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Nonprofiteer
← VIRGINIA TECH TRANSPORTATION ECONOMIC DEVELOPMENT INC

Form 990 for tax year 2023

Filed by VIRGINIA TECH TRANSPORTATION ECONOMIC DEVELOPMENT INC.

Totals

Total revenue
$5,551,250
Total expenses
$5,841,143
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$5,510,872
Investment income
$0
Other revenue
$40,378
Total assets, end of year
$8,963,322
Total liabilities, end of year
$7,984,964
Net assets or fund balances, end of year
$978,358
Program services expenses (Part IX)
$5,611,734
Management and general expenses
$229,409
Fundraising expenses
$0
Program service expenses (Part III)
$5,611,734

Program services were 96.1% 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: TESTING, MODELING, RES

    total $5,510,872 · related or exempt $5,510,872

  • 11a · Other revenue: OTHER REVENUE

    total $40,378 · related or exempt $40,378

  • 11e · Other revenue, total

    $40,378

Functional expenses

Part IX, the statement of functional expenses.

  • 5 · Compensation of officers, directors and key employees

    total $2,695,407 · program services $2,596,656 · management and general $98,751

  • 8 · Pension plan contributions

    total $289,264 · program services $274,801 · management and general $14,463

  • 9 · Other employee benefits

    total $331,029 · program services $287,995 · management and general $43,034

  • 10 · Payroll taxes

    total $184,541 · program services $167,959 · management and general $16,582

  • 11b · Fees: legal

    total $3,440 · program services $2,993 · management and general $447

  • 11c · Fees: accounting

    total $44,662 · program services $38,856 · management and general $5,806

  • 11g · Fees: other

    total $29,188 · program services $29,188

  • 12 · Advertising and promotion

    total $49,623 · program services $49,623

  • 13 · Office expenses

    total $117,892 · program services $100,208 · management and general $17,684

  • 16 · Occupancy

    total $207,304 · program services $197,805 · management and general $9,499

  • 17 · Travel

    total $18,212 · program services $18,212

  • 19 · Conferences, conventions and meetings

    total $4,299 · program services $4,299

  • 20 · Interest

    total $251,772 · program services $251,772

  • 22 · Depreciation, depletion and amortization

    total $819,520 · program services $819,520

  • 23 · Insurance

    total $154,284 · program services $131,141 · management and general $23,143

  • 24a · Other expenses: MATERIALS AND EQUIPMENT

    total $286,329 · program services $286,329

  • 24b · Other expenses: COST OF GOODS SOLD

    total $100,668 · program services $100,668

  • 24c · Other expenses: TEMPORARY HELP

    total $91,161 · program services $91,161

  • 24d · Other expenses: CUSTOMER RECRUITEMENT

    total $65,109 · program services $65,109

  • 24e · All other expenses

    total $97,439 · program services $97,439

Balance sheet

Part X, book values.

  • 2 · Savings and temporary cash investments

    beginning of year $183,891 · end of year $237,071

  • 4 · Accounts receivable

    beginning of year $891,148 · end of year $1,135,667

  • 9 · Prepaid expenses and deferred charges

    beginning of year $107,619 · end of year $79,519

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

    $15,601,089

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

    $8,090,024

  • 10c · Land, buildings and equipment, net

    beginning of year $8,321,732 · end of year $7,511,065

  • 17 · Accounts payable and accrued expenses

    beginning of year $383,977 · end of year $311,755

  • 19 · Deferred revenue

    beginning of year $119,511 · end of year $207,812

  • 25 · Other liabilities

    beginning of year $7,732,651 · end of year $7,465,397

  • 27 · Net assets without donor restrictions

    beginning of year $1,268,251 · end of year $978,358

Mission and programs · 2023

Mission

VTTEDI BUILDS A BASE OF RESEARCH, ENGINEERING EDUCATION, ADVANCED TESTING, AND TECHNOLOGY TRANSFER THAT SIGNIFICANTLY IMPACTS INDUSTRIAL PRACTICE AND PRODUCTIVITY THROUGH THE DEVELOPMENT OF ADVANCED MATERIALS, INTELLIGENT TIRE TECHNOLOGIES AND VEHICLE DYNAMICS DATA ANALYSIS.

Activities or mission (Part I)

ECONOMIC DEVELOPMENT IN THE RURAL REGION OF SOUTHERN VIRGINIA.

