THE ASSOCIATION FOR RESEARCH IN VISION AND OPHTHALMOLOGY

EIN: 340812556 501(c)(3)

Gaithersburg, MD

Total Revenue
$12,169,218
Total Expenses
$11,329,401
Total Assets
$22,921,004
Net Assets
$18,710,790
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Financial Vulnerability Assessment (Tuckman-Chang)

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Financial Trends

Organization Details

Formation Year
1936
Legal Domicile
NY
Principal Officer
Iris M Rush
Phone
2402212900
Tax Period
2025-01-01 to 2025-12-31

THE ASSOCIATION FOR RESEARCH IN VISION AND OPHTHALMOLOGY, founded in 1936, is a mid-sized nonprofit that reported $12.2M in total revenue in fiscal year 2025. Revenue decreased 13% compared to the prior year. Expenses of $11.3M left a modest 7% surplus.

Mission

Advance research to understand the visual system & prevent, treat & cure its disorders.

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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%)

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Financial Overview (2025)

Revenue Breakdown

Contributions & Grants $2,433,861
Program Service Revenue $8,810,314
Investment Income $900,477
Other Revenue $24,566
TOTAL REVENUE $12,169,218

Expense Breakdown

Grants Paid $81,808
Salaries & Benefits $4,982,491
Fundraising Expenses $0
Program Expenses $6,845,748
Other Expenses $6,265,102
TOTAL EXPENSES $11,329,401

Year-over-Year Comparison

2025 2024 Change
Revenue $12,169,218 $13,912,358 -0.1%
Expenses $11,329,401 $11,078,336 +0.0%
Net Income $839,817 $2,834,022 -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

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Governance

Voting Members
15
Independent Members
15
Employees
41
Volunteers
150

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
11
$779,475
Total Directors
16
$50,000
Key Employees
3
$750,452
Highest Compensated
5
reported
Name Title Hours/Week Role Reportable Comp Other Comp Total
IRIS M RUSH CAE EXECUTIVE DIRECTOR 37.5
Officer
$387,245 $39,502 $426,747
JASON SPESSARD CAE CHIEF OPERATING & FINANCIAL OFFICER 37.5
Officer
$277,401 $25,327 $302,728
DANIEL IGNASZEWSKI EXECUTIVE DIRECTOR-NAEVR AEVR 37.5
Highest
$266,601 $25,885 $292,486
TIMOTHY MAXEY CHIEF INFORMATION OFFICER 37.5
Key Emp
$231,991 $24,274 $256,265
LANCEY COWAN JD CAE CHEIF OFFICER - MEETINGS & COMMUNITY ENGAGEMENT 37.5
Key Emp
$215,874 $33,448 $249,322
JULENE JOY CAE CHIEF MARKETING & COMMUNICATIONS OFFICER 37.5
Key Emp
$200,106 $44,759 $244,865
JONATHAN MALLETT PHD SENIOR DIRECTOR OF JOURNALS 37.5
Highest
$167,452 $17,991 $185,443
KATHERINE COX SR DIRECTOR OF PROGRAMMING 37.5
Highest
$150,744 $24,101 $174,845
ELIZABETH AUSTIN DIRECTOR, MARKETING & MEMBERSHIP 37.5
Highest
$136,092 $31,485 $167,577
ROBERT CANAS DIRECTOR, FINANCE & ADMINISTRATION 37.5
Highest
$136,777 $22,278 $159,055
J MARK PETRASH PHD FARVO EXECUTIVE VICE PRESIDENT 4
Officer Director
$50,000 $0 $50,000
SRRINIVAS SADDA MD FARVO IMMEDIATE PAST PRESIDENT 2
Officer Director
$0 $0 $0
FRANK LOVICU PHD FARVO VICE PRESIDENT 4
Officer Director
$0 $0 $0
JOSEPH DEMER MD PHD FARVO VICE PRESIDENT 4
Officer Director
$0 $0 $0
SOPHIE DENG MD PHD FARVO PRESIDENT 4
Officer Director
$0 $0 $0
TERRI YOUNG MD PHD FARVO PRESIDENT-ELECT 4
Officer Director
$0 $0 $0
TIEN WONG FRCS PHD FARVO VICE PRESIDENT-ELECT 4
Officer Director
$0 $0 $0
WEI LI MD PHD VICE PRESIDENT-ELECT 4
Officer Director
$0 $0 $0
C ROSS ETHIER PHD FARVO TREASURER 2
Officer Director
$0 $0 $0
MATTHEW WILSON MD TRUSTEE 2
Director
$0 $0 $0
SUSANA CHUNG OD PHD FAAO FARVO TRUSTEE 2
Director
$0 $0 $0
JUNKO HORI MD PHD FARVO TRUSTEE 2
Director
$0 $0 $0
GOLDIS MALEK PHD FARVO TRUSTEE 2
Director
$0 $0 $0
AMANI FAWZI MD FARVO TRUSTEE 2
Director
$0 $0 $0
BRIAN GILGER DVM MS FARVO TRUSTEE 2
Director
$0 $0 $0
ELISE MA MD PHD TRUSTEE, TRAINEE EX OFFICIO 2
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 $12,169,218 $11,329,401 $22,921,004 $839,817
2024 $13,912,358 $11,078,336 $23,327,104 $2,834,022
2023 $10,284,458 $10,109,392 $21,408,070 $175,066
2022 $8,757,227 $8,890,047 $19,266,225 $-132,820
2021 $9,468,236 $7,023,236 $20,911,789 $2,445,000
2020 $4,996,514 $7,443,394 $17,004,319 $-2,446,880
2019 $11,433,768 $9,722,021 $18,879,348 $1,711,747
2018 $10,269,432 $9,995,630 $16,006,989 $273,802
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