Civic Intelligence

In-Q-Tel Inc.

990 • Fiscal year 2017 • EIN 52-2149962

Apr 01, 2016 to Mar 31, 2017 • Filed on Feb 13, 2018

2107 WILSON BLVD Suite 1100Arlington, VA 22201

(703) 248-3000

Siviq Scores

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

Liabilities / Assets

38th percentile

0.24x

Higher debt load relative to assets than 38% of similar nonprofits.

2017 filings • 501(c)3 • $250M-$1B nonprofits • Source year 2017

Liabilities / Revenue

74th percentile

0.93x

Higher debt load relative to revenue than 74% of similar nonprofits.

2017 filings • 501(c)3 • $250M-$1B nonprofits • Source year 2017

Net Margin

84th percentile

22%

Higher net margin than 84% of similar nonprofits.

2017 filings • 501(c)3 • $250M-$1B nonprofits • Source year 2017

Top Officer Pay

Score unavailable

No value available

This filing does not contain officer compensation rows.

Source year 2017

Asset Growth

78th percentile

13%

Faster asset growth than 78% of similar nonprofits.

2017 filings • 501(c)3 • $250M-$1B nonprofits • Annualized from 2016 to 2017

Revenue Growth

84th percentile

24%

Faster revenue growth than 84% of similar nonprofits.

2017 filings • 501(c)3 • $250M-$1B nonprofits • Annualized from 2016 to 2017

Assets

Up

$535,480,336

Up $62,993,153 (+13%) from 2016

Net Assets

Up

$405,116,299

Up $44,122,126 (+12%) from 2016

Liabilities

Up

$130,364,037

Up $18,871,027 (+17%) from 2016

Revenue

Up

$139,924,246

Up $27,100,317 (+24%) from 2016

Expenses

Up

$108,604,081

Up $34,071,613 (+46%) from 2016

Net Income

Down

$31,320,165

Down $6,971,296 (-18%) from 2016

Historical Trend

Balance Sheet Trend

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

$1.5B$1.0B$500M$0Assets 2011: $178,035,942Liabilities 2011: $78,163,904Net Assets 2011: $99,872,0382011Assets 2012: $218,659,846Liabilities 2012: $86,958,343Net Assets 2012: $131,701,5032012Assets 2013: $247,183,559Liabilities 2013: $92,316,087Net Assets 2013: $154,867,4722013Assets 2014: $339,446,139Liabilities 2014: $85,609,344Net Assets 2014: $253,836,7952014Assets 2015: $418,662,367Liabilities 2015: $91,813,465Net Assets 2015: $326,848,9022015Assets 2016: $472,487,183Liabilities 2016: $111,493,010Net Assets 2016: $360,994,1732016Assets 2017: $535,480,336Liabilities 2017: $130,364,037Net Assets 2017: $405,116,2992017Assets 2018: $590,691,641Liabilities 2018: $140,872,077Net Assets 2018: $449,819,5642018Assets 2019: $630,796,596Liabilities 2019: $143,154,020Net Assets 2019: $487,642,5762019Assets 2020: $625,162,179Liabilities 2020: $128,479,709Net Assets 2020: $496,682,4702020Assets 2021: $928,091,629Liabilities 2021: $49,280,001Net Assets 2021: $878,811,6282021Assets 2022: $1,033,475,545Liabilities 2022: $68,464,599Net Assets 2022: $965,010,9462022Assets 2023: $1,028,036,177Liabilities 2023: $97,189,192Net Assets 2023: $930,846,9852023Assets 2025: $980,596,953Liabilities 2025: $100,178,887Net Assets 2025: $880,418,0662025

