BOSTON VA RESEARCH INSTITUTE INC

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Financial Vulnerability Assessment (Tuckman-Chang)

4 risk indicators measuring financial stability and operational resilience

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Financial Trends

Organization Details

Formation Year

1990

Legal Domicile

Principal Officer

PATRICIA MCNULTY

Phone

8573643800

Tax Period

2024-10-01 to 2025-09-30

BOSTON VA RESEARCH INSTITUTE INC, founded in 1990, is a mid-sized nonprofit in the Medical Research sector that reported $15.9M in total revenue in fiscal year 2024. Revenue surged 27% from the prior year, signaling strong growth momentum. Expenses of $14.9M left a modest 6% surplus.

Mission

TO SERVE VETERANS BY ADVANCING QUALITY HEALTHCARE THROUGH INQUIRY, INNOVATION, AND CONTINUOUS ACHIEVEMENT IN RESEARCH AND EDUCATION.

Program Service Accomplishments

Program 1

Expenses: $2,370,101

BASIC RESEARCH: IN 2025, BVARI FACILITATED 16 BASIC RESEARCH PROJECTS THAT EXPLORED VARIOUS AREAS OF HEALTH, INCLUDING ONCOLOGY, ALZHEIMER'S DISEASE, SLEEP, AND VISION.

Program 2

Expenses: $9,569,936 Revenue: $208,046

CLINICAL RESEARCH: IN 2025, BVARI ADMINISTERED 71 CLINICAL RESEARCH PROJECTS FOCUSED ON IMPROVING THE HEALTH AND HEALTHCARE OF VETERANS, INCLUDING 20 DATA SCIENCE AND EPIDEMIOLOGIC STUDIES.

Program 3

Expenses: $152,839 Revenue: $2,137,342

EDUCATION: IN 2025, BVARI SUPPORTED 11 EDUCATIONAL EVENTS AND PROGRAMS THAT ENHANCED THE SKILLS OF HEALTHCARE PROFESSIONALS AND TRAINEES WHO CARE FOR VETERANS, INCLUDING COORDINATING AND FACILITATING...

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Trantor Score

Financial Health Score (300–850) · Liquidity · Solvency · Sustainability · Efficiency

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Liquidity (40%) • Solvency (30%) • Sustainability (20%) • Efficiency (10%)

Financial Overview (2024)

Revenue Breakdown

Contributions & Grants $12,670,428

Program Service Revenue $2,345,388

Investment Income $877,959

Other Revenue $0

TOTAL REVENUE $15,893,775

Expense Breakdown

Grants Paid $0

Salaries & Benefits $7,795,595

Fundraising Expenses $0

Program Expenses $12,290,020

Other Expenses $7,128,373

TOTAL EXPENSES $14,923,968

Year-over-Year Comparison

	2024	2023	Change
Revenue	$15,893,775	$12,550,550	+0.3%
Expenses	$14,923,968	$12,580,411	+0.2%
Net Income	$969,807	$-29,861	-33.5%

Key Indicators

✗ Grants to Organizations ✗ Grants to Individuals ✗ Lobbying ✗ Political Activity ✗ Foreign Activities ✗ Donor Advised Fund ✓ Schedule B Required

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Financial Health Indicators

Comprehensive financial analysis: Altman Z-Score, liquidity, solvency, sustainability, efficiency, and growth metrics

Financial Distress Indicator

Liquidity & Cash Position

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Altman Z-Score • Liquidity Ratios • Solvency Analysis • Growth Indicators • Efficiency Metrics

Governance

Voting Members

Independent Members

Employees

Volunteers

Governance Policies

✓ Conflict of Interest Policy

✓ Whistleblower Policy

✓ Document Retention Policy

Special Practices & Reported Activities

✗ Operated a School

✗ Operated a Hospital

✗ Provided First Class Travel

✗ Reported Conflict of Interest

✗ Reported Asset Diversion

✗ Excess Benefit Transaction

✗ Made Political Expenditures

✗ Engaged in Lobbying

✗ Operated Donor Advised Fund

✗ Maintained Art Collections

✗ Filed Form 720

Compensation of Officers, Directors & Key Employees

Total Officers

$425,949

Total Directors

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
JACOB JOSEPH MD FACC FAHA	DIRECTOR/CHAIR	4.00	Officer Director	$0	$0	$0
JENNIFER VASTERLING PHD	DIRECTOR/CHAIR (UNTIL 12/2024)	4.00	Officer Director	$0	$0	$0
ROBERT FORRESTER MBA	DIRECTOR/TREASURER/SECRETARY	2.00	Officer Director	$0	$0	$0
ALDEBARAN HOFER PHD	DIRECTOR/VICE CHAIR	2.00	Officer Director	$0	$0	$0
MICHAEL CHARNESS MD	DIRECTOR	1.00	Director	$0	$0	$0
RYAN FERGUSON MPH DSC	DIRECTOR	2.00	Director	$0	$0	$0
TUNDRA GATEWOOD PHD	DIRECTOR	1.00	Director	$0	$0	$0
JAIMIE GRADUS DMSC DSC MPH	DIRECTOR	1.00	Director	$0	$0	$0
TERENCE M KEANE PHD	DIRECTOR	2.00	Director	$0	$0	$0
LESLIE PIERSON MS MT	DIRECTOR	1.00	Director	$0	$0	$0
MARCI SALOW PHARMD BCGP	DIRECTOR	1.00	Director	$0	$0	$0
RICHARD SELIGMAN EDD	DIRECTOR	2.00	Director	$0	$0	$0
DAVID TOPOR PHD MS-HPED	DIRECTOR	1.00	Director	$0	$0	$0
VINCENT NG MBA	DIRECTOR (UNTIL 05/2025)	1.00	Director	$0	$0	$0
MARY BROPHY MD MPH	DIRECTOR (UNTIL 12/2024)	1.00	Director	$0	$0	$0
PATRICIA MCNULTY MS	CEO	40.00	Officer	$236,495	$10,491	$246,986
MARIAN O'NEIL	CFO	40.00	Officer	$165,563	$13,400	$178,963
SHERILYN SAWYER	SR DIRECTOR OF PRECISION MEDICINE	40.00	Highest	$214,313	$43,586	$257,899
JESSICA LOREN MULLIGAN	DIRECTOR OF HR & OPERATIONS	40.00	Highest	$180,407	$42,973	$223,380
DMITRY GERASHCHENKO	RESEARCH SCIENTIST	40.00	Highest	$168,353	$0	$168,353
MARGARET NIZNIKIEWICZ	SENIOR RESEARCH SCIENTIST	30.00	Highest	$157,357	$40,856	$198,213
KRISTEN HARDING	DIRECTOR OF RESEARCH ADMINISTRATION	40.00	Highest	$155,488	$40,500	$195,988

Note: Compensation data is self-reported by the organization on their Form 990. "Reportable Comp" includes salary, bonuses, and other reportable compensation from the organization and related organizations. "Other Comp" includes benefits, deferred compensation, and non-taxable benefits.

Historical Data

Year	Revenue	Expenses	Assets	Net Income
2025	$15,893,775	$14,923,968	$25,744,224	$969,807
2024	No data	No data	No data	No data
2023	$17,108,717	$14,947,928	$28,144,486	$2,160,789
2022	$13,304,752	$12,996,243	$31,259,140	$308,509
2021	$10,948,061	$10,804,828	$30,681,512	$143,233
2020	$12,065,526	$12,223,190	$27,331,940	$-157,664
2019	$12,570,469	$12,088,244	$25,108,392	$482,225
2018	$11,993,289	$11,662,365	$24,632,807	$330,924