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← USA RESEARCH AND TECHNOLOGY CORPORATION

Form 990 for tax year 2024

Filed by USA RESEARCH AND TECHNOLOGY CORPORATION.

Totals

Total revenue
$3,909,895
Total expenses
$3,696,480
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$3,722,814
Investment income
$71,687
Other revenue
$115,394
Total assets, end of year
$34,527,704
Total liabilities, end of year
$31,005,505
Net assets or fund balances, end of year
$3,522,199
Program services expenses (Part IX)
$3,612,169
Management and general expenses
$84,311
Fundraising expenses
$0
Program service expenses (Part III)
$3,612,169

Program services were 97.7% of total expenses calculated — Part IX's program-services column over total expenses, both as filed.

Line items

Every line the filer filed in Parts VIII, IX and X, as filed and in filed order. Blank columns are left out, and the lines are not forced to add up to the totals above.

Revenue

Part VIII, the statement of revenue.

  • 2a · Program service revenue: RENTAL INCOME

    total $3,722,814 · related or exempt $3,722,814

  • 3 · Investment income

    total $71,687 · excluded $71,687

  • 6a · Gross rents

    real property $183,824

  • 6b · Less rental expenses

    real property $76,488

  • 6c · Rental income or loss

    real property $107,336

  • 6d · Net rental income or loss

    total $107,336 · excluded $107,336

  • 11a · Other revenue: VENDING COMMISSIONS

    total $8,058 · excluded $8,058

  • 11e · Other revenue, total

    $8,058

Functional expenses

Part IX, the statement of functional expenses.

  • 11a · Fees: management

    total $336,628 · program services $336,628

  • 11c · Fees: accounting

    total $24,000 · management and general $24,000

  • 11d · Fees: lobbying

    total $48,000 · management and general $48,000

  • 13 · Office expenses

    total $4,140 · management and general $4,140

  • 20 · Interest

    total $753,641 · program services $753,641

  • 22 · Depreciation, depletion and amortization

    total $1,185,628 · program services $1,185,628

  • 23 · Insurance

    total $76,985 · program services $76,985

  • 24a · Other expenses: BUILDING OPERATING EXPENS

    total $876,104 · program services $876,104

  • 24b · Other expenses: REPAIRS AND MAINTENANCE

    total $321,413 · program services $321,413

  • 24c · Other expenses: BAD DEBT EXPENSE

    total $53,258 · program services $53,258

  • 24d · Other expenses: TAXES

    total $16,683 · program services $8,512 · management and general $8,171

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $2,041,842 · end of year $1,986,677

  • 4 · Accounts receivable

    beginning of year $3,025,858 · end of year $3,416,336

  • 9 · Prepaid expenses and deferred charges

    beginning of year $24,509 · end of year $27,780

  • 10a · Land, buildings and equipment: cost or other basis

    $35,384,208

  • 10b · Land, buildings and equipment: accumulated depreciation

    $18,675,947

  • 10c · Land, buildings and equipment, net

    beginning of year $17,229,841 · end of year $16,708,261

  • 14 · Intangible assets

    beginning of year $137,260 · end of year $102,924

  • 15 · Other assets

    beginning of year $12,107,444 · end of year $12,285,726

  • 17 · Accounts payable and accrued expenses

    beginning of year $182,479 · end of year $317,807

  • 19 · Deferred revenue

    beginning of year $290,493 · end of year $295,887

  • 23 · Secured mortgages and notes payable

    beginning of year $16,967,270 · end of year $15,906,527

  • 25 · Other liabilities

    beginning of year $13,995,126 · end of year $14,485,284

  • 31 · Retained earnings, endowment or other funds

    beginning of year $3,131,386 · end of year $3,522,199

Mission and programs · 2024

Mission

THE PRIMARY MISSION IS TO FURTHER THE EDUCATIONAL AND SCIENTIFIC RESEARCH MISSIONS OF THE UNIVERSITY OF SOUTH ALABAMA BY SEEKING TO ENHANCE THE LEARNING, TRAINING, AND OVERALL ACADEMIC EXPERIENCE.