  • VTTEDI BUILDS A BASE OF RESEARCH, ENGINEERING EDUCATION, ADVANCED TESTING, AND TECHNOLOGY TRANSFER THAT SIGNIFICANTLY IMPACTS INDUSTRIAL PRACTICE AND PRODUCTIVITY THROUGH THE DEVELOPMENT OF ADVANCED MATERIALS, INTELLIGENT TIRE TECHNOLOGIES AND VEHICLE DYNAMICS DATA ANALYSIS.VTTEDI CONTRIBUTES TO THE ECONOMIC DEVELOPMENT OF VIRGINIA SOUTHSIDE THROUGH CAREER OPPORTUNITIES FOR OVER 35 EMPLOYEES, SUPPORTING LOCAL BUSINESSES, AND ENGAGING LOCAL EDUCATIONAL AND NONPROFIT INSTITUTIONS. VTTEDI HAS CREATED INTERNSHIPS FOR DANVILLE COMMUNITY COLLEGE STUDENTS AND VIRGINIA TECH ENGINEERING STUDENTS. VTTEDI SUPPORTS STEM SUMMER CAMPS FOR 9 AND 10TH GRADE HIGH SCHOOL STUDENTS. VTTEDI PROVIDES DEVELOPMENT AND DELIVERY OF SPECIALIZED RESEARCH, TIRE TESTING AND MODELING AND SIMULATION SERVICES TO GLOBAL CUSTOMERS AND SPONSORS. VTTEDI HAS BUILT HIGHLY SPECIALIZED FACILITES THAT PROVIDE STATE OF THE ART EQUIPMENT AND TECHNOLOGY FOR TIRE TESTING AND MODELING AND VEHICLE MODELING. COMPANIES FROM AROUND THE GLOBE TRAVEL TO ALTON, VA TO GET THE MOST ADVANCED SERVICES AND DATA FROM THE VTTEDI TEAM.

    Expenses $5,611,734 · Revenue $5,551,250

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

Listed in Part VII

  • DR DAN SUI

    PRESIDENT

    Total calculated
    $534,919
    From this org
    $0
    From related orgs
    $474,123
    Other
    $60,796
    Hours/week
    2 + 38 related

    Schedule J breakdown matched by us

    Base
    $0 + $469,525 related
    Bonus
    $0
    Other
    $0 + $4,598 related
    Deferred
    $0 + $40,071 related
    Nontaxable benefits
    $0 + $20,725 related
    Filer's total
    $0 + $534,919 related

  • AMY SEBRING

    BOARD MEMBER

    Total calculated
    $699,767
    From this org
    $0
    From related orgs
    $541,594
    Other
    $158,173
    Hours/week
    2 + 38 related

    Schedule J breakdown matched by us

    Base
    $0 + $538,732 related
    Bonus
    $0
    Other
    $0 + $2,862 related
    Deferred
    $0 + $118,251 related
    Nontaxable benefits
    $0 + $39,922 related
    Filer's total
    $0 + $699,767 related

  • SCOTT MIDKIFF

    BOARD MEMBER

    Total calculated
    $441,830
    From this org
    $0
    From related orgs
    $371,656
    Other
    $70,174
    Hours/week
    2 + 38 related

    Schedule J breakdown matched by us

    Base
    $0 + $361,293 related
    Bonus
    $0
    Other
    $0 + $10,363 related
    Deferred
    $0 + $37,988 related
    Nontaxable benefits
    $0 + $32,186 related
    Filer's total
    $0 + $441,830 related

  • KEN MILLER

    BOARD MEMBER

    Total calculated
    $447,419
    From this org
    $0
    From related orgs
    $376,127
    Other
    $71,292
    Hours/week
    2 + 38 related

    Schedule J breakdown matched by us

    Base
    $0 + $365,688 related
    Bonus
    $0
    Other
    $0 + $10,439 related
    Deferred
    $0 + $53,097 related
    Nontaxable benefits
    $0 + $18,195 related
    Filer's total
    $0 + $447,419 related

  • DR CYRIL R CLARKE

    BOARD MEMBER

    Total calculated
    $702,844
    From this org
    $0
    From related orgs
    $575,156
    Other
    $127,688
    Hours/week
    2 + 38 related

    Schedule J breakdown matched by us

    Base
    $0 + $558,803 related
    Bonus
    $0
    Other
    $0 + $16,353 related
    Deferred
    $0 + $97,874 related
    Nontaxable benefits
    $0 + $29,814 related
    Filer's total
    $0 + $702,844 related

  • JUSTICE ELIZABETH MCCLANAHAN

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    2 + 38 related

  • CHRISTINE ABSHER

    TREASURER (VTT)

    Total calculated
    $183,373
    From this org
    $0
    From related orgs
    $136,126
    Other
    $47,247
    Hours/week
    10 + 30 related

