Undersea Technology Innovation Cen… - 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

2016

Legal Domicile

Phone

4018465820

Tax Period

2024-01-01 to 2024-12-31

Undersea Technology Innovation Center, founded in 2016, is a community nonprofit in the Science & Technology sector that reported $1.4M in total revenue in fiscal year 2024. Revenue surged 41% from the prior year, signaling strong growth momentum. The organization ran a surplus of $714K, a strong 50% operating margin.

Mission

To facilitate collaborative, rapid development, testing and commercialization of innovative undersea and maritime technology for commerical, academic, and nonprofit organizations contributing to the defense and security of our nation.

Program Service Accomplishments

Program 1

Expenses: $260,811 Revenue: $1,278,264

Prototype development for the Department of Defense. Supporting the Department of Navy Other Transaction Agreement for undersea technology, UTIC manages the consortium of nontraditional, nonprofit...

Prototype development for the Department of Defense. Supporting the Department of Navy Other Transaction Agreement for undersea technology, UTIC manages the consortium of nontraditional, nonprofit, academic, and business organizations to allow the government streamlined access to innovative technologies in support of national security.

Program 2

Expenses: $53,142

UTICs scholarship program is part of an ongoing effort to promote workforce development and education in undersea technology. Scholarships are awarded to students pursuing an undergraduate and/or...

UTICs scholarship program is part of an ongoing effort to promote workforce development and education in undersea technology. Scholarships are awarded to students pursuing an undergraduate and/or graduate degree in STEM-related fields (such as engineering, computer science, cybersecurity, information technology, mathematics, etc.) with a focus on undersea technology.

Program 3

Expenses: $31,885

UTICs Prize Challenge program is focused on identifying innovative solutions to pressing undersea technology, workforce development and supply chain challenges. Competing teams from academic and...

UTICs Prize Challenge program is focused on identifying innovative solutions to pressing undersea technology, workforce development and supply chain challenges. Competing teams from academic and vocational programs are invited to submit innovative strategies and approaches focused on select marine and undersea challenge scenarios. Winners will be awarded a monetary prize for scholarship or internship opportunities.

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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 $0

Program Service Revenue $1,276,118

Investment Income $147,935

Other Revenue $0

TOTAL REVENUE $1,424,053

Expense Breakdown

Grants Paid $80,000

Salaries & Benefits $241,144

Fundraising Expenses $0

Program Expenses $345,838

Other Expenses $388,740

TOTAL EXPENSES $709,884

Year-over-Year Comparison

	2024	2023	Change
Revenue	$1,424,053	$1,010,873	+0.4%
Expenses	$709,884	$585,924	+0.2%
Net Income	$714,169	$424,949	+0.7%

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

Total Directors

Key Employees

$204,882

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
Molly Donohue Magee	Executive Director	30.00	Key Emp	$198,915	$5,967	$204,882
Timothy DelGiudice	Director	1.00	Director	$0	$0	$0
Jonathan Tetreault	Director	1.00	Director	$0	$0	$0
Jeff Smith	Director	1.00	Director	$0	$0	$0
Don McCormack	Director	1.00	Director	$0	$0	$0
Mike Connor	Director	1.00	Director	$0	$0	$0
Ryan Smee	Director	1.00	Director	$0	$0	$0
Jim Lacroix	Director	1.00	Director	$0	$0	$0
Dave Cadorette	Director	1.00	Director	$0	$0	$0
Rusty Smith	Director	1.00	Director	$0	$0	$0
Kelly Mendell	Secretary and Treasurer	2.00	Officer Director	$0	$0	$0
Deborah Proffitt	Chair	2.00	Officer Director	$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
2025	No data	No data	No data	No data
2024	$1,424,053	$709,884	$4,115,174	$714,169
2023	$1,010,873	$585,924	$3,402,490	$424,949
2022	$874,119	$366,309	$2,988,779	$507,810
2021	$1,370,523	$291,657	$2,407,980	$1,078,866
2020	$1,247,653	$207,770	$1,317,514	$1,039,883
2019	$485,222	$204,269	$266,342	$280,953

Undersea Technology Innovation Center