BOSTON VA RESEARCH INSTITUTE INC (EIN 043081524) - Form 990 Financial Analysis & Trantor Score

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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

2023-01-01 to 2023-12-31

BOSTON VA RESEARCH INSTITUTE INC, founded in 1990, is a mid-sized nonprofit in the Medical Research sector that reported $17.1M in total revenue in fiscal year 2023. Revenue surged 29% from the prior year, signaling strong growth momentum. Expenses of $14.9M left a modest 13% surplus.

Mission

TO SERVE VETERANS BY ADVANCING QUALITY HEALTHCARE THROUGH RESEARCH AND EDUCATION AT THE VA BOSTON HEALTHCARE SYSTEM.

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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 (2023)

Revenue Breakdown

Contributions & Grants $14,526,095

Program Service Revenue $1,700,259

Investment Income $861,564

Other Revenue $20,799

TOTAL REVENUE $17,108,717

Expense Breakdown

Grants Paid $0

Salaries & Benefits $6,283,743

Fundraising Expenses $0

Program Expenses $12,760,175

Other Expenses $8,664,185

TOTAL EXPENSES $14,947,928

Year-over-Year Comparison

	2023	2022	Change
Revenue	$17,108,717	$13,304,752	+0.3%
Expenses	$14,947,928	$12,996,243	+0.2%
Net Income	$2,160,789	$308,509	+6.0%

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

$1,095,408

Total Directors

$2,573,464

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
WILLIAM BODEN MD FACC FAHA	DIRECTOR	1.00	Director	$0	$0	$295,015
MARY BROPHY MD MPH	DIRECTOR	1.00	Director	$0	$0	$275,076
MICHAEL CHARNESS MD	DIRECTOR	1.00	Director	$0	$0	$390,000
ANTOUN HOURANIEH RPH MS PHD	DIRECTOR/TREASURER/SECRETARY	7.50	Officer Director	$0	$0	$173,371
TERENCE KEANE PHD	DIRECTOR	7.00	Director	$0	$0	$183,500
VINCENT NG MBA	DIRECTOR	1.50	Director	$0	$0	$235,000
ALDEBARAN HOFER PHD	DIRECTOR	1.00	Director	$0	$0	$165,600
JENNIFER VASTERLING PHD	DIRECTOR/CHAIR	1.50	Officer Director	$0	$0	$183,500
JACOB JOSEPH MD FACC FAHA	DIRECTOR/VICE CHAIR	1.50	Officer Director	$0	$0	$353,701
ROBERT FORRESTER MBA	DIRECTOR	1.00	Director	$0	$0	$0
RICHARD SELIGMAN EDD	DIRECTOR/COMMUNITY MEMBER	1.00	Director	$0	$0	$0
DAVID TOPOR PHD MS-HPED	DIRECTOR (AS OF 11/2023)	1.00	Director	$0	$0	$0
ANDREW BUDSON MD	DIRECTOR (UNTIL 10/2023)	1.00	Director	$0	$0	$318,701
PATRICIA MCNULTY MS	CEO	40.00	Officer	$240,122	$10,531	$250,653
JANYCE SARMANIOTE	DIRECTOR OF FINANCE (UNTIL 7/2023)	40.00	Officer	$101,476	$12,348	$113,824
MARIAN O'NEIL	DIRECTOR OF FINANCE (AS OF 11/2023)	40.00	Officer	$19,092	$1,267	$20,359
JESSICA LOREN MULLIGAN	ASSOCIATE DIRECTOR OF HUMAN RESOURCES	40.00	Highest	$148,012	$30,558	$178,570
SHERILYN SAWYER	DIRECTOR OF PRECISION MEDICINE	40.00	Highest	$190,320	$40,112	$230,432
MARGARET NIZNIKIEWICZ	SENIOR RESEARCH SCIENTIST	30.00	Highest	$135,012	$39,384	$174,396
KRISTEN HARDING	DIRECTOR OF RESEARCH ADMINISTRATION	40.00	Highest	$134,293	$45,919	$180,212
DMITRY GERASHCHENKO	RESEARCH SCIENTIST	40.00	Highest	$148,626	$516	$149,142

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
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

BOSTON VA RESEARCH INSTITUTE INC