2024-08-12T03:44:26-00:00 2023-09-30 150589832 SRC Inc 7502 Round Pond Road North Syracuse NY 13212 990 2022-10-01 150589832 SRC Inc SRCI 3154528000 7502 Round Pond Road North Syracuse NY 13212 Gwendolyn Sykes EVP Finance CFO 3154528000 2024-08-12 true true Robert O Young P00716597 3157207259 2024-08-12 2022 2024-08-08 14:25:15Z Gwendolyn Sykes 7502 Round Pond Road North Syracuse NY 13212 325237339 false X www.srcinc.com X 1957 NY SRC Inc. is a Scientific RD Company that provides innovative solutions to the U.S. Government and other selected markets through advances in science, technology, public involvement, leadership, and academic partnerships 9 6 1638 87268920 0 278829843 277115780 7779342 30806188 1184467 3543094 287793652 311465062 0 0 176068863 162562263 0 0 120617847 125828697 296686710 288390960 -8893058 23074102 358515578 402204660 106630337 115165887 251885241 287038773 Our Mission is to deliver innovative, advanced defense solutions and products that help keep America and our allies safe and strong through RD, services, and manufacturing - investing all our earnings into technology, employees, and communities. false false 240106926 277115780 Revenue and Expenses arising in connection with Scientific Research and Development services provided mainly to the Federal Government in the area of Defense, Environment, and Intelligence. 240106926 true false false true false false false false false false true false true true true true false true false true true false false false false false false false false true true false false false false false false false false true false false false false false true true true true false false true 147 0 true 1638 true true true false false false false false false false false false true false X 9 6 true false false false false false false true true false false true true true true true true true true false CA NY OR X Gwendolyn Sykes 3158834649 7502 Round Pond Road North Syracuse NY 13212 Kevin Hair President CEO 040.00 X X 2366729 0 239373 James F Holland Executive VP, Enterprise Services 040.00 X 1173979 0 98151 Joseph T Lauko Chief Operating Officer 040.00 X 1068526 0 136429 Philip Fazio Former - Executive VP, Finance Chief Financial Officer 040.00 X 948270 0 103043 Mary L Snyder Executive VP, General Counsel 040.00 X 745835 0 101809 Gregory Polhamus Senior Principal Sowftware Engineer 040.00 X 632069 0 27054 Anthony O Stewart Former VP, Corporate Quality 040.00 X 0 554530 74064 Andrea V Masten Former - Senior VP, Defense Systems Solutions 040.00 X 550667 0 67775 Robert Alger Business Development Director 040.00 X 574806 0 33398 Stephen L Duning Senior VP, EWS 040.00 X 511667 0 63423 Kevin M Unger Senior VP International Operations 040.00 X 422991 0 60482 Susan J Gallagher Former - VP, Engineering 040.00 X 361613 0 54260 Matthew E Tryniski Senior VP Defense Systems Technologies 040.00 X 356406 0 48068 David T Bessey VP, Business Development 040.00 X 350170 0 47180 Asif Q Mossa AVP Business Development 040.00 X 345685 0 48068 Yuan Kong VP, Corporate Quality 040.00 X 322053 0 50275 Julianne F Ramsey AVP ITSS 040.00 X 335155 0 30736 Richard Cecconi Senior Business Area Manager 040.00 X 340274 0 25222 Joseph Corasanti Chairperson 001.00 X 200000 0 0 Joan A Dempsey Vice Chairperson 001.00 X 180000 0 0 Anthony Mitchell Trustee 001.00 001.00 X 160000 12000 0 Thomas Triscari Trustee 001.00 X 160000 0 0 Donald Kerrick Trustee 001.00 X 160000 0 0 Kimberly A Boynton Trustee 001.00 X 160000 0 0 Deborah G Oliver Trustee 001.00 X 160000 0 0 Rajeev Bhalla Trustee 001.00 X 160000 0 0 Gwendolyn Sykes Executive VP, Finance Chief Financial Officer 040.00 X 0 0 0 12746895 566530 1308810 562 true true false Visual Logic LLC 402 E 4th Street Waterloo IA 50703 Consulting Services 1642915 Shirley Coloney DBA Computer Supply 78 Rockwell Drive Hilton NY 14468 Computer/Electronic Retailer 1462206 Dell MKT LP PO Box 120001 Depot 0680 Dallas TX 753120680 Computer/Electronic Retailer 896905 Remotely Piloted Solutions LLC 14785 Preston Road STE 750 Dallas TX 75254 Consulting Services 549768 Deloitte Consulting LLP 30 Rockefeller Plaza New York NY 10112 Accounting/Consulting 474990 20 Defense Systems Solutions 541700 141992662 57833740 84158922 Electronic Warfare Services 541700 135123118 132034245 3088873 277115780 29686503 29686503 3516191 3516191 14891962 13772277 1119685 1119685 1119685 Miscellaneous Income 541700 26903 5778 21125 26903 311465062 189873763 87268920 34322379 0 0 0 0 11299075 11299075 0 95388332 79732834 15655498 12550076 10040061 2510015 33841733 28167228 5674505 9483047 7586438 1896609 0 109124 109124 342655 342655 267659 267659 