CORTEX

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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

2002

Legal Domicile

Principal Officer

SALVATORE J FIORELLO

Phone

3145314500

Tax Period

2023-01-01 to 2023-12-31

CORTEX, founded in 2002, is a mid-sized nonprofit in the Community Improvement sector that reported $17.2M in total revenue in fiscal year 2023. Revenue fell 51% from the prior year — a significant decline worth monitoring. The organization ran a surplus of $6.8M, a strong 40% operating margin.

Mission

FOUNDED IN 2002, CORTEX MISSION IS THE CREATION OF THE MIDWEST'S PREMIER INNOVATION HUB OF BIOSCIENCE AND TECHNOLOGY RESEARCH, DEVELOPMENT AND COMMERCIALIZATION, SERVING AS THE ANCHOR OF ST. LOUIS' GROWING ECOSYSTEM FOR INNOVATIVE STARTUP PROGRAMS AND ESTABLISHED COMPANIES THROUGH URBAN REVITALIZATION.

Program Service Accomplishments

Program 1

Expenses: $8,570,714 Revenue: $4,572,846

IN ADDITION TO CORTEX'S ACQUISITION/DEVELOPMENT OF REAL ESTATE AND THE PROMOTION OF DEVELOPMENT ACTIVITIES OF THE CORTEX INNOVATION DISTRICT, CORTEX SERVES AS THE MANAGER OF ST. LOUIS LAND COMPANY...

IN ADDITION TO CORTEX'S ACQUISITION/DEVELOPMENT OF REAL ESTATE AND THE PROMOTION OF DEVELOPMENT ACTIVITIES OF THE CORTEX INNOVATION DISTRICT, CORTEX SERVES AS THE MANAGER OF ST. LOUIS LAND COMPANY, L.L.C. (SLLC) A MISSOURI LIMITED LIABILITY COMPANY, THAT SERVES AS A LAND HOLDING ENTITY IN THE REVITALIZATION OF AN APPROXIMATE 200 ACRE TRACT OF LAND IN MIDTOWN ST. LOUIS THAT WILL SERVE AS A CENTER OF RESEARCH, TECHNOLOGY AND ENTREPRENEURIAL EXCHANGE. CORTEX IS THE MANAGER OF SLLC AND INCURRED EXPENSES IN DEVELOPING AND MAINTAINING THE PROPERTIES.

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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 $11,847,870

Program Service Revenue $4,311,461

Investment Income $791,635

Other Revenue $261,385

TOTAL REVENUE $17,212,351

Expense Breakdown

Grants Paid $2,273,404

Salaries & Benefits $2,209,599

Fundraising Expenses $383,492

Program Expenses $8,570,714

Other Expenses $5,902,551

TOTAL EXPENSES $10,385,554

Year-over-Year Comparison

	2023	2022	Change
Revenue	$17,212,351	$34,866,238	-0.5%
Expenses	$10,385,554	$8,484,941	+0.2%
Net Income	$6,826,797	$26,381,297	-0.7%

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

$813,363

Total Directors

Key Employees

$653,072

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
BOB CANNON	DIRECTOR	1.00	Director	$0	$0	$0
JUNE FOWLER	CHAIRMAN	2.00	Director	$0	$0	$0
RICH LIEKWEG	DIRECTOR	1.00	Director	$0	$0	$0
ANDREW MARTIN	DIRECTOR	1.00	Director	$0	$0	$0
AMY KWESKIN	TREASURER	1.00	Officer Director	$0	$0	$0
KEN OLLIFF	DIRECTOR	0.50	Director	$0	$0	$0
FRED PESTELLO	VICE-CHAIRMAN	0.50	Director	$0	$0	$0
BARNALI GUPTA	DIRECTOR	0.50	Director	$0	$0	$0
STEVEN BERBERICH	DIRECTOR	0.50	Director	$0	$0	$0
KRISTIN SOBOLIK	DIRECTOR	0.50	Director	$0	$0	$0
CHRIS SPILLING	DIRECTOR	0.50	Director	$0	$0	$0
MARGARET BASIC	DIRECTOR	0.50	Director	$0	$0	$0
ROBERT CARDILLO	DIRECTOR	0.50	Director	$0	$0	$0
AARON BOBICK	DIRECTOR	0.50	Director	$0	$0	$0
JAN HOLLOWAY	DIRECTOR	1.00	Director	$0	$0	$0
DONN RUBIN	SECRETARY	0.50	Director	$0	$0	$0
DEREK RAPP	DIRECTOR	0.50	Director	$0	$0	$0
JUDY SINDECUSE	DIRECTOR	0.50	Director	$0	$0	$0
SEAN WALSH	DIRECTOR	0.50	Director	$0	$0	$0
PETER WYSE-JACKSON	DIRECTOR	0.50	Director	$0	$0	$0
RODNEY CRIM	DIRECTOR	0.50	Director	$0	$0	$0
MICHAEL BROWNING	DIRECTOR	0.50	Director	$0	$0	$0
JARED BOYD	DIRECTOR	0.50	Director	$0	$0	$0
NEAL RICHARDSON	DIRECTOR	0.50	Director	$0	$0	$0
SAM FIORELLO	PRESIDENT & CEO	40.00	Officer	$456,500	$48,155	$504,655
MIKE BOZOVICH	ASSISTANT TREASURER & CFO	40.00	Officer	$271,103	$37,605	$308,708
MARGARET CRANE	SENIOR VICE PRESIDENT	40.00	Key Emp	$177,819	$26,831	$204,650
BRIAN RUSSELL	VICE PRESIDENT	40.00	Key Emp	$174,125	$28,627	$202,752
NATALIE SELF	SENIOR VICE PRESIDENT	40.00	Key Emp	$210,977	$34,693	$245,670
COLEEN AUTRY	VICE PRESIDENT	40.00	Highest	$115,884	$31,345	$147,229
LESLIE HEUSTED	VICE PRESIDENT	40.00	Highest	$124,524	$21,118	$145,642
GABRIELA RAMIREZ-ARELLANO	VICE PRESIDENT	40.00	Highest	$129,542	$26,528	$156,070

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	$17,212,351	$10,385,554	$84,709,427	$6,826,797
2022	$34,866,238	$8,484,941	$94,531,680	$26,381,297
2021	$5,279,863	$7,490,040	$86,543,841	$-2,210,177
2020	$3,475,450	$7,435,642	$85,853,341	$-3,960,192
2019	$3,895,744	$6,260,445	$88,499,005	$-2,364,701
2018	$10,380,283	$4,908,064	$85,549,039	$5,472,219