECT MATTER EXPERT WHO REVIEWS AND VALIDATES AGREED-UPON DELIVERABLES FOR APPROPRIATE PROGRESS BEFORE APPROVAL OF DISBURSEMENT OF THE NEXT SCHEDULED PAYMENT UNDER THE GRANT AGREEMENT. PART I, LINE 3: THE AMOUNTS IN PART I HAVE BEEN REPORTED FOLLOWING THE ACCRUAL METHOD OF ACCOUNTING. 1 INNSURE CORPORATION ONE BROADWAY CAMBRIDGE MA 02142 841845170 501(C)(3) 50000 0 GEOFUND PROJECT RESEARCH UNIVERSITY OF TEXAS AT AUSTIN 3925 WEST BRAKER LANE AUSTIN TX 78759 746000203 GOVERNMENT 41948 0 GEOMAPPING: PROJECT RESEARCH-ALIGNING THE U.S. HEAT FLOW DATABASE WITH THE IHFC STANDARDS. 2 0 PART I, LINE 2: EACH GRANT IS OVERSEEN BY A PROJECT INNERSPACE SUBJECT MATTER EXPERT WHO REVIEWS AND VALIDATES AGREED-UPON DELIVERABLES FOR APPROPRIATE PROGRESS BEFORE APPROVAL OF DISBURSEMENT OF THE NEXT SCHEDULED PAYMENT UNDER THE GRANT AGREEMENT. X X 0 0 0 0 0 0 0 0 0 JAMIE BEARD PRESIDENT, SECRETARY, EXEC DIR 240000 0 0 0 0 0 0 0 0 0 240000 0 0 0 FORM 990, PART III, LINE 1, DESCRIPTION OF ORGANIZATION MISSION: PROJECT INNERSPACE IS A 501(C)(3) NON-PROFIT COMMITTED TO ACCELERATING THE ENERGY TRANSITION BY EDUCATING THE PUBLIC AND RELEVANT INDUSTRIES ABOUT THE POTENTIAL FOR GEOTHERMAL ENERGY AS AN UNLIMITED, CARBON-NEUTRAL ENERGY SOURCE. IT SEEKS TO FACILITATE THE RESEARCH, DEVELOPMENT AND TRANSFER OF TECHNOLOGY AND SKILLS TO ENABLE WIDESPREAD AND RAPID ADOPTION OF GEOTHERMAL ENERGY BY 2030. ENERGY USE WORLDWIDE IS EXPECTED TO DOUBLE BY 2050. AT THE SAME TIME, THE GLOBAL COMMUNITY SEEKS TO DECARBONIZE. TO MEET BOTH THESE GOALS, WE MUST TRANSITION AWAY FROM OIL AND GAS WHILE INCORPORATING MORE RENEWABLE RESOURCES INTO THE ENERGY MIX. ON ITS CURRENT TRAJECTORY, WIND, SOLAR, NUCLEAR AND HYDROPOWER WILL NOT BE ABLE TO MEET THE WORLD'S GROWING ENERGY DEMANDS. AT PROJECT INNERSPACE, WE SEEK TO LEVERAGE THE TECHNOLOGY AND SKILLS DEVELOPED BY THE OIL AND GAS INDUSTRY TO UNLOCK THE POTENTIAL OF GEOTHERMAL ENERGY AS A RELIABLE, AFFORDABLE, ACCESSIBLE, SUSTAINABLE, AND UNLIMITED ENERGY CHOICE. PROJECT INNERSPACE SEEKS TO MEET ITS MISSION GOALS BY ELIMINATING THE BARRIERS TO SCALABLE GEOTHERMAL ENERGY. CURRENT PROJECTS INCLUDE GEOMAP, PIVOT + GEOTHERMAL HOUSE, AND GEODE, AMONG OTHERS. FORM 990, PART VI, SECTION A, LINE 4 THE ORGANIZATION'S BYLAWS WERE AMENDED ON FEBRUARY 23, 2024. SIGNIFICANT CHANGES INCLUDED: 1. ESTABLISHED THE NUMBER OF MEMBERS OF THE BOARD OF DIRECTORS AS CONSISTING OF NOT LESS THAN TWO OR MORE THAN SEVEN DIRECTORS. 2. UPDATED THE PROCESS FOR REMOVAL OF A DIRECTOR FROM THE BOARD TO REQUIRE AN AFFIRMATIVE VOTE OF AT LEAST 3/4 OF THE DIRECTORS THEN IN OFFICE. 