Form 990 for tax year 2024

Filed by CALIFORNIA STATE UNIVERSITY INSTITUTE.

Totals

Total revenue: $6,183,586
Total expenses: $10,622,394
Contributions and grants received: $0
Grants paid: $4,081,404
Program service revenue: $5,877,235
Investment income: $306,351
Other revenue: $0
Total assets, end of year: $0
Total liabilities, end of year: $0
Net assets or fund balances, end of year: $0
Program services expenses (Part IX): $10,564,762
Management and general expenses: $57,632
Fundraising expenses: $0
Program service expenses (Part III): $10,564,762

Program services were 99.5% 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.

2a · Program service revenue: INTEREST RECOVERY

total $4,518,196 · related or exempt $4,518,196
2b · Program service revenue: PROGRAM COST RECOVERY

total $1,359,039 · related or exempt $1,359,039
3 · Investment income

total $306,351 · excluded $306,351

Functional expenses

Part IX, the statement of functional expenses.

1 · Grants to domestic organizations and governments

total $4,081,404 · program services $4,081,404
11c · Fees: accounting

total $45,000 · management and general $45,000
11f · Fees: investment management

total $3,740 · management and general $3,740
11g · Fees: other

total $1,087,631 · program services $1,087,631
20 · Interest

total $4,518,196 · program services $4,518,196
23 · Insurance

total $8,492 · management and general $8,492
24a · Other expenses: ADMIN/OVERHEAD REIMBURS

total $627,740 · program services $627,740
24b · Other expenses: BOND ISSUANCE COSTS

total $249,791 · program services $249,791
24c · Other expenses: TAXES AND LICENSES

total $400 · management and general $400

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 $0 · end of year $0
3 · Pledges and grants receivable

beginning of year $0 · end of year $0
4 · Accounts receivable

beginning of year $0 · end of year $0
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 $171,877,000 · end of year $0
8 · Inventories for sale or use

beginning of year $0 · end of year $0
9 · Prepaid expenses and deferred charges

beginning of year $23,250 · end of year $0
10a · Land, buildings and equipment: cost or other basis

$0
10b · Land, buildings and equipment: accumulated depreciation

$0
10c · Land, buildings and equipment, net

beginning of year $0 · end of year $0
11 · Investments: publicly traded securities

beginning of year $4,515,496 · end of year $0
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 $510,150 · end of year $0
17 · Accounts payable and accrued expenses

beginning of year $99,938 · end of year $0
18 · Grants payable

beginning of year $0 · end of year $0
19 · Deferred revenue

beginning of year $0 · end of year $0
20 · Tax-exempt bond liabilities

beginning of year $171,877,000 · 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 $510,150 · end of year $0
29 · Capital stock, trust principal or current funds

beginning of year $0 · end of year $0
30 · Paid-in or capital surplus, or land, building or equipment fund

beginning of year $0 · end of year $0
31 · Retained earnings, endowment or other funds

beginning of year $4,438,808 · end of year $0

Mission and programs · 2024

Mission

THE CALIFORNIA STATE UNIVERSITY INSTITUTE'S PURPOSE IS TO FURTHER THE MISSION OF THE CSU BY FACILITATING CENTRALIZED FINANCING AND INVESTMENT PROGRAMS ON BEHALF OF THE CSU SYSTEM, PRINCIPALLY THE COMMERCIAL PAPER PROGRAM OF THE CSU.

Activities or mission (Part I)

OPERATION OF A COMMERCIAL PAPER PROGRAM FOR THE BENEFIT OF CALIFORNIA STATE UNIVERSITY (CSU) TO ENHANCE THE CAPITAL FINANCING FOR PROJECTS, EQUIPMENT, AND FACILITIES SERVING CSU.

THE TRUSTEES OF THE CALIFORNIA STATE UNIVERSITY (THE "BOARD") UTILIZE A COMMERCIAL PAPER ("CP") PROGRAM FOR VARIOUS FINANCING ACTIVITIES THROUGH THE CSU INSTITUTE (THE "INSTITUTE"), AN AUXILIARY ORGANIZATION OF THE CSU.TO FUND CAPITAL IMPROVEMENTS DURING CONSTRUCTION PERIODS, THE INSTITUTE INITIALLY ISSUES COMMERCIAL PAPER TO FINANCE VARIOUS CAMPUS AND AUXILIARY CAPITAL OUTLAY PROJECTS. DURING THIS FISCAL YEAR, THE INSTITUTE FACILITATED SHORT-TERM FINANCING OF $71.1 MILLION. IN JANUARY 2025, CSU BOARD OF TRUSTEE APPROVED CHANGES OF THE CSU COMMERCIAL PAPER PROGRAM, AND STARTING MARCH 2025, THE CSU BEGAN ISSUING COMMERCIAL PAPER DIRECTLY RATHER THAN THROUGH THE INSTITUTE. IN JUNE 2025, INSTITUTE BOARD OF DIRECTORS APPROVED THE DISSOLUTION OF THE INSTITUTE, AND THE REMAINING CASH RELATED THE COMMERCIAL PAPER WAS TRANSFFERED TO THE CSU. THE LOSS ON DISSOLUTION HAS BEEN REPORTED AS A SPECIAL ITEM IN THE INSTITUTE'S 2025 FINANCIAL STATEMENTS IN ACCORDANCE WITH GASB STATEMENT NO. 69.

