Research Triangle Foundation Of North Carolina
- Assets
- $218.8m
- Revenue
- $10.8m
- Investments
- $15.8m
- Employees
- 40
- Location
- Research Triangle Park, NC
- Founding
- 09/1972
- Data as of
- 09/2022
- EIN
- 56-0853674
Organization Overview
Research Triangle Foundation Of North Carolina is located in Research Triangle Park, NC. The organization was established in 1972. According to its NTEE Classification (H12) the organization is classified as: Fund Raising & Fund Distribution, under the broad grouping of Medical Research and related organizations. As of 09/2022, Research Triangle Foundation Of North Carolina employed 40 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Research Triangle Foundation Of North Carolina is a 501(c)(4) and as such, is described as a "Civic League, Social Welfare Organization, and Local Association of Employees" by the IRS.
For the year ending 09/2022, Research Triangle Foundation Of North Carolina generated $10.8m in total revenue. This represents a relatively dramatic decline in revenue. Over the past 7 years, the organization has seen revenues fall by an average of (7.5%) each year. All expenses for the organization totaled $18.4m during the year ending 09/2022. You can explore the organizations financials more deeply in the financial statements section below.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2022
Describe the Organization's Mission:
Part 3 - Line 1
PRIMARILY ENGAGED IN THE PROMOTION AND ENCOURAGEMENT OF RESEARCH OR SCIENTIFIC LABORATORIES AND OTHER RELATED FACILITIES IN RESEARCH TRIANGLE PARK.
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROVIDE FOR THE UPKEEP OF RTP ASSETS AND INFRASTRUCTURE TO ENHANCE THE PARK'S REPUTATION AS AN INNOVATIVE AND DYNAMIC ENVIRONMENT AND TO PROMOTE AND FOSTER RESEARCH FACILITIES IN THE 7,000 ACRE RESEARCH TRIANGLE PARK.
PROVIDE FOR THE PROMOTION OF PROGRAMS FOR THE RTP COMMUNITY AND TRIANGLE REGION.
PARK CENTER 100 ACRES REDEVELOPMENT PROVIDES INNOVATORS TO COME TOGETHER TO BE INSPIRED, PROVIDE A PLACE FOR LEADERS IN TECHNOLOGY, SCIENCE, THE ARTS AND THE HUMANITIES TO COLLABORATE AND CREATE JOBS AND A BETTER FUTURE FOR ALL NORTH CAROLINIANS. THE DEVELOPMENT INCLUDES RETAIL, RESIDENTIAL AND OFFICE AMENITIES WITH A PLETHORA OF PUBLIC PARKS AND SPACE THAT WILL BE USED BY ENTREPRENEURS AND NORTH CAROLINIANS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Scott Levitan President & CEO | Officer | 40 | $593,455 |
Linda K Hall Evp & CFO | Officer | 40 | $442,078 |
Carolyn Coia VP Real Estate | Officer | 40 | $214,969 |
Jessica Wisniewski VP Finance & Administration | Officer | 40 | $181,181 |
Raymond Trapp VP Strategic Engagement | Officer | 40 | $190,886 |
Donald Dittmer Gm Construction & Facilities | 40 | $137,130 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Faulconer Construction Company Gc For Infra Const | 9/29/22 | $22,626,002 |
Kirkland Inc Gc For Boxyard Const | 9/29/22 | $4,044,424 |
Marand Builders Inc Infra Construction | 9/29/22 | $1,710,330 |
Kdc Raleigh Development Mgmt Two Const Mgmt Services | 9/29/22 | $1,252,949 |
Mckenna Construction Company Inc Tenant Impr Const | 9/29/22 | $545,341 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $0 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $0 |
| Total Program Service Revenue | $10,901,555 |
| Investment income | $1,210,098 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$1,498,864 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $10,751,923 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $380 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $1,585,159 |
| Compensation of current officers, directors, key employees. | $375,825 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $2,537,661 |
| Pension plan accruals and contributions | $346,903 |
| Other employee benefits | $470,549 |
| Payroll taxes | $231,039 |
| Fees for services: Management | $723,650 |
| Fees for services: Legal | $48,115 |
| Fees for services: Accounting | $146,777 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $219,674 |
| Fees for services: Other | $0 |
| Advertising and promotion | $303,747 |
| Office expenses | $611,568 |
| Information technology | $81,392 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $185,826 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $120,576 |
| Interest | $1,565,288 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $6,525,287 |
| Insurance | $145,755 |
| All other expenses | $161,131 |
| Total functional expenses | $18,434,190 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $6,076,401 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $2,980,626 |
| 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 | $170,353 |
| Net Land, buildings, and equipment | $135,164,994 |
| Investments—publicly traded securities | $55,771,627 |
| Investments—other securities | $15,767,754 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $2,818,565 |
| Total assets | $218,750,320 |
| Accounts payable and accrued expenses | $8,094,164 |
| Grants payable | $0 |
| Deferred revenue | $224,187 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $97,987,118 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $709,554 |
| Total liabilities | $107,015,023 |
| Net assets without donor restrictions | $111,735,297 |
| 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 | $218,750,320 |
Grants Awarded
Over the last fiscal year, Research Triangle Foundation Of North Carolina has awarded $35,000 in support to 2 organizations.
| Grant Recipient | Amount |
|---|---|
DURHAM TECHNICAL COMMUNITY COLLEGE FOUNDATION INC PURPOSE: PROGRAM SUPPORT | $25,000 |
NORTH CAROLINA BUSINESS LEADERS FOR EDUCATION PURPOSE: PROGRAM SUPPORT | $10,000 |