  • THE PRIMARY EXEMPT PURPOSE OF THE ORGANIZATION IS TO FURTHER THE EDUCATIONAL AND SCIENTIFIC RESEARCH MISSIONS OF THE UNIVERSITY OF SOUTH ALABAMA, AN INSTITUTION OF HIGHER LEARNING AND A GOVERNMENTAL UNIT OF THE STATE OF ALABAMA. MORE SPECIFICALLY, THE ORGANIZATION SEEKS TO ENHANCE THE LEARNING, TRAINING AND OVERALL ACADEMIC EXPERIENCE OF THE UNIVERSITY'S STUDENTS AND MEMBERS OF ITS FACULTY. THE PURSUIT OF THESE EXEMPT PURPOSES SHOULD PRODUCE THE ADDITIONAL BENEFIT TO THE UNIVERSITY OF CREATING ATTRACTIVE INTERNSHIPS AND CAREER OPPORTUNITIES FOR THE UNIVERSITY'S STUDENTS, FACULTY AND GRADUATES WITH ACADEMIC BACKGROUNDS THAT ARE NEEDED BOTH WITHIN THE UNIVERSITY AND THE STATE OF ALABAMA. ADDITIONALLY, THE ORGANIZATION STRIVES TO CREATE AREAS OF RESEARCH COLLABORATION BETWEEN THE UNIVERSITY AND PRIVATE ENTERPRISE IN ADDITION TO FOSTERING A COMMUNITY OF INNOVATION IN WHICH PRIVATE ENTEPRISES MAY COLLABORATE AMONG THEMSELVES. THE ORGANIZATION HAS ACCOMPLISHED, AND IS CONTINUING TO ACCOMPLISH, ITS EXEMPT PURPOSE BY OPERATING A RESEARCH AND TECHNOLOGY CAMPUS IN WHICH TECHNOLOGY-BASED ENTERPRISES WITH SUBSTANTIAL RESEARCH AND DEVELOPMENT ACTIVITIES HAVE LOCATED. STUDENTS AND FACULTY OF THE UNIVERSITY ARE ABLE TO BE DIRECTLY INVOLVED IN THE RESEARCH AND DEVELOPMENT ACTIVITIES OF THE TECHNOLOGY-BASED ENTERPRISES; INVOLVEMENT THAT SUPPLEMENTS AND ENHANCES THE TRADITIONAL IN-CLASSROOM EXPERIENCE AVAILABLE TO STUDENTS AND FACULTY WITHIN THE UNIVERSITY. THE TECHNOLOGY-BASED ENTERPRISES ALSO OFFER SCHOLARSHIPS TO GIFTED STUDENTS AND COLLABORATE WITH THE UNIVERSITY ON WORK-STUDY OPPORTUNITIES, INTERNSHIPS AND OTHER COLLABORATIVE PROGRAMS INVOLVING UNIVERSITY STUDENTS AND FACULTY.

    Expenses $3,612,169 · Revenue $3,722,814

As filed on the 2024 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

  • Jo Bonner

    PRESIDENT/VI

    Total calculated
    $836,808
    From this org
    $0
    From related orgs
    $779,967
    Other
    $56,841
    Hours/week
    1 + 39 related

    Schedule J breakdown matched by us

    Base
    not reported + $754,954 related
    Bonus
    not reported
    Other
    not reported + $25,013 related
    Deferred
    not reported + $41,224 related
    Nontaxable benefits
    not reported + $15,617 related
    Filer's total
    not reported + $836,808 related

  • Andrea Kent

    DIRECTOR

    Total calculated
    $751,931
    From this org
    $0
    From related orgs
    $651,348
    Other
    $100,583
    Hours/week
    1 + 39 related

    Schedule J breakdown matched by us

    Base
    not reported + $649,535 related
    Bonus
    not reported
    Other
    not reported + $1,813 related
    Deferred
    not reported + $84,198 related
    Nontaxable benefits
    not reported + $16,385 related
    Filer's total
    not reported + $751,931 related