294183 294183 2944450 890412 2054038 614003 410650 203353 1744428 1456450 287978 3084832 2592959 491873 0 5303866 4458170 845696 3386992 3040615 346377 0 884001 381084 502917 1784488 1784488 0 6414079 5271147 1142932 673208 449957 223251 Materials, Deferred Costs and Freight 11633139 11633139 Subcontractors 72795645 72748105 47540 Repair Maintenance 1771435 1488982 282453 Charitable Contributions 545710 545710 11234800 9758695 1476105 288390960 240106926 48284034 0 4321 4343 25033161 27866569 67063795 54449109 2698850 1167241 5188743 7052421 137319256 72075331 68482067 65243925 148500379 159189293 36173770 38479590 5370492 48752169 358515578 402204660 41482926 24992175 8515000 7787692 32834264 12417066 23798147 69968954 106630337 115165887 X 251885241 287038773 251885241 287038773 358515578 402204660 23074102 12079430 X false true X true true true X 178961119 156627730 124474603 126758975 113612059 700434486 52960393 84372569 64040134 57788784 76255926 335417806 231921512 241000299 188514737 184547759 189867985 1035852292 1035852292 9442209 12359941 36602331 9956075 33202694 101563250 0 9442209 12359941 36602331 9956075 33202694 101563250 0 742 7200 12733 45 5778 26498 241364463 253367440 225129801 194503879 223076457 1137442040 0.91070 0.91490 0.08930 0.08510 X Part III Section B Line 12 Column a 2018 - Other revenue consists of miscellaneous income of 742 Part III Section B Line 12 Column b 2019 - Other revenue consists of miscellaneous income of 7,200. Part III Section B Line 12 Column c 2020 - Other revenue consists of miscellaneous income of 12,733. Part III Section B Line 12 Column d 2021 - Other revenue consists of miscellaneous income of 45. Part III Section B Line 12 Column e 2022 - Other Revenue consists of miscellaneous income of 5,778. false true false false false false true 267659 false false 267659 false false II-B 1b,g Throughout the year, a few members of SRC, Inc.s staff may have direct contact with legislators, their staff, or other Government officials relating to our primary Department of Defense systems. SRC, Inc. also contracts with outside consultants that lobby on behalf of our primary programs. The total costs incurred in the current fiscal year were 267,659. false 1663090 1663090 52844905 20100369 32744536 8031446 3438159 4593287 60441682 38808241 21633441 14338133 9728562 4609571 65243925 Financial derivatives and other financial products Closely-held equity interests Tax Deferred Section 457 Plan Assets 1441716 F Investment in Subsidiary 17267808 F Investment in Subsidiary 8099939 F Investment in Subsidiary 11670127 F 38479590 Operating Lease - Right to use asset 45197989 Deferred Contract Costs 1716170 Travel Suspense Advances 136532 Contract Deposits 125047 Cash Surrender Value - Life Insurance 179387 Deferred Financing Costs -9897 Security Deposits 44847 Business Deposits 640528 Capitalized Software Costs 230173 Other Receivable 432922 Deferred Income Taxes Prepaid Computer Equipment 58471 48752169 120053 Federal income taxes 120053 Operating Lease Liability 47973281 Employee Benefits Withheld Accrued 1695950 Tax Deferred Section 457 Plan Liability 1441716 Billings in Excess of Costs 6296664 PTO Accrual 9994468 Other Post Employment Benefits 1206637 Deferred Leasehold Improvements 1240185 Deferred Payroll Taxes 69968954 X 323099415 12079430 -445077 11634353 311465062 311465062 287945883 287945883 445077 445077 288390960 X 2 The provisions of ASC 740, Income Taxes, provide recognition criteria and related measurement model for tax positions taken by the Company. In accordance with ASC 740, a tax position is a position in a previously filed tax return or a position expected to be taken in a future tax filing that is reflected in measuring current or deferred income tax assets and liabilities. Tax positions are recognized only when it is more likely than not likelihood of greater than 50, based on technical merits, that the position would be sustained upon examination. Tax positions that meet the more-likely-than-not threshold are measured using a probability-weighted approach as the largest amount of the tax benefit that is greater than 50 likely of being realized upon settlement. No liability for uncertain tax positions was recorded by the Company as of September 30, 2023, or 2022. XI 2d Miscellaneous expense items reported as expense on Form 990 445,077. XII 4b Miscellaneous expense items reported as expense on Form 990 445,077. Europe Including Iceland and Greenland 32 Program Services U.S. Government Contract Support Conferences 639657 Middle East and North Africa 14 Program Services U.S. Government Contract Support Conferences 522140 