SEASHARE
Financial Statements
December 31, 2023 and 2022

Table of Contents

Page

Independent Auditor’s Report

1 and 2Financial Statements
Statements of Financial Position

3

Statements of Activities

4Statements of Functional Expenses

5Statements of Cash Flows6

Notes to Financial Statements

7-10

Amanda O’Rourke, CPA
Matt Smith, CPA
Claire Chow, CPA
Jason Mallon, CPA
Andrew Van Ness, CPA
INDEPENDENT AUDITOR’S REPORTTo the Board of Directors
SeaShareBainbridge Island, Washington
OpinionWe have audited the accompanying financial statements of SeaShare (a nonprofit organization), which comprisethe statement of financial position as of December 31, 2023, and the related statements of activities, functional
expenses, and cash flows for the year then ended, and the related notes to the financial statements.
In our opinion, the financial statements referred to above present fairly, in all material respects, the financial
position of SeaShare as of December 31, 2023, and the changes in its net assets and its cash flows for the year
then ended in accordance with accounting principles generally accepted in the United States of America.
Basis for Opinion
We conducted our audit in accordance with auditing standards generally accepted in the United States ofAmerica. Our responsibilities under those standards are further described in the Auditor’s Responsibilities for theAudit of the Financial Statements section of our report. We are required to be independent of SeaShare and tomeet our other ethical responsibilities in accordance with the relevant ethical requirements relating to our audits.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit
opinion.
Prior Period Financial Statements
The financial statements of SeaShare as of December 31, 2022, were audited by other auditors whose report
dated July 17, 2023, expressed an unmodified opinion on those statements.
Responsibilities of Management for the Financial Statements
Management is responsible for the preparation and fair presentation of the financial statements in accordancewith accounting principles generally accepted in the United States of America, and for the design,
implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial
statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, management is required to evaluate whether there are conditions or events,
considered in the aggregate, that raise substantial doubt about SeaShare’s ability to continue as a going concern
within one year after the date that the financial statements are available to be issued.
Auditor’s Responsibilities for the Audit of the Financial Statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are freefrom material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes ouropinion. Reasonable assurance is a high level of assurance but is not absolute assurance and therefore is not aguarantee that an audit conducted in accordance with generally accepted auditing standards will always detecta material misstatement when it exists. The risk of not detecting a material misstatement resulting from fraud ishigher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions,misrepresentations, or the override of internal control. Misstatements are considered material if there is a
substantial likelihood that, individually or in the aggregate, they would influence the judgment made by areasonable user based on the financial statements.
4241 21st Ave W, Suite 400, Seattle, WA 98199

O (206) 782-1767

F (206) 784-4506

greenwoodcpa.com

Member of the American Institute of Certified Public Accountants and the Washington Society of Certified Public Accountants

Amanda O’Rourke, CPA
Matt Smith, CPA
Claire Chow, CPA
Jason Mallon, CPA
Andrew Van Ness, CPA

In performing an audit in accordance with generally accepted auditing standards, we:Exercise professional judgment and maintain professional skepticism throughout the audit.

Identify and assess the risks of material misstatement of the financial statements, whether due to fraud
or error, and design and perform audit procedures responsive to those risks. Such procedures include
examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements.

Obtain an understanding of internal control relevant to the audit in order to design audit proceduresthat are appropriate in the circumstances, but not for the purpose of expressing an opinion on theeffectiveness of SeaShare’s internal control. Accordingly, no such opinion is expressed.

Evaluate the appropriateness of accounting policies used and the reasonableness of significant
accounting estimates made by management, as well as evaluate the overall presentation of the financialstatements.

Conclude whether, in our judgment, there are conditions or events, considered in the aggregate, thatraise substantial doubt about SeaShare’s ability to continue as a going concern for a reasonable periodof time.

We are required to communicate with those charged with governance regarding, among other matters, theplanned scope and timing of the audit, significant audit findings, and certain internal control related matters that
we identified during the audit.

Greenwood Ohlund
Seattle, Washington
March 4, 2024

4241 21st Ave W, Suite 400, Seattle, WA 98199

O (206) 782-1767

F (206) 784-4506

greenwoodcpa.com

Member of the American Institute of Certified Public Accountants and the Washington Society of Certified Public Accountants

SEASHARESTATEMENTS OF FINANCIAL POSITION
December 31, 2023 and 2022

ASSETS

2023

Current Assets
Cash and cash equivalentsContributions and grants receivable
Donated seafood inventory
Total assets

2022

$

383,300
1,267,833$

614,654
86,844
156,215$

1,651,133$

857,713

$

1,128

$

569

LIABILITIES AND NET ASSETS
Current Liabilities
Accounts payable
Net Assets
Without donor restrictions
With donor restrictions

1,650,005-704,777
152,367

Total net assets

1,650,005

857,144

Total liabilities and net assets$

1,651,133$

857,713

See accompanying notes to financial statements.

