2020-08-14T11:02:25-00:00 2019-09-30 SRC Inc 7502 Round Pond Road North Syracuse NY 13212 990 2018-10-01 150589832 SRC Inc SRCI 3154528000 7502 Round Pond Road North Syracuse NY 13212 Philip Fazio EVP Finance CFO 2020-08-13 false Robert Young 3154528035 2020-08-13 74.106.8.242 2020-08-14 14:24:17 ED P CCF0AD2317073C4C1B441BD2BADA0C11930DB2A2 CCF0AD2317073C4C1B441BD2BADA0C11930DB2A2 2018 2020-09-23 17:36:50Z Philip Fazio 7502 Round Pond Road North Syracuse NY 13212 280312129 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 11 7 1269 48511483 0 238874386 280432995 23205063 4352441 -21974072 -4861910 240105377 279923526 0 0 135883355 162790634 0 0 112789500 132972984 248672855 295763618 -8567478 -15840092 360624074 358411698 51650695 65278411 308973379 293133287 Our Mission is to help keep America and its Allies safe and strong by protecting its people, the environment, and our way of life. false false 251890717 280432995 Expenses arising in connection with Scientific Research and Development services provided mainly to the Federal Government in the area of Defense, Environment, and Intelligence. 251890717 true false false true false false false false false false true false true false true true false true false true true false false false false false false false false true true false false false false false false false true true true false false false false true true true true false false true 195 0 true 1269 true true true false false false false false false false false false true false X 11 7 true false false false false false false true true false false true true true true true true true true false CA NY X Philip Fazio 3154528811 7502 Round Pond Road North Syracuse NY 13212 Thomas Triscari Trustee 001.00 001.00 X 47750 38000 0 Donald Kerrick Chairperson 001.00 X 68000 0 0 Joseph Corasanti Vice Chairperson 001.00 001.00 X 43583 12000 0 Lawrence Sala Trustee 001.00 X 47250 0 0 Joan A Dempsey Trustee 001.00 X 47250 0 0 Kimberly A Boynton Trustee 001.00 X 43417 0 0 Frank Saus Trustee 001.00 X 41750 0 0 Allen Naples Trustee 001.00 X 41250 0 0 Anthony Mitchell Trustee 001.00 X 0 0 0 Deborah G Oliver Trustee 001.00 X 0 0 0 Erin R Moseley Trustee 001.00 X 0 0 0 Paul G Tremont President CEO 040.00 X X 1565316 0 130860 Philip Fazio Executive VP Finance, Chief Financial Officer 040.00 X 694434 0 76968 Kevin Hair President Chief Operating Officer 040.00 X 597002 0 63739 James F Holland EVP Enterprise Svcs Solutions 040.00 X 507221 0 68385 Mary L Snyder Executive Vice President, General Counsel 040.00 X 390777 0 55302 Joseph T Lauko Senior VP EW 040.00 X 530103 0 70518 James L Daniels VP International Business 040.00 X 400214 0 50524 Andrea V Masten VP Business Development 040.00 X 354950 0 50017 Anthony O Stewart VP Corporate Quality 040.00 X 322991 0 47865 Ronald G Hayward SR VP Radars Sensors 040.00 X 306314 0 30788 David T Bessey VP Business Development 040.00 X 286682 0 37733 Susan J Gallagher VP Engineering 040.00 X 0 0 0 Drew A James Former Senior VP Radar Sensors 040.00 X X 598248 0 18937 David C Lyons Former VP Technical Services 040.00 X X 335241 0 38605 David L Sprague AVP Contracts 040.00 X X 284442 0 37767 Matthew E Tryniski AVP, CUAS ISR 040.00 X 328257 0 42510 James R Periard AVP Business Development 040.00 X 319931 0 37211 Stephen L Duning SR VP EWS 040.00 X 311568 0 42510 John F LoSecco AVP Business Development 040.00 X 321522 0 28413 William O Jacobs Lead Sensitive Activity Integrator 040.00 X 312788 0 31422 9148251 50000 960074 420 true true true Shirley Coloney DBA Computer Supply 78 Rockwell Drive Hilton NY 14468 Computer/Electronic Retailer 1333551 Surmotech LLC 7676 Netlink Drive Victor NY 14564 Material Supplier 1141890 CBD Construction LLC 100 Madison St Suite 1200 Syracuse NY 13202 Construction 507907 SAZE Technologies LLC 1915 Napa Drive Canton MI 48187 Software Design / RD 473211 CDW Computer Center Inc PO Box 75723 Chicago IL 606755723 Computer/Electronic Retailer 356869 24 X Electronic Warfare 541700 152898586 149431082 