Highlighted filing

2017

Assets$535,480,336
Liabilities$130,364,037
Net Assets$405,116,299

Operations Trend

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

$400M$300M$200M$100M$0-$100MRevenue 2011: $57,781,500Expenses 2011: $46,213,094Net Income 2011: $11,568,4062011Revenue 2012: $68,682,068Expenses 2012: $51,814,449Net Income 2012: $16,867,6192012Revenue 2013: $87,991,582Expenses 2013: $73,305,434Net Income 2013: $14,686,1482013Revenue 2014: $130,613,467Expenses 2014: $61,259,636Net Income 2014: $69,353,8312014Revenue 2015: $91,808,250Expenses 2015: $69,022,673Net Income 2015: $22,785,5772015Revenue 2016: $112,823,929Expenses 2016: $74,532,468Net Income 2016: $38,291,4612016Revenue 2017: $139,924,246Expenses 2017: $108,604,081Net Income 2017: $31,320,1652017Revenue 2018: $116,697,968Expenses 2018: $82,011,235Net Income 2018: $34,686,7332018Revenue 2019: $118,015,724Expenses 2019: $90,150,781Net Income 2019: $27,864,9432019Revenue 2020: $133,417,523Expenses 2020: $111,335,879Net Income 2020: $22,081,6442020Revenue 2021: $324,418,203Expenses 2021: $107,062,454Net Income 2021: $217,355,7492021Revenue 2022: $166,203,888Expenses 2022: $116,414,366Net Income 2022: $49,789,5222022Revenue 2023: $184,119,866Expenses 2023: $117,541,783Net Income 2023: $66,578,0832023Revenue 2025: $132,130,603Expenses 2025: $134,107,295Net Income 2025: -$1,976,6922025

Highlighted filing

2017

Revenue$139,924,246
Expenses$108,604,081
Net Income$31,320,165
Jump To
Filing Snapshot
Filing Period
Apr 1, 2016 to Mar 31, 2017
Signed
Feb 13, 2018
Return Version
2016v3.1
Gross Receipts
$151,810,791
Mission and Program Overview

Mission

IQT serves and powers the national security interests of the U.S. government and its allies through cutting-edge technology, strategic investments, exploration and applied research, and acceleration of capabilities.

In-q-tel identifies, adapts, and delivers innovative technology solutions that serve the national security interests of the united states.

Balance Sheet Detail
LineBeginningEndChange
Assets
Investments Program Related$236,217,380$283,748,817▲ $47,531,437
Investments in Publicly Traded Securities$119,686,858$131,709,137▲ $12,022,279
Savings and Temporary Cash Investments$66,971,427$77,173,699▲ $10,202,272
Accounts Receivable$31,933,603$23,998,557▼ $7,935,046
Land, Buildings, and Equipment, Net$7,319,880$6,993,303▼ $326,577
Investments Other Securities$6,338,874$6,004,020▼ $334,854
Prepaid Expenses and Deferred Charges$1,262,892$1,942,949▲ $680,057
Cash and Non-Interest-Bearing Accounts$0$0→ $0
Other Notes and Loans Receivable, Net$0$0→ $0
Pledges and Grants Receivable$0$0→ $0
Receivable From Disqualified Prsn$0$0→ $0
Receivables From Officers Etc$0$0→ $0
Intangible Assets$0$0→ $0
Inventories for Sale or Use$0$0→ $0
Loans From Officers Directors$0$0→ $0
Total Assets$472,487,183$535,480,336▲ $62,993,153
Other Assets Total$2,756,269$3,909,854▲ $1,153,585
Liabilities
Deferred Revenue$92,259,574$78,832,599▼ $13,426,975
Accounts Payable and Accrued Expenses$19,233,436$51,531,438▲ $32,298,002
Grants Payable$0$0→ $0
Mortgage Notes Payable Secured by Investment Property$0$0→ $0
Unsecured Notes Loans Payable$0$0→ $0
Other Liabilities$0$0→ $0
Escrow Account Liability$0$0→ $0
Tax Exempt Bond Liabilities$0$0→ $0
Total Liabilities$111,493,010$130,364,037▲ $18,871,027
Net Assets / Fund Balance
Unrestricted Net Assets$360,994,173$405,116,299▲ $44,122,126
Permanently Rstr Net Assets$0$0→ $0
Temporarily Rstr Net Assets$0$0→ $0
Total Net Assets Fund Balance$360,994,173$405,116,299▲ $44,122,126
Total Liabilities and Net Assets / Fund Balance$472,487,183$535,480,336▲ $62,993,153

