Civic Intelligence

Institute for Quantitative Research in Finance

990 • Fiscal year 2023 • EIN 22-3773177

Jan 01, 2023 to Dec 31, 2023 • Filed on Nov 13, 2024

CO Jaffe Mgmt 330 W 38th St 1105New York, NY 10018

(212) 744-6825

Siviq Scores

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

Liabilities / Assets

71st percentile

0.37x

Higher debt load relative to assets than 71% of similar nonprofits.

2023 filings • NTEE S • $1M-$5M nonprofits • Source year 2023

Liabilities / Revenue

80th percentile

0.90x

Higher debt load relative to revenue than 80% of similar nonprofits.

2023 filings • NTEE S • $1M-$5M nonprofits • Source year 2023

Net Margin

17th percentile

-18%

Higher net margin than 17% of similar nonprofits.

2023 filings • NTEE S • $1M-$5M nonprofits • Source year 2023

Top Officer Pay

31st percentile

$0

Higher top officer pay than 31% of similar nonprofits.

Top officer pay equals 0.0% of source-year revenue.

2023 filings • NTEE S • $1M-$5M nonprofits • Source year 2023

Asset Growth

20th percentile

-6.7%

Faster asset growth than 20% of similar nonprofits.

2023 filings • NTEE S • $1M-$5M nonprofits • Annualized from 2022 to 2023

Revenue Growth

73rd percentile

27%

Faster revenue growth than 73% of similar nonprofits.

2023 filings • NTEE S • $1M-$5M nonprofits • Annualized from 2022 to 2023

Assets

Down

$1,445,634

Down $103,036 (-6.7%) from 2022

Net Assets

Down

$909,170

Down $109,444 (-11%) from 2022

Liabilities

Up

$536,464

Up $6,408 (+1.2%) from 2022

Revenue

Up

$597,125

Up $125,098 (+27%) from 2022

Expenses

Up

$706,569

Up $56,641 (+8.7%) from 2022

Net Income

Up

-$109,444

Up $68,457 (+38%) from 2022

Historical Trend

Balance Sheet Trend

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

$2.0M$1.5M$1.0M$500K$0Assets 2010: $758,333Liabilities 2010: $513,909Net Assets 2010: $244,4242010Assets 2011: $913,040Liabilities 2011: $562,997Net Assets 2011: $350,0432011Assets 2012: $977,804Liabilities 2012: $542,461Net Assets 2012: $435,3432012Assets 2013: $998,513Liabilities 2013: $618,723Net Assets 2013: $379,7902013Assets 2014: $1,135,014Liabilities 2014: $613,254Net Assets 2014: $521,7602014Assets 2015: $1,243,675Liabilities 2015: $580,441Net Assets 2015: $663,2342015Assets 2016: $1,334,560Liabilities 2016: $569,169Net Assets 2016: $765,3912016Assets 2017: $1,278,643Liabilities 2017: $175,461Net Assets 2017: $1,103,1822017Assets 2018: $1,152,757Liabilities 2018: $8,077Net Assets 2018: $1,144,6802018Assets 2019: $1,249,894Liabilities 2019: $5,956Net Assets 2019: $1,243,9382019Assets 2020: $1,462,422Liabilities 2020: $87,562Net Assets 2020: $1,374,8602020Assets 2021: $1,195,413Liabilities 2021: $88,225Net Assets 2021: $1,107,1882021Assets 2022: $1,548,670Liabilities 2022: $530,056Net Assets 2022: $1,018,6142022Assets 2023: $1,445,634Liabilities 2023: $536,464Net Assets 2023: $909,1702023Assets 2024: $905,441Liabilities 2024: $183,166Net Assets 2024: $722,2752024