North America 7 Program Services U.S. Government Contract Support Conferences 30423 South America 1 Program Services U.S. Government Contract Support Conferences 21946 East Asia and the Pacific 17 Program Services U.S. Government Contract Support Conferences 521216 South Asia 1 Program Services U.S. Government Contract Support Conferences 3475 Sub-Saharan Africa 1 Program Services U.S. Government Contract Support Conferences 10949 73 73 1749806 1749806 false false false false false false Part I Line 3 SRC, Inc. does not maintain any offices in any foreign Countries. The activities disclosed in Part I, Line 3 represent costs associated with various employee travel to the identified regions. The primary activities conducted on these trips is to provide contract support as required by the U.S. Government and other customers. Additional activities include project planning, business development and attending industry conferences. X X X X true true X X X X X true true false true true true true false false Joseph Corasanti Chairperson 200000 200000 Joan A Dempsey Vice Chairperson 180000 180000 Thomas Triscari Trustee 160000 160000 Donald Kerrick Trustee 160000 160000 Kimberly A Boynton Trustee 160000 160000 Anthony Mitchell Trustee 160000 12000 160000 12000 Deborah G Oliver Trustee 160000 160000 Rajeev Bhalla Trustee 160000 160000 Kevin Hair President CEO 775000 1503877 87851 228200 11174 2606102 55585 Joseph T Lauko Chief Operating Officer 402180 624291 42055 103561 32868 1204955 28885 Philip Fazio Former - Executive VP, Finance Chief Financial Officer 405220 501523 41527 91052 11990 1051312 35772 James F Holland Executive VP, Enterprise Services 359720 449647 364612 81878 16272 1272129 262275 Mary L Snyder Executive VP, General Counsel 331430 410599 3806 75359 26450 847644 Stephen L Duning Senior VP, EWS 319020 188765 3882 51432 11990 575089 Andrea V Masten Former - Senior VP, Defense Systems Solutions 336330 210605 3733 55238 12537 618443 David T Bessey VP, Business Development 260445 86161 3564 35234 11946 397350 Susan J Gallagher Former - VP, Engineering 271918 87174 2522 36745 17515 415874 Kevin M Unger Senior VP International Operations 315666 106515 810 43052 17430 483473 Yuan Kong VP, Corporate Quality 248380 72872 801 32707 17568 372328 Anthony O Stewart Former VP, Corporate Quality 329029 191399 34102 52874 21191 628595 Asif Q Mossa AVP Business Development 285073 58290 2322 30500 17568 393753 Matthew E Tryniski Senior VP Defense Systems Technologies 280423 72418 3564 30500 17568 404473 Julianne F Ramsey AVP ITSS 260890 68836 5429 30500 236 365891 Gregory Polhamus Senior Principal Sowftware Engineer 208784 84815 338471 26944 110 659124 Robert Alger Business Development Director 188882 73581 312344 23406 9992 608205 Richard Cecconi Senior Business Area Manager 132066 38827 169380 15230 9992 365495 Part I Line 1a The Company may Charter a plane for a trip that requires a group of employees to travel to a specific location. An officer, key employee, or one of the five highest paid employees could be part of that group. A Charter will only be booked if it results in lower costs than a commercial flight at standard coach fares for all in the group. Officers, key employees, and the five highest paid employees may fly first class if and if a free upgrade is used, no coach or business class accommodations are reasonably available, there is a documented medical need, or the person is traveling on an excessively long foreign trip. Part I Line 1a The Company may provide travel for companions for required Company related functions. The cost of such travel is included in the officer, key employee, or five highest paid employees compensation. Part I Line 1a The Company provides certain taxable fringe benefits that are grossed-up for payroll reporting. The full value of these benefits has been included in the officer, key employee, or five highest paid employees compensation. Part I Line 1a The Company has a fitness reimbursement policy that allows all employees of SRC to receive a reimbursement of health fees up to 250 per year. The full value of these benefits has been included in the officer, key employee, or five highest paid employees compensation. Part I Line 4a On September 7, 2022, the Company announced a voluntary separation program VSP. The VSP is an opportunity for employees to voluntarily separate from the Company while receiving certain severance to which they may not have otherwise been entitled. The goal of the VSP is to reduce indirect expenses. Employees were required to apply to participate in the VSP by September 21, 2022, and were notified of acceptance