3SEASHARESTATEMENTS OF ACTIVITIESFor the Years Ended December 31, 2023 and 2022

2023With Donor
Restrictions

Without Donor
Restrictions
Support and Revenue
In-kind seafood donations
Contributions and grants
Interest
Net assets released from restrictions$

Total support and revenue

4,908,122
937,453
1,142
152,367$

Total(152,367)$

4,908,122
937,453
1,142-2022
With Donor
Restrictions

Without Donor
Restrictions$

1,951,583
639,678201
420,000$

45,000(420,000)

Total$

1,951,583
684,678
201-

5,999,084(152,367)

5,846,717

3,011,462(375,000)

2,636,462

Expenses
Program services
Management and generalFundraising

4,776,585
36,938240,333-

4,776,585
36,938240,333

2,778,240
36,174
223,324-

2,778,240
36,174
223,324

Total expenses

5,053,856-

5,053,856

3,037,738-

3,037,738

Change in net assets

945,228(152,367)

792,861(26,276)(375,000)(401,276)

704,777

152,367

857,144731,053

527,367

1,258,420

Net Assets, beginning of year
Net Assets, end of year$

1,650,005$-$

1,650,005$

704,777$

152,367$

857,144

See accompanying notes to financial statements.

4SEASHARESTATEMENTS OF FUNCTIONAL EXPENSES
For the Years Ended December 31, 2023 and 2022
2023
ProgramServices
In-kind seafood donations
Payroll, taxes, and benefits
Seafood processing
Fish projects (packaging,freight, and other)Advertising
Rent
Professional services
TravelOffice supplies
Fundraising supplies
Insurance$

Total expenses$

3,796,504
188,506
423,275

Managementand General$

271,866
36,761
17,276
15,501
15,5119,001
2,384
4,776,585

31,417-

Fundraising
$

2,159
1,938
1,125
299
$

36,9382022

224,971-$

3,796,504
444,894423,275

2,159
1,938
1,124
9,843
298
$

240,333

ProgramServices

Total
$

271,866
36,761
21,594
19,377
15,511
11,250
9,843
2,981
$

5,053,856

1,949,208
177,734
235,025

Management
and General$

331,880
31,976
17,087
17,007
8,221
8,062
2,040
$

2,778,240

29,623-Fundraising
$

2,136
2,126
1,027
1,007
255
$

36,174

206,601
-

Total
$

2,136
2,126
1,028
1,011
10,167255$

223,324

1,949,208
413,958
235,025
331,880
31,976
21,35921,25910,276
10,08010,1672,550$

3,037,738

See accompanying notes to financial statements.

5SEASHARESTATEMENTS OF CASH FLOWSFor the Years Ended December 31, 2023 and 2022

2023
Cash Flows from Operating Activities
Cash received from:Donors and grantors
Interest
Cash paid for:
Personnel
Vendors$

Net cash flows from operating activities andchange in cash and cash equivalents
Cash and Cash Equivalents, beginning of the year
Cash and Cash Equivalents, end of the year$

1,024,297
1,142

2022

$

1,152,129
201(444,894)(811,899)(413,958)(675,296)(231,354)

63,076614,654551,578

383,300$

614,654

See accompanying notes to financial statements.

6SEASHARENOTES TO FINANCIAL STATEMENTS
Note 1 – Organization and Summary of Significant Accounting Policies
Organization
SeaShare (the Organization) is a Washington not-for-profit corporation chartered in 1994 as a hunger-relief
facilitator. Its purpose is to increase the use of seafood by individuals and families served by food banks,
feeding centers, and similar nonprofit agencies in the United States. The Organization solicits donations ofgoods, services, and funds from within the seafood industry. The Organization combines and coordinates
those donations to generate volumes of distributable products that would otherwise not be available to thefood bank network. When seafood donations cannot be fully donated (at $0 cost), the Organization obtains
reimbursement for a portion of its program costs (recognized as a contribution), such as re-processing,packaging, storage, and freight, from the various hunger-relief agencies receiving the products. The
Organization also arranges donative funding from individuals, as well as grants, for administrative andproject-related expenses.
Use of Estimates
The preparation of financial statements in conformity with accounting principles generally accepted in theUnited States of America requires management to make estimates and assumptions that affect certain
reported amounts and disclosures. Actual results could differ from those estimates.
Financial Statement Presentation
In accordance with accounting principles generally accepted in the United States of America, theOrganization is required to report information regarding its financial position and activities according totwo classes of net assets: without donor restrictions and with donor restrictions.
Net Assets with and without Donor Restriction
Net assets with donor restrictions consist of unexpended contributions and grnats restricted for particularpurposes or time periods. Net assets with donor restrictions consist of the following at December 31:
2023
COVID-19 Relief
Future periods (time restriction)

