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Nonprofiteer
← USA RESEARCH AND TECHNOLOGY CORPORATION

Form 990 for tax year 2022

Filed by USA RESEARCH AND TECHNOLOGY CORPORATION.

Totals

Total revenue
$4,170,242
Total expenses
$3,904,006
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$3,967,902
Investment income
$73,486
Other revenue
$128,854
Total assets, end of year
$33,118,371
Total liabilities, end of year
$30,366,654
Net assets or fund balances, end of year
$2,751,717
Program services expenses (Part IX)
$3,813,470
Management and general expenses
$90,536
Fundraising expenses
$0
Program service expenses (Part III)
$3,813,470

Program services were 97.7% 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: RENTAL INCOME

    total $3,967,902 · related or exempt $3,967,902

  • 3 · Investment income

    total $73,486 · excluded $73,486

  • 6a · Gross rents

    real property $186,049

  • 6b · Less rental expenses

    real property $65,781

  • 6c · Rental income or loss

    real property $120,268

  • 6d · Net rental income or loss

    total $120,268 · excluded $120,268

  • 11a · Other revenue: VENDING COMMISSIONS

    total $8,586 · excluded $8,586

  • 11e · Other revenue, total

    $8,586

Functional expenses

Part IX, the statement of functional expenses.

  • 11a · Fees: management

    total $492,503 · program services $492,503

  • 11c · Fees: accounting

    total $22,140 · management and general $22,140

  • 11d · Fees: lobbying

    total $48,000 · management and general $48,000

  • 13 · Office expenses

    total $11,958 · management and general $11,958

  • 20 · Interest

    total $848,985 · program services $848,985

  • 22 · Depreciation, depletion and amortization

    total $1,282,560 · program services $1,282,560

  • 23 · Insurance

    total $61,598 · program services $61,598

  • 24a · Other expenses: BUILDING OPERATING EXPENS

    total $866,221 · program services $866,221

  • 24b · Other expenses: REPAIRS AND MAINTENANCE

    total $177,531 · program services $177,531

  • 24c · Other expenses: BAD DEBT EXPENSE

    total $76,928 · program services $76,928

  • 24d · Other expenses: TAXES

    total $15,582 · program services $7,144 · management and general $8,438

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $1,861,549 · end of year $2,199,776

  • 4 · Accounts receivable

    beginning of year $3,604,587 · end of year $2,711,189

  • 9 · Prepaid expenses and deferred charges

    beginning of year $10,128 · end of year $15,742

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

    $34,235,670

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

    $16,256,539

  • 10c · Land, buildings and equipment, net

    beginning of year $18,853,634 · end of year $17,979,131

  • 14 · Intangible assets

    beginning of year $180,744 · end of year $164,808

  • 15 · Other assets

    beginning of year $11,116,842 · end of year $10,047,725

  • 17 · Accounts payable and accrued expenses

    beginning of year $200,217 · end of year $302,041

  • 19 · Deferred revenue

    beginning of year $387,939 · end of year $360,763

  • 23 · Secured mortgages and notes payable

    beginning of year $19,379,280 · end of year $17,988,971

  • 25 · Other liabilities

    beginning of year $13,587,886 · end of year $11,714,879

  • 31 · Retained earnings, endowment or other funds

    beginning of year $2,072,162 · end of year $2,751,717

Mission and programs · 2022

Mission

THE PRIMARY MISSION IS TO FURTHER THE EDUCATIONAL AND SCIENTIFIC RESEARCH MISSIONS OF THE UNIVERSITY OF SOUTH ALABAMA BY SEEKING TO ENHANCE THE LEARNING, TRAINING, AND OVERALL ACADEMIC EXPERIENCE.

