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Nonprofiteer
← IN-Q-TEL INC

Form 990 for tax year 2023

Filed by IN-Q-TEL INC.

Totals

Total revenue
$108,260,393
Total expenses
$141,614,988
Contributions and grants received
$103,330,066
Grants paid
$1,699,303
Program service revenue
-$9,177,136
Investment income
$13,810,116
Other revenue
$297,347
Total assets, end of year
$997,532,478
Total liabilities, end of year
$102,265,208
Net assets or fund balances, end of year
$895,267,270
Program services expenses (Part IX)
$112,993,087
Management and general expenses
$28,621,901
Fundraising expenses
$0
Program service expenses (Part III)
$112,993,087

Program services were 79.8% 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.

  • 1e · Government grants (contributions)

    $103,330,066

  • 2a · Program service revenue: TECH INVEST - INT/DIV

    total $625,327 · related or exempt $625,327

  • 2b · Program service revenue: CEO SUMMIT REGIS FEES

    total $249,624 · related or exempt $249,624

  • 2c · Program service revenue: TECH INVEST - NET LOSS

    total -$10,052,087 · related or exempt -$10,052,087

  • 3 · Investment income

    total $13,810,116 · excluded $13,810,116

  • 11a · Other revenue: I/C REV-PAYROLL SVC

    total $213,095 · related or exempt $213,095

  • 11b · Other revenue: I/C REV-SVC LOAN INT

    total $84,252 · related or exempt $84,252

  • 11e · Other revenue, total

    $297,347

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $1,699,303 · program services $1,699,303

  • 5 · Compensation of officers, directors and key employees

    total $10,524,707 · program services $6,164,111 · management and general $4,360,596

  • 7 · Other salaries and wages

    total $42,965,424 · program services $34,016,915 · management and general $8,948,509

  • 9 · Other employee benefits

    total $10,688,932 · program services $7,568,443 · management and general $3,120,489

  • 10 · Payroll taxes

    total $2,929,673 · program services $2,146,713 · management and general $782,960

  • 11b · Fees: legal

    total $1,543,418 · program services $551,496 · management and general $991,922

  • 11c · Fees: accounting

    total $830,141 · program services $231,122 · management and general $599,019

  • 11g · Fees: other

    total $13,768,306 · program services $12,604,619 · management and general $1,163,687

  • 12 · Advertising and promotion

    total $506,639 · program services $13,770 · management and general $492,869

  • 13 · Office expenses

    total $3,363,443 · program services $1,058,036 · management and general $2,305,407

  • 14 · Information technology

    total $3,297,049 · program services $2,688,067 · management and general $608,982

  • 16 · Occupancy

    total $5,559,257 · program services $3,878,327 · management and general $1,680,930

  • 17 · Travel

    total $3,073,526 · program services $2,272,274 · management and general $801,252

  • 19 · Conferences, conventions and meetings

    total $2,483,444 · program services $2,390,717 · management and general $92,727

  • 22 · Depreciation, depletion and amortization

    total $3,660,935 · program services $2,548,153 · management and general $1,112,782

  • 23 · Insurance

    total $478,396 · management and general $478,396

  • 24a · Other expenses: WORK PROGRAM EXPENSE

    total $32,410,181 · program services $32,410,181

  • 24e · All other expenses

    total $1,832,214 · program services $750,840 · management and general $1,081,374

Balance sheet

Part X, book values.

