VIRGINIA TECH APPLIED RESEARCH CORPORATION (EIN 271585738) - Form 990 Financial Analysis & Trantor Score

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Tuckman-Chang Vulnerability Assessment

4 risk indicators measuring financial stability and operational resilience

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Financial Trends

Organization Details

Formation Year

2009

Legal Domicile

Principal Officer

DON MAFFEI

Phone

7038798142

Tax Period

2023-07-01 to 2024-06-30

Virginia Tech Applied Research Corporation, founded in 2009, is a mid-sized nonprofit in the Science & Technology sector that reported $13.7M in total revenue in fiscal year 2017. Revenue surged 55% from the prior year, signaling strong growth momentum. The organization ran a surplus of $3.1M, a strong 22% operating margin.

Mission

VT-ARC PERFORMS APPLIED RESEARCH AND DEVELOPMENT, TECHNICAL SERVICES, AND COMMERCIALIZATION AS AN EXTENSION OF THE FUNDAMENTAL RESEARCH PERFORMED WITHIN VIRGINIA TECH.

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Trantor Score

Financial Health & Payment Capacity Assessment (FICO Scale: 300–850)

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

Financial Overview (2023)

Revenue Breakdown

Contributions & Grants $16,919,984

Program Service Revenue $4,184,574

Investment Income $30,653

Other Revenue $0

TOTAL REVENUE $21,135,211

Expense Breakdown

Grants Paid $0

Salaries & Benefits $10,882,052

Fundraising Expenses $0

Program Expenses $18,100,014

Other Expenses $9,151,260

TOTAL EXPENSES $20,033,312

Year-over-Year Comparison

	2023	2022	Change
Revenue	$21,135,211	$20,398,451	+0.0%
Expenses	$20,033,312	$18,979,267	+0.1%
Net Income	$1,101,899	$1,419,184	-0.2%

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

$1,397,933

Total Directors

$3,423,588

Key Employees

$591,744

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
DR DANIEL SUI	CHAIR/DIRECTOR	2.00	Officer Director	$0	$60,796	$536,813
JUSTICE RET ELIZABETH MCCLANAHAN	SECRETARY/TREASURER	2.00	Officer Director	$0	$0	$0
DR REGINALD BROTHERS	DIRECTOR	2.00	Director	$0	$0	$0
DR LANCE COLLINS	DIRECTOR	2.00	Director	$0	$90,005	$830,610
DR RONALD FRICKER	DIRECTOR	2.00	Director	$0	$0	$0
MR DEWEY HOUCK	DIRECTOR	2.00	Director	$0	$0	$0
DR BRETT MALONE	DIRECTOR	2.00	Director	$0	$0	$0
DR SCOTT MIDKIFF	DIRECTOR	2.00	Director	$0	$70,174	$445,809
MR KEN MILLER	DIRECTOR	2.00	Director	$0	$71,292	$449,843
DR KEVIN PITTS	DIRECTOR	2.00	Director	$0	$65,466	$454,660
MR M DWIGHT SHELTON JR	DIRECTOR	2.00	Director	$0	$0	$0
MR SUMEET SINGH	DIRECTOR	2.00	Director	$0	$0	$0
DR NANCY SPRUILL	DIRECTOR	2.00	Director	$0	$0	$0
MS RENEE WYNN	DIRECTOR	2.00	Director	$0	$0	$0
MS SHARON PITT	DIRECTOR	2.00	Director	$0	$0	$0
MS AMY SEBRING	DIRECTOR	2.00	Director	$0	$158,173	$705,853
MR JOHN FORTE	PRESIDENT/CEO	40.00	Officer	$438,667	$66,161	$504,828
MR DON MAFFEI	VP FINANCE & ADMINISTRATIO	40.00	Officer	$306,067	$50,225	$356,292
MR J SCOTT MERRELL	ASST SECRETARY	2.00	Officer	$0	$0	$0
MR TIMOTHY BRUMFIEL SR	VP OPERATIONS & DEVELOPMENT	40.00	Key Emp	$279,267	$26,612	$305,879
DR MATT WOLFE	VP TECHNOLOGY	40.00	Key Emp	$261,219	$24,646	$285,865
MR MICHAEL DIFRANCISCO	CHIEF ENGINEER	40.00	Highest	$259,298	$56,552	$315,850
MS MAEGEN NIX	DIVISION DIRECTOR	40.00	Highest	$238,468	$40,407	$278,875
MR MICHAEL MILLER	DIVISION DIRECTOR	40.00	Highest	$223,630	$49,190	$272,820
DR KATHRYN KLEMIC	DEPUTY DIVISION DIRECTOR	40.00	Highest	$244,248	$25,105	$269,353
MR CHARLES JOESTEN	DIRECTOR, GROWTH & STRATEGY	40.00	Highest	$209,461	$25,753	$235,214

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	$21,135,211	$20,033,312	$13,555,247	$1,101,899
2023	$20,398,451	$18,979,267	$10,609,175	$1,419,184
2022	$18,502,701	$17,484,253	$5,827,376	$1,018,448
2021	$12,977,041	$12,820,475	$4,609,993	$156,566
2020	$10,792,958	$10,975,690	$4,219,038	$-182,732
2019	$11,002,616	$10,286,733	$4,884,792	$715,883
2018	$13,708,646	$10,656,765	$4,414,205	$3,051,881

VIRGINIA TECH APPLIED RESEARCH CORPORATION