Form 990 for tax year 2023

Revenue

Part VIII, the statement of revenue.

• 1a · Federated campaigns

  $0

• 1b · Membership dues

  $0

• 1c · Fundraising events

  $0

• 1d · Related organizations

  $0

• 1e · Government grants (contributions)

  $0

• 1f · All other contributions, gifts and grants

  $2,060,375

• 1g · Noncash contributions included above

  $940,995

• 2a · Program service revenue: REIMB. FROM SIMR, RELATED 501(C)(3)

  total $39,766,344 · related or exempt $39,766,344 · unrelated business $0 · excluded $0

• 2b · Program service revenue: REIMB. FROM BVD, RELATED C CORP

  total $630,713 · related or exempt $630,713 · unrelated business $0 · excluded $0

• 2c · Program service revenue: REIMB. FROM GSSIMR, RELATED 501(C)(3)

  total $28,919 · related or exempt $28,919 · unrelated business $0 · excluded $0

• 2d · Program service revenue: REIMB. FROM SPI, RELATED 501(C)(4)

  total $24,234 · related or exempt $24,234 · unrelated business $0 · excluded $0

• 2f · All other program service revenue

  total $0 · related or exempt $0 · unrelated business $0 · excluded $0

• 3 · Investment income

  total $117,664,240 · related or exempt $0 · unrelated business $0 · excluded $117,664,240

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

  total $0 · related or exempt $0 · unrelated business $0 · excluded $0

• 5 · Royalties

  total $0 · related or exempt $0 · unrelated business $0 · excluded $0

• 6a · Gross rents

  real property $26,354

• 6b · Less rental expenses

  real property $0 · personal property $0

• 6c · Rental income or loss

  real property $26,354 · personal property $0

• 6d · Net rental income or loss

  total $26,354 · related or exempt $0 · unrelated business $0 · excluded $26,354

• 7a · Gross sales of assets other than inventory

  securities $99,725,318 · other assets $7,465

• 7b · Less cost or other basis and sales expenses

  securities $102,790,318 · other assets $15,435

• 7c · Gain or loss

  securities -$3,065,000 · other assets -$7,970

• 7d · Net gain or loss

  total -$3,072,970 · related or exempt $0 · unrelated business $0 · excluded -$3,072,970

• 8a · Fundraising events: gross income

  $0

• 8b · Fundraising events: direct expenses

  $0

• 8c · Net income from fundraising events

  total $0 · unrelated business $0 · excluded $0

• 9a · Gaming: gross income

  $0

• 9b · Gaming: direct expenses

  $0

• 9c · Net income from gaming

  total $0 · related or exempt $0 · unrelated business $0 · excluded $0

• 10a · Gross sales of inventory

  $0

• 10b · Cost of goods sold

  $0

• 10c · Net income from sales of inventory

  total $0 · related or exempt $0 · unrelated business $0 · excluded $0

• 11a · Other revenue: MISSOURI TIMELY FILING DISCOUNT

  total $4,183 · excluded $4,183

• 11d · All other revenue

  total $0 · related or exempt $0 · unrelated business $0 · excluded $0

• 11e · Other revenue, total

  $4,183

Functional expenses

Part IX, the statement of functional expenses.

• 1 · Grants to domestic organizations and governments

  total $115,000,000 · program services $115,000,000

• 2 · Grants to domestic individuals

  total $0 · program services $0

• 3 · Grants to foreign organizations and individuals

  total $0 · program services $0

• 4 · Benefits paid to or for members

  total $0 · program services $0

• 5 · Compensation of officers, directors and key employees

  total $7,221,774 · program services $6,499,597 · management and general $649,960 · fundraising $72,217

• 6 · Compensation of disqualified persons

  total $0 · program services $0 · management and general $0 · fundraising $0

• 7 · Other salaries and wages

  total $14,093,333 · program services $12,684,000 · management and general $1,268,400 · fundraising $140,933

• 8 · Pension plan contributions

  total $1,769,369 · program services $1,592,432 · management and general $159,243 · fundraising $17,694

• 9 · Other employee benefits

  total $2,632,438 · program services $2,369,194 · management and general $236,919 · fundraising $26,325

• 10 · Payroll taxes

  total $1,098,722 · program services $988,850 · management and general $98,885 · fundraising $10,987

