Civic Intelligence

Src Inc.

990 • Fiscal year 2021 • EIN 15-0589832

Oct 01, 2020 to Sep 30, 2021 • Filed on Aug 11, 2022

7502 Round Pond RoadNorth Syracuse, NY 13212

(315) 452-8000

Siviq Scores

Precomputed percentiles for this filing year versus similar nonprofits in the same peer cohort.

Liabilities / Assets

39th percentile

0.20x

Higher debt load relative to assets than 39% of similar nonprofits.

2021 filings • 501(c)3 • $250M-$1B nonprofits • Source year 2021

Liabilities / Revenue

24th percentile

0.23x

Higher debt load relative to revenue than 24% of similar nonprofits.

2021 filings • 501(c)3 • $250M-$1B nonprofits • Source year 2021

Net Margin

23rd percentile

0.4%

Higher net margin than 23% of similar nonprofits.

2021 filings • 501(c)3 • $250M-$1B nonprofits • Source year 2021

Top Officer Pay

70th percentile

$1,296,204

Higher top officer pay than 70% of similar nonprofits.

Top officer pay equals 0.4% of source-year revenue.

2021 filings • 501(c)3 • $250M-$1B nonprofits • Source year 2021

Asset Growth

8th percentile

-3.6%

Faster asset growth than 8% of similar nonprofits.

2021 filings • 501(c)3 • $250M-$1B nonprofits • Annualized from 2020 to 2021

Revenue Growth

16th percentile

-3.7%

Faster revenue growth than 16% of similar nonprofits.

2021 filings • 501(c)3 • $250M-$1B nonprofits • Annualized from 2020 to 2021

Assets

Down

$369,262,622

Down $13,719,608 (-3.6%) from 2020

Net Assets

Up

$297,105,773

Up $1,164,158 (+0.4%) from 2020

Liabilities

Down

$72,156,849

Down $14,883,766 (-17%) from 2020

Revenue

Down

$311,439,554

Down $11,816,552 (-3.7%) from 2020

Expenses

Down

$310,275,396

Down $10,714,265 (-3.3%) from 2020

Net Income

Down

$1,164,158

Down $1,102,287 (-49%) from 2020

Historical Trend

Balance Sheet Trend

The highlighted filing sits inside the broader history for assets, liabilities, and net assets.

$600M$400M$200M$0Assets 2011: $275,835,439Liabilities 2011: $32,158,323Net Assets 2011: $243,677,1162011Assets 2012: $291,940,598Liabilities 2012: $33,725,361Net Assets 2012: $258,215,2372012Assets 2013: $292,750,829Liabilities 2013: $31,787,359Net Assets 2013: $260,963,4702013Assets 2014: $300,162,447Liabilities 2014: $33,962,183Net Assets 2014: $266,200,2642014Assets 2015: $313,319,620Liabilities 2015: $32,681,588Net Assets 2015: $280,638,0322015Assets 2016: $333,883,976Liabilities 2016: $35,989,116Net Assets 2016: $297,894,8602016Assets 2017: $366,804,108Liabilities 2017: $49,263,251Net Assets 2017: $317,540,8572017Assets 2018: $360,624,074Liabilities 2018: $51,650,695Net Assets 2018: $308,973,3792018Assets 2019: $358,411,698Liabilities 2019: $65,278,411Net Assets 2019: $293,133,2872019Assets 2020: $382,982,230Liabilities 2020: $87,040,615Net Assets 2020: $295,941,6152020Assets 2021: $369,262,622Liabilities 2021: $72,156,849Net Assets 2021: $297,105,7732021Assets 2022: $358,515,578Liabilities 2022: $106,630,337Net Assets 2022: $251,885,2412022Assets 2023: $402,204,660Liabilities 2023: $115,165,887Net Assets 2023: $287,038,7732023Assets 2024: $426,234,126Liabilities 2024: $126,468,528Net Assets 2024: $299,765,5982024

Highlighted filing

2021

Assets$369,262,622
Liabilities$72,156,849
Net Assets$297,105,773

Operations Trend

Revenue, expenses, and net income across loaded years, with this filing highlighted.