Expenses $10,564,762 · Grants $4,081,404 · Revenue $5,877,235

As filed on the 2024 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

Steven RelyeaSTEVEN RELYEA

TREASURER (THRU 6/2025)

Total calculated

$536,840

From this org

$0

From related orgs

$404,927

Other

$131,913

Hours/week

1 + 57 related

Schedule J breakdown matched by us

Base

$0 + $387,983 related

Bonus

$0

Other

$0 + $16,944 related

Deferred

$0 + $115,931 related

Nontaxable benefits

$0 + $15,982 related

Filer's total

$0 + $536,840 related
Mildred GarciaMILDRED GARCIA

CHAIRWOMAN

Total calculated

$1,119,143

From this org

$0

From related orgs

$970,045

Other

$149,098

Hours/week

1 + 70 related

Schedule J breakdown matched by us

Base

$0 + $790,166 related

Bonus

$0

Other

$0 + $179,879 related

Deferred

$0 + $131,600 related

Nontaxable benefits

$0 + $17,498 related

Filer's total

$0 + $1,119,143 related
Dilcie PerezDILCIE PEREZ

SECRETARY

Total calculated

$475,513

From this org

$0

From related orgs

$358,060

Other

$117,453

Hours/week

1 + 57 related

Schedule J breakdown matched by us

Base

$0 + $357,922 related

Bonus

$0

Other

$0 + $138 related

Deferred

$0 + $105,124 related

Nontaxable benefits

$0 + $12,329 related

Filer's total

$0 + $475,513 related
Leora FreedmanLEORA FREEDMAN

BOARD MEMBER (THRU 7/2024)

Total calculated

$423,621

From this org

$0

From related orgs

$333,967

Other

$89,654

Hours/week

1 + 57 related

Schedule J breakdown matched by us

Base

$0 + $224,112 related

Bonus

$0

Other

$0 + $109,855 related

Deferred

$0 + $69,383 related

Nontaxable benefits

$0 + $20,271 related

Filer's total

$0 + $423,621 related
Greg SaksGREG SAKS

BOARD MEMBER

Total calculated

$536,933

From this org

$0

From related orgs

$406,301

Other

$130,632

Hours/week

1 + 57 related

Schedule J breakdown matched by us

Base

$0 + $339,762 related

Bonus

$0

Other

$0 + $66,539 related

Deferred

$0 + $101,624 related

Nontaxable benefits

$0 + $29,008 related

Filer's total

$0 + $536,933 related
Robert EatonROBERT EATON

BOARD MEMBER (AS OF 10/2024)

Total calculated

$390,830

From this org

$0

From related orgs

$263,551

Other

$127,279

Hours/week

1 + 57 related

Schedule J breakdown matched by us

Base

$0 + $263,155 related

Bonus

$0

Other

$0 + $396 related

Deferred

$0 + $82,107 related

Nontaxable benefits

$0 + $45,172 related

Filer's total

$0 + $390,830 related

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

None.

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

The filer's explanations (Part III)