3467504 Radar Sensors 541700 107837605 62831089 45006516 Technical Services 541700 19696804 19674218 22586 280432995 4741044 4741044 4701165 4701165 388603 -388603 -388603 -388603 Miscellaneous Income 541700 15619 742 14877 -9563075 279923526 231937131 48511483 -525088 0 0 0 0 7153861 7153861 0 104617427 87131823 17485604 11915794 9532635 2383159 30004656 24628028 5376628 9098896 7279117 1819779 0 273227 111241 161986 723114 723114 231185 231185 0 3269167 1762645 1506522 1765913 1216665 549248 1768109 1422214 345895 3363205 2763808 599397 0 3686072 3029133 656939 5281203 4647926 633277 0 1473133 752601 720532 205616 205616 0 4730444 3784997 945447 566782 362927 203855 Materials, Deferred Costs and Freight 8220971 8220971 Subcontractors 82299334 82299334 Repair Maintenance 1353197 1112028 241169 Income / Property Taxes 114226 106113 8113 13648086 11726511 1921575 295763618 251890717 43872901 0 3250 2800 35323270 25402204 43458824 60204066 1117597 707289 2459540 3903144 109584451 59962548 40696680 49621903 194302832 180624594 32632158 31146300 10629923 6799398 360624074 358411698 21772317 27516598 12825500 11721000 17052878 26040813 51650695 65278411 X 308973379 293133287 308973379 293133287 360624074 358411698 -15840092 X false true X true true true X 0 0.00000 80432082 79996301 87917376 122807935 178961119 550114813 42214972 58115779 46065860 53985464 52960393 253342468 122647054 138112080 133983236 176793399 231921512 803457281 803457281 15830996 17116748 23757280 26754595 9442209 92901828 56084 350159 406243 15830996 17172832 24107439 26754595 9442209 93308071 0 2874 57 244 1015 742 4932 138480924 155284969 158090919 203549009 241364463 896770284 0.89590 0.87230 0.10400 0.12770 X Part III Section B Line 12 Column a 2014 - Other revenue consists of miscellaneous income of 2,874. Part III Section B Line 12 Column b 2015 - Other revenue consists of miscellaneous income of 57. Part III Section B Line 12 Column c 2016 - Other revenue consists of miscellaneous income of 244. Part III Section B Line 12 Column d 2017 - Other revenue consists of miscellaneous income of 1,015. Part III Section B Line 12 Column e 2018 - Other revenue consists of miscellaneous income of 742. false true false false false false true 231185 false false 231185 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 231,185. false 883215 883215 43585865 13667614 29918251 7890390 4717428 3172962 44725773 32367447 12358326 12499208 9210059 3289149 49621903 Financial derivatives and other financial products Closely-held equity interests Tax Deferred Section 457 Plan Assets 1409483 F Investment in Subsidiary 17267808 F Investment in Subsidiary 6406755 F Investment in Subsidiary 6062254 F 31146300 -9782 Federal income taxes -9782 Employee Benefits Withheld Accrued 864504 Tax Deferred Section 457 Plan Liability 1409483 Billings in Excess of Costs 8844451 PTO Accrual 8431751 Other Post Employment Benefits 1400406 NYS Grant Deferral 5100000 26040813 X 279995869 -316260 -316260 280312129 -388603 -388603 279923526 295835961 388603 388603 295447358 316260 316260 295763618 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, 2019 or 2018. XI 2d Miscellaneous expense items reported as expense on Form 990 316,260. XI 4b Loss on disposal of fixed assets 388,603. XII 2d Loss on disposal of fixed assets 388,603. XII 4b Miscellaneous expense items reported as expense on Form 990 316,260. East Asia and the Pacific 38 Program Services U.S. Government Contract Support Conferences 1311720 Europe Including Iceland and Greenland 44 Program Services U.S. Government Contract Support Conferences 941221 Middle East and North Africa 32 Program Services U.S. Government Contract Support Conferences 1489230 North America 19 Program Services U.S. Government Contract Support Conferences 103741 Russia and the Neighboring States 3 Program Services U.S. Government Contract Support Conferences 92071 South Asia 4 Program Services U.S. Government Contract Support Conferences 137302 140 140 4075285 4075285 