SOUTH CAROLINA RESEARCH AUTHORITY

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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

1983

Legal Domicile

Principal Officer

LAURA TERRY

Phone

8037339069

Tax Period

2022-07-01 to 2023-06-30

SOUTH CAROLINA RESEARCH AUTHORITY, founded in 1983, is a mid-sized nonprofit in the Science & Technology sector that reported $16.2M in total revenue in fiscal year 2022. Revenue decreased 7% compared to the prior year. Net assets of $67.1M represent 50 months of operating reserves.

Mission

FUEL SOUTH CAROLINA'S INNOVATION ECONOMY BY ACCELERATING TECHNOLOGY ENABLED GROWTH IN RESEARCH, ACADEMIA, ENTREPRENEURSHIP AND INDUSTRY.

Program Service Accomplishments

Program 1

Expenses: $13,172,852 Revenue: $6,634,404

TO ATTRACT HIGH TECHNOLOGY INDUSTRY BY DEVELOPING RESEARCH FACILITIES IN SOUTH CAROLINA. PROVIDE SUPPORT IN THE FORM OF GRANTS AND EXPERTISE TO RESEARCHERS AND ENTREPRENEURS IN TECHNOLOGY-BASED...

TO ATTRACT HIGH TECHNOLOGY INDUSTRY BY DEVELOPING RESEARCH FACILITIES IN SOUTH CAROLINA. PROVIDE SUPPORT IN THE FORM OF GRANTS AND EXPERTISE TO RESEARCHERS AND ENTREPRENEURS IN TECHNOLOGY-BASED VENTURES TO FOSTER JOB CREATION AND ECONOMIC GROWTH IN THE STATE OF SC. APPROXIMATELY 83% OF SCRA EXPENSES FOR THE YEAR ENDED JUNE 30, 2023 WERE RELATED TO PROGRAM SERVICES.

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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 (2022)

Revenue Breakdown

Contributions & Grants $8,610,137

Program Service Revenue $1,177,472

Investment Income $952,026

Other Revenue $5,494,826

TOTAL REVENUE $16,234,461

Expense Breakdown

Grants Paid $3,632,961

Salaries & Benefits $5,614,121

Fundraising Expenses $0

Program Expenses $13,172,852

Other Expenses $6,739,414

TOTAL EXPENSES $15,986,496

Year-over-Year Comparison

	2022	2021	Change
Revenue	$16,234,461	$17,524,075	-0.1%
Expenses	$15,986,496	$15,394,736	+0.0%
Net Income	$247,965	$2,129,339	-0.9%

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

$575,835

Total Directors

Key Employees

$617,262

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
ROBERT QUINN	EXECUTIVE DIRECTOR	40.0	Officer	$326,141	$26,940	$353,081
COLE DUDLEY	DIRECTOR SC INDUSTRY SOLUTIONS	40.0	Highest	$214,080	$25,136	$239,216
JOHN SIRCY	DIRECTOR OF FINANCE & ADMIN	35.0	Officer	$191,757	$30,997	$222,754
MATTHEW BELL	DIRECTOR SC LAUNCH	20.0	Key Emp	$196,411	$25,261	$221,672
WILLIAM L MACILWINEN	SENIOR INVESTMENT MANAGER	40.0	Highest	$186,856	$24,730	$211,586
RUSSELL COOK	DIR. SC ACADEMIC INNOVATIONS	40.0	Key Emp	$181,951	$28,385	$210,336
JIM DOOLITTLE	DIRECTOR, SC EPSCOR	40.0	Highest	$182,451	$25,234	$207,685
STEVE JOHNSON	SENIOR INVESTMENT MANAGER	40.0	Highest	$179,885	$24,195	$204,080
DEREK WILLIS	SENIOR INVESTMENT MANAGER	40.0	Highest	$168,092	$25,011	$193,103
RANDALL S CUTTS	DIRECTOR SC FACILITIES	40.0	Key Emp	$159,443	$25,811	$185,254
DON HERRIOTT	CHAIRMAN	1.5	Officer Director	$0	$0	$0
DR MICHAEL AMIRIDIS	TRUSTEE	1.5	Director	$0	$0	$0
DR L FRED CARTER	TRUSTEE	1.5	Director	$0	$0	$0
DR JAMES P CLEMENTS	TRUSTEE	1.5	Director	$0	$0	$0
DR DAVID COLE	TRUSTEE	1.5	Director	$0	$0	$0
ALEXANDER CONYERS	TRUSTEE	1.5	Director	$0	$0	$0
DR LINDA DISTLERATH	TRUSTEE	1.5	Director	$0	$0	$0
REP JASON ELLIOTT	TRUSTEE	1.5	Director	$0	$0	$0
SENATOR LARRY GROOMS	TRUSTEE	1.5	Director	$0	$0	$0
JO WATSON HACKL	TRUSTEE	1.5	Director	$0	$0	$0
LOU KENNEDY	TRUSTEE	1.5	Director	$0	$0	$0
LAURA TERRY	DIRECTOR OF FINANCE & ADMIN	35.0	Officer	$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
2023	$16,234,461	$15,986,496	$101,459,439	$247,965
2022	$17,524,075	$15,394,736	$104,791,332	$2,129,339
2021	$18,851,513	$15,687,749	$84,250,804	$3,163,764
2020	$12,670,450	$14,221,987	$82,217,770	$-1,551,537
2019	$12,285,629	$14,456,920	$84,054,884	$-2,171,291