FRIENDS RESEARCH INSTITUTE INC

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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

1955

Legal Domicile

Principal Officer

STEVEN B CARSWELL

Phone

4108373977

Tax Period

2024-07-01 to 2025-06-30

FRIENDS RESEARCH INSTITUTE INC, founded in 1955, is a mid-sized nonprofit in the Mental Health sector that reported $11.8M in total revenue in fiscal year 2024. Revenue grew 16% year-over-year, indicating healthy expansion. Expenses of $10.5M left a modest 11% surplus.

Mission

FRIENDS RESEARCH INSTITUTE IS DEDICATED TO ADVANCING INNOVATIVE RESEARCH TO PROMOTE HEALTH AND WELL-BEING.

Program Service Accomplishments

Program 1

Expenses: $6,600,870 Revenue: $8,858,966

MEDICAL, MENTAL HEALTH & DRUG ABUSE RESEARCH STUDIES FUNDED BY VARIOUS FEDERAL GOVERNMENT GRANTS. OBJECTIVES OF STUDIES VARY AND ARE LISTED IN GRANT DOCUMENTATION.

Program 2

Expenses: $1,446,610 Revenue: $2,182,777

DRUG RESEARCH STUDIES FUNDED BY GRANTS FROM PRIVATE DRUG AND CHEMICAL COMPANIES. OBJECTIVES OF STUDIES IS TO RESEARCH THE EFFECTS OF DIFFERENT DRUGS.

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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 (2024)

Revenue Breakdown

Contributions & Grants $9,332,782

Program Service Revenue $2,182,777

Investment Income $177,251

Other Revenue $93,383

TOTAL REVENUE $11,786,193

Expense Breakdown

Grants Paid $2,371,653

Salaries & Benefits $5,222,999

Fundraising Expenses $0

Program Expenses $8,047,480

Other Expenses $2,867,383

TOTAL EXPENSES $10,462,035

Year-over-Year Comparison

	2024	2023	Change
Revenue	$11,786,193	$10,185,535	+0.2%
Expenses	$10,462,035	$10,313,209	+0.0%
Net Income	$1,324,158	$-127,674	-11.4%

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

$1,019,154

Total Directors

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
ROBERT G RASSP ESQ	CHAIRMAN	2.00	Officer Director	$0	$0	$0
CURTIS L DECKER JD	VICE CHAIRMAN	1.00	Officer Director	$0	$0	$0
TIMOTHY A REDMOND CPA	TREASURER	2.00	Officer Director	$0	$0	$0
FAITH S FEINGOLD MS LCSW-C	SECRETARY	1.00	Officer Director	$0	$0	$0
CARMINE G D'ALESSANDRO JD	DIRECTOR	1.00	Director	$0	$0	$0
SHELDON GLASS MED MD	DIRECTOR	1.00	Director	$0	$0	$0
WALLACE B PICKWORTH PHD	DIRECTOR	1.00	Director	$0	$0	$0
JENNIFER C JORDAN JD MSCC	DIRECTOR	1.00	Director	$0	$0	$0
STEVEN WILLIAMS PHD SPHR	DIRECTOR	1.00	Director	$0	$0	$0
JANET KLEIN BROWN MSW JD	DIRECTOR	1.00	Director	$0	$0	$0
CLEM MUELLER CPA	DIRECTOR	1.00	Director	$0	$0	$0
STEVEN BCARSWELL	PRESIDENT	18.00	Officer	$63,455	$8,180	$254,983
JAN GRYCZYNSKI	VICE PRESIDENT	40.00	Officer	$228,301	$36,660	$270,082
MICHELE L HIPSLEY	CHIEF OPERATING OFFICER	40.00	Officer	$197,001	$34,985	$231,986
MISHKA TERPLAN	MEDICAL DIRECTOR	40.00	Officer	$214,209	$47,894	$262,103
BABAK TOFIGHI	SNR RESEARCH SCIENTIST	40.00	Highest	$175,135	$15,547	$190,682
MICHAEL GORDON	SNR RESEARCH SCIENTIST	40.00	Highest	$232,008	$23,576	$255,584
SHANNON MITCHELL	SNR RESEARCH SCIENTIST	40.00	Highest	$198,833	$30,302	$229,135
CATHY REBACK	SNR RESEARCH SCIENTIST	40.00	Highest	$174,934	$17,773	$192,707
FRANK VOCCI	SNR RESEARCH SCIENTIST	40.00	Highest	$250,298	$25,757	$276,055

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	$11,786,193	$10,462,035	$8,483,431	$1,324,158
2024	$10,185,535	$10,313,209	$8,050,902	$-127,674
2023	$10,784,781	$10,418,142	$6,513,614	$366,639
2022	$8,502,634	$9,170,093	$5,960,690	$-667,459
2021	$8,548,377	$8,479,032	$7,459,546	$69,345
2020	$9,090,616	$8,898,335	$7,765,126	$192,281
2019	$7,433,929	$8,075,308	$6,459,502	$-641,379