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Nonprofiteer
← WASHINGTON STATE UNIVERSITY FOUNDATION

Form 990 for tax year 2023

Filed by WASHINGTON STATE UNIVERSITY FOUNDATION.

Totals

Total revenue
$111,558,149
Total expenses
$107,425,945
Contributions and grants received
$77,762,096
Grants paid
$77,306,212
Program service revenue
$15,541,754
Investment income
$18,254,299
Other revenue
$0
Total assets, end of year
$777,233,513
Total liabilities, end of year
$15,979,967
Net assets or fund balances, end of year
$761,253,546
Program services expenses (Part IX)
$77,565,913
Management and general expenses
$20,872,444
Fundraising expenses
$8,987,588
Program service expenses (Part III)
$77,565,913

Program services were 72.2% of total expenses calculated — Part IX's program-services column over total expenses, both as filed.

Line items

Every line the filer filed in Parts VIII, IX and X, as filed and in filed order. Blank columns are left out, and the lines are not forced to add up to the totals above.

Revenue

Part VIII, the statement of revenue.

  • 1a · Federated campaigns

    $0

  • 1b · Membership dues

    $0

  • 1c · Fundraising events

    $0

  • 1d · Related organizations

    $0

  • 1e · Government grants (contributions)

    $0

  • 1f · All other contributions, gifts and grants

    $77,762,096

  • 1g · Noncash contributions included above

    $10,836,830

  • 2a · Program service revenue: Management and advancement fee

    total $9,825,569 · related or exempt $9,825,569 · unrelated business $0 · excluded $0

  • 2b · Program service revenue: Program support

    total $5,716,185 · related or exempt $5,716,185 · unrelated business $0 · excluded $0

  • 2f · All other program service revenue

    total $0 · related or exempt $0 · unrelated business $0 · excluded $0

  • 3 · Investment income

    total $5,745,966 · related or exempt $0 · unrelated business -$364,260 · excluded $6,110,226

  • 4 · Income from investment of tax-exempt bond proceeds

    total $0 · related or exempt $0 · unrelated business $0 · excluded $0

  • 5 · Royalties

    total $0 · related or exempt $0 · unrelated business $0 · excluded $0

  • 6c · Rental income or loss

    real property $0 · personal property $0

  • 7a · Gross sales of assets other than inventory

    securities $222,137,187 · other assets $0

  • 7b · Less cost or other basis and sales expenses

    securities $209,628,854 · other assets $0

  • 7c · Gain or loss

    securities $12,508,333 · other assets $0

  • 7d · Net gain or loss

    total $12,508,333 · related or exempt $0 · unrelated business $0 · excluded $12,508,333

  • 8a · Fundraising events: contributions included on line 1c

    $0

  • 11e · Other revenue, total

    $0

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $77,306,212 · program services $77,306,212

  • 2 · Grants to domestic individuals

    total $0 · program services $0

  • 3 · Grants to foreign organizations and individuals

    total $0 · program services $0

  • 4 · Benefits paid to or for members

    total $0 · program services $0

  • 5 · Compensation of officers, directors and key employees

    total $2,150,322 · program services $0 · management and general $1,452,758 · fundraising $697,564

  • 6 · Compensation of disqualified persons

    total $0 · program services $0 · management and general $0 · fundraising $0

  • 7 · Other salaries and wages

    total $8,038,300 · program services $187,909 · management and general $3,878,450 · fundraising $3,971,941

  • 8 · Pension plan contributions

    total $630,950 · program services $14,750 · management and general $304,431 · fundraising $311,769

  • 9 · Other employee benefits

    total $1,260,156 · program services $29,458 · management and general $608,021 · fundraising $622,677

  • 10 · Payroll taxes

    total $735,467 · program services $17,193 · management and general $354,860 · fundraising $363,414

  • 11a · Fees: management

    total $8,791,262 · program services $0 · management and general $8,791,262 · fundraising $0

