VA CONNECTICUT RESEARCH AND EDUCATION FOUNDATION (VACREF) (EIN 202206467) - 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

2005

Legal Domicile

Principal Officer

JOSEPH CARDONE

Phone

2039325711

Tax Period

2022-10-01 to 2023-09-30

VA CONNECTICUT RESEARCH AND EDUCATION FOUNDATION (VACREF), founded in 2005, is a community nonprofit in the Medical Research sector that reported $2.1M in total revenue in fiscal year 2022. Revenue surged 42% from the prior year, signaling strong growth momentum. Net assets of $4.2M represent 24 months of operating reserves.

Mission

TO FACILITATE THE RESEARCH AND EDUCATIONAL PROGRAMS IN CONJUNCTION WITH THEVA CONNECTICUT HEALTHCARE SYSTEM (VACHS) WHICH IS A FEDERAL HOSPITAL AND OPERATESAS A DIVISION OF THE VA NEW ENGLAND HEALTHCARE SYSTEM WITHIN THE VETERANS HEALTH ADMINISTRATION.

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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 (2022)

Revenue Breakdown

Contributions & Grants $8,814

Program Service Revenue $1,940,306

Investment Income $129,841

Other Revenue $0

TOTAL REVENUE $2,078,961

Expense Breakdown

Grants Paid $0

Salaries & Benefits $458,915

Fundraising Expenses $0

Program Expenses $1,852,884

Other Expenses $1,732,987

TOTAL EXPENSES $2,191,902

Year-over-Year Comparison

	2022	2021	Change
Revenue	$2,078,961	$1,464,306	+0.4%
Expenses	$2,191,902	$1,928,003	+0.1%
Net Income	$-112,941	$-463,697	-0.8%

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

N/A

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

$439,013

Total Directors

$255,935

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
FRED WRIGHT	PRESIDENT	4.00	Officer Director	$0	$0	$255,935
MEHMET SOFUOGLU	PRESIDENT	4.00	Officer Director	$0	$0	$0
BECKY RHOADS	STATUTORY DIRECTOR	1.00	Director	$0	$0	$0
LORI BASTIAN	STATUTORY DIRECTOR	1.00	Director	$0	$0	$0
RONNIE ROSENTHAL	STATUTORY DIRECTOR	1.00	Director	$0	$0	$0
SEONAID HAY	STATUTORY DIRECTOR	1.00	Director	$0	$0	$0
HUNED PATWA	TREASURER	1.00	Officer Director	$0	$0	$0
MARY RAUSCHENBERG	EXECUTIVE DIRECTOR (10/2022 - 6/2023)	40.00	Officer	$141,594	$41,484	$183,078
JOSEPH CARDONE	EXECUTIVE DIRECTOR (6/2023 - 9/2023)	40.00	Officer	$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	No data	No data	No data	No data
2024	No data	No data	No data	No data
2023	$2,078,961	$2,191,902	$7,583,512	$-112,941
2022	$1,464,306	$1,928,003	$5,911,991	$-463,697
2021	$1,339,445	$1,719,162	$6,034,073	$-379,717
2020	$1,717,783	$2,101,409	$6,519,782	$-383,626
2019	$1,702,618	$1,916,281	$7,067,748	$-213,663
2018	$1,401,193	$1,837,047	$7,616,616	$-435,854

VA CONNECTICUT RESEARCH AND EDUCATION FOUNDATION (VACREF)