• 11a · Fees: management

  total $0 · program services $0 · management and general $0 · fundraising $0

• 11b · Fees: legal

  total $1,487,248 · program services $0 · management and general $1,487,248 · fundraising $0

• 11c · Fees: accounting

  total $297,149 · program services $0 · management and general $297,149 · fundraising $0

• 11d · Fees: lobbying

  total $0 · program services $0 · management and general $0 · fundraising $0

• 11e · Fees: professional fundraising services

  total $0 · fundraising $0

• 11f · Fees: investment management

  total $1,392,157 · program services $0 · management and general $1,392,157 · fundraising $0

• 11g · Fees: other

  total $2,616,178 · program services $2,354,560 · management and general $235,456 · fundraising $26,162

• 12 · Advertising and promotion

  total $44,913 · program services $40,422 · management and general $4,042 · fundraising $449

• 13 · Office expenses

  total $332,841 · program services $299,557 · management and general $29,956 · fundraising $3,328

• 14 · Information technology

  total $622,856 · program services $560,570 · management and general $56,057 · fundraising $6,229

• 15 · Royalties

  total $0 · program services $0 · management and general $0 · fundraising $0

• 16 · Occupancy

  total $4,025,326 · program services $3,622,793 · management and general $362,279 · fundraising $40,254

• 17 · Travel

  total $121,868 · program services $109,681 · management and general $10,968 · fundraising $1,219

• 18 · Travel or entertainment for public officials

  total $0 · program services $0 · management and general $0 · fundraising $0

• 19 · Conferences, conventions and meetings

  total $274,138 · program services $246,724 · management and general $24,672 · fundraising $2,742

• 20 · Interest

  total $9,870,645 · program services $8,883,581 · management and general $888,358 · fundraising $98,706

• 21 · Payments to affiliates

  total $0 · program services $0 · management and general $0 · fundraising $0

• 22 · Depreciation, depletion and amortization

  total $1,775,800 · program services $1,598,220 · management and general $159,822 · fundraising $17,758

• 23 · Insurance

  total $509,987 · program services $458,988 · management and general $45,899 · fundraising $5,100

• 24a · Other expenses: MAINTENANCE EXPENSES

  total $4,697,241 · program services $4,227,517 · management and general $422,752 · fundraising $46,972

• 24b · Other expenses: OPERATION SUPPLIES

  total $920,638 · program services $828,574 · management and general $82,857 · fundraising $9,207

• 24c · Other expenses: DUES & MEMBERSHIPS

  total $525,625 · program services $473,063 · management and general $47,306 · fundraising $5,256

• 24d · Other expenses: SEC. 4960 EXCISE TAX

  total $283,610 · program services $255,249 · management and general $25,525 · fundraising $2,836

• 24e · All other expenses

  total $794,168 · program services $714,751 · management and general $71,475 · fundraising $7,942

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 $572,671 · end of year $382,251

• 3 · Pledges and grants receivable

  beginning of year $0 · end of year $0

• 4 · Accounts receivable

  beginning of year $0 · end of year $0

• 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 $2,274,639 · end of year $2,335,972

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

  $19,279,557

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

  $16,888,846

• 10c · Land, buildings and equipment, net

  beginning of year $3,768,265 · end of year $2,390,711

• 11 · Investments: publicly traded securities

  beginning of year $517,106,372 · end of year $520,823,170

• 12 · Investments: other securities

  beginning of year $1,216,690,639 · end of year $1,464,816,380

• 13 · Investments: program-related

  beginning of year $0

• 14 · Intangible assets

  beginning of year $0 · end of year $0

• 15 · Other assets

  beginning of year $14,162,555 · end of year $7,537,371

• 17 · Accounts payable and accrued expenses

  beginning of year $6,139,667 · end of year $9,770,823

• 18 · Grants payable

  beginning of year $0 · end of year $0

• 19 · Deferred revenue

  beginning of year $0 · end of year $0

• 20 · Tax-exempt bond liabilities

  beginning of year $290,000,000 · end of year $290,000,000

• 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 $375,465 · end of year $1,977,790

• 27 · Net assets without donor restrictions

  beginning of year $1,456,190,198 · end of year $1,694,245,867

• 28 · Net assets with donor restrictions

  beginning of year $1,869,811 · end of year $2,291,375

• 29 · Capital stock, trust principal or current funds

  beginning of year $0 · end of year $0

The filer's explanations (Part III)

