Civic Intelligence

Undersea Technology Innovation Center

990 • Fiscal year 2023 • EIN 81-4151205

Jan 01, 2023 to Dec 31, 2023 • Filed on Jun 10, 2024

Organization Profilewww.underseatech.org
2 Corporate Place STE 203Middletown, RI 02842

(401) 846-5820

Siviq Scores

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

Liabilities / Assets

40th percentile

0.03x

Higher debt load relative to assets than 40% of similar nonprofits.

2023 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2023

Liabilities / Revenue

51st percentile

0.09x

Higher debt load relative to revenue than 51% of similar nonprofits.

2023 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2023

Net Margin

88th percentile

42%

Higher net margin than 88% of similar nonprofits.

2023 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2023

Top Officer Pay

89th percentile

$190,435

Higher top officer pay than 89% of similar nonprofits.

Top officer pay equals 18.8% of source-year revenue.

2023 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2023

Asset Growth

69th percentile

14%

Faster asset growth than 69% of similar nonprofits.

2023 filings • 501(c)3 • $1M-$5M nonprofits • Annualized from 2022 to 2023

Revenue Growth

62nd percentile

16%

Faster revenue growth than 62% of similar nonprofits.

2023 filings • 501(c)3 • $1M-$5M nonprofits • Annualized from 2022 to 2023

Balance Sheet
Liabilities / Assets40th percentile

Assets

Up

$3,402,490

Up $413,711 (+14%) from 2022

Net Assets

Up

$3,310,376

Up $424,950 (+15%) from 2022

Liabilities

Down

$92,114

Down $11,239 (-11%) from 2022

Revenue And Expenses
Liabilities / Revenue51st percentileNet Margin88th percentile

Revenue

Up

$1,010,873

Up $136,754 (+16%) from 2022

Expenses

Up

$585,924

Up $219,615 (+60%) from 2022

Net Income

Down

$424,949

Down $82,861 (-16%) from 2022

Historical Trend

Balance Sheet Trend

Asset Growth69th percentile

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

$6.0M$4.0M$2.0M$0-$2.0MAssets 2017: $906Liabilities 2017: $373Net Assets 2017: $5332017Assets 2018: $24,414Liabilities 2018: $47,500Net Assets 2018: -$23,0862018Assets 2019: $266,342Liabilities 2019: $8,475Net Assets 2019: $257,8672019Assets 2020: $1,317,514Liabilities 2020: $18,764Net Assets 2020: $1,298,7502020Assets 2021: $2,407,980Liabilities 2021: $30,364Net Assets 2021: $2,377,6162021Assets 2022: $2,988,779Liabilities 2022: $103,353Net Assets 2022: $2,885,4262022Assets 2023: $3,402,490Liabilities 2023: $92,114Net Assets 2023: $3,310,3762023Assets 2024: $4,115,174Liabilities 2024: $62,578Net Assets 2024: $4,052,5962024

Highlighted filing

2023

Assets$3,402,490
Liabilities$92,114
Net Assets$3,310,376
Open 2023 Filing

Operations Trend

Revenue Growth62nd percentile

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

$1.5M$1.0M$500K$0-$500KRevenue 2017: $55,000Expenses 2017: $54,492Net Income 2017: $5082017Revenue 2018: $89,285Expenses 2018: $112,904Net Income 2018: -$23,6192018Revenue 2019: $485,222Expenses 2019: $204,269Net Income 2019: $280,9532019Revenue 2020: $1,247,653Expenses 2020: $207,770Net Income 2020: $1,039,8832020Revenue 2021: $1,370,523Expenses 2021: $291,657Net Income 2021: $1,078,8662021Revenue 2022: $874,119Expenses 2022: $366,309Net Income 2022: $507,8102022Revenue 2023: $1,010,873Expenses 2023: $585,924Net Income 2023: $424,9492023Revenue 2024: $1,424,053Expenses 2024: $709,884Net Income 2024: $714,1692024

Highlighted filing

2023

Revenue$1,010,873
Expenses$585,924
Net Income$424,949
Open 2023 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2023 to Dec 31, 2023
Signed
Jun 10, 2024
Return Version
2023v5.1
Gross Receipts
$1,010,873
Mission and Program Overview

Mission

To facilitate collaborative, rapid development, testing and commercialization of innovative undersea and maritime technology for commercial, academic and nonprofit organizations contributing to the defense and security of our nation.

To facilitate collaborative, rapid development, testing and commercialization of innovative undersea and maritime technology for commerical, academic, and nonprofit organizations contributing to the defense and security of our nation.

Balance Sheet Detail
LineBeginningEndChange
Assets
Cash and Non-Interest-Bearing Accounts$2,699,556$1,795,109▼ $904,447
Savings and Temporary Cash Investments$239,743$1,502,681▲ $1,262,938
Prepaid Expenses and Deferred Charges$917$243▼ $674
Total Assets$2,988,780$3,402,490▲ $413,710
Other Assets Total$48,564$104,457▲ $55,893
Liabilities
Accounts Payable and Accrued Expenses$54,790$57,961▲ $3,171
Other Liabilities$48,563$34,153▼ $14,410
Total Liabilities$103,353$92,114▼ $11,239
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$2,885,427$3,310,376▲ $424,949
Total Net Assets Fund Balance$2,885,427$3,310,376▲ $424,949
Total Liabilities and Net Assets / Fund Balance$2,988,780$3,402,490▲ $413,710
Compensation and Service Providers
Top Officer Pay89th percentile