  • 11b · Fees: legal

    total $871 · program services $0 · management and general $0 · fundraising $871

  • 11c · Fees: accounting

    total $117,205 · program services $0 · management and general $117,205 · fundraising $0

  • 11d · Fees: lobbying

    total $102,454 · program services $0 · management and general $102,454 · fundraising $0

  • 11e · Fees: professional fundraising services

    total $364,325 · fundraising $364,325

  • 11f · Fees: investment management

    total $2,757,731 · program services $0 · management and general $2,757,731 · fundraising $0

  • 11g · Fees: other

    total $286,234 · program services $0 · management and general $286,234 · fundraising $0

  • 12 · Advertising and promotion

    total $1,098,687 · program services $0 · management and general $0 · fundraising $1,098,687

  • 13 · Office expenses

    total $1,267,515 · program services $0 · management and general $396,380 · fundraising $871,135

  • 14 · Information technology

    total $808,666 · program services $0 · management and general $808,666 · fundraising $0

  • 15 · Royalties

    total $0 · program services $0 · management and general $0 · fundraising $0

  • 16 · Occupancy

    total $505,651 · program services $9,907 · management and general $263,992 · fundraising $231,752

  • 17 · Travel

    total $376,723 · program services $0 · management and general $158,144 · fundraising $218,579

  • 18 · Travel or entertainment for public officials

    total $0 · program services $0 · management and general $0 · fundraising $0

  • 19 · Conferences, conventions and meetings

    total $519,095 · program services $0 · management and general $302,348 · fundraising $216,747

  • 20 · Interest

    total $0 · program services $0 · management and general $0 · fundraising $0

  • 21 · Payments to affiliates

    total $0 · program services $0 · management and general $0 · fundraising $0

  • 22 · Depreciation, depletion and amortization

    total $24,709 · program services $484 · management and general $12,900 · fundraising $11,325

  • 23 · Insurance

    total $89,682 · program services $0 · management and general $89,682 · fundraising $0

  • 24e · All other expenses

    total $193,728 · program services $0 · management and general $186,926 · fundraising $6,802