Schedule J, Part I, Line 1a COMPENSATION

SRM HAS A WRITTEN EMPLOYMENT CONTRACT WITH RICHARD W. BROWN (PRESIDENT/CEO), WHICH PROVISIONS INCLUDE PAYMENT OF SOCIAL CLUB DUES AND PERSONAL USE OF AN AUTOMOBILE. SRM HAS A WRITTEN EMPLOYMENT AGREEMENT WITH CHARLES GERMAN (EVP/GENERAL COUNSEL), WHICH PROVISIONS INCLUDE REIMBURSEMENT FOR PROFESSIONAL AND SOCIAL CLUB DUES. SRM'S OFFER LETTER TO JENNIFER PAWLOSKY (COS/VP OF COMMUNICATIONS), WHICH PROVISIONS INCLUDE PAYMENT OF SOCIAL CLUB DUES. ALL TAXABLE BENEFITS ARE TREATED AS COMPENSATION TO THE RECIPIENTS.

Schedule J, Part I, Line 1b WRITTEN REIMBURSEMENT POLICY

SRM provided the benefits described in response to line 1a pursuant to written employment contracts or offer letters that were approved by SRM's board-level committees and governing board. SEE RESPONSE TO FORM 990, PART VI, SECTION B, LINE 15 FOR ADDITIONAL PROCESSES RELATED TO DETERMINING SALARY AND BENEFITS FOR OFFICERS.

Schedule J, Part I, Line 4a SEVERANCE PAYMENT - PATRICK MITCHELL

SRM entered into a Separation Agreement and General Release with former employee Patrick Mitchell on October 4, 2023. Mr. Mitchell's employment with SRM ended on September 28, 2023. Under the Agreement, SRM paid Mr. Mitchell a one-time lump sum severance equal to 24 months' salary plus 12 months' equivalent retirement plan funding of $817,574.00 (less taxes and withholding). In addition, SRM agreed to provide up to $2,400.00/month COBRA reimbursement for 12 months, plus optional Career Transition Services up to $9,000.00, plus Executive Career Coaching Services up to $30,000.00. The Agreement provided SRM a standard full and general release and covenant not to sue. The Agreement further provided that Mr. Mitchell would return all SRM property, and the parties agreed to Confidentiality and mutual Non-Disparagement.

Schedule J, Part I, Line 4a SEVERANCE PAYMENT - MICHAEL NEWHOUSE

SRM ENTERED A SEVERANCE COMPENSATION AGREEMENT AS OF AUGUST 15, 2022 WITH MICHAEL NEWHOUSE. UNDER THE AGREEMENT, MR. NEWHOUSE WAS PAID $363,020.83 (LESS TAXES AND WITHHOLDING) IN SEVERANCE AS PAYROLL. THE FIRST INSTALLMENT IN THE AMOUNT OF $106,770.83 WAS PAID ON SEPTEMBER 2, 2022. THE SECOND INSTALLMENT IN THE AMOUNT OF $256,250.00 WAS PAID ON JANUARY 6, 2023. THE AGREEMENT ALSO PROVIDED COBRA REIMBURSEMENT UP TO $2,400.00 PER MONTH FOR TWELVE (12) MONTHS FOLLOWING THE SEPARATION DATE. THE TERMS AND CONDITIONS OF THE AGREEMENT REQUIRED THE RETURN OF ALL PROPERTY. THE AGREEMENT ALSO INCLUDED STANDARD RELEASES, AND IMPOSED CONFIDENTIALITY AND NON-DISPARAGEMENT OBLIGATIONS ON MR. NEWHOUSE.

Schedule J, Part I, Line 4b SUPPLEMENTAL NONQUALIFIED RETIREMENT PLAN

THE FOLLOWING PERSONS WITH RESPECT TO A RELATED ORGANZATION, STOWERS INSTITUTE FOR MEDICAL RESEARCH (SIMR), PARTICIPATED IN A SUPPLEMENTAL NONQUALIFIED RETIREMENT PLAN: ALEJANDRO SANCHEZ ALVARADO - ACCRUAL OF $583,333 AND $0 DISTRIBUTION. KAUSIK SI - ACCRUAL OF $83,333 AND $0 DISTRIBUTION.

Related corporations and trusts

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

• BIOMED VALLEY DISCOVERIES INC

  C Corporation · SEE PART VII · DE · controlled entity

  Directly controlled by NA