Highlighted filing

2023

Assets$1,445,634
Liabilities$536,464
Net Assets$909,170

Operations Trend

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

$1.5M$1.0M$500K$0-$500KExpenses 2010: $946,8342010Revenue 2011: $938,837Expenses 2011: $834,218Net Income 2011: $104,6192011Expenses 2012: $858,2722012Revenue 2013: $896,768Expenses 2013: $951,333Net Income 2013: -$54,5652013Revenue 2014: $1,053,702Expenses 2014: $911,732Net Income 2014: $141,9702014Revenue 2015: $1,076,096Expenses 2015: $934,622Net Income 2015: $141,4742015Revenue 2016: $1,115,656Expenses 2016: $1,015,499Net Income 2016: $100,1572016Revenue 2017: $1,116,143Expenses 2017: $794,352Net Income 2017: $321,7912017Revenue 2018: $876,115Expenses 2018: $834,617Net Income 2018: $41,4982018Revenue 2019: $818,780Expenses 2019: $719,522Net Income 2019: $99,2582019Revenue 2020: $550,544Expenses 2020: $392,222Net Income 2020: $158,3222020Revenue 2021: $276,726Expenses 2021: $453,898Net Income 2021: -$177,1722021Revenue 2022: $472,027Expenses 2022: $649,928Net Income 2022: -$177,9012022Revenue 2023: $597,125Expenses 2023: $706,569Net Income 2023: -$109,4442023Revenue 2024: $537,592Expenses 2024: $719,687Net Income 2024: -$182,0952024

Highlighted filing

2023

Revenue$597,125
Expenses$706,569
Net Income-$109,444
Jump To
Filing Snapshot
Filing Period
Jan 1, 2023 to Dec 31, 2023
Signed
Nov 13, 2024
Return Version
2023v5.1
Gross Receipts
$597,125
Mission and Program Overview

Mission

The organization's mission is to encourage the study of finance, support basic and applied research in the field of financial analysis, and encourage the use of advanced mathematics and econometric methods in financial management, and in furtherance thereof, to conduct investigations and other research activities in the fields of finance and securities analysis.

Forum to evaluate new research, quantitative applications and provide solutions to improve investment.

Balance Sheet Detail
LineBeginningEndChange
Assets
Savings and Temporary Cash Investments$771,737$771,888▲ $151
Accounts Receivable$452,000$370,500▼ $81,500
Cash and Non-Interest-Bearing Accounts$136,901$198,796▲ $61,895
Prepaid Expenses and Deferred Charges$188,032$104,450▼ $83,582
Total Assets$1,548,670$1,445,634▼ $103,036
Liabilities
Deferred Revenue$526,000$525,500▼ $500
Accounts Payable and Accrued Expenses$4,056$10,964▲ $6,908
Total Liabilities$530,056$536,464▲ $6,408
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$1,018,614$909,170▼ $109,444
Total Net Assets Fund Balance$1,018,614$909,170▼ $109,444
Total Liabilities and Net Assets / Fund Balance$1,548,670$1,445,634▼ $103,036
Compensation and Service Providers

Board Members and Trustees

NameTitle
Richard LindseyChairman
Andrew AngBoard Member
Andrew WeismanBoard Member
Clifford AsnessBoard Member
Feifel LiBoard Member
Greg Van InwegenBoard Member
Inna OkounkovaBoard Member
James Gordon JrBoard Member
Kenneth WinstonBoard Member
Laurance SiegelBoard Member
Mehdi MahmudBoard Member
Mustafa SagunBoard Member
Ron KahnBoard Member
Sebastian PageBoard Member
Vineer BhansaliBoard Member
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$596,973
Investment Income
$152
Other Revenue
$0
Change in Net Assets
$-109,444
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$696,203
Grants and Similar Amounts Paid$10,366
Professional Fundraising Fees$0
Salaries, Compensation, and Employee Benefits$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Fees for Services Other$20,400$150,000-$170,400
Travel$39,167--$39,167
All Other Expenses$2,499$9,754-$12,253
Grants to Domestic Individuals$10,366--$10,366
Other Expenses$10,000--$10,000
Advertising$8,672--$8,672
Insurance-$7,949-$7,949
Information Technology-$3,112-$3,112
Fees for Services Accounting-$101-$101
Fees for Services Legal-$82-$82
Total Functional Expenses$535,571$170,998$0$706,569
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
In-house lobbying only
Yes
Subject to proxy tax
Yes
Governance and Compliance

Governance Checklist

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

Governance Explanations

Form 990, Part VI, Section A, Line 3

Jaffe management, inc. Provides management services to the organization.

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

The form 990 has been reviewed by a group of persons authorized to review financial and audit matters prior to filing. The final form 990 (filed with the irs) will be available at the next meeting of the board for inspection. In addition, upon request of any board member, a copy will be provided. If there are any material changes, and amended form 990 will be filed.

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

The organization enforces the conflict of interest prolicy by monitoring known relationships, questionnaires, and noting any changes in disclosed information. Any conflict is reviewed by the board before a decision is made as to whether to approve the transaction.

Form 990, Part VI, Section C, Line 19

The organization's governing documents, conflict of interest policy, and financial statements are available upon request.

