Griffiss Institute Inc
- Assets
- $8.0m
- Revenue
- $34.9m
- Investments
- $0.0
- Employees
- 419
- Location
- Rome, NY
- Founding
- 03/2004
- Data as of
- 12/2023
- EIN
- 03-0500249
Organization Overview
Griffiss Institute Inc is located in Rome, NY. The organization was established in 2004. According to its NTEE Classification (U41) the organization is classified as: Computer Science, under the broad grouping of Science & Technology and related organizations. As of 12/2023, Griffiss Institute Inc employed 419 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Griffiss Institute Inc is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
For the year ending 12/2023, Griffiss Institute Inc generated $34.9m in total revenue. This organization has experienced exceptional growth, as over the past 9 years, it has increased revenue by an average of 26.7% each year . All expenses for the organization totaled $34.9m during the year ending 12/2023. While expenses have increased by 27.0% per year over the past 9 years. They've been increasing with an increasing level of total revenue. You can explore the organizations financials more deeply in the financial statements section below.
Since 2020, Griffiss Institute Inc has awarded 24 individual grants totaling $1,516,745. If you would like to learn more about the grant giving history of this organization, scroll down to the grant profile section of this page.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2023
Describe the Organization's Mission:
Part 3 - Line 1
THE GRIFFISS INSTITUTE AIMS TO DEVELOP THE NEXT GENERATION OF STEM TALENT AND DEFENSE TECHNOLOGIES THAT WILL STRENGTHEN U.S. NATIONAL SECURITY AND CREATE ECONOMIC OPPORTUNITY FOR OUR REGION, STATE AND NATION. WE ELEVATE TALENT. WE EMPOWER INNOVATION. WE ENABLE EXPERIENCE.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE PRIMARY ROLE OF THE GI IS TO ADVOCATE AND FACILITATE THE CO-OPERATION OF PRIVATE INDUSTRY, ACADEMIA, AND GOVERNMENT IN DEVELOPING THE NEXT GENERATION OF STEM TALENT AND DEFENSE TECHNOLOGIES THAT WILL STRENGTHEN U.S. NATIONAL SECURITY AND CREATE ECONOMIC OPPORTUNITY FOR OUR REGION, STATE AND NATION.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
William R Gray Vice Chairman | OfficerTrustee | 1 | $0 |
Shiu-Kai Chin Director | Trustee | 1 | $0 |
Steven Dimeo Treasurer | OfficerTrustee | 1 | $0 |
Patricia Baskinger Chairperson | OfficerTrustee | 1 | $0 |
Laurel Mcadoo Director | Trustee | 1 | $0 |
Peter Baildon Director | Trustee | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Strategic Engineering Solutions Consultants | 12/30/23 | $825,744 |
Masschallenge Consultants | 12/30/23 | $500,214 |
Iqm Research Institute Consultants | 12/30/23 | $243,637 |
Stem Coalition Consultants | 12/30/23 | $211,600 |
Hearken Advisors Consultants | 12/30/23 | $198,919 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $34,403,702 |
| All other contributions, gifts, grants, and similar amounts not included above | $180,000 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $34,583,702 |
| Total Program Service Revenue | $267,826 |
| Investment income | $9,670 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $34,861,198 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $751,000 |
| Grants and other assistance to domestic individuals. | $179,309 |
| Grants and other assistance to Foreign Orgs/Individuals | $72,000 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $575,180 |
| Compensation of current officers, directors, key employees. | $68,734 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $6,291,631 |
| Pension plan accruals and contributions | $231,748 |
| Other employee benefits | $976,197 |
| Payroll taxes | $555,918 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $117,818 |
| Fees for services: Accounting | $20,700 |
| Fees for services: Lobbying | $23,000 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $17,671,966 |
| Advertising and promotion | $0 |
| Office expenses | $121,990 |
| Information technology | $396,609 |
| Royalties | $0 |
| Occupancy | $702,153 |
| Travel | $716,170 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $23,734 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $241,348 |
| Insurance | $0 |
| All other expenses | $19,243 |
| Total functional expenses | $34,924,604 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $252,801 |
| Savings and temporary cash investments | $364,874 |
| Pledges and grants receivable | $5,176,505 |
| Accounts receivable, net | $205,214 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $151,567 |
| Net Land, buildings, and equipment | $927,680 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $907,832 |
| Total assets | $7,986,473 |
| Accounts payable and accrued expenses | $2,464,705 |
| Grants payable | $0 |
| Deferred revenue | $13,637 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $9,140 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $368,250 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $2,292,703 |
| Total liabilities | $5,148,435 |
| Net assets without donor restrictions | $2,838,038 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $0 |
| Total liabilities and net assets/fund balances | $7,986,473 |
Grants Awarded
Over the last fiscal year, Griffiss Institute Inc has awarded $718,000 in support to 10 organizations.
| Grant Recipient | Amount |
|---|---|
BOSONQ PSI CORP PURPOSE: 2023 HUSTLE PRESEED FUNDING AND DEMO DAY AWARD | $110,000 |
DRONE CITY LLC PURPOSE: 2023 HUSTLE PRESEED FUNDING AND DEMO DAY AWARD | $65,000 |
CYBERSPARA INC PURPOSE: 2023 HUSTLE PRESEED FUNDING | $10,000 |
KQUIKA INC PURPOSE: 2023 HUSTLE PRESEED FUNDING | $15,000 |
PATERSON AEROSPACE PURPOSE: 2023 HUSTLE PRESEED FUNDING AND DEMO DAY AWARD | $105,000 |
UTAH STEM FOUNDATION PURPOSE: HIL STEM GRANT | $208,000 |