PART I, LINE 3: COMPENSATION POLICY FORM 990, SCH J, PART I, LINE 3 GUIDING PRINCIPLES THE CSU INSTITUTE BOARD OF DIRECTORS (THE "BOARD") MEMBERS RECEIVE COMPENSATION FROM THE CALIFORNIA STATE UNIVERSITY, A RELATED ORGANIZATION. THIS COMPENSATION IS SET BY THE CALIFORNIA STATE UNIVERSITY BOARD OF TRUSTEES ("TRUSTEES"). THE BOARD MEMBERS PER SE RECEIVE NO COMPENSATION FROM THE CSU INSTITUTE. IT IS THE INTENT OF THE TRUSTEES TO COMPENSATE ALL CSU EMPLOYEES IN A MANNER THAT IS FAIR, REASONABLE, COMPETITIVE, AND FISCALLY PRUDENT IN RESPECT TO SYSTEM BUDGET AND STATE FUNDING. THE GOAL OF THE CSU CONTINUES TO BE TO ATTRACT, MOTIVATE, AND RETAIN THE MOST HIGHLY QUALIFIED INDIVIDUALS TO SERVE AS FACULTY, STAFF, AND EXECUTIVES, WHOSE KNOWLEDGE, EXPERIENCE, AND CONTRIBUTIONS CAN ADVANCE THE UNIVERSITY'S MISSION. THE CSU ADHERES TO COMPENSATION PRACTICES THAT ARE FAIR AND EQUITABLE IN DESIGN, APPLICATION, AND DELIVERY. IMPLEMENTATION THE CSU WILL CONSISTENTLY EVALUATE COMPETITIVE AND FAIR COMPENSATION FOR ALL EMPLOYEES BASED ON PERIODIC MARKET COMPARISON SURVEYS AND THE DEPTH OF SKILL AND EXPERIENCE OF AN INDIVIDUAL EMPLOYEE. IN ADDITION, THE CSU WILL MAINTAIN AND UPDATE ANNUALLY A TIERED LIST OF CSU COMPARISON INSTITUTIONS FOR APPLICABLE EMPLOYEE GROUPS. THE LIST MAY TAKE INTO ACCOUNT GEOGRAPHIC LOCATION, ENROLLMENT, PERCENT OF PELL ELIGIBLE STUDENTS, BUDGET, RESEARCH FUNDING, AND SUCH OTHER VARIABLES AS DEEMED APPROPRIATE. COMPENSATION WILL BE GUIDED WITH REFERENCE TO THE MEAN AND/OR MEDIAN OF THE APPROPRIATE TIER OF COMPARISON INSTITUTIONS, TOGETHER WITH AN INDIVIDUAL'S REPUTATION, AND LENGTH, DEPTH AND EFFECTIVENESS OF APPLICABLE EXPERIENCE, AND OTHER MERITORIOUS ACHIEVEMENT AND CONTRIBUTIONS TO THE SUCCESS OF THE CSU. THE COMPENSATION SYSTEM FOR THE CSU SHALL (A) BE ADMINISTERED IN A MANNER THAT COMPLIES WITH ALL APPLICABLE FEDERAL, STATE, AND LOCAL REGULATIONS AND LAWS, AND (B) BE CONSISTENT WITH APPLICABLE ADMINISTRATIVE POLICIES, RULES AND COLLECTIVE BARGAINING AGREEMENTS. PRESIDENTIAL COMPENSATION WHEN A PRESIDENTIAL VACANCY OCCURS, THE SUCCESSOR PRESIDENT'S SALARY SHOULD NOT EXCEED THE INCUMBENT'S SALARY BY MORE THAN 10%. ANY AMOUNT IN EXCESS OF THE INCUMBENT'S SALARY SHALL BE BASED UPON CRITERIA SUCH AS EXTRAORDINARY CIRCUMSTANCES, KNOWLEDGE AND/OR EXPERIENCE OR ABILITY TO CONTRIBUTE AND ADVANCE THE UNIVERSITY'S MISSION. A PRESIDENT'S SALARY MAY ONLY BE FUNDED WITH STATE FUNDS. THE CHANCELLOR SHALL HAVE AUTHORITY TO NEGOTIATE RECOMMENDED STARTING SALARIES FOR PRESIDENTS. THE CHANCELLOR SHALL PRESENT THE RECOMMENDED SALARY TO THE TRUSTEES FOR APPROVAL. PRESIDENTIAL SALARY ASSESSMENT: CURRENTLY, THE POLICIES AND PROCEDURES FOR REVIEW OF PRESIDENTS REQUIRE ANNUAL REVIEWS WITH THE CHANCELLOR AND TRIENNIAL REVIEWS BY THE BOARD OF TRUSTEES. IN THESE REVIEWS, THE PRESIDENT'S PERFORMANCE IS REVIEWED AGAINST THE GOALS AND CRITERIA FOR LEADERSHIP EXPECTATIONS. EFFECTIVE WITH BOARD OF TRUSTEES REVIEWS OCCURRING IN 2020 AND BEYOND, A PRESIDENTIAL SALARY ASSESSMENT WILL ALSO BE CONDUCTED THAT CONSIDERS PRESIDENTIAL PERFORMANCE, THE MARKET DATA AND MAKES RECOMMENDATIONS TO THE TRUSTEES IF A COMPENSATION ADJUSTMENT MAY BE WARRANTED. A SALARY ADJUSTMENT DURING TRIENNIAL PERFORMANCE REVIEWS DOES NOT PROHIBIT THE INCUMBENT FROM BEING ELIGIBLE FOR THE ANNUAL MERIT INCREASE PROGRAM AS PROVIDED TO OTHER NON-REPRESENTED EMPLOYEES. THE BOARD RETAINS THE RIGHT TO MAKE ADJUSTMENTS AS NECESSARY AT OTHER TIMES FOR A PRESIDENT WHEN A SIGNIFICANT EQUITY OR RETENTION ISSUE IS IDENTIFIED. THE CHANCELLOR SHALL RECOMMEND PRESIDENTIAL SALARY ADJUSTMENTS TO THE TRUSTEES FOR APPROVAL.

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

CALIFORNIA STATE UNIVERSITY

$4,081,404

UNIVERSITY SUPPORT

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.

THE CALIFORNIA STATE UNIVERSITY

STATE OF CA · EDUCATION · CA

Assets distributed on this return

Schedule N, as filed: what the organization did with its assets when it liquidated or dissolved, or disposed of more than a quarter of them, and who received them. A recipient with an EIN is usually a successor organization; filers also list expenses such as legal fees here.

CALIFORNIA STATE UNIVERSITY

$4,081,404

Liquidation · CASH · Jun 28, 2025 · STATE OF CA

Provenance

Return type: form_990
Tax year: 2024
Filed: 7 January 2026
IRS schema version: 2024v5.5
Source object: 202610159349301411

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