    Schedule J breakdown matched by us

    Base
    $0 + $135,477 related
    Bonus
    $0
    Other
    $0 + $649 related
    Deferred
    $0 + $20,513 related
    Nontaxable benefits
    $0 + $26,734 related
    Filer's total
    $0 + $183,373 related

  • ZACHARY DOERZAPH

    PRESIDENT (VTT)

    Total calculated
    $398,231
    From this org
    $0
    From related orgs
    $331,981
    Other
    $66,250
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $0 + $330,869 related
    Bonus
    $0
    Other
    $0 + $1,112 related
    Deferred
    $0 + $34,798 related
    Nontaxable benefits
    $0 + $31,452 related
    Filer's total
    $0 + $398,231 related

  • FRANK DELLA PIA

    EXECUTIVE DIRECTOR

    Total calculated
    $294,833
    From this org
    $253,226
    From related orgs
    $0
    Other
    $41,607
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $246,368
    Bonus
    $0
    Other
    $6,858
    Deferred
    $27,181
    Nontaxable benefits
    $14,426
    Filer's total
    $294,833

  • JONATHAN DARAB

    ENGINEERING DIRECTOR-OUTREACH OPS

    Total calculated
    $230,619
    From this org
    $185,246
    From related orgs
    $0
    Other
    $45,373
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $184,645
    Bonus
    $0
    Other
    $601
    Deferred
    $21,924
    Nontaxable benefits
    $23,449
    Filer's total
    $230,619

  • SEAN HUBBARD

    ENGINEER III - RESEARCH SCIENTIST

    Total calculated
    $167,691
    From this org
    $143,248
    From related orgs
    $0
    Other
    $24,443
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $142,993
    Bonus
    $0
    Other
    $255
    Deferred
    $16,495
    Nontaxable benefits
    $7,948
    Filer's total
    $167,691

  • YI LI

    ENGINEER III - RESEARCH SCIENTIST

    Total calculated
    $125,227
    From this org
    $105,735
    From related orgs
    $0
    Other
    $19,492
    Hours/week
    40

  • LAURI MUSTONEN

    ENGINEER III - RESEARCH SCIENTIST

    Total calculated
    $125,212
    From this org
    $105,220
    From related orgs
    $0
    Other
    $19,992
    Hours/week
    40

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
  • 1b · Written policy on the line-1a expenses
  • 2 · Substantiation required before reimbursing expenses
  • 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
FIRST-CLASS TRAVEL VTTEDI ALLOWS FOR AIR TRAVEL CLASS UPGRADES FOR BUSINESS INTERNATIONAL FLIGHTS FOR THE EXECUTIVE DIRECTOR, THE OPERATIONS DIRECTOR, AND THE TECHNICAL DIRECTOR. ALL INTERNATIONAL TRAVEL AND ANY UPGRADES FOR AIR TRAVEL ARE APPROVED IN ADVANCE BY SENIOR MANAGEMENT. TRAVEL WAS NOT TREATED AS TAXABLE COMPENSATION TO THE RECIPIENTS.
PART I, LINE 4B
DESCRIPTION OF THE TERMS AND CONDITIONS OF THE ARRANGEMENT: VIRGINIA POLYTECHNIC INSTITUTE AND STATE UNIVERSITY (THE "UNIVERSITY"), A RELATED ORGANIZATION OF VIRGINIA TECH TRANSPORTATION ECONOMIC DEVELOPMENT, INC., PROVIDES DEFERRED COMPENSATION INTO A SUPPLEMENTAL NONQUALIFIED 415M RETIREMENT PLAN FOR CERTAIN EMPLOYEES. AMOUNTS ARE DISTRIBUTABLE TO THE EMPLOYEE IN THE 7TH MONTH AFTER SEPARATION FROM THE UNIVERSITY. NAMES OF LISTED PERSONS PAID AND AMOUNTS PAID DURING THE YEAR: - DR. CYRIL R. CLARKE - CONTRIBUTIONS MADE BY THE UNIVERSITY: $13,121

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.

Disregarded entities

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

  • VTT LLC

    RESEARCH · VA · income $5,510,872 · assets $8,963,322

    Directly controlled by VIRGINIA TECH TRANSPORTATION ECONOMIC DEVELOPMENT INC

Provenance

Return type
form_990
Tax year
2023
Filed
21 March 2025
IRS schema version
2023v6.0
Source object
202520989349301212

Check it against the return as filed: the GivingTuesday Data Lake hosts a public copy of the original XML.

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