KESTREL INSTITUTE

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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

1981

Legal Domicile

Principal Officer

DR ERIC SMITH

Phone

6504936871

Tax Period

2023-01-01 to 2023-12-31

KESTREL INSTITUTE, founded in 1981, is a community nonprofit that reported $4.4M in total revenue in fiscal year 2023. Expenses of $4.1M left a modest 8% surplus.

Mission

KESTREL INSTITUTE PERFORMS RESEARCH ON METHODS AND TOOLS FOR SOFTWARE ASSURANCE - USING MATHEMATICAL MODELS AND PROPERTIES OF ALGORITHMS AND DATA STRUCTURES TO ENSURE THAT SOFTWARE PERFORMS PREDICTABLY AND RELIABLY. OUR RESEARCH IS COMMUNICATED TO THE WIDER ACADEMIC COMMUNITY THROUGH JOURNALS, CONFERENCES AND TECHNICAL MEETINGS. OUR TOOLS ARE USED BY U.S. AND INTERNATIONAL UNIVERSITIES. WE OCCASIONALLY HOST STUDENTS FOR BRIEF PERIODS TO WORK ON PROJECTS ALIGNED WITH OUR RESEARCH INTERESTS.

Program Service Accomplishments

Program 1

Expenses: $2,345,701

AFRL FIGHT TONIGHT:-----------

Program 2

Expenses: $1,085,394

ONR PROTOGEN:-----------

Program 3

Expenses: $327,305

DARPA PEARLS:-----------

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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 $4,393,186

Program Service Revenue $0

Investment Income $38,152

Other Revenue $0

TOTAL REVENUE $4,431,338

Expense Breakdown

Grants Paid $0

Salaries & Benefits $2,759,967

Fundraising Expenses $0

Program Expenses $3,754,468

Other Expenses $1,305,880

TOTAL EXPENSES $4,065,847

Year-over-Year Comparison

	2023	2022	Change
Revenue	$4,431,338	$4,129,396	+0.1%
Expenses	$4,065,847	$3,535,772	+0.1%
Net Income	$365,491	$593,624	-0.4%

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

$986,826

Total Directors

$128,093

Key Employees

$326,461

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
CORDELL GREEN	EXECUTIVE DIRECTOR & CHIEF	4.85	Officer Director	$100,302	$27,791	$128,093
MARGARITA ALTAMIRANO	DIRECTOR	1.00	Director	$0	$0	$0
DAVID DESANTE	DIRECTOR	1.00	Director	$0	$0	$0
JOHN MITCHELL	DIRECTOR	1.00	Director	$0	$0	$0
FRANK POUND	DIRECTOR	1.00	Director	$0	$0	$0
STEPHEN WESTFOLD	ASSOC DIRECTOR, CORP SEC &	33.10	Officer	$194,078	$5,140	$199,218
STEPHEN FITZPATRICK	CHIEF FINANCIAL OFFICER &	42.94	Officer	$264,238	$28,831	$293,069
ERIC SMITH	CHIEF EXECUTIVE OFFICER	31.68	Officer	$347,966	$18,480	$366,446
DOUGLAS SMITH	CHIEF COMPUTER SCIENTIST	39.88	Key Emp	$273,506	$52,955	$326,461
MARCEL BECKER	COMPUTER SCIENTIST	36.58	Highest	$290,332	$40,389	$330,721
JEFF KITSON	SYSTEMS MANAGER	28.49	Highest	$175,877	$36,804	$212,681
ALESSANDRO COGLIO	COMPUTER SCIENTIST	23.13	Highest	$173,156	$32,443	$205,599
CHRISTOPH KREITZ	COMPUTER SCIENTIST	31.06	Highest	$120,155	$0	$120,155
GRANT JURGENSEN	COMPUTER SCIENTIST	36.00	Highest	$126,435	$11,682	$138,117

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	$4,431,338	$4,065,847	$4,087,305	$365,491
2022	$4,129,396	$3,535,772	$3,765,583	$593,624
2021	$3,386,483	$3,047,131	$2,764,272	$339,352
2020	$3,527,984	$3,634,705	$2,895,218	$-106,721
2019	$2,443,519	$3,470,913	$2,639,700	$-1,027,394
2018	$4,301,902	$4,657,708	$4,007,560	$-355,806
2018	$4,301,902	$4,657,708	$4,007,560	$-355,806
2017	$4,735,125	$4,935,105	$4,396,458	$-199,980