Filing and Contact Details

Filer

Filer Name
Institute for Quantitative Research in
EIN
22-3773177
Phone
2127446825
Address
CO JAFFE MGMT 330 W 38TH ST 1105, NEW YORK, NY 10018

Signing Officer

Name
Richard Lindsey
Title
Chair
Phone
2127446825
Signed
2024-11-13
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Richard Lindsey
Formed
2000
Legal Domicile
De
Voting Board Members
15
Independent Board Members
15
Employees
0
Volunteers
15

Preparer

Firm
Cironefriedberg Llp
Address
6 RESEARCH DRIVE 450, SHELTON, CT 06484
Preparer
Nicholas Dapaz
Phone
2033665876
Supplemental Narrative

Additional Explanations

Form 990, Part IX, Line 11G

Consultants and outside contractors: program service expenses 20,400. Management and general expenses 150,000. Fundraising expenses 0. Total expenses 170,400.

Raw XML Appendix388 raw XML fields

This appendix keeps the raw XML leaves available for debugging and edge-case review. The human report above is the primary experience.

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IRS990/OtherExpensesGrp/TotalAmt220000
IRS990/OtherExpensesGrp/TotalAmt310000
IRS990/PartialLiquidationInd00
IRS990/PoliticalCampaignActyInd00
IRS990/PrepaidExpensesDefrdChargesGrp/BOYAmt0188032
IRS990/PrepaidExpensesDefrdChargesGrp/EOYAmt0104450
IRS990/PrincipalOfficerNm0RICHARD LINDSEY
IRS990/ProfessionalFundraisingInd00
IRS990/ProgramServiceRevenueGrp/BusinessCd0900099
IRS990/ProgramServiceRevenueGrp/Desc0PROGRAM SERVICE INCOME
IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt0596973
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt0596973
IRS990/ProhibitedTaxShelterTransInd00
IRS990/PYBenefitsPaidToMembersAmt00
IRS990/PYContributionsGrantsAmt00
IRS990/PYGrantsAndSimilarPaidAmt09520
IRS990/PYInvestmentIncomeAmt0152
IRS990/PYOtherExpensesAmt0640408
IRS990/PYOtherRevenueAmt00
IRS990/PYProgramServiceRevenueAmt0471875
IRS990/PYRevenuesLessExpensesAmt0-177901
IRS990/PYSalariesCompEmpBnftPaidAmt00
IRS990/PYTotalExpensesAmt0649928
IRS990/PYTotalProfFndrsngExpnsAmt00
IRS990/PYTotalRevenueAmt0472027
IRS990/ReconcilationRevenueExpnssAmt0-109444
IRS990/RegularMonitoringEnfrcInd01
IRS990/RelatedEntityInd00
IRS990/RelatedOrganizationCtrlEntInd00
IRS990/ReportInvestmentsOtherSecInd00
IRS990/ReportLandBuildingEquipmentInd00
IRS990/ReportOtherAssetsInd00
IRS990/ReportOtherLiabilitiesInd00
IRS990/ReportProgramRelatedInvstInd00
IRS990/RevenueAmt0596973
IRS990/SavingsAndTempCashInvstGrp/BOYAmt0771737
IRS990/SavingsAndTempCashInvstGrp/EOYAmt0771888
IRS990/ScheduleBRequiredInd00
IRS990ScheduleC/AgreeCarryoverPriorYearInd00
IRS990ScheduleC/OnlyInHouseLobbyingInd01
IRS990ScheduleC/SubstantiallyAllDuesNondedInd00
IRS990ScheduleI/GrantRecordsMaintainedInd01
IRS990ScheduleI/GrantsOtherAsstToIndivInUSGrp/CashGrantAmt010366
IRS990ScheduleI/GrantsOtherAsstToIndivInUSGrp/GrantTypeTxt0ROGER F. MURRAY PRIZE
IRS990ScheduleI/GrantsOtherAsstToIndivInUSGrp/RecipientCnt03
IRS990ScheduleI/SupplementalInformationDetail/ExplanationTxt0GRANTS ARE AWARDED BASED ON SPECIFIC CRITERIA AND ARE APPROVED BY THE BOARD COMMITTEE THAT OVERSEES ALL RECIPIENTS OF GRANTS.
IRS990ScheduleI/SupplementalInformationDetail/FormAndLineReferenceDesc0PART 1, LINE 2:
IRS990/ScheduleJRequiredInd00
IRS990/ScheduleORequiredInd01
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0JAFFE MANAGEMENT, INC. PROVIDES MANAGEMENT SERVICES TO THE ORGANIZATION.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1THE FORM 990 HAS BEEN REVIEWED BY A GROUP OF PERSONS AUTHORIZED TO REVIEW FINANCIAL AND AUDIT MATTERS PRIOR TO FILING. THE FINAL FORM 990 (FILED WITH THE IRS) WILL BE AVAILABLE AT THE NEXT MEETING OF THE BOARD FOR INSPECTION. IN ADDITION, UPON REQUEST OF ANY BOARD MEMBER, A COPY WILL BE PROVIDED. IF THERE ARE ANY MATERIAL CHANGES, AND AMENDED FORM 990 WILL BE FILED.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2THE ORGANIZATION ENFORCES THE CONFLICT OF INTEREST PROLICY BY MONITORING KNOWN RELATIONSHIPS, QUESTIONNAIRES, AND NOTING ANY CHANGES IN DISCLOSED INFORMATION. ANY CONFLICT IS REVIEWED BY THE BOARD BEFORE A DECISION IS MADE AS TO WHETHER TO APPROVE THE TRANSACTION.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3THE ORGANIZATION'S GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, AND FINANCIAL STATEMENTS ARE AVAILABLE UPON REQUEST.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4CONSULTANTS AND OUTSIDE CONTRACTORS: PROGRAM SERVICE EXPENSES 20,400. MANAGEMENT AND GENERAL EXPENSES 150,000. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 170,400.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0FORM 990, PART VI, SECTION A, LINE 3