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $0 · end of year $0

  • 2 · Savings and temporary cash investments

    beginning of year $46,125 · end of year $539,291

  • 3 · Pledges and grants receivable

    beginning of year $52,455,965 · end of year $47,708,657

  • 4 · Accounts receivable

    beginning of year $1,018,148 · end of year $4,707

  • 5 · Loans and receivables from officers and key people

    beginning of year $0 · end of year $0

  • 6 · Loans and receivables from disqualified persons

    beginning of year $0 · end of year $0

  • 7 · Other notes and loans receivable

    beginning of year $317,701 · end of year $268,253

  • 8 · Inventories for sale or use

    beginning of year $0 · end of year $0

  • 9 · Prepaid expenses and deferred charges

    beginning of year $517,015 · end of year $902,674

  • 10a · Land, buildings and equipment: cost or other basis

    $2,199,569

  • 10b · Land, buildings and equipment: accumulated depreciation

    $1,608,653

  • 10c · Land, buildings and equipment, net

    beginning of year $615,625 · end of year $590,916

  • 11 · Investments: publicly traded securities

    beginning of year $591,964,356 · end of year $650,182,888

  • 12 · Investments: other securities

    beginning of year $0 · end of year $0

  • 13 · Investments: program-related

    beginning of year $0 · end of year $0

  • 14 · Intangible assets

    beginning of year $0 · end of year $0

  • 15 · Other assets

    beginning of year $75,730,959 · end of year $77,036,127

  • 17 · Accounts payable and accrued expenses

    beginning of year $2,264,585 · end of year $2,290,237

  • 18 · Grants payable

    beginning of year $0 · end of year $0

  • 19 · Deferred revenue

    beginning of year $308,333 · end of year $284,982

  • 20 · Tax-exempt bond liabilities

    beginning of year $0 · end of year $0

  • 21 · Escrow or custodial account liability

    beginning of year $0 · end of year $0

  • 22 · Loans and payables to officers and key people

    beginning of year $0 · end of year $0

  • 23 · Secured mortgages and notes payable

    beginning of year $0 · end of year $0

  • 24 · Unsecured notes and loans payable

    beginning of year $0 · end of year $0

  • 25 · Other liabilities

    beginning of year $12,757,569 · end of year $13,404,748

  • 27 · Net assets without donor restrictions

    beginning of year $6,984,122 · end of year $4,569,577

  • 28 · Net assets with donor restrictions

    beginning of year $700,351,285 · end of year $756,683,969

Mission and programs · 2023

Mission

The mission of the Foundation is to promote, accept, and maximize private support for programs, initiatives, and properties of Washington State University and its regional campuses. The Foundation also prudently manages, invests, and stewards assets entrusted to it.

  • General Program Support: The Foundation does not directly provide the program service. However, contributions received for this purpose were distributed to the University for use in accordance with donor agreements. These contributions earmarked funds for general and administrative expenses, entrepreneurial activities, and other departmental and university wide programs.

    Expenses $39,825,249 · Grants $39,691,908 · Revenue $7,979,719

  • Scholarships & Fellowships: The Foundation does not directly award scholarships and fellowships. However, contributions for these purposes were distributed to the University for use in accordance with donor agreements. Student financial aid was received for loans, graduate fellowships, general scholarships and scholarships with specific criteria, such as merit, need, and multiculturalism.

    Expenses $25,230,625 · Grants $25,146,149 · Revenue $5,055,419

  • Facilities Operation and Maintenance: The Foundation does not directly provide facility and maintenance program services. However, contributions received for this purpose are distributed to the University for use in accordance with the donor agreements. Contributions were received for the purchase and maintenance of buildings and equipment.

    Expenses $9,341,551 · Grants $9,310,275 · Revenue $1,871,751

  • Professorships, Chairs and Instructions: The Foundation does not directly provide this program service. However, contributions received for this purpose were distributed to the University for disbursement in accordance with donor agreements. Contributions were largely used for faculty research projects, salary support and instructions outside the normal classroom.

    Expenses $1,884,718 · Grants $1,878,408 · Revenue $377,638

  • Research: The Foundation does not directly provide this program service. However, contributions received for this purpose were distributed to the University for disbursement in accordance with donor agreements. Contributions were received to further University wide research projects.

    Expenses $1,283,770 · Grants $1,279,472 · Revenue $257,227

As filed on the 2023 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

  • Michael C Connell

    Vice President, Chief Executive Officer

    Total calculated
    $477,160
    From this org
    $421,493
    From related orgs
    $0
    Other
    $55,667
    Hours/week
    39.8 + 0.2 related

    Schedule J breakdown matched by us

    Base
    $421,493
    Bonus
    $0
    Other
    $0
    Deferred
    $42,009
    Nontaxable benefits
    $13,658
    Filer's total
    $477,160

  • Harold Don Shearer

    Senior Associate Vice President

    Total calculated
    $367,768
    From this org
    $321,621
    From related orgs
    $0
    Other
    $46,147
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $321,621
    Bonus
    $0
    Other
    $0
    Deferred
    $32,489
    Nontaxable benefits
    $13,658
    Filer's total
    $367,768

  • Dawn M Barnard - thru June 24

    Chief Financial Officer

    Total calculated
    $315,159
    From this org
    $273,488
    From related orgs
    $0
    Other
    $41,671
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $273,488
    Bonus
    $0
    Other
    $0
    Deferred
    $28,013
    Nontaxable benefits
    $13,658
    Filer's total
    $315,159

  • Terry Kelly

    General Counsel

    Total calculated
    $264,056
    From this org
    $227,191
    From related orgs
    $0
    Other
    $36,865
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $227,191
    Bonus
    $0
    Other
    $0
    Deferred
    $23,207
    Nontaxable benefits
    $13,658
    Filer's total
    $264,056

