Project Bluewater Racing
Project Bluewater Racing is a private foundation, based in LA MESA, CA. IRS filing data is available from 2020 through 2024. As of 2024, the organization holds $706K in total assets. In 2024, it awarded 7 grants totaling $66K. Net investment income was $133K.
Financial Overview
From 2024 IRS Form 990-PF · View filing
Total Assets
$706K
-20.6% YoY
Annual Giving
$66K
+230.0% YoY
Grant Count
7
+600.0% YoY
Avg Grant Size
$9K
-52.9% YoY
Under IRS private-foundation payout rules, Project Bluewater Racing reported a distributable amount of $15K for 2024 — the minimum it must pay out in qualifying distributions.
About Project Bluewater Racing
Based on IRS filings
Project Bluewater Racing is a private foundation, based in LA MESA, CA. IRS filing data is available from 2020 through 2024. As of 2024, the organization holds $706K in total assets. In 2024, it awarded 7 grants totaling $66K. Net investment income was $133K.
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Geographic Focus
Where this funder awards grants
Grant Distribution by State
Cities
Financial History
Multi-year comparison from IRS filings
| Metric | 2024 | 2023 | 2022 |
|---|---|---|---|
| Total Assets | $705,732 | $888,749 | $856,248 |
| Revenue | $158,572 | $103,371 | $78,583 |
| Expenses | $234,902 | $73,731 | $94,366 |
| Qualifying Distributions | $212,927 | $35,476 | $62,508 |
| Net Investment Income | $133,348 | $73,651 | $62,586 |
| Distributable Amount | $15,370 | $65,974 | $68,599 |
Giving Over Time
Total grant dollars and number of grants per year
Grant Insights
How this funder distributes its grants
Top Recipients
Top 7 recipients in 2024
Grant Size Distribution
19 grants across all recorded years
Giving History
Grant recipients and amounts by year
Among its reported 2024 grants, the largest include Clean Oceans International ($20,000), Herrshoff Marine Museum ($12,000), Georgia Tech Research Corporation ($10,000).
| Recipient | Purpose | Amount |
|---|---|---|
| WALTER MUNK FOUNDATION LA JOLLA, CA | SUPPORT FOR THE ORGANIZATION'S EFFORTS CONTINUING WALTER MUNK'S LEGACY OF DARING EXPLORATION AND DISCOVERY THROUGH SCIENTIFIC RESEARCH, EDUCATION AND OCEAN CONSERVATION. FUNDS TO BE USED FOR EDUCATION AND RELATED TRAVEL EXPENSES OF UNDERSERVED STUDENTS. | $4,000 |
| OCEAN VOYAGES INSTITUTE SAUSALITO, CA | WITH EMPLOYED SATELLITE TRACKING, LOCATE AND RECOVER SOME OF THE LARGEST AND MOST DESTRUCTIVE OF ALL PLASTIC POLLUTION-ENORMOUS "GHOST NETS," DERELICT FISHING GEAR, THAT DRIFTS BELOW THE OCEAN'S SURFACE, ENTANGLING SHIPS AND ENTRAPPING WILDLIFE. | $5,000 |
| CLEAN OCEANS INTERNATIONAL SANTA CRUZ, CA | REDUCE OCEANIC PLASTIC POLLUTION THROUGH RESEARCH, INNOVATION AND DIRECT ACTION. FUNDS TO BE USED TO SUPPORT DESIGN AND FABRICATION OF A PORTABLE PLASTIC WASTE CONVERSION (PPWC) SYSTEM CAPABLE OF CONVERTING PLASTIC WASTE IN THE WATER SURROUNDING ULITHI ATOLL INTO USABLE DIESEL FUEL AND INERT CHAR FOR COMPOST. | $20,000 |
| GEORGIA TECH RESEARCH CORPORATION ATLANTA, GA | A LOW-COST, OPEN-SOURCE AND SELF-FITTING HEARING AID | $10,000 |
| CORTEZ RACING ASSOCIATION SAN DIEGO, CA | GENERAL USE OF FUNDS FOR PROMOTING LOW-COST ACCESS TO LOCAL, REGIONAL AND INTERNATIONAL CORINTHIAN SAILBOAT RACING AND TO BROADEN PARTICIPATION IN THE SPORT OF SAILING. | $10,000 |
| HERRSHOFF MARINE MUSEUM BRISTOL, RI | SUPPORT FOR THEIR STEM PROGRAM PROVIDING INCLUSIVE EDUCATION THAT FOSTERS INNOVATION AND CREATIVE PROBLEM SOLVING. | $12,000 |
| SAMUEL LAWRENCE FOUNDATION DEL MAR, CA | ADVOCATING FOR SAFE NUCLEAR WASTE STORAGE, ACCURATE RADIATION MONITORING AND THE EVENTUAL MOVING OF 3.6 MILLION LBS. OF DEADLY TOXIC NUCLEAR WASTE CURRENTLY STORED AT SAN ONOFRE. | $5,000 |
Leadership & Key People
Officers and directors from IRS filings
Compensation Overview
From 2024 IRS filing
From 2024 filing
| Name | Title | Hours | Compensation |
|---|---|---|---|
| ROBERT E CAPITA | PRESIDENT/CEO | 32 | $63,364 |
| NICHOLAS DORN | VICE PRESIDENT | 4 | — |
| MARIANNA N CAPITA | TREASURER | 2 | — |
| TOBIE BLOOM | SECRETARY | 14 | — |
| CANYON BREYER | TRUSTEE | 10 | — |
| SCHUYLER D CAPITA | TRUSTEE | 1 | — |
| BRADDON R CAPITA | TRUSTEE | 1 | — |
Frequently Asked Questions
How large is Project Bluewater Racing?
As of 2024, Project Bluewater Racing holds $706K in total assets with $159K in annual revenue. It awarded 7 grants totaling $66K in 2024.
Where does Project Bluewater Racing operate?
Project Bluewater Racing has awarded grants in California, Georgia, Illinois, New York, Ohio, Oklahoma, Rhode Island.
What size grants does Project Bluewater Racing award?
In 2024, Project Bluewater Racing awarded 7 grants totaling $66K — an average of about $9K per grant, based on its IRS Form 990 filings.
How much is Project Bluewater Racing required to give away each year?
Private foundations must generally distribute about 5% of their assets annually. For 2024, Project Bluewater Racing reported a distributable amount of $15K on its IRS Form 990-PF — the minimum it must pay out in qualifying distributions.
What is Project Bluewater Racing's EIN?
Project Bluewater Racing's EIN (Employer Identification Number) is 20-1685136. IRS Form 990 filing data is available on this page for 2020–2024.
Explore Open Grants
Browse active grant opportunities in Project Bluewater Racing's focus areas in our free grants database
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Data last updated April 2026. Sourced from IRS Form 990-PF filings.
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