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 false true false false false Paul G Tremont President CEO 571404 990348 3564 107975 22885 1696176 Philip Fazio Executive VP Finance, Chief Financial Officer 333932 356939 3564 56435 20532 771402 Kevin Hair President Chief Operating Officer 339600 253220 4182 59468 4271 660741 James F Holland EVP Enterprise Svcs Solutions 298632 203544 5045 51070 17316 575607 Mary L Snyder Executive Vice President, General Counsel 251322 138603 852 40291 15010 446078 Joseph T Lauko Senior VP EW 313332 213669 3102 53412 17106 600621 James L Daniels VP International Business 286857 109793 3564 40258 10267 450739 Andrea V Masten VP Business Development 256587 96041 2322 35649 14367 404966 Anthony O Stewart VP Corporate Quality 230772 90000 2219 33000 14865 370856 Ronald G Hayward SR VP Radars Sensors 158944 115688 31682 22835 7953 337102 David T Bessey VP Business Development 218243 66382 2057 27500 10233 324415 Drew A James Former Senior VP Radar Sensors 152998 33476 411774 18647 290 617185 David C Lyons Former VP Technical Services 254703 78216 2322 33572 5034 373847 David L Sprague AVP Contracts 223166 58055 3221 27500 10267 322209 Matthew E Tryniski AVP, CUAS ISR 248722 77221 2313 27500 15010 370766 James R Periard AVP Business Development 248370 69255 2307 27500 9711 357143 Stephen L Duning SR VP EWS 231727 78655 1186 27500 15010 354078 John F LoSecco AVP Business Development 242480 75557 3485 27500 913 349935 William O Jacobs Lead Sensitive Activity Integrator 132698 179477 614 22652 8770 344211 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 200 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 In June 2018 Drew James resigned from the Company. As part of his separation agreement, the Company paid Mr. James severance in the amount of 410,639. All amounts have been disclosed on Form 990 Part VII and Schedule J, Part II. Part I Line 4b The Company provides a Section 457f non-qualified deferred compensation plan to the officers. The plan is funded entirely by the Company and contributions are held in investment funds with a local investment bank. The Company has ownership of the plan assets until the participant has a distributable event. The Company made contributions of 239,396 to the plan in calendar year 2018. 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 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. 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 0.02150 0.02150 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 1.58 at September 30, 2019 plus 1.05. The obligation is collateralized by a letter of credit in the amount of 10,994,000. Allen J Naples Trustee 463116 See Part V false Lawrence A Sala Trustee 48673 See Part V false Philip Fazio Officer 97833 See Part V false Andrea V Masten Officer 71170 See Part V false Matthew E Tryniski Former Key Employee Current Five Highest Paid Employee 20810 See Part V false Part IV Line 1 Allen J. Naples, a member of the Board of Trustees, is the Regional President of MT Bank. SRC, Inc. uses MT Bank for their commercial banking needs. All transactions with MT Bank have occurred at arms length and are at fair market value. Mr. Naples recuses himself from any Board votes concerning MT Bank related transactions. Total fees paid to MT Bank were 463,116 for the current year. Part IV Line 2 Lawrence A. Sala, a member of the Board of Trustees, is an Officer of TTM, Inc. which sells components to SRC, Inc. Any transactions with TTM, Inc. have occurred at arms length and are at fair market value. Mr. Sala recuses himself from any Board votes concerning TTM, Inc. related transactions. Total purchases from TTM, Inc. were 48,673 for the current fiscal year. Part IV Line 3 A family member of Philip Fazio, an Officer of SRC, Inc. serves as an employee of the organization and received compensation during the year. Total compensation paid to Philips son was 97,833 in the current fiscal year. Part IV Line 4 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 