3. UPDATED THE PROCESS FOR AMENDING THE ORGANIZATION'S BYLAWS TO REQUIRE AN AFFIRMATIVE VOTE OF AT LEAST 2/3 OF THE DIRECTORS. FORM 990, PART VI, SECTION B, LINE 11B THE BOARD OF DIRECTORS REVIEWS AND APPROVES THE FORM 990 PRIOR TO SUBMISSION. FORM 990, PART VI, SECTION B, LINE 12 THE ORGANIZATION HAS ANSWERED NO TO PART VI, LINE 12 BECAUSE ITS WRITTEN CONFLICT OF INTEREST POLICY WAS NOT OFFICIALLY ADOPTED BY THE GOVERNING BODY UNTIL FEBRUARY 23, 2024. THE BELOW DESCRIPTION APPLIES TO THE POLICY AS CARRIED OUT AFTER THAT TIME. EACH DIRECTOR, MEMBER OF A COMMITTEE WITH POWERS DELEGATED BY THE BOARD OF DIRECTORS, PRINCIPAL OFFICER, MEMBER, EMPLOYEE HAVING RESPONSIBILITIES SIMILAR TO A DIRECTOR OR PRINCIPAL OFFICER, SUBSTANTIAL DONOR TO THE ORGANIZATION, OR ANY PERSON IN A POSITION TO EXERCISE SUBSTANTIAL AUTHORITY OVER THE AFFAIRS OF THE ORGANIZATION ARE REQUIRED TO COMPLETE A CONFLICT OF INTEREST DISCLOSURE STATEMENT UPON FIRST ACCEDING TO SUCH OFFICE OR POSITION AND TO UPDATE THE DISCLOSURE STATEMENT IMMEDIATELY FOLLOWING ANY CHANGE IN THE INFORMATION REQUESTED IN THE DISCLOSURE STATEMENT. AFTER A POTENTIAL CONFLICT OF INTEREST HAS BEEN DISCLOSED TO THE BOARD, ALONG WITH ALL MATERIAL FACTS, THE COVERED PERSON SHALL LEAVE THE MEETING WHILE THE DETERMINATION OF AN IMPERMISSIBLE CONFLICT OF INTEREST IS DISCUSSED AND VOTED UPON. THE DISINTERESTED MEMBERS OF THE BOARD SHALL DETERMINE WHETHER AN IMPERMISSIBLE CONFLICT OF INTEREST EXISTS. IF SUCH A CONFLICT IS DETERMINED TO EXIST, THE COVERED PERSON MAY MAKE A PRESENTATION TO THE BOARD AT THE MEETING WHERE THE TRANSACTION OR ARRANGEMENT IS BEING CONSIDERED, BUT THEY MUST LEAVE THE MEETING DURING THE DISCUSSION OF, AND THE VOTE ON, SUCH TRANSACTION OR ARRANGEMENT. FORM 990, PART VI, SECTION B, LINE 15A THE EXECUTIVE DIRECTOR'S SALARY WAS SET BY THE BOARD USING INDUSTRY BENCHMARKS WHICH WERE VALIDATED IN DECEMBER 2023 THROUGH A NON-PROFIT COMPENSATION STUDY. FORM 990, PART VI, SECTION C, LINE 19 THE ORGANIZATION MAKES ITS GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY AND FINANCIAL STATEMENTS AVAILABLE TO THE PUBLIC UPON REQUEST. FORM 990, PART VI, LINES 13 AND 14: THE ORGANIZATION HAS ANSWERED NO TO PART VI, LINES 13 AND 14 BECAUSE THESE POLICIES WERE NOT OFFICIALLY ADOPTED BY THE GOVERNING BODY UNTIL FEBRUARY 23, 2024. FORM 990, PART IX, LINE 11G SCIENTIFIC RESEARCH/PROGRAM CONSULTING: PROGRAM SERVICE EXPENSES 908,480. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 908,480. PAYROLL PROCESSING/HR ADMIN FEES: PROGRAM SERVICE EXPENSES 0. MANAGEMENT AND GENERAL EXPENSES 17,848. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 17,848. VIDEOGRAPHY/GRAPHIC DESIGN: PROGRAM SERVICE EXPENSES 7,500. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 7,500.