Asset Categories

AssetBook ValueDepreciationBasis
Leasehold Improvements$5,107,071$5,600,866$10,707,937
Equipment$1,480,877$4,540,408$6,021,285
Other Land Buildings$405,355$342,292$747,647
Investment Program Related Org$6,630,439--
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseOtherTotal
C DarbyPresident, CEO & TrusteeFT$741,606$2,008,400$2,750,006
S BowsherEvp & General Managing PartnerFT$668,756$1,132,597$1,801,353
M StrottmanEvp & COOFT$381,984$632,697$1,014,681
S DavidsonPartnerFT$308,455$355,111$663,566
T RylanderPartnerFT$201,783$428,198$629,981
B AdamsEvp & General CounselFT$341,370$268,951$610,321
R AmesSVP,mission & Portfolio ImpactFT$266,114$340,664$606,778
R GleichaufEvp & Chief ScientistFT$321,723$255,340$577,063
E PoulosEvp & Chief of StaffFT$318,369$244,633$563,002
T O'TOOLEEvp & Senior FellowFT$322,691$231,945$554,636
J EmmanuelChief ArchitectFT$194,411$338,261$532,672
T PearsallChief Information OfficerFT$287,387$243,788$531,175
W RadosevichEvp - Technology ProgramsFT$291,459$221,644$513,103
L PorterEvp & Director of Iqt LabsFT$322,061$144,197$466,258
T SheaEvp & Director of Cyber RebootFT$305,991$34,799$340,790
M CrowChairmanPT$42,500-$42,500
A JonesTrustee & Committee ChairPT$37,500-$37,500
H CoxTrustee & Committee ChairPT$37,500-$37,500
P BarrisTrustee & Committee ChairPT$37,500-$37,500
E Pate-cornellTrusteePT$35,000-$35,000
G TenetTrusteePT$35,000-$35,000
J BarksdaleTrusteePT$35,000-$35,000
J MiscikTrusteePT$35,000-$35,000
M MullenTrusteePT$35,000-$35,000
T SchleinTrusteePT$35,000-$35,000

Board Members and Trustees

NameTitle
Ab KrongardTrustee

Highest Paid Contractors

ContractorServicesLocationCompensation
Memsql INCTech. Development534 4TH STREET, San Francisco, CA 94107$3,950,000
Orbital Insight INCTech. Development100 W EVELYN AVE, Mountain View, CA 94041$2,417,592
Transvoyant LLCTech. Development5845 RICHMOND HWY SUITE 600, Alexandria, VA 22303$1,800,000
Spaceflight Industries INCTech. Development3415 S 116TH STREET SUITE 123, Tukwila, WA 98186$1,700,000
Keyssa INCTech. Development655 CAMPBELL TECHNOLOGY PKWY SUITE, Campbell, CA 95008$1,370,000
Revenue and Support

Revenue Composition

Contributions and Grants
$127,638,926
Program Service Revenue
$0
Investment Income
$12,249,940
Other Revenue
$35,380
Change in Net Assets
$31,320,165
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$67,319,297
Salaries, Compensation, and Employee Benefits$41,084,784
Grants and Similar Amounts Paid$200,000
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$23,466,958$3,840,685-$27,307,643
Current Officers, Directors, Trustees, and Key Employees$4,941,746$3,932,898-$8,874,644
Fees for Services Other$3,602,879$374,889-$3,977,768
Occupancy$3,169,362$745,003-$3,914,365
Other Employee Benefits$2,707,411$612,294-$3,319,705
Depreciation Depletion-$2,789,015-$2,789,015
Travel$1,810,469$548,505-$2,358,974
Information Technology$103,729$1,627,614-$1,731,343
Payroll Taxes$1,300,308$282,484-$1,582,792
Office Expenses$185,562$931,951-$1,117,513
Conferences and Meetings$653,033$318,542-$971,575
Fees for Services Legal$140,387$723,026-$863,413
All Other Expenses$2,012,404$-1,278,467-$733,937
Insurance-$385,685-$385,685
Fees for Services Accounting-$368,390-$368,390
Other Expenses$320,352$340,494-$340,494
Advertising$88,505$209,676-$298,181
Grants to Domestic Orgs$200,000--$200,000
Total Functional Expenses$90,647,084$17,956,997$0$108,604,081
International Activity