or denial of participation in the VSP by September 30, 2022. Most accepted applicants employment ended on October 28, 2022, with payouts of severance benefits 60 days after employment has ended. As part of that program Gregory Polhamus, Robert Alger, and Richard Cecconi all received severance benefits. All severance payments are disclosed on Form 990 Part VII and Schedule J, Part II. Part I Line 4b The Company provides a funded Section 457f nonqualified restoration plan that allows for participation by board-approved senior management. The Company contributes 10 of annual compensation above the IRS compensation limits each year. Plan contributions are held in investment funds with a local investment Bank. The plan assets are owned by the Company until the participant has reached the selected vesting date. The Company made contributions of approximately 226,000 to the plan in calendar year 2022. Part I Line 5a The Company provides various incentive compensation plans of which all the officers, key employees, and some of the five highest paid compensated employees participate in. The incentive compensation plans are a balance score card approach of which one of the metrics of the calculation is based on revenues. Part I Line 5b SRCTec, LLC a related Company to SRC, Inc. provides various incentive compensation plans of which Anthony Stewart a Former SRC key employee participates in after transferring to SRCTec, LLC in July 2020. The incentive compensation plans are a balance score card approach of which one of the metrics of the calculation is based on revenues. Part I Line 6a The Company provides various incentive compensation plans of which all the officers, key employees, and some of the five highest paid compensated employees participate in. The incentive compensation plans are a balance score card approach of which one of the metrics of the calculation is based on net earnings. Part I Line 6b SRCTec, LLC a related Company to SRC, Inc. provides various incentive compensation plans of which Anthony Stewart a Former SRC key employee participates in after transferring to SRCTec, LLC in July 2020. The incentive compensation plans are a balance score card approach of which one of the metrics of the calculation is based on earnings. A Onondaga County Industrial Development Agency 161093714 682747GM6 2005-12-14 17835000 Acquire property, construct and equip new facility false false false A 17835000 610220 17224780 false false true true A false false false false 0.02350 0.02350 true false A false false true false true false false false false A false Part I Line A 2005 Series Onondaga County Industrial Development Agency Variable Rate Demand Civic Facility Revenue Bonds. Revenue Bonds, payable quarterly, commencing December 1, 2007, through December 2031, of principal plus interest, at a variable rate determined on a weekly basis using SIFMA index 3.98 on September 30, 2023 plus 0.05. The obligation is collateralized by a letter of credit in the amount of 8,038,000. The letter of credit expires, if not renewed, on December 14, 2024. Alexander Masten Family Member of Key Employee 21022 See Part V false Part IV Line 1 A family member of Andrea V. Masten, a Key Employee of SRC, Inc. serves as an employee of the organization and received compensation during the year. Total compensation paid to Andreas son was 21,022 in the current fiscal year. Form 990, Part VI, Section A, Line 2 Business Relationships between Officers, Directors, Trustees, and Key Employees Philip Fazio, Former Executive Vice President, Finance and Chief Financial Officer of SRC, Inc. and Thomas Triscari, Trustee of SRC, Inc.s Board of Trustees are current members of NYSTECs Board of Trustees. Form 990, Part VI, Section A, Line 2 Business Relationships between Officers, Trustees, and Key Employees Anthony K. Mitchell Trustee of SRC, Incs Board of Trustees Gwendolyn Sykes an Officer of SRC, Inc. Kevin Unger, Key Employee of SRC, Inc. and Joseph Lauko an Officer of SRC, Inc. are current members of SRC International, Inc. Board of Directors or an Officer of the Company. Form 990, Part VI, Section B, Line 1b Process used to review Form 990 The Form 990 of SRC, Inc. is prepared by the Finance staff and provided to senior management for review prior to filing. The Form 990 is also reviewed by the Audit Committee of the SRC Board of Trustees prior to filing. All questions and comments by senior management and the Board of Trustees were addressed prior to filing. Form 990, Part VI, Section B, Line 12c Written Conflict of Interest Policy Conflict of Interest disclosure statements are completed by all members of