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Nonprofiteer
← SRCCO INC

Form 990 for tax year 2022

Filed by SRCCO INC.

Totals

Total revenue
$45,012,595
Total expenses
$39,505,984
Contributions and grants received
$44,879,897
Grants paid
$36,998,734
Program service revenue
$0
Investment income
$132,698
Other revenue
$0
Total assets, end of year
$42,830,224
Total liabilities, end of year
$21,566,525
Net assets or fund balances, end of year
$21,263,699
Program services expenses (Part IX)
not reported
Management and general expenses
not reported
Fundraising expenses
not reported
Program service expenses (Part III)
$0

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.

  • 1b · Membership dues

    $28,115,000

  • 1e · Government grants (contributions)

    $16,764,897

  • 1f · All other contributions, gifts and grants

    $0

  • 3 · Investment income

    total $132,698 · related or exempt $0 · unrelated business $0 · excluded $132,698

  • 4 · Income from investment of tax-exempt bond proceeds

    total $0

  • 5 · Royalties

    total $0

  • 6c · Rental income or loss

    real property $0 · personal property $0

  • 6d · Net rental income or loss

    total $0

  • 7d · Net gain or loss

    total $0

  • 8a · Fundraising events: gross income

    $0

  • 8b · Fundraising events: direct expenses

    $0

  • 8c · Net income from fundraising events

    total $0

  • 9a · Gaming: gross income

    $0

  • 9b · Gaming: direct expenses

    $0

  • 9c · Net income from gaming

    total $0

  • 10a · Gross sales of inventory

    $0

  • 10b · Cost of goods sold

    $0

  • 10c · Net income from sales of inventory

    total $0

  • 11e · Other revenue, total

    $0

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $36,998,734

  • 2 · Grants to domestic individuals

    total $0

  • 3 · Grants to foreign organizations and individuals

    total $0

  • 4 · Benefits paid to or for members

    total $0

  • 5 · Compensation of officers, directors and key employees

    total $492,874

  • 6 · Compensation of disqualified persons

    total $0

  • 7 · Other salaries and wages

    total $634,642

  • 8 · Pension plan contributions

    total $206,489

  • 9 · Other employee benefits

    total $105,299

  • 10 · Payroll taxes

    total $68,136

  • 11a · Fees: management

    total $0

  • 11b · Fees: legal

    total $397,480

  • 11c · Fees: accounting

    total $30,886

  • 11d · Fees: lobbying

    total $0

  • 11e · Fees: professional fundraising services

    total $0

  • 11f · Fees: investment management

    total $0

  • 11g · Fees: other

    total $176,839

  • 12 · Advertising and promotion

    total $490

  • 13 · Office expenses

    total $2,912

  • 14 · Information technology

    total $44,403

  • 15 · Royalties

    total $0

  • 16 · Occupancy

    total $47,053

  • 17 · Travel

    total $56,742

  • 18 · Travel or entertainment for public officials

    total $0

  • 19 · Conferences, conventions and meetings

    total $175,882

  • 20 · Interest

    total $0

  • 21 · Payments to affiliates

    total $0

  • 22 · Depreciation, depletion and amortization

    total $12,408

  • 23 · Insurance

    total $15,555

  • 24a · Other expenses: MISCELLANEOUS EXPENSES

    total $39,160

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $0 · end of year $0

  • 2 · Savings and temporary cash investments

    beginning of year $41,753,379 · end of year $39,128,826

  • 3 · Pledges and grants receivable

    beginning of year $0 · end of year $2,097,640

  • 4 · Accounts receivable

    beginning of year $664,066 · end of year $1,143,750

  • 5 · Loans and receivables from officers and key people

    beginning of year $0 · end of year $0

  • 6 · Loans and receivables from disqualified persons

    beginning of year $0 · end of year $0

  • 7 · Other notes and loans receivable

    beginning of year $0 · end of year $0

  • 8 · Inventories for sale or use

    beginning of year $0 · end of year $0

  • 9 · Prepaid expenses and deferred charges

    beginning of year $80,008 · end of year $460,008

  • 10c · Land, buildings and equipment, net

    beginning of year $0 · end of year $0

  • 11 · Investments: publicly traded securities

    beginning of year $0 · end of year $0

  • 12 · Investments: other securities

    beginning of year $0 · end of year $0

  • 13 · Investments: program-related

    beginning of year $0 · end of year $0

  • 14 · Intangible assets

    beginning of year $0 · end of year $0

  • 15 · Other assets

    beginning of year $0 · end of year $0

  • 17 · Accounts payable and accrued expenses

    beginning of year $83,641 · end of year $149,736

  • 18 · Grants payable

    beginning of year $21,816,605 · end of year $17,202,236

  • 19 · Deferred revenue

    beginning of year $2,000,000 · end of year $1,500,000

  • 20 · Tax-exempt bond liabilities

    beginning of year $0 · end of year $0

  • 21 · Escrow or custodial account liability

    beginning of year $0 · end of year $0

  • 22 · Loans and payables to officers and key people

    beginning of year $0 · end of year $0

  • 23 · Secured mortgages and notes payable

    beginning of year $0 · end of year $0

  • 24 · Unsecured notes and loans payable

    beginning of year $0 · end of year $0

  • 25 · Other liabilities

    beginning of year $2,840,119 · end of year $2,714,553

  • 27 · Net assets without donor restrictions

    beginning of year $15,757,088 · end of year $21,263,699

  • 28 · Net assets with donor restrictions

    beginning of year $0 · end of year $0

Mission and programs · 2022

Mission

SRCCO, AS A CONTROLLED AFFILIATE OF THE SEMICONDUCTOR RESEARCH CORPORATION ("SRC"), FUNDS AND OPERATES PROGRAMS OF UNIVERSITY-BASED RESEARCH CENTERS FOCUSED ON MICROELECTRONIC TECHNOLOGY THAT BENEFITS BOTH PRIVATE INDUSTRY AND U.S. DEFENSE CAPABILITIES.