$400M$300M$200M$100M$0-$100MExpenses 2011: $154,023,2082011Expenses 2012: $163,919,7642012Expenses 2013: $150,707,8092013Revenue 2014: $142,747,317Expenses 2014: $137,348,599Net Income 2014: $5,398,7182014Revenue 2015: $141,440,575Expenses 2015: $126,597,554Net Income 2015: $14,843,0212015Revenue 2016: $156,912,111Expenses 2016: $139,570,483Net Income 2016: $17,341,6282016Revenue 2017: $193,071,925Expenses 2017: $174,519,961Net Income 2017: $18,551,9642017Revenue 2018: $240,105,377Expenses 2018: $248,672,855Net Income 2018: -$8,567,4782018Revenue 2019: $279,923,526Expenses 2019: $295,763,618Net Income 2019: -$15,840,0922019Revenue 2020: $323,256,106Expenses 2020: $320,989,661Net Income 2020: $2,266,4452020Revenue 2021: $311,439,554Expenses 2021: $310,275,396Net Income 2021: $1,164,1582021Revenue 2022: $287,793,652Expenses 2022: $296,686,710Net Income 2022: -$8,893,0582022Revenue 2023: $311,465,062Expenses 2023: $288,390,960Net Income 2023: $23,074,1022023Revenue 2024: $326,540,806Expenses 2024: $329,099,772Net Income 2024: -$2,558,9662024

Highlighted filing

2021

Revenue$311,439,554
Expenses$310,275,396
Net Income$1,164,158
Jump To
Filing Snapshot
Filing Period
Oct 1, 2020 to Sep 30, 2021
Signed
Aug 11, 2022
Return Version
2020v4.2
Gross Receipts
$311,439,554
Mission and Program Overview

Mission

Our Mission is to deliver innovative, advanced defense solutions and products that help keep America and our allies safe and strong through RD, services, and manufacturing - investing all our earnings into technology, employees, and communities.

SRC Inc. is a Scientific RD Company that provides innovative solutions to the U.S. Government and other selected markets through advances in science, technology, public involvement, leadership, and academic partnerships

Balance Sheet Detail
LineBeginningEndChange
Assets
Investments in Publicly Traded Securities$176,574,188$185,626,649▲ $9,052,461
Land, Buildings, and Equipment, Net$60,697,930$66,262,200▲ $5,564,270
Accounts Receivable$77,635,904$54,342,824▼ $23,293,080
Investments Program Related$33,406,692$38,987,858▲ $5,581,166
Savings and Temporary Cash Investments$15,995,339$10,712,375▼ $5,282,964
Prepaid Expenses and Deferred Charges$5,802,239$4,691,599▼ $1,110,640
Inventories for Sale or Use$2,341,520$2,356,728▲ $15,208
Cash and Non-Interest-Bearing Accounts$4,769$4,195▼ $574
Total Assets$382,982,230$369,262,622▼ $13,719,608
Other Assets Total$10,523,649$6,278,194▼ $4,245,455
Liabilities
Accounts Payable and Accrued Expenses$41,721,034$35,305,565▼ $6,415,469
Other Liabilities$34,755,081$27,489,284▼ $7,265,797
Tax Exempt Bond Liabilities$10,564,500$9,362,000▼ $1,202,500
Total Liabilities$87,040,615$72,156,849▼ $14,883,766
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$295,941,615$297,105,773▲ $1,164,158
Total Net Assets Fund Balance$295,941,615$297,105,773▲ $1,164,158
Total Liabilities and Net Assets / Fund Balance$382,982,230$369,262,622▼ $13,719,608