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1FORM 990, PART VI, SECTION B, LINE 11B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2FORM 990, PART VI, SECTION B, LINE 12C
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3FORM 990, PART VI, SECTION C, LINE 19
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc4FORM 990, PART IX, LINE 11G
IRS990/SchoolOperatingInd00
IRS990/SignificantChangeInd00
IRS990/SignificantNewProgramSrvcInd00
IRS990/SubjectToExcsTaxNetInvstIncInd00
IRS990/SubjectToProxyTaxInd01
IRS990/SubjToTaxRmnrtnExPrchtPymtInd00
IRS990/TaxablePartyNotificationInd00
IRS990/TaxExemptBondsInd00
IRS990/TerminateOperationsInd00
IRS990/TotalAssetsBOYAmt01548670
IRS990/TotalAssetsEOYAmt01445634
IRS990/TotalAssetsGrp/BOYAmt01548670
IRS990/TotalAssetsGrp/EOYAmt01445634
IRS990/TotalCompGreaterThan150KInd00
IRS990/TotalEmployeeCnt00
IRS990/TotalFunctionalExpensesGrp/FundraisingAmt00
IRS990/TotalFunctionalExpensesGrp/ManagementAndGeneralAmt0170998
IRS990/TotalFunctionalExpensesGrp/ProgramServicesAmt0535571
IRS990/TotalFunctionalExpensesGrp/TotalAmt0706569
IRS990/TotalGrossUBIAmt00
IRS990/TotalLiabilitiesBOYAmt0530056
IRS990/TotalLiabilitiesEOYAmt0536464
IRS990/TotalLiabilitiesGrp/BOYAmt0530056
IRS990/TotalLiabilitiesGrp/EOYAmt0536464
IRS990/TotalNetAssetsFundBalanceGrp/BOYAmt01018614
IRS990/TotalNetAssetsFundBalanceGrp/EOYAmt0909170
IRS990/TotalOtherCompensationAmt00
IRS990/TotalProgramServiceExpensesAmt0535571
IRS990/TotalProgramServiceRevenueAmt0596973
IRS990/TotalReportableCompFromOrgAmt00
IRS990/TotalRevenueGrp/ExclusionAmt0152
IRS990/TotalRevenueGrp/RelatedOrExemptFuncIncomeAmt0596973
IRS990/TotalRevenueGrp/TotalRevenueColumnAmt0597125
IRS990/TotalRevenueGrp/UnrelatedBusinessRevenueAmt00
IRS990/TotalVolunteersCnt015
IRS990/TotLiabNetAssetsFundBalanceGrp/BOYAmt01548670
IRS990/TotLiabNetAssetsFundBalanceGrp/EOYAmt01445634
IRS990/TotReportableCompRltdOrgAmt00
IRS990/TravelGrp/ProgramServicesAmt039167
IRS990/TravelGrp/TotalAmt039167
IRS990/TypeOfOrganizationCorpInd0X
IRS990/UnrelatedBusIncmOverLimitInd00
IRS990/UponRequestInd0X
IRS990/USAddress/AddressLine1Txt0C/O JAFFE MGMT 555 8TH AVENUE 1902
IRS990/USAddress/CityNm0NEW YORK
IRS990/USAddress/StateAbbreviationCd0NY
IRS990/USAddress/ZIPCd010018
IRS990/VotingMembersGoverningBodyCnt015
IRS990/VotingMembersIndependentCnt015
IRS990/WebsiteAddressTxt0Q-GROUP.ORG
IRS990/WhistleblowerPolicyInd00
ReturnHeader/BuildTS02024-10-15 13:58:12Z
ReturnHeader/BusinessOfficerGrp/DiscussWithPaidPreparerInd01
ReturnHeader/BusinessOfficerGrp/PersonNm0RICHARD LINDSEY
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0CHAIR
ReturnHeader/BusinessOfficerGrp/PhoneNum02127446825
ReturnHeader/BusinessOfficerGrp/SignatureDt02024-11-13
ReturnHeader/Filer/BusinessName/BusinessNameLine1Txt0INSTITUTE FOR QUANTITATIVE RESEARCH IN
ReturnHeader/Filer/BusinessName/BusinessNameLine2Txt0FINANCE
ReturnHeader/Filer/BusinessNameControlTxt0INST
ReturnHeader/Filer/EIN0223773177
ReturnHeader/Filer/PhoneNum02127446825
ReturnHeader/Filer/USAddress/AddressLine1Txt0CO JAFFE MGMT 330 W 38TH ST 1105
ReturnHeader/Filer/USAddress/CityNm0NEW YORK
ReturnHeader/Filer/USAddress/StateAbbreviationCd0NY
ReturnHeader/Filer/USAddress/ZIPCd010018
ReturnHeader/IRSResponsiblePrtyInfoCurrInd01
ReturnHeader/PreparerFirmGrp/PreparerFirmEIN0061533315
ReturnHeader/PreparerFirmGrp/PreparerFirmName/BusinessNameLine1Txt0CIRONEFRIEDBERG LLP
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/AddressLine1Txt06 RESEARCH DRIVE 450
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/CityNm0SHELTON
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/StateAbbreviationCd0CT
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/ZIPCd006484
ReturnHeader/PreparerPersonGrp/PhoneNum02033665876
ReturnHeader/PreparerPersonGrp/PreparationDt02024-11-13
ReturnHeader/PreparerPersonGrp/PreparerPersonNm0NICHOLAS DAPAZ
ReturnHeader/ReturnTs02024-11-14T12:27:39-06:00
ReturnHeader/ReturnTypeCd0990
ReturnHeader/TaxPeriodBeginDt02023-01-01
ReturnHeader/TaxPeriodEndDt02023-12-31
ReturnHeader/TaxYr02023

