Southwest Research Institute (EIN 741070544) - Form 990 Financial Analysis & Trantor Score

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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

1966

Legal Domicile

Principal Officer

Beth Ann Rafferty

Phone

2105222077

Tax Period

2023-09-30 to 2024-09-27

Southwest Research Institute, founded in 1966, is a major nonprofit in the Science & Technology sector that reported $926.4M in total revenue in fiscal year 2023. Revenue grew 8% year-over-year, indicating healthy expansion. Expenses of $892.4M left a modest 4% surplus.

Mission

Benefiting government, industry & the public through innovative science & technology.

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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 $405,403

Program Service Revenue $914,546,152

Investment Income $11,254,470

Other Revenue $203,337

TOTAL REVENUE $926,409,362

Expense Breakdown

Grants Paid $609,612

Salaries & Benefits $451,047,184

Fundraising Expenses $0

Program Expenses $753,294,792

Other Expenses $440,724,927

TOTAL EXPENSES $892,381,723

Year-over-Year Comparison

	2023	2022	Change
Revenue	$926,409,362	$855,635,746	+0.1%
Expenses	$892,381,723	$811,796,809	+0.1%
Net Income	$34,027,639	$43,838,937	-0.2%

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

3418

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

$11,032,411

Total Directors

$3,529,405

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
Adam Hamilton	President/CEO/Director	40.00	Officer Director	$1,661,889	$56,831	$1,718,720
Walter D Downing Jr	Exec VP/COO/Director	40.00	Officer Director	$1,020,498	$58,956	$1,079,454
J Dan Bates-See Sch J Part III	Director/Former Pres- Ret.	2.00	Director	$341,231	$0	$341,231
Milton B Lee II	Director	3.00	Director	$40,000	$0	$40,000
Phillip J Pfeiffer	Director	3.00	Director	$40,750	$0	$40,750
Ricardo Romo	Director (Ended 12/31/2023)	1.00	Director	$16,000	$0	$16,000
Wayne S Alexander	Director	2.00	Director	$39,000	$0	$39,000
Jan Newton	Director - Chair (2024)	4.00	Director	$42,500	$0	$42,500
Eugene L Ames	Director	2.00	Director	$36,000	$0	$36,000
Phillip D Green	Director	3.00	Director	$41,000	$0	$41,000
Sam G Dawson	Director - Chair (2023)	2.00	Director	$61,750	$0	$61,750
Mary Ann Rankin	Director (Ended 12/31/2023)	1.00	Director	$36,000	$0	$36,000
Kimberly S Lubel	Director - Vice Chair (2024)	3.00	Director	$37,000	$0	$37,000
David S Zachry	Director	2.00	Director	$0	$0	$0
Esperanza Hope Andrade	Director (Begin 01/01/2024)	2.00	Director	$0	$0	$0
Robert G Newman	Director (Begin 01/01/2024)	2.00	Director	$0	$0	$0
James L Burch	Senior Vice President	40.00	Officer	$735,215	$57,665	$792,880
Beth Ann Rafferty	CFO/Secretary/VP-Finance	40.00	Officer	$593,011	$54,770	$647,781
Steven D Marty	Vice President	40.00	Officer	$499,729	$58,387	$558,116
Daniel W Stewart	Vice President	40.00	Officer	$465,826	$64,931	$530,757
C Nils Smith	Vice President	40.00	Officer	$522,984	$65,004	$587,988
Robin Canup	Vice President	40.00	Officer	$502,992	$65,301	$568,293
Steven W Dellenback	Vice President	40.00	Officer	$482,465	$59,688	$542,153
Paul Easley	Vice President	40.00	Officer	$365,864	$52,924	$418,788
Monica R Trollinger	General Counsel	40.00	Officer	$458,288	$67,215	$525,503
Anthony Magaro	Vice President	40.00	Officer	$401,279	$57,880	$459,159
Jim R Keys	Vice President	40.00	Officer	$360,666	$44,043	$404,709
Ben H Thacker	Vice President	40.00	Officer	$394,772	$55,193	$449,965
Delia Aguilar	Treasurer & Asst. Corp Secretary	40.00	Officer	$283,098	$40,333	$323,431
Byrl B Brockman	Assistant Treasurer	40.00	Officer	$228,777	$57,549	$286,326
Joe A McDonough	Vice President	40.00	Officer	$280,860	$61,900	$342,760
Michael K McLelland	Vice President	40.00	Officer	$412,233	$57,084	$469,317
Jose Navarro	Vice President (Begin 12/07/2023)	40.00	Officer	$268,191	$58,120	$326,311
Sol A Stern	Associate Vice President	40.00	Highest	$568,462	$56,310	$624,772
Scott J Bolton	Associate Vice President	40.00	Highest	$510,829	$72,038	$582,867
Stephan A Fuselier	Executive Director	40.00	Highest	$457,963	$35,487	$493,450
Harold F Levinson	Program Director	40.00	Highest	$390,009	$65,149	$455,158
Brian J Schimmoller	President-Signature Science	40.00	Highest	$370,742	$21,872	$392,614
Linda Boehme- Ret 5323	Former Treasurer	40.00		$259,151	$43,211	$302,362

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	$926,409,362	$892,381,723	$1,124,893,515	$34,027,639
2023	$855,635,746	$811,796,809	$1,020,250,704	$43,838,937
2022	$800,924,085	$762,558,422	$937,978,813	$38,365,663
2021	$748,313,333	$697,628,143	$894,584,988	$50,685,190
2020	$706,134,413	$660,523,194	$820,589,755	$45,611,219
2019	$685,545,163	$644,457,235	$761,804,112	$41,087,928
2018	$591,154,625	$561,010,323	$720,619,580	$30,144,302

Southwest Research Institute