Asset Categories

AssetBook ValueDepreciationBasis
Equipment$20,912,608$34,376,895$55,289,503
Buildings$33,752,288$16,526,959$50,279,247
Other Land Buildings$4,814,109$9,634,293$14,448,402
Leasehold Improvements$5,718,155$2,929,150$8,647,305
Land$1,065,040-$1,065,040
Investment Program Related Org$8,202,650--
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseOtherTotal
Kevin HairPresident CEOFT$553,000$469,940$1,296,203
Philip FazioExecutive VP, Finance Chief Financial OfficerFT$370,393$407,143$856,086
Joseph T LaukoChief Operating OfficerFT$374,838$485,693$844,778
James F HollandExecutive VP, Enterprise ServicesFT$333,327$358,208$740,470
Paul G TremontFormer President CEOFT$51,478$743,203$727,077
Mary L SnyderExecutive VP, General CounselFT$283,343$157,746$641,551
Andrea V MastenSenior VP, Defense Systems SolutionsFT$316,432$111,200$483,306
Ronald G HaywardFormer SR VP, Radars SensorsFT$81,693$118,420$468,480
Stephen L DuningSenior VP, EWSFT$285,904$166,874$443,650
David C LyonsAVP, ITSS EW OpsFT$278,749$118,997$398,692
Maureen WiggeSenior VP, Force ProtectionFT$276,039$92,420$398,005
Susan J GallagherVP, EngineeringFT$257,232$126,914$392,882
Kevin M UngerVP, EW Sigint Solutions Intl OperationsFT$252,126$119,943$379,040
Matthew E TryniskiAvp, LcmrFT$270,015$95,397$371,329
David L SpragueFormer AVP, ContractsFT$241,306$61,734$360,303
Asif Q MoosaAVP, Business DevelopmentFT$267,754$91,664$360,174
David T BesseyVP, Business DevelopmentFT$244,789$135,650$355,989
Mark J CondoloraAVP, Strategy TechnologyFT$253,794$3,568$350,433
William M KramerAvp, CuasFT$233,404$39,234$325,072
Judy I Galofre LewisFormer VP, StrategyFT$65,977$102,788$266,227
Anthony O StewartFormer VP, Corporate QualityFT$128,694$554,659$151,122
Donald KerrickTrustee-$132,000-$132,000
Joseph CorasantiChairperson-$113,166-$113,166
James L DanielsFormer VP, International BusinessFT$49,958$54,556$111,692
Anthony MitchellTrustee-$92,500$12,000$104,500
Joan A DempseyVice Chairperson-$93,000-$93,000
Deborah G OliverTrustee-$92,500-$92,500
Frank SausTrustee-$92,000-$92,000
Thomas TriscariTrustee-$90,583-$90,583
Kimberly A BoyntonTrustee-$89,500-$89,500
Allen NaplesFormer Trustee-$71,250$675,599$71,250
Yuan KongVP, Corporate QualityFT$19,635$3,317$22,952

Board Members and Trustees

NameTitle
Rajeev BhallaTrustee

Highest Paid Contractors

ContractorServicesLocationCompensation
Bond Schoeneck & KingLegal ConsultantsOne Lincoln Center, Syracuse, NY 13202-1355$1,523,333
Shirley Coloney DBA Computer SupplyComputer/Electronic Retailer78 Rockwell Drive, Hilton, NY 14468$1,086,994
Visual Logic LLCConsulting Services402 E 4th Street, Waterloo, IA 50703$974,425
Surmotech LLCMaterial Supplier7676 Netlink Drive, Victor, NY 14564$961,033
Dell MKT LPComputer/Electronic RetailerPO Box 120001 Depot 0680, Dallas, TX 75312-0680$923,402
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$273,773,271
Investment Income
$34,488,090
Other Revenue
$3,178,193
Change in Net Assets
$1,164,158

Audited Revenue Reconciliation

Revenue per Audited Statements
$311,439,554
Revenue Not Reported on Form 990
$-356,923
Total Revenue per Audited Statements
$311,082,631
Total Revenue per Form 990
$311,439,554
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$185,888,259
Other Expenses$124,387,137
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$104,659,514$16,088,165-$120,747,679
Other Employee Benefits$28,208,817$4,842,570-$33,051,387
Pension Plan Contributions$10,693,490$2,673,373-$13,366,863
Payroll Taxes$7,748,334$1,937,084-$9,685,418
Current Officers, Directors, Trustees, and Key Employees-$9,036,912-$9,036,912
Depreciation Depletion$4,569,109$1,185,124-$5,754,233
All Other Expenses$4,011,740$1,643,478-$5,655,218
Occupancy$4,324,716$808,643-$5,133,359
Information Technology$3,885,805$726,574-$4,612,379
Fees for Services Other$871,152$3,225,099-$4,096,251
Travel$1,715,107$199,663-$1,914,770
Office Expenses$1,092,400$224,839-$1,317,239
Conferences and Meetings$355,046$536,189-$891,235
Insurance$494,987$213,772-$708,759
Fees for Services Accounting-$307,622-$307,622
Other Expenses$268,971$11,224-$280,195
Fees for Services Legal-$220,280-$220,280
Advertising$102,034$94,656-$196,690
Fees for Services Lobbying-$170,185-$170,185
Interest-$12,790-$12,790
Total Functional Expenses$265,690,189$44,585,207$0$310,275,396

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Form 990$310,275,396
Expenses per Audited Statements$309,918,473
Total Expenses per Audited Statements$309,918,473
Expenses Not Reported on Financial Statements$356,923
Other Expense Adjustments$356,923
International Activity