Document Assets

No mirrored PDF or thumbnail assets are attached yet.

Filings

Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$0.91$0.18$0.72$0.54$0.72$0.18
2023Detailed filing. Detailed filing data is available for this year.$1.45$0.54$0.91$0.60$0.71$0.11
2022Facts available. Structured filing facts are available, but richer extracted sections are limited.$1.55$0.53$1.02$0.47$0.65$0.18
2021Detailed filing. Detailed filing data is available for this year.$1.20$0.09$1.11$0.28$0.45$0.18
2020Detailed filing. Detailed filing data is available for this year.$1.46$0.09$1.37$0.55$0.39$0.16
2019Detailed filing. Detailed filing data is available for this year.$1.25$0.01$1.24$0.82$0.72$0.10
2018Detailed filing. Detailed filing data is available for this year.$1.15$0.01$1.14$0.88$0.83$0.04
2017Detailed filing. Detailed filing data is available for this year.$1.28$0.18$1.10$1.12$0.79$0.32
2016Detailed filing. Detailed filing data is available for this year.$1.33$0.57$0.77$1.12$1.02$0.10
2015Detailed filing. Detailed filing data is available for this year.$1.24$0.58$0.66$1.08$0.93$0.14
2014Detailed filing. Detailed filing data is available for this year.$1.14$0.61$0.52$1.05$0.91$0.14
2013Detailed filing. Detailed filing data is available for this year.$1.00$0.62$0.38$0.90$0.95$0.05
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$0.98$0.54$0.44$0.86
2011Summary only. Only limited summary data is available for this year.$0.91$0.56$0.35$0.94$0.83$0.10
2010Facts available. Structured filing facts are available, but richer extracted sections are limited.$0.76$0.51$0.24$0.95