Undersea Technology Innovation Center
- Assets
- $3.4m
- Revenue
- $1.0m
- Investments
- $0.0
- Employees
- 2
- Location
- Middletown, RI
- Founding
- 11/2016
- Data as of
- 12/2023
- EIN
- 81-4151205
Organization Overview
Undersea Technology Innovation Center is located in Middletown, RI. The organization was established in 2016. According to its NTEE Classification (U42) the organization is classified as: Engineering, under the broad grouping of Science & Technology and related organizations. As of 12/2023, Undersea Technology Innovation Center employed 2 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Undersea Technology Innovation Center 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, Undersea Technology Innovation Center generated $1.0m in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 51.6% each year . All expenses for the organization totaled $585.9k during the year ending 12/2023. While expenses have increased by 40.4% per year over the past 7 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.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2023
Describe the Organization's Mission:
Part 3 - Line 1
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.
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROTOTYPE DEVELOPMENT FOR THE DEPARTMENT OF DEFENSE. SUPPORTING THE DEPARTMENT OF NAVY OTHER TRANSACTION AGREEMENT FOR UNDERSEA TECHNOLOGY, UTIC MANAGES THE CONSORTIUM OF NONTRADITIONAL, NONPROFIT, ACADEMIC, AND BUSINESS ORGANIZATIONS TO ALLOW THE GOVERNMENT STREAMLINED ACCESS TO INNOVATIVE TECHNOLOGIES IN SUPPORT OF NATIONAL SECURITY.
UTICS SCHOLARSHIP PROGRAM IS PART OF AN ONGOING EFFORT TO PROMOTE WORKFORCE DEVELOPMENT AND EDUCATION IN UNDERSEA TECHNOLOGY. SCHOLARSHIPS ARE AWARDED TO STUDENTS PURSUING AN UNDERGRADUATE AND/OR GRADUATE DEGREE IN STEM-RELATED FIELDS (SUCH AS ENGINEERING, COMPUTER SCIENCE, CYBERSECURITY, INFORMATION TECHNOLOGY, MATHEMATICS, ETC.) WITH A FOCUS ON UNDERSEA TECHNOLOGY.
UTICS 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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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Molly Donohue Magee Executive Director | Officer | 33.37 | $184,888 |
Brian Mckeon Director | Trustee | 1 | $0 |
Don Mccormack Director | Trustee | 1 | $0 |
Ryan Smee Director | Trustee | 1 | $0 |
Mike Connor Director | Trustee | 1 | $0 |
Timothy Delgiudice Director | Trustee | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Senedia Management Service | 12/30/21 | $126,364 |
Ati Contract Mgmt | 12/30/21 | $102,771 |
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 | $961,505 |
| Investment income | $49,368 |
| 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 | $1,010,873 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $30,000 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $192,827 |
| Compensation of current officers, directors, key employees. | $11,604 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $13,556 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $13,793 |
| Fees for services: Management | $199,520 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $4,925 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $3,887 |
| Office expenses | $218 |
| Information technology | $33,580 |
| Royalties | $0 |
| Occupancy | $17,010 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $34,483 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $982 |
| All other expenses | $143 |
| Total functional expenses | $585,924 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,795,109 |
| Savings and temporary cash investments | $1,502,681 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| 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 | $243 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $104,457 |
| Total assets | $3,402,490 |
| Accounts payable and accrued expenses | $57,961 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| 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 | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $34,153 |
| Total liabilities | $92,114 |
| Net assets without donor restrictions | $3,310,376 |
| 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 | $3,402,490 |