NAIOP RESEARCH FOUNDATION 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

2000

Legal Domicile

Principal Officer

MARC SELVITELLI

Phone

7039047100

Tax Period

2025-01-01 to 2025-12-31

NAIOP RESEARCH FOUNDATION INC, founded in 2000, is a small nonprofit in the Education sector that reported $488K in total revenue in fiscal year 2025. Revenue fell 34% from the prior year — a significant decline worth monitoring. The organization ran a surplus of $149K, a strong 30% operating margin.

Mission

THE NAIOP RESEARCH FOUNDATION FOSTERS BUILDING BETTER COMMUNITIES THROUGH PRACTICAL RESEARCH AND EDUCATION THAT ADVANCES THE QUALITY AND MAKES EVIDENT THE BENEFITS OF COMMERCIAL REAL ESTATE OWNERSHIP AND DEVELOPMENT.

Program Service Accomplishments

Program 1

Expenses: $309,618

RESEARCH - RESEARCH IS CENTERED ON HELPING DEVELOPERS, OWNERS AND OTHERS INVOLVED IN COMMERCIAL REAL ESTATE TO MEET AND EXCEED THE NEEDS AND EXPECTATIONS OF OUR COMMUNITIES, NOW AND IN THE FUTURE. IN 2025, THE FOUNDATION RELEASED TEN NEW RESEARCH PROJECTS. RESEARCH IS PROVIDED FOR FREE IN PDF FORM.

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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 (2025)

Revenue Breakdown

Contributions & Grants $342,952

Program Service Revenue $0

Investment Income $144,876

Other Revenue $0

TOTAL REVENUE $487,828

Expense Breakdown

Grants Paid $112,291

Salaries & Benefits $18,210

Fundraising Expenses $1,319

Program Expenses $309,618

Other Expenses $208,624

TOTAL EXPENSES $339,125

Year-over-Year Comparison

	2025	2024	Change
Revenue	$487,828	$740,289	-0.3%
Expenses	$339,125	$406,564	-0.2%
Net Income	$148,703	$333,725	-0.6%

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

N/A

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

$880,220

Total Directors

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
MARC SELVITELLI	EX-OFFICIO MEMBER	1.0	Officer	$0	$42,700	$773,732
Jennifer Lefurgy	EXECUTVE DIRECTOR(Thru 5/2/25)	1.0	Officer	$0	$29,684	$106,488
JEAN KANE	CHAIRPERSON	1.0	Officer Director	$0	$0	$0
FRANK P BAIRD	VICE CHAIRPERSON	1.0	Officer Director	$0	$0	$0
ALEXANDER RICKENBAKER	SECRETARY-TREASURER	1.0	Officer Director	$0	$0	$0
LEWIS AGNEW	BOARD MEMBER (Thru 5/16/2025)	1.0	Director	$0	$0	$0
TRACY ALLEN	BOARD MEMBER	1.0	Director	$0	$0	$0
COLLIN E BARR	BOARD MEMBER	1.0	Director	$0	$0	$0
MOLLY R CARSON	BOARD MEMBER	1.0	Director	$0	$0	$0
DAVID GRISSOM	BOARD MEMBER	1.0	Director	$0	$0	$0
DANIEL LEVISON	BOARD MEMBER	1.0	Director	$0	$0	$0
KATE NOLAN BRYDEN	BOARD MEMBER	1.0	Director	$0	$0	$0
MARK G LEVY	Board Member (Eff. 5/19/2025)	1.0	Director	$0	$0	$0

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	$487,828	$339,125	$5,495,942	$148,703
2024	$740,289	$406,564	$4,724,701	$333,725
2023	$499,953	$369,763	$3,999,968	$130,190
2022	$635,832	$294,681	$3,532,992	$341,151
2021	$636,478	$294,208	$3,745,572	$342,270
2020	$498,327	$195,484	$3,199,132	$302,843
2019	$415,380	$332,685	$2,771,067	$82,695
2018	$385,821	$276,617	$2,350,910	$109,204