  • THE PRIMARY EXEMPT PURPOSE OF THE ORGANIZATION IS TO FURTHER THE EDUCATIONAL AND SCIENTIFIC RESEARCH MISSIONS OF THE UNIVERSITY OF SOUTH ALABAMA, AN INSTITUTION OF HIGHER LEARNING AND A GOVERNMENTAL UNIT OF THE STATE OF ALABAMA. MORE SPECIFICALLY, THE ORGANIZATION SEEKS TO ENHANCE THE LEARNING, TRAINING AND OVERALL ACADEMIC EXPERIENCE OF THE UNIVERSITY'S STUDENTS AND MEMBERS OF ITS FACULTY. THE PURSUIT OF THESE EXEMPT PURPOSES SHOULD PRODUCE THE ADDITIONAL BENEFIT TO THE UNIVERSITY OF CREATING ATTRACTIVE INTERNSHIPS AND CAREER OPPORTUNITIES FOR THE UNIVERSITY'S STUDENTS, FACULTY AND GRADUATES WITH ACADEMIC BACKGROUNDS THAT ARE NEEDED BOTH WITHIN THE UNIVERSITY AND THE STATE OF ALABAMA. ADDITIONALLY, THE ORGANIZATION STRIVES TO CREATE AREAS OF RESEARCH COLLABORATION BETWEEN THE UNIVERSITY AND PRIVATE ENTERPRISE IN ADDITION TO FOSTERING A COMMUNITY OF INNOVATION IN WHICH PRIVATE ENTEPRISES MAY COLLABORATE AMONG THEMSELVES. THE ORGANIZATION HAS ACCOMPLISHED, AND IS CONTINUING TO ACCOMPLISH, ITS EXEMPT PURPOSE BY OPERATING A RESEARCH AND TECHNOLOGY CAMPUS IN WHICH TECHNOLOGY-BASED ENTERPRISES WITH SUBSTANTIAL RESEARCH AND DEVELOPMENT ACTIVITIES HAVE LOCATED. STUDENTS AND FACULTY OF THE UNIVERSITY ARE ABLE TO BE DIRECTLY INVOLVED IN THE RESEARCH AND DEVELOPMENT ACTIVITIES OF THE TECHNOLOGY-BASED ENTERPRISES; INVOLVEMENT THAT SUPPLEMENTS AND ENHANCES THE TRADITIONAL IN-CLASSROOM EXPERIENCE AVAILABLE TO STUDENTS AND FACULTY WITHIN THE UNIVERSITY. THE TECHNOLOGY-BASED ENTERPRISES ALSO OFFER SCHOLARSHIPS TO GIFTED STUDENTS AND COLLABORATE WITH THE UNIVERSITY ON WORK-STUDY OPPORTUNITIES, INTERNSHIPS AND OTHER COLLABORATIVE PROGRAMS INVOLVING UNIVERSITY STUDENTS AND FACULTY.

    Expenses $3,813,470 · Revenue $3,967,902

As filed on the 2022 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

  • Jo Bonner

    PRESIDENT/VI

    Total calculated
    $577,825
    From this org
    $0
    From related orgs
    $518,448
    Other
    $59,377
    Hours/week
    1 + 39 related

    Schedule J breakdown matched by us

    Base
    not reported + $507,963 related
    Bonus
    not reported
    Other
    not reported + $10,485 related
    Deferred
    not reported + $45,583 related
    Nontaxable benefits
    not reported + $13,794 related
    Filer's total
    not reported + $577,825 related

  • Polly Stokley

    SECRETARY/TR

    Total calculated
    $356,367
    From this org
    $0
    From related orgs
    $304,630
    Other
    $51,737
    Hours/week
    0

    Schedule J breakdown matched by us

    Base
    not reported + $302,951 related
    Bonus
    not reported
    Other
    not reported + $1,679 related
    Deferred
    not reported + $37,087 related
    Nontaxable benefits
    not reported + $14,650 related
    Filer's total
    not reported + $356,367 related

  • Lynne Chronister

    VICE PRESIDE

    Total calculated
    $307,174
    From this org
    $0
    From related orgs
    $260,498
    Other
    $46,676
    Hours/week
    1 + 39 related

    Schedule J breakdown matched by us

    Base
    not reported + $252,204 related
    Bonus
    not reported
    Other
    not reported + $8,294 related
    Deferred
    not reported + $32,026 related
    Nontaxable benefits
    not reported + $14,650 related
    Filer's total
    not reported + $307,174 related

  • Terry Albano

    DIRECTOR

    Total calculated
    $242,906
    From this org
    $0
    From related orgs
    $202,444
    Other
    $40,462
    Hours/week
    1 + 39 related

    Schedule J breakdown matched by us

    Base
    not reported + $201,194 related
    Bonus
    not reported
    Other
    not reported + $1,250 related
    Deferred
    not reported + $25,768 related
    Nontaxable benefits
    not reported + $14,694 related
    Filer's total
    not reported + $242,906 related

  • John Smith

    DIRECTOR

    Total calculated
    $172,834
    From this org
    $0
    From related orgs
    $165,710
    Other
    $7,124
    Hours/week
    0

    Schedule J breakdown matched by us

    Base
    not reported + $164,808 related
    Bonus
    not reported
    Other
    not reported + $902 related
    Deferred
    not reported + $5,875 related
    Nontaxable benefits
    not reported + $1,249 related
    Filer's total
    not reported + $172,834 related

  • G Scott Weldon

    DIR./VP/SEC.

    Total calculated
    $73,709
    From this org
    $0
    From related orgs
    $70,489
    Other
    $3,220
    Hours/week
    0

    Schedule J breakdown matched by us

    Base
    not reported + $70,116 related
    Bonus
    not reported
    Other
    not reported + $373 related
    Deferred
    not reported + $3,192 related
    Nontaxable benefits
    not reported + $28 related
    Filer's total
    not reported + $73,709 related

  • Kellie Hope

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Arlene Mitchell

    CHAIR

    Total calculated
    $0
    Hours/week
    1

  • David Rodgers

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Jim Spafford

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Matt White

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Doug Whitmore

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

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
  • 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

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.

Provenance

Return type
form_990
Tax year
2022
Filed
26 July 2024
IRS schema version
2022v5.0
Source object
202432139349300723

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