  • 2 · Savings and temporary cash investments

    beginning of year $17,888,324 · end of year $34,825,174

  • 4 · Accounts receivable

    beginning of year $43,494,134 · end of year $4,622,253

  • 7 · Other notes and loans receivable

    beginning of year $1,354,599 · end of year $1,163,959

  • 9 · Prepaid expenses and deferred charges

    beginning of year $2,857,522 · end of year $2,082,686

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

    $40,810,629

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

    $11,945,578

  • 10c · Land, buildings and equipment, net

    beginning of year $19,649,452 · end of year $28,865,051

  • 11 · Investments: publicly traded securities

    beginning of year $431,034,899 · end of year $392,401,722

  • 13 · Investments: program-related

    beginning of year $471,897,819 · end of year $496,965,790

  • 15 · Other assets

    beginning of year $39,859,428 · end of year $36,605,843

  • 17 · Accounts payable and accrued expenses

    beginning of year $56,837,195 · end of year $56,121,159

  • 19 · Deferred revenue

    beginning of year $61,126 · end of year $48,993

  • 25 · Other liabilities

    beginning of year $40,290,871 · end of year $46,095,056

  • 27 · Net assets without donor restrictions

    beginning of year $930,846,985 · end of year $895,267,270

Mission and programs · 2023

Mission

IQT SERVES AND POWERS THE U.S. NATIONAL SECURITY AND ITS ALLIES THROUGH CUTTING-EDGE TECHNOLOGY, STRATEGIC INVESTMENTS, EXPLORATION AND APPLIED RESEARCH, AND ACCELERATION OF CAPABILITIES WITH THE GENERAL PUBLIC ULTIMATELY BENEFITTING IQT'S WORK.

Activities or mission (Part I)

IQT IDENTIFIES, EVALUATES, AND LEVERAGES EMERGING COMMERCIAL TECHNOLOGIES FOR (SEE SCHEDULE O)THE NATIONAL SECURITY COMMUNITY. IQT (IN-Q-TEL, INC.) ACHIEVES ITS MISSION BY DELIVERING BEST-IN-CLASS CAPABILITIES, INSIGHTS, AND OTHER SERVICES TO OUR PARTNERS THROUGH A UNIQUE GLOBAL INVESTMENT PLATFORM.

  • SEE SCHEDULE O

    Expenses $112,993,087 · Grants $1,699,303 · Revenue -$8,879,789

As filed on the 2023 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

  • C Darby

    CEO (END 9/8/23) & TRUSTEE

    Total calculated
    $5,032,991
    From this org
    $4,957,127
    From related orgs
    $0
    Other
    $75,864
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $723,638
    Bonus
    $3,934,932
    Other
    $298,557
    Deferred
    $53,671
    Nontaxable benefits
    $22,193
    Filer's total
    $5,032,991

  • S Bowsher

    CEO (EFF 9/9/23) & TRUSTEE

    Total calculated
    $3,148,623
    From this org
    $1,946,116
    From related orgs
    $0
    Other
    $1,202,507
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $880,430
    Bonus
    $1,062,500
    Other
    $3,186
    Deferred
    $1,171,211
    Nontaxable benefits
    $31,296
    Filer's total
    $3,148,623

  • M Crow

    TRUSTEE, CHAIR, COMM CHAIR

    Total calculated
    $42,500
    From this org
    $42,500
    From related orgs
    $0
    Other
    $0
    Hours/week
    5

  • P Barris

    TRUSTEE & COMMITTEE CHAIR

    Total calculated
    $37,500
    From this org
    $37,500
    From related orgs
    $0
    Other
    $0
    Hours/week
    5

  • A Jones

    TRUSTEE & COMM CHAIR (END 12/13/23)

    Total calculated
    $37,500
    From this org
    $37,500
    From related orgs
    $0
    Other
    $0
    Hours/week
    5

  • H Cox

    TRUSTEE & COMMITTEE CHAIR

    Total calculated
    $37,500
    From this org
    $37,500
    From related orgs
    $0
    Other
    $0
    Hours/week
    5

  • T Schlein

    TRUSTEE

    Total calculated
    $35,000
    From this org
    $35,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    5

  • M Mullen

    TRUSTEE

    Total calculated
    $35,000
    From this org
    $35,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    5

  • G Tenet

    TRUSTEE

    Total calculated
    $35,000
    From this org
    $35,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    5

  • J Smith

    TRUSTEE & COMM CHAIR (EFF 12/13/23)

    Total calculated
    $35,000
    From this org
    $35,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    5

  • S Catz

    TRUSTEE

    Total calculated
    $0
    Hours/week
    5

  • S O'Sullivan

    TRUSTEE

    Total calculated
    $26,250
    From this org
    $26,250
    From related orgs
    $0
    Other
    $0
    Hours/week
    5

  • W Hurd

    TRUSTEE (END 5/31/23)