International Summary

Employees
32
Spending
$1,193,813

International Compliance

Activity in boycott countries
No
Foreign corporation ownership
No
Foreign partnership interest
No
Interest in foreign trust
No
Passive foreign investment company interest
No
Transfers to foreign corporations
No

International Activities

RegionActivityServicesOfficesEmployeesSpending
Middle East and North AfricaProgram ServicesU.S. Government Contract Support Conferences-17$912,532
Europe Including Iceland and GreenlandProgram ServicesU.S. Government Contract Support Conferences-12$192,686
South AsiaProgram ServicesU.S. Government Contract Support Conferences-2$49,130
South AmericaProgram ServicesU.S. Government Contract Support Conferences-1$39,465
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Professional Fundraising Fees$0
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
Yes
Subject to proxy tax
No
Insider Transactions and Loans

Interested-Person Transactions

Interested PartyRelationshipDescriptionShared RevenueAmount
Allen J NaplesFormer TrusteeSee Part VNo$244,653
Phillip FazioOfficerSee Part VNo$110,026
Andrea V MastenKey EmployeeSee Part VNo$83,684
Matthew E TryniskiFormer Key EmployeeSee Part VNo$66,493
Anthony MitchellTrusteeSee Part VNo$95
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
PTO Accrual$10,629,319
Billings in Excess of Costs$4,523,767
NYS Grant Deferral$3,060,000
Deferred Payroll Taxes$2,836,696
Other Post Employment Benefits$1,809,001
Tax Deferred Section 457 Plan Liability$1,713,644
Deferred Leasehold Improvements$1,458,430
Employee Benefits Withheld Accrued$1,284,005
Federal income taxes$174,422

Bond Issues

BondIssuerIssuedIssue PricePurpose
AOnondaga County Industrial Development Agency2005-12-14$17,835,000Acquire property, construct and equip new facility

Bond Proceeds

BondTotal ProceedsSpentRetiredIssuance Costs
A$17,835,000--$610,220

Bond Financing Compliance

No rebate due
No
Rebate not yet due
No
Form 8038-T filed
No
Gross proceeds invested
No
Gross proceeds invested in GIC
No
Exception to rebate
Yes
Corrective action procedures
No
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
Yes
Backup withholding compliance
Yes
Business relationship with 35% controlled entity
Yes
Business relationship with family members
Yes
Business relationship with organization members
Yes
Material changes to governing documents
No
Compensation from other sources disclosed
No
CEO compensation reviewed
Yes
Other officer compensation reviewed
Yes
Conflict-of-interest policy
Yes
Audited financial statements prepared
Yes
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

Form 990, Part VI, Section A, Line 2

Business Relationships between Officers, Directors, Trustees, and Key Employees Kevin Hair, Trustee and President and CEO of SRC, Inc. and Kimberly Boynton, Trustee of SRC, Inc.s Board of Trustees are current members of the Center State CEO Board of Trustees.

Form 990, Part VI, Section A, Line 2

Business Relationships between Officers, Trustees, and Key Employees Anthony K. Mitchell Trustee of SRC, Incs Board of Trustees Philip Fazio an Officer of SRC, Inc. Kevin Unger, Key Employee of SRC, Inc. and Joseph Lauko an Officer of SRC, Inc. are current members of SRC International, Inc. Board of Directors.

Form 990, Part VI, Section B, Line 11B

Process used to review Form 990 The Form 990 of SRC, Inc. is prepared by the Finance staff and provided to senior management for review prior to filing. The Form 990 is also reviewed by the Audit Committee of the SRC Board of Trustees prior to filing. All questions and comments by senior management and the Board of Trustees were addressed prior to filing.

Form 990, Part VI, Section B, Line 12C

Written Conflict of Interest Policy Conflict of Interest disclosure statements are completed by all members of the Board of Trustees, Officers, and Key Employees of SRC, Inc. Once the disclosure statements have been collected, the statements are reviewed by members of the legal office. All reported potential conflicts of interest are evaluated and discussed among the parties. Board of Trustee members, Officers, and Key Employees are required to disclose a conflict of interest and rescue themselves from voting on or otherwise discharging their duties with respect to any matter involving the conflict which comes before the Board or prior to entering any contract or transaction involving the conflict.

