VMI RESEARCH LABORATORIES

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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

1963

Legal Domicile

Phone

5404647432

Tax Period

2024-07-01 to 2025-06-30

VMI RESEARCH LABORATORIES, founded in 1963, is a community nonprofit that reported $2.1M in total revenue in fiscal year 2024. Revenue fell 30% from the prior year — a significant decline worth monitoring.

Mission

VMI RESEARCH LABS EXISTS TO SERVE AS THE RESEARCH AND DEVELOPMENT ARM OF THE VIRGINIA MILITARY INSTITUTE. ITS PURPOSE IS TO IMPROVE THE EFFECTIVENESS OF AND TO AID DIRECTLY OR INDIRECTLY VMI'S PRIME MISSION - EDUCATION OF THE UNDERGRADUATE STUDENT. (Continued on Schedule O)

Program Service Accomplishments

Program 1

Expenses: $1,750,014 Revenue: $129,346

PROJECTS IN COLLABORATION WITH THE UNITED STATES DEPARTMENT OF AGRICULTURE, THE UNITED STATES ARMY, THE UNITED STATES NAVY, THE UNITED STATES AIR FORCE, NASA, NSA, THE NATIONAL SCIENCE FOUNDATION...

PROJECTS IN COLLABORATION WITH THE UNITED STATES DEPARTMENT OF AGRICULTURE, THE UNITED STATES ARMY, THE UNITED STATES NAVY, THE UNITED STATES AIR FORCE, NASA, NSA, THE NATIONAL SCIENCE FOUNDATION, THE VIRGINIA DEPARTMENT OF WILDLIFE RESOURCES, THE UNIVERSITY OF WYOMING, COMMONWEALTH CYBER INITIATIVE, VIRGINIA ALLIANCE FOR SEMICONDUCTOR TECHNOLOGY, LOCAL GOVERNMENTS, OTHER NOT FOR PROFITS AND PRIVATE INDUSTRY.

Program 2

Expenses: $248,196 Revenue: $0

EDUCATIONAL ACTIVITIES INCLUDING INTERNATIONAL INITIATIVES.

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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 $1,991,875

Program Service Revenue $129,346

Investment Income $8,300

Other Revenue $72

TOTAL REVENUE $2,129,593

Expense Breakdown

Grants Paid $37,684

Salaries & Benefits $1,110,961

Fundraising Expenses $0

Program Expenses $1,998,210

Other Expenses $1,004,354

TOTAL EXPENSES $2,152,999

Year-over-Year Comparison

	2024	2023	Change
Revenue	$2,129,593	$3,051,078	-0.3%
Expenses	$2,152,999	$3,087,521	-0.3%
Net Income	$-23,406	$-36,443	-0.4%

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

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

$55,700

Total Directors

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
Abigail Dawson	Director	0.5	Director	$0	$0	$0
Chris Wilson	Director	0.5	Director	$0	$0	$0
Jose Gomez	Chairman	0.5	Director	$0	$0	$0
Mark Bryant	Director	0.5	Director	$0	$0	$0
Michael Sebastino	Director	0.5	Director	$0	$0	$0
Pat Griffin	Director	0.5	Director	$0	$0	$0
Robert Eagle	Director	0.5	Director	$0	$0	$0
Tim Hodges	Director	0.5	Director	$0	$0	$0
Angie Fafatas	Treasurer/ Contractual Officer	25.0	Officer	$46,700	$0	$46,700
Anne Alerding	Secreatary	1.0	Officer	$2,400	$0	$2,400
Wade E Bell	Director of Research	1.0	Officer	$6,600	$0	$6,600

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	$2,129,593	$2,152,999	$2,025,981	$-23,406
2024	$3,051,078	$3,087,521	$1,774,768	$-36,443
2023	$2,414,533	$2,644,048	$1,592,848	$-229,515
2022	$2,417,352	$2,214,267	$1,533,902	$203,085
2021	$1,132,928	$1,018,853	$1,098,262	$114,075
2020	$389,877	$451,096	$697,728	$-61,219
2019	$353,874	$417,258	$703,972	$-63,384