71,170 in the current fiscal year. Part IV Line 5 A family member of Matthew E. Tryniski, a former Key Employee and current five-highest paid Employee of SRC, Inc. serves as an employee of the organization and received compensation during the year. Total compensation paid to Matthews niece was 20,810 in the current fiscal year. Form 990, Part VI, Section A, Line 2 Business Relationships between Officers, Directors, Trustees, and Key Employees Allen Naples, Trustee of SRC, Incs Board of Trustees Paul Tremont, Trustee and President and CEO of SRC, Inc., and Kimberly Boynton, Trustee of SRC, Inc.s Board of Trustees are current members of the Center State CEO Board of Trustees. Form 990, Part VI, Section A, Line 2 Business Relationships between Officers, Trustees, and Key Employees Thomas Triscari, Trustee of SRC, Incs Board of Trustees and Paul Tremont, Trustee and President and CEO of SRC, Inc. were members of the SRC Ventures, Inc. and SRC Commercial Holdings, Inc. Board of Trustees. Form 990, Part VI, Section A, Line 2 Business Relationships between Officers, Trustees, and Key Employees Kevin Hair an Officer of SRC, Inc. Joseph Corasanti, Vice Chairperson of SRC, Incs Board of Trustees Philip Fazio an Officer of SRC, Inc., and Joseph Lauko a Key Employee of SRC, Inc. are current members of SRC International, Inc. Board of Directors. Form 990, Part VI, Section B, Line 11b 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. Form 990, Part VIII, Line 11b In the current year, SRC Ventures, Inc. disposed of two wholly owned subsidiaries. Effective March 14, 2019 Acumen Detection, LLC was sold under an asset purchase agreement and subsequently legally dissolved. Effective April 24, 2019 The Board of SRC Commercial Holdings, Inc. voted to cease operations and legally dissolve. Syracuse Research LLC 7502 Round Pond Road North Syracuse NY 13212 300560841 Holding Company NY SRC Inc Acumen Detection LLC 7502 Round Pond Road North Syracuse NY 13212 463442483 Assay RD NY SRC Commercial Holdings Inc SRCTec LLC 5801 East Taft Road North Syracuse NY 13212 472818916 Manufacturing NY SRC Ventures Inc SAZE Technologies LLC 7502 Round Pond Road North Syracuse NY 13212 455442571 RD 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 7918241 136770600 1.00000 true SRC Commercial Holdings Inc 7502 Round Pond Road North Syracuse NY 13212 822844487 Holding Company NY SRC Ventures Inc C Corp 1.00000 true true true false true false true true true false true false true true true true true true false false SRCTec LLC a 4701165 Book Value SRC Ventures Inc b 7768857 Book Value SRC International Inc b 21400 Book Value SRC International Inc d 100000 Book Value SRC International Inc f 200000 Book Value SRCTec LLC g Book Value SRCTec LLC h Book Value SRCTec LLC j 1209520 Book Value Acumen Detection LLC j 82532 Book Value SRCTec LLC l 87080085 Book Value SRC Ventures Inc l 71382 Book Value Acumen Detection LLC l 32950 Book Value SAZE Technologies LLC l 754757 Book Value SRC International Inc l 4317 Book Value SRC AUS PTY LTD l 5708042 Book Value SRC CAN LTD l 29592 Book Value SRC UK LTD l 150593 Book Value SRC Commercial Holdings Inc l 13757 Book Value SRCTec LLC m 10207970 Book Value SRCTec LLC p 2711269 Book Value SRC Ventures Inc p 242789 Book Value SRC Commercial Holdings Inc p 1857 Book Value Acumen Detection LLC p 77921 Book Value SAZE Technologies LLC p 159030 Book Value SRC International Inc p 17083 Book Value SRC AUS PTY LTD p 54661 Book Value SRC CAN LTD p 16372 Book Value SRC UK LTD p 458377 Book Value SRCTec LLC q 670839 Book Value All Affiliates n Book Value All Affiliates o Book Value Part V Line 1b In the current year SRC, Inc. transferred cash to SRC Ventures, Inc. in support of funding the start-up 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 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. Part V Line 1d In the current year SRC, Inc. made a short-term loan of 100,000 to SRC International, Inc. to fund their short-term business operation needs.