Form 990, Part VI, Section B, Line 15A 15B

Process for Determining Compensation The Compensation for all Officers of SRC, Inc. is recommended by the Personnel and Compensation Committee of the Board and approved by the Board of Trustees. The Personnel and Compensation Committee members are all outside Board of Trustee members. Annually, Human Resources is responsible for providing to the Personnel and Compensation Committee and the Board of Trustees a compensation study which is conducted by an independent third party. The compensation study that is obtained from the independent compensation consultant provides a reasonableness opinion, advice on the current Officers compensation, and a comparability study which is used to aid in determining the Key employees salaries.

Form 990, Part VI, Section B, Line 16B

Joint Venture Policy SRC, Inc. has adopted a written policy requiring the organization to evaluate all potential participation in Joint Venture arrangements under applicable federal tax law and has procedures in place to safeguard the organizations exempt status with respect to potential arrangements. SRC, Inc. did not invest in, contribute assets to or participate in a Joint Venture or similar arrangement with any entity during the current year.

Form 990, Part VI, Section C, Line 19

Public Inspection of Form 990 and Governing Documents SRC, Inc. makes its Form 1023 and Form 990 available for public inspection upon request. SRC, Incs Governing documents, conflict of interest policy, and audited financial statements are not routinely made available to the general public.

Filing and Contact Details

Filer

Filer Name
SRC Inc
EIN
15-0589832
Phone
3154528000
Address
7502 Round Pond Road, North Syracuse, NY 13212

Signing Officer

Name
Philip Fazio
Title
EVP Finance CFO
Signed
2022-08-11
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Philip Fazio
Formed
1957
Legal Domicile
Ny
Voting Board Members
9
Independent Board Members
6
Employees
1,595

Preparer

Firm
SRC Inc
Address
7502 Round Pond Road, North Syracuse, NY 13212
Preparer
Robert Young
Phone
3154528035
Supplemental Narrative

Financial Statement Notes

X 2

The provisions of ASC 740, Income Taxes, provide recognition criteria and related measurement model for tax positions taken by the Company. In accordance with ASC 740, a tax position is a position in a previously filed tax return or a position expected to be taken in a future tax filing that is reflected in measuring current or deferred income tax assets and liabilities. Tax positions are recognized only when it is more likely than not likelihood of greater than 50, based on technical merits, that the position would be sustained upon examination. Tax positions that meet the more-likely-than-not threshold are measured using a probability-weighted approach as the largest amount of the tax benefit that is greater than 50 likely of being realized upon settlement. No liability for uncertain tax positions was recorded by the Company as of September 30, 2021 or 2020.

XI 2D

Miscellaneous expense items reported as expense on Form 990 356,923.

XII 4B

Miscellaneous expense items reported as expense on Form 990 356,923.

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IRS990/Form990PartVIISectionAGrp/TitleTxt0President CEO
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IRS990/Form990PartVIISectionAGrp/TitleTxt2Chief Operating Officer
IRS990/Form990PartVIISectionAGrp/TitleTxt3Executive VP, Enterprise Services
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IRS990/Form990PartVIISectionAGrp/TitleTxt6Senior VP, Defense Systems Solutions
IRS990/Form990PartVIISectionAGrp/TitleTxt7Former SR VP, Radars Sensors
IRS990/Form990PartVIISectionAGrp/TitleTxt8Senior VP, EWS
IRS990/Form990PartVIISectionAGrp/TitleTxt9Former VP, Corporate Quality
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IRS990/Form990PartVIISectionAGrp/TitleTxt12VP, Engineering
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Filings

Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Facts available. Structured filing facts are available, but richer extracted sections are limited.$426$126$300$327$329$2.56
2023Summary only. Only limited summary data is available for this year.$402$115$287$311$288$23.1
2022Facts available. Structured filing facts are available, but richer extracted sections are limited.$359$107$252$288$297$8.89
2021Detailed filing. Detailed filing data is available for this year.$369$72.2$297$311$310$1.16
2020XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$383$87.0$296$323$321$2.27
2019Facts available. Structured filing facts are available, but richer extracted sections are limited.$358$65.3$293$280$296$15.8
2018XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$361$51.7$309$240$249$8.57
2017Summary only. Only limited summary data is available for this year.$367$49.3$318$193$175$18.6
2016Detailed filing. Detailed filing data is available for this year.$334$36.0$298$157$140$17.3
2015Detailed filing. Detailed filing data is available for this year.$313$32.7$281$141$127$14.8
2014Summary only. Only limited summary data is available for this year.$300$34.0$266$143$137$5.40
2013Facts available. Structured filing facts are available, but richer extracted sections are limited.$293$31.8$261$151
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$292$33.7$258$164
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$276$32.2$244$154
Peer Organizations

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