TMC3 DEVELOPMENT CORPORATION (EIN 843144648) - 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

2019

Legal Domicile

Principal Officer

WILLIAM MCKEON

Phone

7137916104

Tax Period

2023-01-01 to 2023-12-31

TMC3 DEVELOPMENT CORPORATION, founded in 2019, is a community nonprofit in the Health Care sector that reported $2.6M in total revenue in fiscal year 2023. Revenue surged 325% from the prior year, signaling strong growth momentum. Expenses of $4.5M exceeded revenue, resulting in a 69% operating deficit.

Mission

FORM 990, PART I, LINE 1 & PART III, LINES 1 & 4A TMC3 DEVELOPMENT CORPORATION IS ORGANIZED AND WILL OPERATE EXCLUSIVELY TO SUPPORT THE TEXAS MEDICAL CETNER, A TEXAS NONPROFIT CORPORATION, BY FACILITATING THE DEVELOPMENT AND FINANCING OF PROJECTS AND FACILITIES AND PERFORMING SUCH OTHER FUNCTIONS AS MAY BE NECESSARY OR APPROPRIATE TO FULFILL THE PURPOSES OF TMC3 DEVELOPMENT CORPORATION. TEXAS MEDICAL CENTER WAS ORGANIZED AND IS OPERATED TO FACILITATE PATIENT CARE, MEDICAL RESEARCH AND MEDICAL EDUCATION IN THE LARGEST MEDICAL COMPLEX IN THE WORLD, THE TEXAS MEDICAL CENTER LOCATED IN HOUSTON, TEXAS. AMONG TMC'S ACTIVITIES IS ADVANCING LIFE SCIENCES BY NURTURING CROSS-INSTITUTIONAL COLLABORATION, CREATIVITY AND INNOVATION. A KEY COMPONENT OF THIS ACTIVITY IS DEVELOPMENT OF THE TMC3 COLLABORATIVE CAMPUS ("TMC3"). IN 2014, TMC BROUGHT TOGETHER LEADERS OF ITS MEMBER INSTITUTIONS AND THE COMMUNITY TO CREATE A CAMPUS-WIDE, STRATEGIC PLAN. THE GOAL WAS TO IDENTIFY KEY AREAS FOR COLLABORATION AMONG MEMBER INSTITUTIONS TO ESTABLISH TMC AS A CENTER FOR LIFE SCIENCES. AROUND THE SAME TIME, FOUR OF THE LARGEST MEMBER INSTITUTIONS APPROACHED TMC ABOUT PURCHASING LAND FOR ADDITIONAL LABORATORY SPACE. FROM THIS EFFORT CAME TMC3, A PROJECT THAT WILL ADVANCE LIFE SCIENCES AND ACCELERATE RESEARCH DISCOVERIES TO IMPROVE HUMAN HEALTH THROUGHOUT THE WORLD. TMC3 WILL UNITE THE BRIGHTEST MINDS IN LIFE SCIENCES IN ONE PLACE FOR ONE PURPOSE-TO TRANSLATE FUNDAMENTAL DISCOVERIES INTO SOLUTIONS TO IMPROVE AND ADVANCE HUMAN HEALTH. TMC3 FOUNDING INSTITUTIONS (THE "FOUNDING INSTITUTIONS") ARE TMC, TEXAS A&M UNIVERSITY HEALTH SCIENCE CENTER, THE UNIVERSITY OF TEXAS HEALTH SCIENCE CENTER HOUSTON AND THE UNIVERSITY OF TEXAS M.D. ANDERSON CANCER CENTER. TMC3 DEVELOPMENT CORPORATION WAS ORGANIZED AND WILL OPERATE TO FACILITATE TMC'S ROLE AS LEAD PARTY IN THE DEVELOPMENT AND FINANCING OF TMC3. SPECIFICALLY, IT WILL LEASE FROM TMC THE LAND ON WHICH TMC3 WILL BE LOCATED. IT WILL ENTER INTO SUBLEASE AGREEMENTS WITH THE FOUNDING INSTITUTIONS AND OTHER OCCUPANTS OF TMC3, THEREBY FACILITATING THE DEVELOPMENT AND FINANCING OF TMC3.

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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 $0

Program Service Revenue $1,039,928

Investment Income $1,597,413

Other Revenue $10,000

TOTAL REVENUE $2,647,341

Expense Breakdown

Grants Paid $0

Salaries & Benefits $0

Fundraising Expenses $0

Program Expenses $3,812,248

Other Expenses $4,475,992

TOTAL EXPENSES $4,475,992

Year-over-Year Comparison

	2023	2022	Change
Revenue	$2,647,341	$622,966	+3.2%
Expenses	$4,475,992	$17,953	+248.3%
Net Income	$-1,828,651	$605,013	-4.0%

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

N/A

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

$3,061,476

Total Directors

$3,061,476

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
WILLIAM MCKEON	PRESIDENT/DIRECTOR	1.0	Officer Director	$0	$66,080	$3,061,476
J DOWNEY BRIDGWATER	DIRECTOR	1.0	Director	$0	$0	$0
DR BERNARD HARRIS	CHAIRMAN/DIRECTOR	1.0	Officer Director	$0	$0	$0
CHARLES HALL	SECRETARY/DIRECTOR	1.0	Officer Director	$0	$0	$0
ROBERT CRUIKSHANK	TREASURER/DIRECTOR	1.0	Officer Director	$0	$0	$0
GREG MOORE	VICE-CHAIRMAN/DIRECTOR	1.0	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
2024	No data	No data	No data	No data
2023	$2,647,341	$4,475,992	$208,436,541	$-1,828,651
2022	$622,966	$17,953	$214,630,897	$605,013
2021	$-1,018	$14,545	$205,789,489	$-15,563
2020	$22,556,595	$10,000	$203,250,093	$22,546,595

TMC3 DEVELOPMENT CORPORATION