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← VIRGINIA TECH TRANSPORTATION ECONOMIC DEVELOPMENT INC

Form 990 for tax year 2024

Filed by VIRGINIA TECH TRANSPORTATION ECONOMIC DEVELOPMENT INC.

Totals

Total revenue
$4,929,428
Total expenses
$5,996,918
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$4,893,468
Investment income
$0
Other revenue
$35,960
Total assets, end of year
$7,799,062
Total liabilities, end of year
$7,888,192
Net assets or fund balances, end of year
-$89,130
Program services expenses (Part IX)
$5,753,020
Management and general expenses
$243,898
Fundraising expenses
$0
Program service expenses (Part III)
$5,753,020

Program services were 95.9% 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 $4,893,468 · related or exempt $4,893,468

  • 11a · Other revenue: OTHER REVENUE

    total $35,960 · related or exempt $35,960

  • 11e · Other revenue, total

    $35,960

Functional expenses

Part IX, the statement of functional expenses.

  • 5 · Compensation of officers, directors and key employees

    total $981,272 · program services $942,078 · management and general $39,194

  • 7 · Other salaries and wages

    total $1,683,448 · program services $1,616,207 · management and general $67,241

  • 8 · Pension plan contributions

    total $277,760 · program services $263,872 · management and general $13,888

  • 9 · Other employee benefits

    total $355,413 · program services $309,209 · management and general $46,204

  • 10 · Payroll taxes

    total $187,658 · program services $170,769 · management and general $16,889

  • 11b · Fees: legal

    total $13,756 · program services $11,968 · management and general $1,788

  • 11c · Fees: accounting

    total $57,248 · program services $49,806 · management and general $7,442

  • 11g · Fees: other

    total $198,721 · program services $198,721

  • 12 · Advertising and promotion

    total $22,434 · program services $22,434

  • 13 · Office expenses

    total $108,540 · program services $92,259 · management and general $16,281

  • 16 · Occupancy

    total $219,330 · program services $201,979 · management and general $17,351

  • 17 · Travel

    total $6,894 · program services $6,894

  • 19 · Conferences, conventions and meetings

    total $7,224 · program services $7,224

  • 20 · Interest

    total $249,387 · program services $249,387

  • 22 · Depreciation, depletion and amortization

    total $835,371 · program services $835,371

  • 23 · Insurance

    total $117,467 · program services $99,847 · management and general $17,620

  • 24a · Other expenses: MATERIALS AND EQUIPMENT

    total $292,962 · program services $292,962

  • 24b · Other expenses: COST OF GOODS SOLD

    total $141,036 · program services $141,036

  • 24c · Other expenses: TEMPORARY HELP

    total $120,072 · program services $120,072

  • 24d · Other expenses: CUSTOMER RECRUITEMENT

    total $80,588 · program services $80,588

  • 24e · All other expenses

    total $40,337 · program services $40,337

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    end of year $1

  • 2 · Savings and temporary cash investments

    beginning of year $237,071 · end of year $415,319

  • 4 · Accounts receivable

    beginning of year $1,135,667 · end of year $645,367

  • 9 · Prepaid expenses and deferred charges

    beginning of year $79,519 · end of year $62,681

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

    $15,601,089

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

    $8,925,395

  • 10c · Land, buildings and equipment, net

    beginning of year $7,511,065 · end of year $6,675,694

  • 17 · Accounts payable and accrued expenses

    beginning of year $311,755 · end of year $383,382

  • 19 · Deferred revenue

    beginning of year $207,812 · end of year $295,685

  • 25 · Other liabilities

    beginning of year $7,465,397 · end of year $7,209,125

  • 27 · Net assets without donor restrictions

    beginning of year $978,358 · end of year -$89,130

Mission and programs · 2024

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 CONTRIBUTES TO THE ECONOMIC DEVELOPMENT OF SOUTHSIDE VIRGINIA THROUGH CAREER OPPORTUNITIES FOR OVER 34 EMPLOYEES, SUPPORTING LOCAL BUSINESSES, AND ENGAGING LOCAL EDUCATIONAL AND NONPROFIT INSTITUTIONS. VTTEDI HAS CREATED INTERNSHIPS FOR VIRGINIA TECH ENGINEERING 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 FACILITIES 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 $5,753,020 · Revenue $4,929,428

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

Listed in Part VII

  • DR CYRIL R CLARKE

    BOARD MEMBER

    Total calculated
    $757,908
    From this org
    $0
    From related orgs
    $617,216
    Other
    $140,692
    Hours/week
    2 + 38 related

    Schedule J breakdown matched by us

    Base
    $0 + $599,583 related
    Bonus
    $0
    Other
    $0 + $17,633 related
    Deferred
    $0 + $109,527 related
    Nontaxable benefits
    $0 + $31,165 related
    Filer's total
    $0 + $757,908 related

  • AMY SEBRING

    BOARD MEMBER

    Total calculated
    $737,943
    From this org
    $0
    From related orgs
    $576,650
    Other
    $161,293
    Hours/week
    2 + 38 related

    Schedule J breakdown matched by us

    Base
    $0 + $573,589 related
    Bonus
    $0
    Other
    $0 + $3,061 related
    Deferred
    $0 + $119,889 related
    Nontaxable benefits
    $0 + $41,404 related
    Filer's total
    $0 + $737,943 related