Grant and Assistance Recipients

RecipientLocationCategoryPurposeAmount
CIA OFFICERS' MEMORIAL FOUNDATIONHerndon, VA501(c)(3)See Part Iv$200,000

International Summary

Spending
$19,579,483

International Compliance

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

International Activities

RegionActivityServicesOfficesEmployeesSpending
North AmericaInvestments---$13,865,069
Europe (Including Iceland and Greenland)Investments---$2,765,173
North AmericaProgram ServicesTechnology Development--$2,112,986
Europe (Including Iceland and Greenland)Program ServicesTechnology Development--$816,255
East Asia and the PacificProgram ServicesTechnology Development--$20,000
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Fundraising Direct Expenses$0
Fundraising Gross Income$0
Gaming Direct Expenses$0
Gaming Gross Income$0
Professional Fundraising Fees$0
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
No
Subject to proxy tax
No
Insider Transactions and Loans

Loans and Receivables

Line ItemBeginningEndChange
Loans from Officers, Directors, Trustees, and Key Employees$0$0→ $0
Receivables from Disqualified Persons$0$0→ $0
Receivables from Officers, Directors, Trustees, and Key Employees$0$0→ $0
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
Yes
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
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

Part VI, Line 11B

Review of form 990 the form 990 was prepared by the company's external tax advisory firm with the assistance of in-q-tel's finance team. The form 990 was also reviewed by certain members of the company's executive team, including the coo and general counsel. Additionally, the audit and ethics committee of the board of trustees reviewed the form 990 during one of its quarterly meetings. After review by the audit and ethics committee, the form 990 was distributed to all members of the board of trustees prior to filing.

Part VI, Line 12C

Conflict of interest policy disclosure and recusal are required for all conflicts of interest under the conflicts of interest policies for trustees, officers and employees. For every transaction subject to board/committee approval, the members of the board and committee are asked to disclose any conflicts under the policies. For each transaction, iqt also identifies and discloses any conflicts involving iqt trustees, officers and employees. Each trustee, officer and employee who has a conflict is recused from participating in in-q-tels deliberations of, or votes to authorize, ratify or confirm the transaction that is the subject of the conflict unless a waiver is given by a majority of the disinterested members of the board (in the event of a trustee or officer), the board, or the coporations ethics officer (in the event of an employee who is not a trustee or officer.) additionally, each year, all iqt trustees and officers are required to complete a questionnaire as to whether the trustees are independent and whether the officers or trustees have a family relationship or a business relationship with any other officer, director, trustee, or key employee of in-q-tel. In addition, annually, employees are required to disclose outside activities.

