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Nonprofiteer
← WISCONSIN ALUMNI RESEARCH FOUNDATION

Form 990 for tax year 2023

Filed by WISCONSIN ALUMNI RESEARCH FOUNDATION.

Totals

Total revenue
$140,752,874
Total expenses
$155,756,191
Contributions and grants received
$91,464
Grants paid
$92,080,343
Program service revenue
$26,588,651
Investment income
$108,787,539
Other revenue
$5,285,220
Total assets, end of year
$3,311,169,475
Total liabilities, end of year
$968,854,120
Net assets or fund balances, end of year
$2,342,315,355
Program services expenses (Part IX)
$131,076,975
Management and general expenses
$24,679,216
Fundraising expenses
$0
Program service expenses (Part III)
$131,076,975

Program services were 84.2% 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.

  • 1f · All other contributions, gifts and grants

    $91,464

  • 2a · Program service revenue: ROYALTIES

    total $15,173,266 · related or exempt $15,173,266

  • 2b · Program service revenue: LICENSING

    total $11,415,385 · related or exempt $11,415,385

  • 3 · Investment income

    total $48,644,548 · unrelated business $597,683 · excluded $48,046,865

  • 6a · Gross rents

    real property $2,295,000

  • 6b · Less rental expenses

    real property $0

  • 6c · Rental income or loss

    real property $2,295,000

  • 6d · Net rental income or loss

    total $2,295,000 · related or exempt $2,295,000

  • 7a · Gross sales of assets other than inventory

    securities $60,142,991

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

    securities $0

  • 7c · Gain or loss

    securities $60,142,991

  • 7d · Net gain or loss

    total $60,142,991 · unrelated business $227 · excluded $60,142,764

  • 11a · Other revenue: MIR BLDG COSTS REIMBURSEMENTS

    total $1,719,635 · related or exempt $1,719,635

  • 11b · Other revenue: WARF PATENT REVENUE

    total $1,092,946 · related or exempt $1,092,946

  • 11c · Other revenue: RESTAURANT COMMISSIONS

    total $177,639 · unrelated business $177,639

  • 11e · Other revenue, total

    $2,990,220

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $92,080,343 · program services $92,080,343

  • 5 · Compensation of officers, directors and key employees

    total $5,601,648 · program services $1,338,329 · management and general $4,263,319

  • 7 · Other salaries and wages

    total $6,861,124 · program services $4,152,597 · management and general $2,708,527

  • 8 · Pension plan contributions

    total $1,673,786 · program services $1,491,880 · management and general $181,906

  • 9 · Other employee benefits

    total $1,435,165 · program services $600,551 · management and general $834,614

  • 10 · Payroll taxes

    total $453,492 · program services $274,696 · management and general $178,796

  • 11a · Fees: management

    total $200 · management and general $200

  • 11b · Fees: legal

    total $421,333 · program services $377,233 · management and general $44,100

  • 11c · Fees: accounting

    total $251,090 · management and general $251,090

  • 11d · Fees: lobbying

    total $72,000 · management and general $72,000

  • 11f · Fees: investment management

    total $6,043,713 · management and general $6,043,713

  • 11g · Fees: other

    total $460,375 · program services $322,510 · management and general $137,865

  • 12 · Advertising and promotion

    total $49,569 · management and general $49,569

  • 13 · Office expenses

    total $140,260 · program services $64,841 · management and general $75,419

  • 14 · Information technology

    total $715,370 · management and general $715,370

  • 15 · Royalties

    total $9,072,707 · program services $9,072,707

  • 16 · Occupancy

    total $2,223,566 · program services $1,990,498 · management and general $233,068

  • 17 · Travel

    total $266,894 · program services $135,260 · management and general $131,634

  • 19 · Conferences, conventions and meetings

    total $153,414 · program services $78,899 · management and general $74,515

  • 20 · Interest

    total $8,019,871 · management and general $8,019,871

  • 22 · Depreciation, depletion and amortization

    total $3,698,974 · program services $3,679,400 · management and general $19,574

  • 23 · Insurance

    total $500,704 · program services $235,836 · management and general $264,868

  • 24a · Other expenses: DOMESTIC LEGAL/PATENTS

    total $10,289,638 · program services $10,289,638

  • 24b · Other expenses: FOREIGN LEGAL/PATENTS

    total $2,114,860 · program services $2,114,860

  • 24c · Other expenses: FOREIGN PATENT MAINT FE

    total $1,116,155 · program services $1,116,155

  • 24d · Other expenses: US PATENT MAINT FEES

    total $932,240 · program services $932,240

  • 24e · All other expenses

    total $1,107,700 · program services $728,502 · management and general $379,198

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $2,690,027 · end of year $3,713,772