  • DR DIANZHI DANIEL SUI

    CHAIR

    Total calculated
    $565,539
    From this org
    $0
    From related orgs
    $501,647
    Other
    $63,892
    Hours/week
    2 + 38 related

    Schedule J breakdown matched by us

    Base
    $0 + $496,647 related
    Bonus
    $0
    Other
    $0 + $5,000 related
    Deferred
    $0 + $42,427 related
    Nontaxable benefits
    $0 + $21,465 related
    Filer's total
    $0 + $565,539 related

  • JUSTICE ELIZABETH A MCCLANAHAN

    MANAGER (VTT, LLC)

    Total calculated
    $0
    Hours/week
    2 + 38 related

  • SIMON PM ALLEN

    SECRETARY/TREASURER

    Total calculated
    $358,262
    From this org
    $0
    From related orgs
    $315,046
    Other
    $43,216
    Hours/week
    2 + 38 related

    Schedule J breakdown matched by us

    Base
    $0 + $268,574 related
    Bonus
    $0 + $45,000 related
    Other
    $0 + $1,472 related
    Deferred
    $0 + $23,126 related
    Nontaxable benefits
    $0 + $20,090 related
    Filer's total
    $0 + $358,262 related

  • JEFF EARLEY

    BOARD MEMBER

    Total calculated
    $337,283
    From this org
    $0
    From related orgs
    $269,561
    Other
    $67,722
    Hours/week
    2 + 38 related

    Schedule J breakdown matched by us

    Base
    $0 + $268,188 related
    Bonus
    $0
    Other
    $0 + $1,373 related
    Deferred
    $0 + $36,795 related
    Nontaxable benefits
    $0 + $30,927 related
    Filer's total
    $0 + $337,283 related

  • ZACHARY DOERZAPH

    PRESIDENT (VTT, LLC)

    Total calculated
    $420,705
    From this org
    $0
    From related orgs
    $351,017
    Other
    $69,688
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $0 + $349,831 related
    Bonus
    $0
    Other
    $0 + $1,186 related
    Deferred
    $0 + $36,845 related
    Nontaxable benefits
    $0 + $32,843 related
    Filer's total
    $0 + $420,705 related

  • FRANK DELLA PIA

    EXECUTIVE DIRECTOR (VTT, LLC)

    Total calculated
    $296,214
    From this org
    $253,130
    From related orgs
    $0
    Other
    $43,084
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $253,130
    Bonus
    $0
    Other
    $0
    Deferred
    $27,180
    Nontaxable benefits
    $15,904
    Filer's total
    $296,214

  • CHRISTINE ABSHER

    TREASURER (VTT, LLC)

    Total calculated
    $191,923
    From this org
    $0
    From related orgs
    $143,734
    Other
    $48,189
    Hours/week
    10 + 30 related

    Schedule J breakdown matched by us

    Base
    $0 + $143,041 related
    Bonus
    $0
    Other
    $0 + $693 related
    Deferred
    $0 + $20,197 related
    Nontaxable benefits
    $0 + $27,992 related
    Filer's total
    $0 + $191,923 related

  • JONATHAN DARAB

    ENGINEERING DIRECTOR (VTT, LLC)

    Total calculated
    $241,950
    From this org
    $194,002
    From related orgs
    $0
    Other
    $47,948
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $194,002
    Bonus
    $0
    Other
    $0
    Deferred
    $21,978
    Nontaxable benefits
    $25,970
    Filer's total
    $241,950

  • SEAN HUBBARD

    RESEARCH SCIENTIST (VTT, LLC)

    Total calculated
    $176,337
    From this org
    $150,682
    From related orgs
    $0
    Other
    $25,655
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $150,682
    Bonus
    $0
    Other
    $0
    Deferred
    $16,887
    Nontaxable benefits
    $8,768
    Filer's total
    $176,337

  • YI LI

    RESEARCH SCIENTIST (VTT, LLC)

    Total calculated
    $132,277
    From this org
    $111,303
    From related orgs
    $0
    Other
    $20,974
    Hours/week
    40

  • LAURI MUSTONEN

    RESEARCH SCIENTIST (VTT, LLC)

    Total calculated
    $132,120
    From this org
    $111,370
    From related orgs
    $0
    Other
    $20,750
    Hours/week
    40

  • JORGE LUIS ROJAS ALBINO

    RESEARCH SCIENTIST (VTT, LLC)

    Total calculated
    $125,562
    From this org
    $104,975
    From related orgs
    $0
    Other
    $20,587
    Hours/week
    40

  • TRAVIS TERRY

    RESEARCH SCIENTIST (VTT, LLC)

    Total calculated
    $140,321
    From this org
    $102,639
    From related orgs
    $0
    Other
    $37,682
    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: $8,192.50

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 $4,893,468 · assets $7,799,061

    Directly controlled by VIRGINIA TECH TRANSPORTATION ECONOMIC DEVELOPMENT INC

Provenance

Return type
form_990
Tax year
2024
Filed
27 April 2026
IRS schema version
2024v5.5
Source object
202611199349301521

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