  • Julie Benson

    Associate Vice President

    Total calculated
    $260,626
    From this org
    $229,501
    From related orgs
    $0
    Other
    $31,125
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $229,501
    Bonus
    $0
    Other
    $0
    Deferred
    $17,467
    Nontaxable benefits
    $13,658
    Filer's total
    $260,626

  • Victoria Miles

    Associate Vice President

    Total calculated
    $256,538
    From this org
    $228,510
    From related orgs
    $0
    Other
    $28,028
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $228,510
    Bonus
    $0
    Other
    $0
    Deferred
    $15,489
    Nontaxable benefits
    $12,539
    Filer's total
    $256,538

  • Juan Zavala

    Associate Vice President

    Total calculated
    $217,326
    From this org
    $189,160
    From related orgs
    $0
    Other
    $28,166
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $189,160
    Bonus
    $0
    Other
    $0
    Deferred
    $14,508
    Nontaxable benefits
    $13,658
    Filer's total
    $217,326

  • Brooke E Ledeboer

    Senior Director

    Total calculated
    $208,131
    From this org
    $180,382
    From related orgs
    $0
    Other
    $27,749
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $180,382
    Bonus
    $0
    Other
    $0
    Deferred
    $14,091
    Nontaxable benefits
    $13,658
    Filer's total
    $208,131

  • Theresa Boyer

    Director

    Total calculated
    $189,072
    From this org
    $162,650
    From related orgs
    $0
    Other
    $26,422
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $162,650
    Bonus
    $0
    Other
    $0
    Deferred
    $12,764
    Nontaxable benefits
    $13,658
    Filer's total
    $189,072

  • Elizabeth Ryan

    Director

    Total calculated
    $188,269
    From this org
    $158,624
    From related orgs
    $0
    Other
    $29,645
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $158,624
    Bonus
    $0
    Other
    $0
    Deferred
    $15,987
    Nontaxable benefits
    $13,658
    Filer's total
    $188,269

  • Brent J Waugh - thru May 24

    Assistant Vice President

    Total calculated
    $181,650
    From this org
    $155,525
    From related orgs
    $0
    Other
    $26,125
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $155,525
    Bonus
    $0
    Other
    $0
    Deferred
    $12,467
    Nontaxable benefits
    $13,658
    Filer's total
    $181,650

  • AnaMarie Burton

    Associate Vice President

    Total calculated
    $147,103
    From this org
    $123,876
    From related orgs
    $0
    Other
    $23,227
    Hours/week
    40