Employees

NameTitleFull / Part TimeBaseOtherTotal
Molly Donohue MageeExecutive DirectorPT$184,888$5,547$190,435

Board Members and Trustees

NameTitle
Deborah ProffittChair
Brian McKeonDirector
Don McCormackDirector
Jonathan TetreaultDirector
Mike ConnorDirector
Rusty SmithDirector
Ryan SmeeDirector
Timothy DelGiudiceDirector
Kelly MendellTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$961,505
Investment Income
$49,368
Other Revenue
$0
Change in Net Assets
$424,949
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$335,748
Salaries, Compensation, and Employee Benefits$220,176
Grants and Similar Amounts Paid$30,000
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Fees for Services Management$144,020$55,500-$199,520
Current Officers, Directors, Trustees, and Key Employees$181,223$11,604-$192,827
Other Expenses$40,000$1,000-$41,000
Conferences and Meetings$34,483--$34,483
Information Technology$30,715$2,865-$33,580
Grants to Domestic Individuals$30,000--$30,000
Occupancy$16,541$469-$17,010
Payroll Taxes$13,379$414-$13,793
Other Salaries and Wages$13,556--$13,556
Fees for Services Accounting-$4,925-$4,925
Advertising$378$3,509-$3,887
Insurance-$982-$982
Office Expenses-$218-$218
All Other Expenses$88$55-$143
Total Functional Expenses$504,383$81,541$0$585,924
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
No
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Lease Liability$34,153
Governance and Compliance

Governance Checklist

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

Governance Explanations

Members or stockholder classes and rights Part VI line 6

“Members of UTIC include traditional and nontraditional governmental contractors, small and large businesses, for profit and NFP entities, academic organizations, and their affiliated organizations members. UTIC has one membership class.”

Form 990 governing body review Part VI line 11

“Form 990 is made available to the governing body and reviewed by members of the board and executive director prior to submission.”

Conflict of interest policy compliance Part VI line 12C

“The conflict of interest policy is provided annually to all officers and directors to assert they are in compliance. Any conflicts of interest noted during the year will be reviewed upon notification by the executive board and appropriate action will be taken.”

CEO executive director top management comp Part VI line 15A

“The executive directors compensation is determined and approved by the Board. Industry standards are considered.”

Governing documents etc available to public Part VI line 19

“Form 990 and governing documents are available to the public upon request.”

Filing and Contact Details

Filer

Filer Name
Undersea Technology Innovation Center
EIN
81-4151205
Address
2 Corporate Place STE 203, Middletown, RI 02842

Signing Officer

Name
Molly Donohue Magee
Title
Executive Direc
Phone
4018465820
Signed
2024-06-10
Discuss with paid preparer
Yes

Organization Details

Formed
2016
Legal Domicile
Ri
Voting Board Members
9
Independent Board Members
9
Employees
2

Preparer

Firm
Katharine H Leary CPA Inc
Address
PO Box 263, Little Compton, RI 02837
Preparer
Katharine Leary
Phone
4016352706
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IRS990/ProgSrvcAccomActy3Grp/Desc0UTICs Prize Challenge program is focused on identifying innovative solutions to pressing undersea technology, workforce development and supply chain challenges. Competing teams from academic and vocational programs are invited to submit innovative strategies and approaches focused on select marine and undersea challenge scenarios. Winners will be awarded a monetary prize for scholarship or internship opportunities.
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IRS990ScheduleI/SupplementalInformationDetail/FormAndLineReferenceDesc0Monitoring procedures (Part I, line 2)
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IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/PersonNm0Molly Donohue Magee
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TitleTxt0Executive Director
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IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0Members of UTIC include traditional and nontraditional governmental contractors, small and large businesses, for profit and NFP entities, academic organizations, and their affiliated organizations members. UTIC has one membership class.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1Form 990 is made available to the governing body and reviewed by members of the board and executive director prior to submission.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2The conflict of interest policy is provided annually to all officers and directors to assert they are in compliance. Any conflicts of interest noted during the year will be reviewed upon notification by the executive board and appropriate action will be taken.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3The executive directors compensation is determined and approved by the Board. Industry standards are considered.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4Form 990 and governing documents are available to the public upon request.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0Members or stockholder classes and rights Part VI line 6
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1Form 990 governing body review Part VI line 11
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2Conflict of interest policy compliance Part VI line 12c
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3CEO executive director top management comp Part VI line 15a
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc4Governing documents etc available to public Part VI line 19
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Document Assets

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Filings

Displayed year

2023 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$3,402,490
Liabilities
$92,114
Net assets
$3,310,376
Revenue
$1,010,873
Expenses
$585,924
Net income
$424,949
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Facts available. Structured filing facts are available, but richer extracted sections are limited.$4.12$0.06$4.05$1.42$0.71$0.71
2023Detailed filing. Detailed filing data is available for this year.$3.40$0.09$3.31$1.01$0.59$0.42
2022XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$2.99$0.10$2.89$0.87$0.37$0.51
2021XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$2.41$0.03$2.38$1.37$0.29$1.08
2020XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$1.32$0.02$1.30$1.25$0.21$1.04
2019XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$0.27$0.01$0.26$0.49$0.20$0.28
2018XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$0.02$0.05$0.02$0.09$0.11$0.02
2017Detailed filing. Detailed filing data is available for this year.$0.00$0.00$0.00$0.06$0.05$0.00