NORTH FLORIDA FOUNDATION FOR RESEA… - Form 990 Financial Data

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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

1997

Legal Domicile

Principal Officer

TERESA A SMITH

Phone

3525486000

Tax Period

2024-10-01 to 2025-09-30

NORTH FLORIDA FOUNDATION FOR RESEARCH AND EDUCATION INC, founded in 1997, is a community nonprofit in the Medical Research sector that reported $1.9M in total revenue in fiscal year 2024. Revenue fell 54% from the prior year — a significant decline worth monitoring. Expenses of $1.9M left a modest 4% surplus.

Mission

NFFRE SUPPORTS VA MEDICAL RESEARCH AND VA EDUCATION AT THE NORTH FLORIDA/SOUTH GEORGIA VETERANS HEALTH SYSTEM (VA) UNDER THE AUTHORITY OF TITLE 38 USC SECTIONS 7361-7366.

Program Service Accomplishments

Program 1

Expenses: $62,446 Revenue: $62,446

BJ WILDER FUND: SUPPORTED DR. BJ WILDER UF & VA TELEEEG SYMPOSIUM: ICU EE

Program 2

Expenses: $89,500 Revenue: $89,500

THE VA NATIONAL TELEEEG PROGRAM: PROVIDES THE OPPORTUNITY TO IMPROVE THE LIVES OF ALL PERSONS WITH SEIZURES. THE VA NATIONAL TELEEEG PROGRAM IS DEVELOPING NATIONWIDE INTEGRATED DATABASES FOR EEG AND CLINICAL CARE. THERE IS NOW AN EXCEPTIONAL OPPORTUNITY TO ADVANCE THE RESEARCH OF SEIZURE DISORDERS THROUGH A NATIONAL VA RESEARCH PROGRAM AND COLLABORATION WITH ACADEMIC CENTERS AND INDUSTRY.

Program 3

Expenses: $235,708 Revenue: $235,708

IMPACT: THIS STUDY IS DESIGNED AS A PHASE 2 SEAMLESS TRANSITION INTO A PHASE 3, DOUBLE-BLINDED, RANDOMIZED, DOSE-REPEATING, CROSS-OVER TRIAL THAT WILL INVESTIGATE INTRAVENOUS INFUSIONS OF ULSC IN A TARGET NUMBER OF 79 PATIENTS WITH DM OR PM WHO ARE DIAGNOSED AS HAVING DEFINITE OR PROBABLE DM OR PM. THE TRIAL IS DESIGNED TO BE ADAPTIVE WITH RESPECT TO THE NUMBER OF PARTICIPANTS; THIS ADAPTIVE DESIGN ALLOWS FOR AN INTERIM SAMPLE SIZE REASSESSMENT, TO DETERMINE WHETHER A GREATER OR LESSER NUMBER OF PATIENTS NEEDS TO BE RECRUITED IN ORDER TO ADEQUATELY ASSESS FOR, AND CHARACTERIZE THE EFFICACY OF THE ULSC CELL PRODUCT TO HELP PATIENTS WITH IIM.

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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 $979,660

Program Service Revenue $739,979

Investment Income $223,012

Other Revenue $7

TOTAL REVENUE $1,942,658

Expense Breakdown

Grants Paid $0

Salaries & Benefits $1,286,206

Fundraising Expenses $0

Program Expenses $1,465,315

Other Expenses $581,372

TOTAL EXPENSES $1,867,578

Year-over-Year Comparison

	2024	2023	Change
Revenue	$1,942,658	$4,247,355	-0.5%
Expenses	$1,867,578	$1,428,979	+0.3%
Net Income	$75,080	$2,818,376	-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

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

$771,880

Total Directors

$2,130,184

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
MICHAEL R BUBB	DIRECTOR	10.00	Director	$0	$0	$222,682
VINCENT A DEGENNARO	DIRECTOR	10.00	Director	$0	$0	$0
WENDE DOTTOR	PRESIDENT & CHAIR	10.00	Officer Director	$0	$0	$230,120
LAURENCE C HOOD	STATUTORY DIRECTOR	10.00	Director	$0	$0	$298,453
TIFFANI MICKENS	DIRECTOR	10.00	Director	$0	$0	$0
CARSTEN M SCHMALFUSS	DIRECTOR	10.00	Director	$0	$29,367	$420,334
ILONA SCHMALFUSS	SECRETARY/TREASURER	10.00	Officer Director	$0	$0	$379,655
TIMOTHY SETTLE	DIRECTOR	40.00	Director	$0	$0	$0
PERUVEMBA SRIRAM	DIRECTOR	10.00	Director	$0	$0	$412,225
DAVID CLARK	DIRECTOR	10.00	Director	$0	$15,250	$166,715
TERESA A BLIZZARD	EXECUTIVE DIRECTOR	40.00	Officer	$162,105	$0	$162,105

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	$1,942,658	$1,867,578	$6,495,309	$75,080
2024	No data	No data	No data	No data
2023	$1,551,737	$1,270,516	$3,452,107	$281,221
2022	$1,470,101	$1,450,635	$3,236,731	$19,466
2021	$2,070,033	$1,292,894	$3,171,060	$777,139
2020	$1,734,550	$1,206,658	$2,755,252	$527,892
2019	$1,515,952	$1,216,449	$1,675,294	$299,503
2018	$1,572,574	$878,183	$1,417,903	$694,391
2018	$1,825,613	$1,131,222	$1,417,903	$694,391

NORTH FLORIDA FOUNDATION FOR RESEARCH AND EDUCATION INC