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.
Project Bluewater Racing at a glance
In short: Project Bluewater Racing gave $66K across 7 grants in 2024 (avg $9K), mostly in California. Source: 2024 IRS Form 990-PF.
- Annual giving (2024)
- $66,000
- +230.0% vs 2023
- Grants made (2024)
- 7
- +600.0% vs 2023
- Average grant
- $9,429
- -52.9% vs 2023
- Median grant
- $10,000
- Total assets
- $705,732
- -20.6% vs 2023
- Primary geography
- California (67% of itemized 2024 grant dollars)
- Latest 990 filing
- Form 990-PF, 2024 View filing
Data from IRS Form 990-PF, 2024; updated September 2026.
Who Project Bluewater Racing funds
How this funder distributes its grants
Top Recipients
Top 7 recipients in 2024
The largest 2024 recipient was Clean Oceans International ($20K). Together the top 7 received $66K.
Grant Size Distribution
19 grants across all recorded years
The most common grant size was under $50K: 19 grants of 19 (100%).
Geographic Focus
Where this funder awards grants
Grant Distribution by State
Share of 2024 grant dollars across all 7 itemized grants.
Cities
How Project Bluewater Racing gives
- Giving held roughly steady from 2021 to 2024 (−6%). Method
- In 2024 it paid out well above its IRS minimum distribution (the 5% rule). Method
From the foundation's IRS Form 990-PF filings. Methodology.
Giving History
Giving Over Time
Total grant dollars and number of grants per year
From 2020 to 2024, annual grant giving ranged from $20K (2023) to $71K (2021). In 2024 it made 7 grants totaling $66K.
Grants by year
Grant recipients and amounts by year
| Recipient | Purpose | Amount |
|---|---|---|
| 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 |
| Herrshoff Marine Museum Bristol, RI | Support for their stem program providing inclusive education that fosters innovation and creative problem solving. | $12,000 |
| 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 |
| 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 |
| 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 |
| 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 |
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Financial History
Multi-year comparison from IRS filings
| Filing year | Total Assets | Revenue | Expenses | Grants paid | Grants | Qualifying Distributions | Net Investment Income | Distributable Amount |
|---|---|---|---|---|---|---|---|---|
| 2024 | $705,732 | $158,572 | $234,902 | $66,000 | 7 | $212,927 | $133,348 | $15,370 |
| 2023 | $888,749 | $103,371 | $73,731 | $20,000 | 1 | $35,476 | $73,651 | $65,974 |
| 2022 | $856,248 | $78,583 | $94,366 | $53,390 | 3 | $62,508 | $62,586 | $68,599 |
| 2021 | $872,384 | $59,982 | $115,433 | $70,525 | 5 | $87,638 | $40,863 | $70,670 |
| 2020 | $927,568 | $5,946 | $75,743 | $45,000 | 3 | — | $9,719 | $61,171 |
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.
Leadership & Key People
Officers and directors from IRS filings
Project Bluewater Racing is led by Robert E. Capita, President & CEO since 2023 (on filings since 2020); 1 of 7 officers listed in 2024 is compensated.
Officers on the 2024 filing
Robert E. Capita
President & CEO
President & Director → President & CEO, 2023
On filings since 2020
32 hrs/week
$7K (2020) → $63K (2024)
Braddon R. Capita
Trustee
On filings since 2023
1 hr/week
No compensation reported
Canyon Breyer
Trustee
On filings since 2023
10 hrs/week
No compensation reported
Schuyler D. Capita
Trustee
On filings since 2023
1 hr/week
No compensation reported
Marianna N. Capita
Treasurer
Treasurer & Director → Treasurer, 2023
On filings since 2020
2 hrs/week
No compensation reported
Nicholas Dorn
Vice President
On filings since 2023
4 hrs/week
No compensation reported
Tobie Bloom
Secretary
On filings since 2023
14 hrs/week
No compensation reported
Former officers (3)
- Former: Bart S. Ziegler (2020–2022) — Vice President & Director
- Former: Gretchen Matheson (2020–2022) — Secretary & Director
- Former: Kim Deering Thomas (2020–2022) — Director
Data from IRS Form 990 filings, 2020–2024. "On filings since" is the earliest filing we hold that lists the person; hours are average hours per week as reported.
Compensation Overview
From 2024 IRS filing
The highest reported compensation on the 2024 filing was $63K, to Robert E Capita (President/CEO).
Frequently asked questions about Project Bluewater Racing
How much does Project Bluewater Racing give each year?
Project Bluewater Racing gave $66K across 7 grants in 2024, according to its 2024 IRS Form 990-PF. In 2023 it gave $20K across 1 grant.
What is Project Bluewater Racing's typical grant size?
Project Bluewater Racing's median grant in 2024 was $10,000, and its average grant was $9,429, across 7 grants on its 2024 IRS Form 990-PF.
Where does Project Bluewater Racing give grants?
Project Bluewater Racing gives mostly in California: 67% of the grant dollars itemized on its 2024 IRS Form 990-PF went to recipients there. The next largest states were Rhode Island (18%) and Georgia (15%).
Does Project Bluewater Racing give general operating support?
Yes: 14% of Project Bluewater Racing's 2024 grants with a stated purpose (1 of 7) were for general or operating support, per its 2024 IRS Form 990-PF.
Who are Project Bluewater Racing's largest grantees?
Project Bluewater Racing's largest 2024 grantees include Clean Oceans International ($20,000), Herrshoff Marine Museum ($12,000) and Georgia Tech Research Corporation ($10,000), according to its 2024 IRS Form 990-PF. Together they received 64% of its itemized 2024 grant dollars.
How large is Project Bluewater Racing?
Project Bluewater Racing reported $706K in total assets on its 2024 IRS Form 990-PF. It paid out $213K in qualifying distributions that year, against a required minimum of $15K (roughly 5% of its investment assets).
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.
Data last updated September 2026. Sourced from IRS Form 990-PF filings.
Data update history
(1)
When this profile's IRS filing data changed on Grantable
- IRS filings on file for fiscal years 2020–2024
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Browse active grant opportunities in Project Bluewater Racing's focus areas in our free grants database
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