    Total calculated
    $17,500
    From this org
    $17,500
    From related orgs
    $0
    Other
    $0
    Hours/week
    5

  • B Sasse

    TRUSTEE (EFF 3/20/24)

    Total calculated
    $0
    Hours/week
    5

  • J Miscik

    TRUSTEE (END 3/22/23)

    Total calculated
    $8,750
    From this org
    $8,750
    From related orgs
    $0
    Other
    $0
    Hours/week
    5

  • M Strottman

    CHIEF OPERATING OFFICER

    Total calculated
    $1,552,803
    From this org
    $1,061,426
    From related orgs
    $0
    Other
    $491,377
    Hours/week
    40 + 5 related

    Schedule J breakdown matched by us

    Base
    $580,520
    Bonus
    $472,000
    Other
    $8,906
    Deferred
    $460,100
    Nontaxable benefits
    $31,277
    Filer's total
    $1,552,803

  • M Dicken

    EVP, TECHNOLOGY PROGRAMS

    Total calculated
    $846,145
    From this org
    $707,713
    From related orgs
    $0
    Other
    $138,432
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $409,877
    Bonus
    $293,571
    Other
    $4,265
    Deferred
    $135,100
    Nontaxable benefits
    $3,332
    Filer's total
    $846,145

  • B Adams

    EVP, GENERAL COUNSEL

    Total calculated
    $942,367
    From this org
    $795,477
    From related orgs
    $0
    Other
    $146,890
    Hours/week
    40 + 5 related

    Schedule J breakdown matched by us

    Base
    $453,603
    Bonus
    $334,152
    Other
    $7,722
    Deferred
    $135,100
    Nontaxable benefits
    $11,790
    Filer's total
    $942,367

  • G Hoyem

    EVP INVESTMENTS

    Total calculated
    $1,055,093
    From this org
    $795,489
    From related orgs
    $0
    Other
    $259,604
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $453,486
    Bonus
    $337,500
    Other
    $4,503
    Deferred
    $235,100
    Nontaxable benefits
    $24,504
    Filer's total
    $1,055,093

  • E Fox

    EVP, PRODUCT MKT & COMM

    Total calculated
    $780,246
    From this org
    $613,860
    From related orgs
    $0
    Other
    $166,386
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $348,957
    Bonus
    $261,429
    Other
    $3,474
    Deferred
    $135,100
    Nontaxable benefits
    $31,286
    Filer's total
    $780,246

  • Y Zheng

    CHIEF OF STAFF (EFF 12/13/23)

    Total calculated
    $476,531
    From this org
    $336,434
    From related orgs
    $0
    Other
    $140,097
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $258,868
    Bonus
    $75,250
    Other
    $2,316
    Deferred
    $138,200
    Nontaxable benefits
    $1,897
    Filer's total
    $476,531

  • S Sewall

    EVP, NAT INNOV POLICY

    Total calculated
    $780,386
    From this org
    $613,892
    From related orgs
    $0
    Other
    $166,494
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $347,472
    Bonus
    $261,056
    Other
    $5,364
    Deferred
    $135,100
    Nontaxable benefits
    $31,394
    Filer's total
    $780,386

  • J Nelson

    EVP INTERNATIONAL

    Total calculated
    $833,790
    From this org
    $667,413
    From related orgs
    $0
    Other
    $166,377
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $388,228
    Bonus
    $261,429
    Other
    $17,756
    Deferred
    $135,100
    Nontaxable benefits
    $31,277
    Filer's total
    $833,790

  • B Jadeja

    SENIOR PARTNER

    Total calculated
    $796,385
    From this org
    $699,001
    From related orgs
    $0
    Other
    $97,384
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $427,970
    Bonus
    $256,875
    Other
    $14,156
    Deferred
    $85,700
    Nontaxable benefits
    $11,684
    Filer's total
    $796,385

  • C Gray

    SENIOR PARTNER

    Total calculated
    $753,971
    From this org
    $637,127
    From related orgs
    $0
    Other
    $116,844
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $400,805
    Bonus
    $234,000
    Other
    $2,322
    Deferred
    $85,700
    Nontaxable benefits
    $31,144
    Filer's total
    $753,971