Part VI, Line 15A & 15B

Compensaton explanation in formulating iqt's compensation system, the board of trustees complies with its responsibilities under the internal revenue code of 1986, as amended ("code"), to pay reasonable compensation to iqt's employees and to avoid any "excess benefit transactions" under section 4958 of the code. In overseeing iqt's compensation system, the board adheres to the following principles: - the compensation system is approved by the board or a committee of the board composed entirely of independent trustees who are not employees of, or independent contractors to, iqt. - the board, or committee thereof, obtains and relies upon appropriate compensation data for comparable entities prior to making compensation determinations; and - the basis for its determination is documented concurrently with the board or committee making that determination. The human resources & compensation committee of the board of trustees, as set forth in its charter, iqt's human resources and compensation committee (the "hr and compensation committee"committee") has been charged by the board of trustees to assist the board in overseeing iqt's compensation system. Specifically, the committee performs the following duties: - ensures that iqt's compensation program and other employee benefits are comparable to appropriate markets. - conducts an annual review of the chief executive officer's ("ceo's") performance, and makes recommendations to the board of trustees on the ceo's compensation and benefits for the next year. - on an annual basis, reviews the ceo's recommendations regarding the compensation and benefits of the other disqualified persons, as defined in section 4958 of the internal revenue code, and determines their compensation and benefits for the next year. - on an annual basis, reviews the determination of compensation and benefits of the other employees made by the ceo or the ceo's designee. - engages an independent compensation consulting firm to perform a periodic study of iqt's compensation program and administration, or parts thereof. (this study includes, but is not limited to, a review of data the company used to benchmark positions, documentation of base salary adjustments, and annual incentive plan awards.) following completion of such study, the compensation consulting firm delivers a report to the human resources and compensation committee discussing iqt's adherence to its compensation policies. - works with iqt's in-house and outside counsel to ensure that iqt's compensation structure and plans comply with internal revenue code and other legal requirements. - keeps the board of trustees informed of key compensation and human resource issues affecting iqt.

Part VI, Line 19

Documents available to the public in-q-tel does not make this information available to the public.

Filing and Contact Details

Filer

Filer Name
In-Q-Tel Inc
EIN
52-2149962
In Care Of
% MATTHEW STROTTMAN
Phone
7032483000
Address
2107 WILSON BLVD Suite 1100, ARLINGTON, VA 22201

Signing Officer

Name
Matthew Strottman
Title
Evp and COO
Phone
7032483000
Signed
2018-02-13
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Christopher Darby
Formed
1999
Legal Domicile
De
Voting Board Members
12
Independent Board Members
11
Employees
171
Volunteers
0

Preparer

Firm
Kpmg Llp
Address
1676 International Drive Ste 1200, McLean, VA 22102
Preparer
Jg White
Phone
7032868000
Supplemental Narrative

Additional Explanations

Part IX, Line 1

The iqt board of trustees has approved a $1,000,000 payment, payable annually over five years, to the cia officers' memorial foundation and has paid $600,000 of that commitment as of 3/31/2017.

Financial Statement Notes

Schedule D, Part X, Line 2

On July 30, 2003, the Company received a final determination from the Internal Revenue Service that the Company is a public charity exempt from federal income taxes under Section 501(c)(3) of the Internal Revenue Code. Further, the Company has not identified any unrelated business taxable income. Accordingly, no income tax provision is recorded in the accompanying financial statements.

