IIT RESEARCH INSTITUTE

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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

1936

Legal Domicile

Principal Officer

Robert Baker PhD

Phone

3125674000

Tax Period

2023-10-01 to 2024-09-30

IIT RESEARCH INSTITUTE, founded in 1936, is a mid-sized nonprofit in the Science & Technology sector that reported $28.7M in total revenue in fiscal year 2023. Expenses of $27.3M left a modest 5% surplus.

Mission

Perform basic research and preclinical efficacy assessments of new molecular entities being developed for the prevention and treatment of cancer and infectious disease. Discover new pathways and targets for the design and development of new small molecule therapeutics and biotherapeutic agents.

Program Service Accomplishments

Program 1

Expenses: $22,172,000 Revenue: $28,353,000

Working with scientists from the U.S. National Cancer Institute and other organizations, perform basic research and preclinical efficacy assessments of new molecular entities being developed for the prevention and treatment of infectious disease, with particular emphasis on pathogenic agents of interest to the biodefense community. Working with the Department of Defense and other agencies, support the development of vaccines and therapeutic entities for infectious agents. Working with scientists from the U.S. National Institutes of Health and other agencies, perform preclinical assessments of small molecule therapeutics and biotherapeutics being developed for the treatment of stroke, tissue fibrosis, neurologic diseases, and other disease entities.

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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 $0

Program Service Revenue $28,520,000

Investment Income $137,000

Other Revenue $0

TOTAL REVENUE $28,657,000

Expense Breakdown

Grants Paid $0

Salaries & Benefits $13,183,000

Fundraising Expenses $0

Program Expenses $22,172,000

Other Expenses $14,153,000

TOTAL EXPENSES $27,336,000

Year-over-Year Comparison

	2023	2022	Change
Revenue	$28,657,000	$27,838,000	+0.0%
Expenses	$27,336,000	$25,988,000	+0.1%
Net Income	$1,321,000	$1,850,000	-0.3%

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

N/A

Employees

127

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

$705,896

Total Directors

$451,846

Key Employees

$978,682

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
David McCormick	President & Director	40	Officer Director	$377,150	$74,696	$451,846
Todd Bucciarelli	AVP & Business Development Manager	40	Key Emp	$280,549	$55,430	$335,979
Robert Baker	AVP & Mgr Microbiology & Molecular Biology	40	Officer	$213,339	$40,711	$254,050
Kelly Garcia	Attending Veterinarian	40	Highest	$206,845	$44,338	$251,183
Nicole Kozub	Laboratory Biologist IV/Supervisor	40	Highest	$200,403	$30,103	$230,506
Thomas Horn	Deputy Division Manager Toxicology	40	Key Emp	$178,970	$43,127	$222,097
David Kaplan	Assistant Vice President & Director of Contracts	40	Key Emp	$189,311	$25,566	$214,877
Sudhakar Parthasarathy	Head, Analytical Chemistry	40	Key Emp	$190,529	$15,200	$205,729
Aleemuddin Muhammad	Manager of IT & Cybersecurity	40	Highest	$155,491	$45,701	$201,192
Landon Westfall	Deputy Division Manager	40	Highest	$167,079	$26,087	$193,166
Mary Smeaton	Manager, Human Resources	40	Highest	$138,201	$35,184	$173,385
Rajagopal R Echambadi	Chairman & CEO	0	Officer Director	$0	$0	$0
Walter Hazlitt	Secretary & Interim General Counsel	0	Officer Director	$0	$0	$0
Jeremy Fine	Treasurer, VP Finance & CFO	0	Officer Director	$0	$0	$0
Elizabeth Hudson	Provost, SVP Academic Affairs & Member	0	Officer 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
2024	$28,657,000	$27,336,000	$42,170,000	$1,321,000
2023	$27,838,000	$25,988,000	$43,645,000	$1,850,000
2022	$29,871,000	$25,493,000	$44,213,000	$4,378,000
2021	$29,119,000	$25,975,000	$42,081,000	$3,144,000
2020	$26,941,000	$25,017,000	$32,512,000	$1,924,000