  • D Hanfling

    VICE PRESIDENT, TECHNOLOGY

    Total calculated
    $642,526
    From this org
    $597,970
    From related orgs
    $0
    Other
    $44,556
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $301,581
    Bonus
    $291,025
    Other
    $5,364
    Deferred
    $13,200
    Nontaxable benefits
    $31,356
    Filer's total
    $642,526

  • T Gillespie

    MNG PTNR, WASHINGTON DC

    Total calculated
    $808,685
    From this org
    $691,672
    From related orgs
    $0
    Other
    $117,013
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $429,811
    Bonus
    $256,875
    Other
    $4,986
    Deferred
    $85,700
    Nontaxable benefits
    $31,313
    Filer's total
    $808,685

  • E Chiu

    SENIOR PARTNER

    Total calculated
    $763,176
    From this org
    $646,196
    From related orgs
    $0
    Other
    $116,980
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $401,995
    Bonus
    $243,000
    Other
    $1,201
    Deferred
    $85,700
    Nontaxable benefits
    $31,280
    Filer's total
    $763,176

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

  • 1a · First-class or charter travel
  • 1a · Tax indemnification and gross-up payments
  • 1b · Written policy on the line-1a expenses
  • 2 · Substantiation required before reimbursing expenses
  • 3 · Compensation committee
  • 3 · Independent compensation consultant
  • 3 · Form 990 of other organizations
  • 3 · Compensation survey or study
  • 3 · Approval by the board or compensation committee
  • 4b · Supplemental nonqualified retirement plan

Answered no

  • 4a · Severance or change-of-control payment
  • 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

The filer's explanations (Part III)