the Board of Trustees, Officers, and Key Employees of SRC, Inc. Once the disclosure statements have been collected, the statements are reviewed by members of the legal office. All reported potential conflicts of interest are evaluated and discussed among the parties. Board of Trustee members, Officers, and Key Employees are required to disclose a conflict of interest and rescue themselves from voting on or otherwise discharging their duties with respect to any matter involving the conflict which comes before the Board or prior to entering any contract or transaction involving the conflict. Form 990, Part VI, Section B, Line 15a 15b Process for Determining Compensation The Compensation for all Officers of SRC, Inc. is recommended by the Personnel and Compensation Committee of the Board and approved by the Board of Trustees. The Personnel and Compensation Committee members are all outside Board of Trustee members. Annually, Human Resources is responsible for providing to the Personnel and Compensation Committee and the Board of Trustees a compensation study which is conducted by an independent third party. The compensation study that is obtained from the independent compensation consultant provides a reasonableness opinion, advice on the current Officers compensation, and a comparability study which is used to aid in determining the Key employees salaries. Form 990, Part VI, Section B, Line 16b Joint Venture Policy SRC, Inc. has adopted a written policy requiring the organization to evaluate all potential participation in Joint Venture arrangements under applicable federal tax law and has procedures in place to safeguard the organizations exempt status with respect to potential arrangements. SRC, Inc. did not invest in, contribute assets to or participate in a Joint Venture or similar arrangement with any entity during the current year. Form 990, Part VI, Section C, Line 19 Public Inspection of Form 990 and Governing Documents SRC, Inc. makes its Form 1023 and Form 990 available for public inspection upon request. SRC, Incs Governing documents, conflict of interest policy, and audited financial statements are not routinely made available to the general public. Syracuse Research LLC 7502 Round Pond Road North Syracuse NY 13212 300560841 Holding Company NY SRC Inc SRCTec LLC 5801 East Taft Road North Syracuse NY 13212 472818916 Manufacturing NY SRC Ventures Inc SRC International Inc 7502 Round Pond Road North Syracuse NY 13212 811355443 Type 1 Supporting Organization NY 501c3 509a3 SRC Inc true SRC Ventures Inc 7502 Round Pond Road North Syracuse NY 13212 800946320 Holding Company NY SRC Inc C Corp -267476 140810700 1.00000 true true true false true false true false true false true false true true true true true true false false SRCTec LLC a 3516191 Book Value SRC Ventures Inc b 250000 Book Value SRC International Inc b 1649371 Book Value SRCTec LLC j 2127755 Book Value SRCTec LLC l 76088183 Book Value SRC Ventures Inc l 27100 Book Value SRC International Inc l 11872 Book Value SRC AUS PTY LTD l 24866553 Book Value SRC UK LTD l 48393 Book Value SRCTec LLC m 33875384 Book Value SRCTec LLC p 3029759 Book Value SRC Ventures Inc p 5336 Book Value SRC International Inc p 12550 Book Value SRC AUS PTY LTD p 179020 Book Value SRC CAN LTD p 25208 Book Value SRC UK LTD p 70694 Book Value SRCTec LLC q 311058 Book Value All Affiliates n Book Value All Affiliates o Book Value SRCTec LLC h 171451 Book Value SRC CAN LTD d 100000 Book Value SRC Ventures Inc f 25000000 Book Value Part V Line 1b In the current year SRC, Inc. transferred cash to SRC Ventures, Inc. in support of funding the ongoing operations of the Company and affiliates. Part V Line 1b In the current year SRC, Inc. transferred cash to SRC International, Inc. in support of funding the ongoing operations of the Company and affiliates. Part V Line 1d In the current year SRC, Inc. loaned cash to SRC CAN LTD in support the ongoing operations of the Company. Part V Line 1g When business needs arise, the Companies may transfer/sell assets to each other. All transfers/sales are done at net-book-value. Part V Line 1h When business needs arise, the Companies may transfer/sell assets to each other. All transfers are done at net-book-value. Part V Line 1n SRCTec, LLC provides office space for certain support services that are provided by SRC, Inc. employees. There was no charge between Companies for the use of this office space in the current year. Part V Line 1o Certain SRC, Inc. employees are Officers and/or Board of Director members of the Subsidiaries and Affiliates of SRC, Inc. No compensation is charged for these services.