Srcco
Nonprofit profile at a glance
- EIN
- 562038762
- IRS 990 coverage
- 2010–2024
- Forms available
- Form 990 2024
- Location
- Durham, NC, USA
- Phone
- 9199419400
- Rating confidence
- Limited
- Sector
- Chambers of Commerce & Business Leagues
Reported finances
- Revenue
- $53,548,337
- Expenses
- $50,262,472
- Assets
- $44,126,161
- Liabilities
- $37,004,292
Source: IRS Form 990. Selected filing: tax year 2024. Amounts in USD.
Leadership & pay
4 people listed
Executive titles in this filing
- TODD YOUNKIN (PRESIDENT & CEO)
Highest reported compensation
- TODD YOUNKIN (PRESIDENT & CEO): $766,519 total reported compensation
- DAVID HENSHALL (VP OF BUSINESS DEVELOPMENT): $334,218 total reported compensation
- KAREN DI SPIGNA (CHIEF ACCOUNTING OFFICER): $279,066 total reported compensation
Source: IRS Form 990. Selected filing: tax year 2024. Names and roles reflect this filing, not necessarily current officeholders.
Overview
Mission
Srcco, as a controlled affiliate of the semiconductor research corporation ("src"), funds and operates programs of university-based research centers focused on microelectronic technology that benefits both private industry and u.s. Defense capabilities.
What it reported doing in 2024
Jump 2.0 is an src-led public-private partnership in cooperation with darpa, co-sponsored by src, darpa, the commercial semiconductor industry, and the defense industrial base. Jump 2.0 will drive long-term pathfinding university research that substantially increases the performance, efficiency, and capabilities of broad classes of electronics systems for both commercial and military applications. The program will sponsor seven academic research centers focused on critical technology themes, one center for each theme. These seven themes will benefit both the defense and industrial sectors by providing the department of defense with an unmatched technological edge in advanced radar, communications, and weapons systems, and provide the u.s. Economy with unique information technology and processing capabilities critical to commercial competitiveness and future economic growth.
Operating model
- Revenue model
- Mixed. Its operating money came from several sources; no one source provided a clear majority.
- Distribution model
- Cannot be determined from the filing. The filing does not provide enough consistent spending detail to tell whether the nonprofit works directly or through others.
The verdict
- The available evidence is not sufficient to produce an overall rating for this filing. This is not a warning sign.
Rating breakdown
- Financial Efficiency: NotEnoughData
- Transparency & Controls: 75
- Accountability: 28
- Sustainability: 48
- Growth: 60
Detailed rating inputs
Financial Efficiency
- Mission deployment rate: Limited
- Program expense ratio: Limited
- Fundraising efficiency: Limited
Transparency & Controls
- Consistency checks: 100%; rating input score 100; 68th percentile among comparable filings
- Pay-setting controls: 0 of 6 controls in place; rating input score 0
- Compensation committee: Missing
- Independent consultant: Missing
- Other Form 990s reviewed: Missing
- Written employment contract: Missing
- Compensation survey or study: Missing
- Board or committee approval: Missing
- Foreign activity oversight: Limited
- Grant itemization coverage: 100%; rating input score 100; 77th percentile among comparable filings
- Major donor itemization: Yes; rating input score 100
- Related-party transparency: Limited
Accountability
- Independent voting board: 0%; rating input score 0; 4th percentile among comparable filings
- Governance controls: 6 of 9 controls in place; rating input score 67
- Conflict-of-interest policy: Pass
- Whistleblower policy: Pass
- Document-retention policy: Fail
- CEO compensation review process: Fail
- Other executive compensation review process: Fail
- Form 990 shared with the board: Pass
- Board meeting minutes documented: Pass
- Audit committee oversight: Pass
- Independent financial-statement audit: Pass
Sustainability
- Operating margin: 6.1%; rating input score 61; 61st percentile among comparable filings
- Total-asset coverage ratio: 0.88; rating input score 35; 35th percentile among comparable filings
- Liabilities to assets ratio: 0.84; rating input score 16; 16th percentile among comparable filings
- Officer compensation ratio: 1.8%; rating input score 60; 60th percentile among comparable filings
Growth
- Program expense growth: Limited
- Revenue growth: 3.2% per year; rating input score 100; 24th percentile among comparable filings
- Asset growth: 5.7% per year; rating input score 100; 42nd percentile among comparable filings
Details
- Where the money goes: Financial trends and filed revenue, expense, asset, and liability detail
- Governance: 0 of 3 board members independent · 6 of 9 filing controls reported
- Programs: 3 filed program accomplishments
- Leadership: top reported pay $767K · 4 people listed · 0 of 6 pay-setting controls reported
- Highest-paid contractors: 2 contractors listed · $443K reported
- Consistency: 11 of 11 current checks pass
- Schedules: 8 filed schedules · includes major donors, grants, and executive pay
- Filing history: 14 filing years from 2010 to 2024
- Contacts: How to reach this organization
- Money network: 12 filed money-flow records
- Related organizations: 10 filed related-organization links
- Grant readiness: Federal tax and exclusion status, award history, and grant-maker relationships.
- People: Everyone the filings name, and which of them the filings identify by more than a name.
Key Signals
Signals prioritize questions for review. They are not findings of misconduct.
- High — Accountability: Independent voting board scored 0/100.
- High — Transparency & Controls: Pay-setting controls scored 0/100.
- Review — Accountability: Governance controls: 3 of 9 not reported.
- Moderate — Sustainability: Total-asset coverage ratio scored 35/100.
- High — Sustainability: Liabilities to assets ratio scored 16/100.