PART I, LINE 1A
IQT'S CORPORATE TRAVEL POLICY STATES, FOR DOMESTIC TRAVEL, "ALL IQT EMPLOYEES, OTHER THAN THE CEO, PRESIDENT, COO, GC OR EXECUTIVE VICE PRESIDENTS, ARE REQUIRED TO TRAVEL IN COACH OR ECONOMY CLASS." FOR FLIGHTS OVER APPROXIMATELY FIVE HOURS EMPLOYEES MAY BOOK ECONOMY PLUS AIRFARE. ON INTERNATIONAL FLIGHTS, IF AN EMPLOYEE IS EXPECTED TO WORK ON THE DAY OF ARRIVAL OR HAS WORKED THE FULL DAY OF DEPARTURE, THE EMPLOYEE MAY UPGRADE TO BUSINESS CLASS AIRFARE. WHILE THE CORPORATE TRAVEL POLICY SPECIFICALLY ADDRESSES IQT EMPLOYEE TRAVEL, IQT BOARD OF TRUSTEES ARE PROVIDED THE OPTION TO TRAVEL TO QUARTERLY BOARD MEETINGS IN BUSINESS CLASS AND RECEIVE REIMBURSEMENT. IQT GROSSES UP THE AMOUNT ADDED TO WAGES FOR THE CEO TO COMPENSATE FOR THE INCOME TAX LIABILITY ASSOCIATED WITH PAYING A LIFE INSURANCE PREMIUM ON HIS BEHALF.
PART I, LINE 4B
THE COMPENSATION OF THE CEO, COO AND PRESIDENT IS NOT PAID FOR WITH GOVERNMENT FUNDING. IN ADDITION, ALL INDIVIDUAL EMPLOYEE COMPENSATION IN EXCESS OF $619,000 FOR CALENDAR YEAR 2023 IS ALSO NOT PAID FOR WITH GOVERNMENT FUNDING. MR. DARBY'S EMPLOYMENT TERMINATED ON SEPTEMBER 8, 2023. FOR CALENDAR YEAR 2023, MR. DARBY'S EMPLOYMENT ARRANGEMENT WAS AS FOLLOWS: - BASE SALARY OF $1,000,000 PRORATED THROUGH SEPTEMBER 8, 2023; - SUPPLEMENTAL NON-QUALIFIED DEFERRED COMPENSATION AS A RETENTION MECHANISM PAID PRO-RATA FOR THE PERIOD OF THE CONTRACT SERVED. MR. BOWSHER ASSUMED THE ROLE OF CEO EFFECTIVE SEPTEMBER 9, 2023 AND HIS BASE SALARY WAS INCREASED FROM $850,000 TO $1,000,000 PRORATED FOR THE REMAINDER OF THE CALENDAR YEAR 2023. MR. BOWSHER'S EMPLOYMENT ARRANGEMENT IS AS FOLLOWS: - BASE SALARY OF $850,000 JANUARY 1, 2023 - SEPTEMBER 8, 2023; $1,000,000 SEPTEMBER 9, 2023 - DECEMBER 31, 2023; - AN ANNUAL PERFORMANCE BASED BONUS DECIDED BY THE BOARD BASED ON PRESET CRITERIA; - SUPPLEMENTAL NON-QUALIFIED DEFERRED COMPENSATION AS A RETENTION MECHANISM, PAYABLE UPON COMPLETION OF THE CONTRACT TERM. FOR CALENDAR YEAR 2023, MR. STROTTMAN'S EMPLOYMENT ARRANGEMENT IS AS FOLLOWS: - BASE SALARY OF $590,000; - AN ANNUAL PERFORMANCE BASED BONUS DECIDED BY THE BOARD BASED ON PRESET CRITERIA; - SUPPLEMENTAL NON-QUALIFIED DEFERRED COMPENSATION AS A RETENTION MECHANISM, PAYABLE UPON COMPLETION OF THE CONTRACT TERM.
PART VII & SCHEDULE J, PART II
IN ADDITION TO MR. DARBY'S RESPONSIBILITIES AS CEO OF IQT, MR. DARBY SERVES AS A TRUSTEE ON THE COMPANY'S BOARD OF TRUSTEES. MR. DARBY WILL CONTINUE TO SERVE AS A TRUSTEE ON THE BOARD FOR A ONE YEAR PERIOD FOLLOWING HIS DEPARTURE. MR. DARBY HAS WAIVED ANY COMPENSATION RELATED TO HIS TRUSTEE DUTIES AND HIS INCOME AS REPORTED IN THIS FORM IS ENTIRELY ATTRIBUTABLE TO HIS DUTIES AS CEO. IN ADDITION TO MR. BOWSHER'S RESPONSIBILITIES AS CEO, HE ALSO BECAME A TRUSTEE ON THE COMPANY'S BOARD. MR. BOWSHER HAS WAIVED ANY COMPENSATION RELATED TO HIS TRUSTEE DUTIES AND HIS INCOME AS REPORTED IN THIS FOR IS ENTIRELY ATTRIBUTABLE TO HIS DUTIES AS PRESIDENT AND CEO.

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

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.

Disregarded entities

Part I: entities that legally are the filer and file no return of their own.

  • IQTI LLC

    INVESTMENTS · DE · income $0 · assets $0

    Directly controlled by IN-Q-TELINC

  • IQT LABS LLC

    RESEARCH · DE · income $0 · assets $0

    Directly controlled by IN-Q-TELINC

Related corporations and trusts

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

  • IQT INTERNATIONAL UK LTD

    C · CONSULTING · UK · 100% owned · share of income $4,472,672 · share of assets $3,198,106 · controlled entity

    Directly controlled by IN-Q-TELINC

  • IQT INTERNATIONAL AUSTRALIA PTY LTD

    C · CONSULTING · AS · 100% owned · share of income $3,281,786 · share of assets $2,573,503 · controlled entity

    Directly controlled by IN-Q-TELINC

  • IQT INTERNATIONAL SINGAPORE PTE LTD

    C · CONSULTING · SN · 100% owned · share of income $2,546,341 · share of assets $1,459,124 · controlled entity

    Directly controlled by IN-Q-TELINC

  • IQTI GMBH

    C · CONSULTING · GM · 100% owned · share of income $106,114 · share of assets $32,192 · controlled entity

    Directly controlled by IN-Q-TELINC

Provenance

Return type
form_990
Tax year
2023
Filed
3 February 2025
IRS schema version
2023v6.0
Source object
202510369349301901

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