Financial Reports
Griffiss Institute Economic Impact Report 2024: As a steward of national security innovation and regional economic growth, the Griffiss Institute is committed to demonstrating the measurable value our work delivers to the Mohawk Valley, New York State, and the nation. Economic impact reports provide a data-driven assessment of how an organization contributes to its surrounding economy, capturing not only the direct outcomes of jobs supported, revenue generated, and programs delivered, but also the broader ripple effects created through local spending, supplier engagement, workforce development, and new business activity.
This year’s analysis is strengthened through the contributions of student researchers from Hamilton College’s Arthur Levitt Public Affairs Center, whose rigorous approach and commitment to public-interest inquiry helped illuminate the full scope of Griffiss Institute’s economic influence. Their work, alongside Griffiss Institute, reflects the very pipeline of emerging talent we strive to cultivate, young leaders advancing skills, insights, and innovation for the benefit of our region and nation.
This report offers stakeholders, policymakers, and investors a clear understanding of Griffiss Institute’s role as an economic catalyst, illuminating how our mission, partnerships, and programs translate into tangible benefits for the communities we serve and the national security enterprise we support.
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About the GI
Strategic Plan: Griffiss Institute’s Strategic Plan serves as the roadmap for advancing our mission and shaping the future of innovation, talent development, and national security. It establishes the long-term priorities, goals, and investments that guide our organization and ensure we remain responsive to emerging challenges and opportunities.Â
Grounded in our vision of American Innovation to Secure the Nation, the Strategic Plan aligns organizational resources, partnerships, and initiatives to maximize impact across the innovation ecosystem. It provides a framework for decision-making, accountability, and sustainable growth while reinforcing our commitment to developing the workforce, technologies, and ventures that strengthen America’s competitive advantage.Â
Through transparent planning and measurable outcomes, the Strategic Plan ensures Griffiss Institute remains focused on creating lasting value for our partners, stakeholders, and the communities we serve.
Operating Plan (2025): Griffiss Institute’s Operating Plan translates strategic priorities into action. While Blueprint 2030 establishes our long-term direction, the annual Operating Plan defines the initiatives, milestones, and performance measures that drive progress throughout the year.Â
The plan aligns organizational resources, budgets, and team efforts around clearly defined objectives, ensuring accountability and measurable outcomes across the enterprise. Through disciplined execution and continuous performance monitoring, the Operating Plan serves as the framework for advancing mission impact, strengthening organizational effectiveness, and achieving the goals outlined in our strategic roadmap.Â
By connecting daily operations to long-term strategy, the Operating Plan helps ensure that every initiative contributes to our vision of advancing innovation, developing talent, and strengthening national security.Â
IRS Determination Letter (501(c)(3)): Griffiss Institute is recognized by the Internal Revenue Service as a tax-exempt nonprofit organization under Section 501(c)(3) of the Internal Revenue Code. This designation confirms GI’s charitable status, exemption from federal income tax, and eligibility to receive tax-deductible contributions in support of its mission.Â
The IRS Determination Letter serves as official documentation of our nonprofit status and commitment to operating for the public benefit.
Certificate of Incorporation: This document serves as the official record of Griffiss Institute’s formation as a nonprofit corporation in the State of New York. It establishes the organization’s legal existence, charitable purpose, and governing framework, providing the foundation for its operations and mission.Â
As one of GI’s core governance documents, the Certificate of Incorporation reflects our commitment to transparency, accountability, and long-term stewardship.Â
Financial Reports
Financial Posture Statement: Griffiss Institute maintains the highest standards of fiscal integrity, accountability, and stewardship. Through disciplined financial management, strong internal controls, and transparent reporting, we ensure that every resource entrusted to us is managed responsibly and aligned with mission impact.
Our financial strength reflects this commitment. In 2025, 87% of expenditures directly supported program services, demonstrating our focus on advancing innovation, workforce development, and national security initiatives. GI has also received clean, unmodified opinions from independent external auditors for 23 consecutive years and achieved 31% growth in net assets over the past five years. 
Responsible stewardship enables us to earn the trust of our partners, donors, and stakeholders while strengthening our ability to deliver lasting value through American innovation that secures the nation.
Form 990 (2024): The Form 990 provides a detailed view of Griffiss Institute’s financial position, governance structure, leadership compensation, and mission-related activities for the fiscal year. As a public document, it serves as an important tool for transparency and accountability, offering stakeholders insight into how the organization manages resources and advances its mission.Â
The publication of our Form 990 reflects our commitment to responsible stewardship, sound governance, and maintaining the trust of our partners, donors, and community.Â
Audited Financial Statements (Last 5 Years): An audited financial statement for a nonprofit is a comprehensive report that provides a detailed overview of the organization’s financial activities and status, verified by an independent auditor. This document is crucial for maintaining transparency and accountability, especially for stakeholders such as donors, grantors, and regulatory bodies. It typically includes several key components. The Independent Auditor’s Report contains the auditor’s opinion on whether the financial statements are presented fairly in accordance with generally accepted accounting principles (GAAP), assessing the accuracy and completeness of the organization’s financial records.
Coming Soon!
Single Audit (2024): The Single Audit is an independent review of Griffiss Institute’s financial statements, internal controls, and compliance with federal award requirements. The audit provides assurance that federally funded programs are administered in accordance with applicable regulations and that resources are managed responsibly.Â
As a trusted partner to government, industry, and academia, GI is committed to maintaining the highest standards of fiscal accountability, transparency, and stewardship. The Single Audit reflects that commitment and reinforces confidence in our management of public funds.Â
IRS Form 990 Required for Tax-Exempt Organizations (Last 5 Years): IRS Form 990 is a crucial document that tax-exempt organizations in the United States must file annually with the Internal Revenue Service (IRS). This form provides the IRS and the public with essential information about the organization’s mission, programs, and finances, ensuring transparency and accountability.
Coming Soon!