  • Kristen Roberts

    SECRETARY/TR

    Total calculated
    $400,358
    From this org
    $0
    From related orgs
    $345,216
    Other
    $55,142
    Hours/week
    1 + 39 related

    Schedule J breakdown matched by us

    Base
    not reported + $344,810 related
    Bonus
    not reported
    Other
    not reported + $406 related
    Deferred
    not reported + $39,498 related
    Nontaxable benefits
    not reported + $15,644 related
    Filer's total
    not reported + $400,358 related

  • Terry Albano

    DIRECTOR

    Total calculated
    $227,301
    From this org
    $0
    From related orgs
    $198,923
    Other
    $28,378
    Hours/week
    0

    Schedule J breakdown matched by us

    Base
    not reported + $123,107 related
    Bonus
    not reported
    Other
    not reported + $75,816 related
    Deferred
    not reported + $16,060 related
    Nontaxable benefits
    not reported + $12,318 related
    Filer's total
    not reported + $227,301 related

  • Lynne Chronister

    VICE PRESIDE

    Total calculated
    $204,863
    From this org
    $0
    From related orgs
    $172,430
    Other
    $32,433
    Hours/week
    0

    Schedule J breakdown matched by us

    Base
    not reported + $167,268 related
    Bonus
    not reported
    Other
    not reported + $5,162 related
    Deferred
    not reported + $21,514 related
    Nontaxable benefits
    not reported + $10,919 related
    Filer's total
    not reported + $204,863 related

  • Polly Stokley

    SECRETARY/TR

    Total calculated
    $45,000
    From this org
    $0
    From related orgs
    $45,000
    Other
    $0
    Hours/week
    0

    Schedule J breakdown matched by us

    Base
    not reported + $45,000 related
    Bonus
    not reported
    Other
    not reported
    Deferred
    not reported
    Nontaxable benefits
    not reported
    Filer's total
    not reported + $45,000 related

  • Kellie Hope

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Arlene Mitchell

    CHAIR

    Total calculated
    $0
    Hours/week
    1

  • David Rodgers

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Jim Spafford

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Matt White

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Doug Whitmore

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

Compensation is as filed in Part VII: reportable pay from this organization and from related organizations, other compensation, and hours per week. The total, marked calculated, is our sum of the three dollar columns, with a blank column counted as $0; the form itself has no total. On a Form 990-EZ the columns are Part IV's instead, and on a Form 990-PF Part VIII's — compensation, contributions to benefit plans, and expense account — and the total sums those. A Schedule J breakdown is as filed: base pay, bonus, other, deferred compensation and nontaxable benefits from this organization, with any from related organizations beside each, and the filer's own total. It is shown with the Part VII listing of the same name on the same return. The form gives no key between the two, so that pairing is ours, and is marked matched by us.

Schedule J

Answered yes

None.

Answered no

  • 4a · Severance or change-of-control payment
  • 4b · Supplemental nonqualified retirement plan
  • 4c · Equity-based compensation arrangement
  • 5a · Pay contingent on this organization's revenues
  • 5b · Pay contingent on a related organization's revenues
  • 6a · Pay contingent on this organization's net earnings
  • 6b · Pay contingent on a related organization's net earnings
  • 7 · Other non-fixed payments
  • 8 · Paid under the initial-contract exception

Part I's answers as filed. A line not listed was left unanswered; on lines 1a and 3 that means the box was not checked.

Grants on this return

No itemized grants to organizations on this return.

Related organizations on this return

Schedule R Part II: tax-exempt organizations related to the filer by control. It does not record shared board members or money.

Taxable family on this return

Schedule R Parts I, III and IV, as filed. These record ownership and control, not shared board members or money moved.

Related corporations and trusts

Part IV: related organizations taxable as a corporation or trust.

  • NOVALTECH LLC

    TECH TRANS · AL

Provenance

Return type
form_990
Tax year
2024
Filed
31 July 2026
IRS schema version
2024v5.0
Source object
202632169349302213

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