  • Bruce Amundson

    Board Director & Secretary

    Total calculated
    $0
    Hours/week
    0.32

  • K Duane Brelsford - thru Dec 23

    Board Director

    Total calculated
    $0
    Hours/week
    0.16

  • Kathy Brindley

    Board Director

    Total calculated
    $0
    Hours/week
    0.32

  • Scott Carson - thru Dec 23

    Board Director

    Total calculated
    $0
    Hours/week
    0.16

  • Marjorie Chang

    Board Director

    Total calculated
    $0
    Hours/week
    0.32

  • Sue Christianson

    Board Director

    Total calculated
    $0
    Hours/week
    0.32

  • Jim Coughlin

    Board Director & Treasurer

    Total calculated
    $0
    Hours/week
    0.32

  • Bob Crist - thru Dec 23

    Board Director

    Total calculated
    $0
    Hours/week
    0.16

  • Michael Hambelton

    Board Director

    Total calculated
    $0
    Hours/week
    0.32

  • Lisa King - thru Dec 23

    Board Director

    Total calculated
    $0
    Hours/week
    0.16

  • Melanie Lange

    Board Director

    Total calculated
    $0
    Hours/week
    0.32

  • Hubert Langenhorst

    Board Director

    Total calculated
    $0
    Hours/week
    0.32

  • Richard McKinney

    Board Director

    Total calculated
    $0
    Hours/week
    0.32

  • Gina Meyers

    Board Director

    Total calculated
    $0
    Hours/week
    0.32

  • John C Minge

    Board Director & President

    Total calculated
    $0
    Hours/week
    0.32

  • Mandy Minick

    Board Director

    Total calculated
    $0
    Hours/week
    0.32

  • Caron Ogg

    Board Director

    Total calculated
    $0
    Hours/week
    0.32

  • Linda J Nihoul - thru Dec 23

    Board Director

    Total calculated
    $0
    Hours/week
    0.16

  • Sheryl Ossello

    Board Director

    Total calculated
    $0
    Hours/week
    0.32

  • Jack Pelo

    Board Director

    Total calculated
    $0
    Hours/week
    0.32

  • Molly Philopant

    Board Director

    Total calculated
    $0
    Hours/week
    0.32

  • Liz Pritchard

    Board Director & Vice President

    Total calculated
    $0
    Hours/week
    0.32

  • Elizabeth Schneider

    Board Director

    Total calculated
    $0
    Hours/week
    0.32

  • Gary Teague

    Board Director

    Total calculated
    $0
    Hours/week
    0.32

  • Amy Tull

    Board Director

    Total calculated
    $0
    Hours/week
    0.32

  • Eugene J Voiland - thru Dec 23

    Board Director

    Total calculated
    $0
    Hours/week
    0.16

  • Bill Ward

    Board Director

    Total calculated
    $0
    Hours/week
    0.32

  • Bob Wolfe

    Board Director

    Total calculated
    $0
    Hours/week
    0.32

  • Mike Worthy

    Board Director

    Total calculated
    $0
    Hours/week
    0.32

Compensation is as filed in Part VII: reportable pay from this organization and from related organizations, other compensation, and hours per week. The total, marked calculated, is our sum of the three dollar columns, with a blank column counted as $0; the form itself has no total. On a Form 990-EZ the columns are Part IV's instead, and on a Form 990-PF Part VIII's — compensation, contributions to benefit plans, and expense account — and the total sums those. A Schedule J breakdown is as filed: base pay, bonus, other, deferred compensation and nontaxable benefits from this organization, with any from related organizations beside each, and the filer's own total. It is shown with the Part VII listing of the same name on the same return. The form gives no key between the two, so that pairing is ours, and is marked matched by us.

Schedule J

Answered yes

  • 3 · Compensation committee
  • 3 · Independent compensation consultant
  • 3 · Form 990 of other organizations
  • 3 · Compensation survey or study

Answered no

  • 4a · Severance or change-of-control payment
  • 4b · Supplemental nonqualified retirement plan
  • 4c · Equity-based compensation arrangement
  • 5a · Pay contingent on this organization's revenues
  • 5b · Pay contingent on a related organization's revenues
  • 6a · Pay contingent on this organization's net earnings
  • 6b · Pay contingent on a related organization's net earnings
  • 7 · Other non-fixed payments
  • 8 · Paid under the initial-contract exception

Part I's answers as filed. A line not listed was left unanswered; on lines 1a and 3 that means the box was not checked.

Grants on this return

  • Washington State University

    $67,389,797

    Support University activities.

Related organizations on this return

Schedule R Part II: tax-exempt organizations related to the filer by control. It does not record shared board members or money.

Taxable family on this return

Schedule R Parts I, III and IV, as filed. These record ownership and control, not shared board members or money moved.

Disregarded entities

Part I: entities that legally are the filer and file no return of their own.

  • WSUF Properties LLC

    Assets held for WSU Foundation · WA · income $3,540 · assets $51,466

    Directly controlled by WSU Foundation

Related corporations and trusts

Part IV: related organizations taxable as a corporation or trust.

  • Charitable Remainder UT (40)

    T · Charitable trusts · WA

  • Charitable Remainder AT (2)

    T · Charitable trusts · WA

Provenance

Return type
form_990
Tax year
2023
Filed
24 April 2025
IRS schema version
2023v6.0
Source object
202521149349301997

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