VAN ANDEL 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

1996

Legal Domicile

Principal Officer

TIMOTHY J MYERS

Phone

6162345000

Tax Period

2023-12-01 to 2024-11-30

VAN ANDEL RESEARCH INSTITUTE, founded in 1996, is a major nonprofit in the Medical Research sector that reported $112.7M in total revenue in fiscal year 2023. Revenue fell 67% from the prior year — a significant decline worth monitoring.

Mission

MEDICAL RESEARCH ORGANIZATION VAN ANDEL RESEARCH INSTITUTE IS AN INDEPENDENT BIOMEDICAL RESEARCH ORGANIZATION COMMITTED TO IMPROVING THE HEALTH AND ENHANCING THE LIVES OF CURRENT AND FUTURE GENERATIONS.

Program Service Accomplishments

Program 1

Expenses: $16,328,121 Revenue: $65,581

DEPARTMENT OF EPIGENETICSSCHEDULE O PROVIDES FURTHER INFORMATION REGARDING THIS PROGRAM'S ACCOMPLISHMENTS.

Program 2

Expenses: $9,656,310 Revenue: $16,054

DEPARTMENT OF NEURODEGENERATIVE SCIENCESCHEDULE O PROVIDES FURTHER INFORMATION REGARDING THIS PROGRAM'S ACCOMPLISHMENTS.

Program 3

Expenses: $7,093,695 Revenue: $0

DEPARTMENT OF METABOLISM AND NUTRITIONAL PROGRAMMINGSEE SCHEDULE O FOR FURTHER INFORMATION ABOUT THIS PROGRAM'S ACCOMPLISHMENTS.

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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 $99,075,223

Program Service Revenue $1,311,102

Investment Income $-339,084

Other Revenue $12,691,244

TOTAL REVENUE $112,738,485

Expense Breakdown

Grants Paid $3,760,021

Salaries & Benefits $67,657,719

Fundraising Expenses $2,039,778

Program Expenses $77,693,549

Other Expenses $47,496,046

TOTAL EXPENSES $118,913,786

Year-over-Year Comparison

	2023	2022	Change
Revenue	$112,738,485	$340,011,886	-0.7%
Expenses	$118,913,786	$112,044,445	+0.1%
Net Income	$-6,175,301	$227,967,441	-1.0%

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

596

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

$2,122,810

Total Directors

$838,845

Key Employees

$2,334,957

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
DAVID VAN ANDEL	CHAIRMAN / CEO	23.00	Officer Director	$691,507	$108,088	$799,595
DR JAMES FAHNER	TRUSTEE	1.00	Director	$7,000	$0	$11,750
DR MAX WICHA	TRUSTEE	1.00	Director	$9,500	$0	$10,500
DR MICHELLE LEBEAU	TRUSTEE	1.00	Director	$9,500	$0	$9,500
DR RALPH DEBERARDINIS	TRUSTEE	1.00	Director	$7,500	$0	$7,500
DR HENRY PAULSON	TRUSTEE (BEG. 9/23/2024)	1.00	Director	$0	$0	$0
DR JANA HALL	CHIEF OPERAT. OFFICER (END 4/1/2024)	44.00	Officer	$635,819	$101,074	$736,893
TIMOTHY MYERS	VICE PRESIDENT & CAO/CFO	42.00	Officer	$492,899	$93,423	$586,322
DR PETER JONES	CHIEF SCIENTIFIC OFFICER & RES. DIR.	44.00	Key Emp	$953,170	$165,515	$1,118,685
THOMAS CURRAN JR	GENERAL COUNSEL	42.00	Key Emp	$517,831	$95,142	$612,973
GERALD CALLAHAN	CHIEF STRAT. OFFICER (END 7/5/2024)	43.00	Key Emp	$508,121	$95,178	$603,299
KATHY VOGELSANG	CHIEF INVESTMENT OFFICER	45.00	Highest	$1,125,167	$597,404	$1,722,571
AUSTIN WAY	SENIOR PORTFOLIO MANAGER	45.00	Highest	$530,219	$313,619	$843,838
DR PETER LAIRD	DISTINGUISHED INVESTIGATOR	45.00	Highest	$513,955	$62,535	$576,490
TED HEILMAN	ASSOC DIRECT-SR. PORTFOLIO MGR.	45.00	Highest	$782,302	$458,404	$1,240,706
DR HUILIN LI	SR. SCIENTIFIC INVESTIGATOR & DEPT. CHAIR	45.00	Highest	$433,939	$72,186	$506,125

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	$112,738,485	$118,913,786	$190,464,759	$-6,175,301
2023	$340,011,886	$112,044,445	$197,193,153	$227,967,441
2022	$143,778,282	$113,718,338	$219,998,295	$30,059,944
2021	$94,830,916	$98,445,391	$253,165,469	$-3,614,475
2020	$88,891,678	$94,429,770	$289,629,145	$-5,538,092
2019	$86,360,028	$99,641,728	$274,298,502	$-13,281,700
2018	$86,468,883	$86,205,648	$229,968,935	$263,235