2022

$

-$

130,000
22,367$-$

152,367

Revenues are reported as increases in net assets without donor restrictions unless use of the related asset
is limited by donor-imposed restrictions. Expenses are reported as decreases in net assets without donorrestrictions. Expirations of net assets with donor restrictions on net assets (i.e., the donor-stipulated purpose
has been fulfilled or the stipulated time period has lapsed) are reported as reclassifications between theapplicable classes of net assets.

7SEASHARENOTES TO FINANCIAL STATEMENTS
Cash and Cash Equivalents
Cash and cash equivalents represent cash in banks. The Organization considers all short-term securities withan original maturity of three months or less to be cash. On occasion, the Organization has amounts
deposited with financial institutions in excess of federally insured limits.
Contributions and Grants Receivable
Unconditional promises to give (pledges) are recognized as revenues in the period the pledge is received.
Contributions and grants receivable that are expected to be collected in one year are recorded at net
realizable value. Management reviews the collectability of contributions receivable on a periodic basis anddetermines the appropriate amount of any allowance. The Organization charges off receivables to theallowance when management determines that the receivables are not collectible. No allowance for accounts
receivable was considered necessary at December 31, 2023 or 2022.
Donated Seafood Inventory and In-kind Seafood Donations
Donated seafood inventory is stated at the lower of cost or net realizable value. Cost is estimated based on
the fair value for donated goods at the time of donation, which is based on the average wholesale value
placed on one pound of donated product (including processing, freight and storage) listed in the annual
report for national hunger-relief agencies. The Organization used a rate of $2.96 and $1.79 per pound for2023 and 2022, respectively.
The total value of donated seafood received by the Organization for the years ending December 31, 2023
and 2022, was $4,908,122 and $1,951,583, respectively.
Donated Services
A substantial number of unpaid volunteers have made significant contributions of their time in conjunction
with Organization programs and services. The value of these contributions is not included in these financial
statements as the nature of these services does not meet the accounting criteria for inclusion in the financialstatements.
Contributions and Grants Revenue Recognition
Contributions and grants are recognized as revenue in the period the unconditional award is received.
Conditional contributions and grants are not recognized until the conditions on which they depend aresubstantially met.
The Organization received 40% of total contributions and grants from one donor during the year ended
December 31, 2023. There were no concentrations from contributions and grants during the year ended
December 31, 2022.

8SEASHARENOTES TO FINANCIAL STATEMENTS
Functional Allocation of Expenses
The statements of functional expenses present expenses by functional and natural classification. Certain
categories of expenses are attributed to more than one program or supporting function and have been
allocated among the programs and supporting services benefited. Salaries and wages, payroll taxes, andbenefits are allocated based on estimates of time and effort; rent is allocated based on estimates of square
footage; and other expenses are allocated proportionately to direct costs.
Income Taxes
The Organization is a nonprofit organization that is exempt from income taxes under Internal Revenue CodeSection 501(c)(3).
Reclassifications
Certain prior year balances have been reclassified in order to conform to the current year presentation.
Subsequent EventsThe Organization has evaluated subsequent events through the date these financial statements wereavailable to be issued, which was March 4, 2024.
Note 2 – Liquidity and Availability of Resources
The Organization's total financial assets have seasonal variations during the year attributed to the timing ofreceipt of contributions and grants. The timing of receipt is heavily weighted to November and December.
The Organization has an informal operating reserve that the Board of Directors has dedicated with theobjective of setting funds aside to be drawn upon in the event of financial distress or an immediate liquidity
need. Reaching the level of reserves activates an immediate Board review and reassessment.
At December 31, 2023 and 2022, the Organization’s financial assets available for general expenditures wereas follows:2023
Financial assets:
Cash and cash equivalents
Contributions and grants receivable$Amounts not available for general use within one year:
Net assets with purpose restrictions$92022

383,300-$

614,654
86,844383,300

701,498-(130,000)

383,300$

571,498

SEASHARENOTES TO FINANCIAL STATEMENTS
Note 3 – Related Party Transactions
During the years ended December 31, 2023 and 2022, the Organization purchased produce processing andother services totaling $471,595 and $309,409, respectively, from companies under significant influence bymembers of the Board of Directors. All purchases were performed at arms-length.

10