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IRS990/Desc0In-Q-Tel (IQT) was established in 1999 as a private, independent, not-for-profit corporation to help the CIA and broader U.S. Intelligence Community (IC) identify, adapt, and deliver cutting-edge technologies that address national security needs. IQT's strategic investment model gives it the agility often lacking within traditional government contracting approaches to find and nurture entrepreneurs and companies that can provide a supply chain of innovation which enables the IC to benefit from commercial technology advances. IQT's purpose is to take the calculated investment risks necessary to support leading-edge, but often unproven, technologies, and mature them to operational readiness to help the CIA and broader IC achieve their missions. Approach: -------- IQT works as: * A strategic investor, investing in companies to help nascent commercial technologies mature into mission-ready products at a lower cost than alternative approaches; * A technology accelerator, fostering development and introduction of technologies needed by the IC; and * An idea lab and forum for innovation and exploration, providing the IC with insight and access into both new technologies and leading innovators and thinkers. Identifying Innovative Technologies: ------------------------------------ As a strategic investor, IQT identifies startup companies that have commercially-focused, "ready-soon" innovative technologies, which are off the shelf products that do not require long-term development from the ground up. IQTs focus on this space means that it finds and delivers critical, innovative technology more quickly and cost effectively. IQT crafts work programs to adapt a companys technology to specific customer requirements and makes an investment towards that work program. IQT designs its strategic investments to accelerate product development and delivery, and specifically to help companies add capabilities that its Intelligence Community customers need. IQT also makes seed investments, which are investments in companies that have technology of potential value for our government partners, but do not yet have a government customer, or the investment provides educational insights into a technology area for our government partners. IQT also serves as a technology consultant and advisor that provides market, technology, and venture captial insights to our government customers. Additionally, IQT effectively leverages a significant amount of private sector funds, often from top-tier venture capital firms, to co-invest in our portfolio companies. On average, for every dollar that IQT invests in a company, the venture capital community has invested more than sixteen dollars, helping to deliver crucial new capabilities at lower cost to the government. As of March 31, 2017, IQTs areas of technology focus are: Field Technologies, Architecture, and Enterprise Technologies. Building Strong Companies for Strong Technologies: -------------------------------------------------- Using product development funding and equity investing, IQT creates incentives for companies to put their best talent into solving the toughest technology problems facing the CIA and broader Intelligence Community. Once an investment is made, IQT works with the company and the customer to adapt the technology according to customer need, and facilitates solution delivery. The advantages to the IC are significant: lower initial and long-term costs, faster development, and ongoing product enhancements to meet IC needs. Serving New Intelligence Community Customers: --------------------------------------------- Since its inception, IQT has expanded its IC partnerships to include the CIA, the Defense Intelligence Agency (DIA), the Department of Homeland Security Science & Technology Directorate (DHS S&T), the National Geospatial-Intelligence Agency (NGA), the Department of Defense (DOD) and others. Program Service Accomplishments: -------------------------------- In furtherance of its exempt purp
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IRS990/Form990PartVIISectionAGrp/TitleTxt0PRESIDENT, CEO & TRUSTEE
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IRS990/Form990PartVIISectionAGrp/TitleTxt2TRUSTEE
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IRS990/Form990PartVIISectionAGrp/TitleTxt4TRUSTEE & COMMITTEE CHAIR
IRS990/Form990PartVIISectionAGrp/TitleTxt5TRUSTEE
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IRS990/Form990PartVIISectionAGrp/TitleTxt18EVP - TECHNOLOGY PROGRAMS
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Document Assets

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Filings

Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2025Summary only. Only limited summary data is available for this year.$981$100$880$132$134$1.98
2023Summary only. Only limited summary data is available for this year.$1,028$97.2$931$184$118$66.6
2022Summary only. Only limited summary data is available for this year.$1,033$68.5$965$166$116$49.8
2021Summary only. Only limited summary data is available for this year.$928$49.3$879$324$107$217
2020Summary only. Only limited summary data is available for this year.$625$128$497$133$111$22.1
2019Summary only. Only limited summary data is available for this year.$631$143$488$118$90.2$27.9
2018Summary only. Only limited summary data is available for this year.$591$141$450$117$82.0$34.7
2017Detailed filing. Detailed filing data is available for this year.$535$130$405$140$109$31.3
2016Summary only. Only limited summary data is available for this year.$472$111$361$113$74.5$38.3
2015Summary only. Only limited summary data is available for this year.$419$91.8$327$91.8$69.0$22.8
2014Summary only. Only limited summary data is available for this year.$339$85.6$254$131$61.3$69.4
2013Summary only. Only limited summary data is available for this year.$247$92.3$155$88.0$73.3$14.7
2012Summary only. Only limited summary data is available for this year.$219$87.0$132$68.7$51.8$16.9
2011Summary only. Only limited summary data is available for this year.$178$78.2$99.9$57.8$46.2$11.6
Peer Organizations

Similar nonprofits based on the same Siviq industry and scale cohort. 2017 filings • 501(c)3 • $250M-$1B nonprofits