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Nonprofiteer
← SRCCO INC

Form 990 for tax year 2023

Filed by SRCCO INC.

Totals

Total revenue
$44,484,022
Total expenses
$61,911,717
Contributions and grants received
$44,080,125
Grants paid
$59,574,671
Program service revenue
$0
Investment income
$403,897
Other revenue
$0
Total assets, end of year
$38,241,286
Total liabilities, end of year
$34,405,282
Net assets or fund balances, end of year
$3,836,004
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

    $25,400,000

  • 1e · Government grants (contributions)

    $18,680,125

  • 1f · All other contributions, gifts and grants

    $0

  • 3 · Investment income

    total $403,897 · excluded $403,897

  • 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 $59,574,671

  • 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 $768,709

  • 6 · Compensation of disqualified persons

    total $0

  • 7 · Other salaries and wages

    total $453,626

  • 8 · Pension plan contributions

    total $208,376

  • 9 · Other employee benefits

    total $105,942

  • 10 · Payroll taxes

    total $67,402

  • 11a · Fees: management

    total $0

  • 11b · Fees: legal

    total $267,934

  • 11c · Fees: accounting

    total $27,624

  • 11d · Fees: lobbying

    total $0

  • 11e · Fees: professional fundraising services

    total $0

  • 11f · Fees: investment management

    total $0

  • 11g · Fees: other

    total $32,145

  • 12 · Advertising and promotion

    total $0

  • 13 · Office expenses

    total $3,174

  • 14 · Information technology

    total $54,786

  • 15 · Royalties

    total $0

  • 16 · Occupancy

    total $2,993

  • 17 · Travel

    total $47,965

  • 18 · Travel or entertainment for public officials

    total $0

  • 19 · Conferences, conventions and meetings

    total $170,411

  • 20 · Interest

    total $0

  • 21 · Payments to affiliates

    total $0

  • 22 · Depreciation, depletion and amortization

    total $85,032

  • 23 · Insurance

    total $11,112

  • 24a · Other expenses: MISCELLANEOUS EXPENSES

    total $29,815

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 $39,128,826 · end of year $33,604,591

  • 3 · Pledges and grants receivable

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

  • 4 · Accounts receivable

    beginning of year $1,143,750 · end of year $4,436,687

  • 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 $460,008 · end of year $200,008

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

    $0

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

    $0

  • 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 $149,736 · end of year $130,074

  • 18 · Grants payable

    beginning of year $17,202,236 · end of year $24,525,426

  • 19 · Deferred revenue

    beginning of year $1,500,000 · end of year $4,000,000

  • 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 $2,714,553 · end of year $5,749,782

  • 27 · Net assets without donor restrictions

    beginning of year $21,263,699 · end of year $3,836,004

  • 28 · Net assets with donor restrictions

    beginning of year $0 · end of year $0

Mission and programs · 2023

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.

  • JUMP 2.0 IS AN SRC-LED PUBLIC-PRIVATE PARTNERSHIP IN COOPERATION WITH DARPA, CO-SPONSORED BY SRC, DARPA, THE COMMERCIAL SEMICONDUCTOR INDUSTRY, AND THE DEFENSE INDUSTRIAL BASE. JUMP 2.0 WILL DRIVE LONG-TERM PATHFINDING UNIVERSITY RESEARCH THAT SUBSTANTIALLY INCREASES THE PERFORMANCE, EFFICIENCY, AND CAPABILITIES OF BROAD CLASSES OF ELECTRONICS SYSTEMS FOR BOTH COMMERCIAL AND MILITARY APPLICATIONS. THE PROGRAM WILL SPONSOR SEVEN ACADEMIC RESEARCH CENTERS FOCUSED ON CRITICAL TECHNOLOGY THEMES, ONE CENTER FOR EACH THEME. THESE SEVEN THEMES WILL BENEFIT BOTH THE DEFENSE AND INDUSTRIAL SECTORS BY PROVIDING THE DEPARTMENT OF DEFENSE WITH AN UNMATCHED TECHNOLOGICAL EDGE IN ADVANCED RADAR, COMMUNICATIONS, AND WEAPONS SYSTEMS, AND PROVIDE THE U.S. ECONOMY WITH UNIQUE INFORMATION TECHNOLOGY AND PROCESSING CAPABILITIES CRITICAL TO COMMERCIAL COMPETITIVENESS AND FUTURE ECONOMIC GROWTH.

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

Listed in Part VII

  • Todd Younkin

    PRESIDENT & CEO

    Total calculated
    $713,396
    From this org
    $180,822
    From related orgs
    $432,869
    Other
    $99,705
    Hours/week
    12 + 28 related

    Schedule J breakdown matched by us

    Base
    $91,422 + $218,854 related
    Bonus
    $83,174 + $199,111 related
    Other
    $6,226 + $14,904 related
    Deferred
    $18,857 + $45,143 related
    Nontaxable benefits
    $10,520 + $25,185 related
    Filer's total
    $210,199 + $503,197 related

  • David Henshall

    VP OF BUSINESS DEVELOPMENT

    Total calculated
    $321,784
    From this org
    $64,605
    From related orgs
    $187,490
    Other
    $69,689
    Hours/week
    10 + 30 related

    Schedule J breakdown matched by us

    Base
    $52,372 + $151,990 related
    Bonus
    $10,630 + $30,849 related
    Other
    $1,603 + $4,651 related
    Deferred
    $16,679 + $48,406 related
    Nontaxable benefits
    $1,180 + $3,424 related
    Filer's total
    $82,464 + $239,320 related

  • Karen Di Spigna

    CHIEF ACCOUNTING OFFICER

    Total calculated
    $296,047
    From this org
    $76,971
    From related orgs
    $122,426
    Other
    $96,650
    Hours/week
    15 + 25 related

    Schedule J breakdown matched by us

    Base
    $63,266 + $100,628 related
    Bonus
    $9,449 + $15,029 related
    Other
    $4,256 + $6,769 related
    Deferred
    $24,545 + $39,041 related
    Nontaxable benefits
    $12,763 + $20,301 related
    Filer's total
    $114,279 + $181,768 related

  • Adam Knapp

    PROGRAM MANAGER

    Total calculated
    $296,046
    From this org
    $148,950
    From related orgs
    $50,446
    Other
    $96,650
    Hours/week
    30 + 10 related

    Schedule J breakdown matched by us

    Base
    $122,430 + $41,464 related
    Bonus
    $18,285 + $6,193 related
    Other
    $8,235 + $2,789 related
    Deferred
    $47,499 + $16,087 related
    Nontaxable benefits
    $24,699 + $8,365 related
    Filer's total
    $221,148 + $74,898 related

  • Roman Caudillo

    PROGRAM DIRECTOR

    Total calculated
    $180,000
    From this org
    $180,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $180,000
    Bonus
    $0
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $0
    Filer's total
    $180,000

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)

SCHEDULE J, 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 MGMT · NC · 100% owned · share of income $0 · share of assets $0

    Directly controlled by NA

Provenance

Return type
form_990
Tax year
2023
Filed
9 July 2024
IRS schema version
2023v5.1
Source object
202401929349300015

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