Activities or mission (Part I)

SEE PART III, LINE 1

  • RESEARCH CONTRACTS GRANTED TO COLLEGES AND UNIVERSITIES THROUGHOUT THE UNITED STATES.

  • MANAGEMENT AND GENERAL COSTS TO MANAGE THE ABOVE RESEARCH CONTRACTS.

  • THE MISSION OF JUMP IS TO LOOK BEYOND TODAY'S TECHNOLOGY HORIZON AND LAY THE SCIENTIFIC GROUNDWORK THAT EXTENDS THE VIABILITY OF MOORE'S LAW ECONOMICS THROUGH 2040. THIS PROGRAM MUST CREATE NEW GENERAL PURPOSE ARCHITECTURES AND SYSTEM DESIGNS THAT RELAX DEVICE CONSTRAINTS AND PROVIDE OPPORTUNITIES FOR NEW DEVICE TYPES AND NOVEL, HETEROGENEOUS INTEGRATION SOLUTIONS. IT MUST INVENT NEW DEVICES AND DESIGNS THAT ARE CAPABLE OF THE PERFORMANCE ACHIEVABLE TODAY AT A POWER CONSUMPTION THAT IS 1-3 ORDERS OF MAGNITUDE LOWER. FINALLY, IT MUST TRAIN TOMORROW'S WORKFORCE TO DELIVER SMART, AUTONOMOUS, SAFE, CONNECTED, EFFICIENT, AND AFFORDABLE ELECTRONICS THAT MEET OUR SENSING, ACTUATION, COMMUNICATION, COMPUTING, AND STORAGE NEEDS FOR 2025 AND BEYOND. IN ADDITION TO PROVIDING ENABLING TECHNOLOGIES, THE RESEARCH SCOPE FOR EACH CENTER REPRESENTS A CRITICAL COMPONENT IN THE DEVELOPMENT OF SYSTEMS FOR BOTH THE SEMICONDUCTOR AND DEFENSE INDUSTRIES AND THE DEPARTMENT OF DEFENSE.

As filed on the 2022 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

  • Todd Younkin

    President & CEO

    Total calculated
    $604,954
    From this org
    $156,609
    From related orgs
    $353,527
    Other
    $94,818
    Hours/week
    12 + 28 related

    Schedule J breakdown matched by us

    Base
    $91,247 + $205,979 related
    Bonus
    $59,182 + $133,598 related
    Other
    $6,180 + $13,950 related
    Deferred
    $18,420 + $41,580 related
    Nontaxable benefits
    $10,689 + $24,129 related
    Filer's total
    $185,718 + $419,236 related

  • David Henshall

    VP of Business Development

    Total calculated
    $301,293
    From this org
    $65,450
    From related orgs
    $164,601
    Other
    $71,242
    Hours/week
    11 + 29 related

    Schedule J breakdown matched by us

    Base
    $55,857 + $140,477 related
    Bonus
    $7,489 + $18,833 related
    Other
    $2,104 + $5,291 related
    Deferred
    $18,995 + $47,772 related
    Nontaxable benefits
    $1,273 + $3,202 related
    Filer's total
    $85,718 + $215,575 related

  • Karen Di Spigna

    Chief Accounting Officer

    Total calculated
    $268,970
    From this org
    $72,819
    From related orgs
    $112,591
    Other
    $83,560
    Hours/week
    16 + 24 related

    Schedule J breakdown matched by us

    Base
    $61,258 + $94,716 related
    Bonus
    $7,172 + $11,089 related
    Other
    $4,389 + $6,786 related
    Deferred
    $20,111 + $31,095 related
    Nontaxable benefits
    $12,707 + $19,647 related
    Filer's total
    $105,637 + $163,333 related

  • Timothy Green

    Program Director

    Total calculated
    $253,254
    From this org
    $83,141
    From related orgs
    $98,688
    Other
    $71,425
    Hours/week
    18 + 22 related

    Schedule J breakdown matched by us

    Base
    $65,488 + $77,733 related
    Bonus
    $8,778 + $10,420 related
    Other
    $8,875 + $10,535 related
    Deferred
    $18,366 + $21,799 related
    Nontaxable benefits
    $14,294 + $16,966 related
    Filer's total
    $115,801 + $137,453 related

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

The filer's explanations (Part III)

PART I, LINE 3:
SRCCO RELIES ON ITS PARENT, SEMICONDUCTOR RESEARCH CORPORATION, TO DETERMINE COMPENSATION FOR SRCCO'S DIRECTORS AND OFFICERS. SEMICONDUCTOR RESEARCH CORPORATION USED COMPENSATION SURVEY OR STUDY, AND APPROVAL BY THE BOARD OR COMPENSATION COMMITTEE.

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

The 10 largest by cash amount. The API serves every itemized grant.

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.

  • SEMICONDUCTOR RESEARCH CORP

    C CORP · RESEARCH CONS · CA · share of income $0 · share of assets $0

    Directly controlled by NA

Provenance

Return type
form_990
Tax year
2022
Filed
4 October 2023
IRS schema version
2022v5.0
Source object
202312799349301801

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