  • 2 · Savings and temporary cash investments

    beginning of year $4,398,416 · end of year $7,318,474

  • 4 · Accounts receivable

    beginning of year $2,494,667 · end of year $8,250,999

  • 9 · Prepaid expenses and deferred charges

    beginning of year $162,216 · end of year $126,912

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

    $180,030,089

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

    $73,263,011

  • 10c · Land, buildings and equipment, net

    beginning of year $109,484,985 · end of year $106,767,078

  • 11 · Investments: publicly traded securities

    beginning of year $1,501,333,852 · end of year $1,595,796,586

  • 12 · Investments: other securities

    beginning of year $1,563,778,651 · end of year $1,588,916,327

  • 15 · Other assets

    beginning of year $917,210 · end of year $279,327

  • 17 · Accounts payable and accrued expenses

    beginning of year $14,287,353 · end of year $15,496,770

  • 18 · Grants payable

    beginning of year $685,480,553 · end of year $726,198,506

  • 19 · Deferred revenue

    beginning of year $28,162 · end of year $28,162

  • 24 · Unsecured notes and loans payable

    beginning of year $223,710,477 · end of year $223,759,602

  • 25 · Other liabilities

    beginning of year $8,677,577 · end of year $3,371,080

  • 27 · Net assets without donor restrictions

    beginning of year $2,203,709,872 · end of year $2,292,045,987

  • 28 · Net assets with donor restrictions

    beginning of year $49,366,030 · end of year $50,269,368

Mission and programs · 2023

Mission

TO SUPPORT SCIENTIFIC RESEARCH WITHIN THE UW-MADISON COMMUNITY BY PROVIDING FINANCIAL SUPPORT, ACTIVELY MANAGING ASSETS, AND MOVING INNOVATIONS TO THE MARKETPLACE FOR A FINANCIAL RETURN AND GLOBAL IMPACT.

Activities or mission (Part I)

SUPPORT UW-MADISON AND MORGRIDGE BY PROVIDING FUNCTIONAL SUPPORT AND GRANTS FOR RESEARCH.

  • 1) WARF SUPPORTS UW-MADISON THROUGH ONGOING OPERATIONAL AND FUNCTIONAL SUPPORT, A CORE ANNUAL BASE GRANT, AND ADDITIONAL YEAR-TO-YEAR GRANTS. WARF IS A NEARLY CENTURY-OLD, INDEPENDENT, NONPROFIT SUPPORTING ORGANIZATION THAT HAS PROVIDED DIRECT OPERATIONAL SUPPORT THAT MOST PUBLIC UNIVERSITIES MUST PROVIDE THEMSELVES, INCLUDING SERVING AS UW-MADISON'S DESIGNATED PATENT MANAGEMENT ORGANIZATION; HOLDING AND MANAGING EDUCATIONAL AND RESEARCH-RELATED ASSETS; PROVIDING EDUCATIONAL PROGRAMING; AND CONNECTING THE WIDER COMMUNITY TO SCIENTIFIC RESEARCH AT UW-MADISON. SINCE THE GREAT DEPRESSION, WARF'S ANNUAL BASE GRANT HAS SUPPORTED PIVOTAL CAMPUS ACTIVITIES SUCH AS FACULTY RECRUITMENT AND RETENTION, GRADUATE FELLOWSHIPS, AND GRANTS-IN-AID FOR RESEARCH PROJECTS. OVER SUBSEQUENT DECADES, WARF GREW TO PROVIDE SUPPORT THAT REACHES INTO EVERY CORNER OF UW-MADISON'S INNOVATION ECOSYSTEM, INCLUDING FUNDING BUILDINGS AND EQUIPMENT TO IMPROVE CAMPUS RESEARCH AND MAINTAIN UW-MADISON'S EXCELLENCE.

    Expenses $125,766,975 · Grants $86,770,343 · Revenue $31,696,232

  • 2) IN ADDITION TO UW-MADISON'S PUBLIC RESEARCH MISSION, WARF ALSO SUPPORTS THE MORGRIDGE INSTITUTE FOR RESEARCH (MORGRIDGE), A PRIVATE MEDICAL RESEARCH ORGANIZATION FUNCTIONALLY INTEGRATED WITH UW-MADISON, THROUGH BOTH GRANT FUNDING AND DIRECT OPERATIONAL SUPPORT, INCLUDING TECHNOLOGY TRANSFER ACTIVITIES. FOUNDED IN 2006, MORGRIDGE USES ITS PRIVATE STATUS AND STREAMLINED ORGANIZATIONAL STRUCTURE TO RESPOND NIMBLY TO EMERGING OPPORTUNITIES TO IMPROVE HUMAN HEALTH THROUGH INNOVATIVE, INTERDISCIPLINARY BIOMEDICAL DISCOVERIES. WARF'S SUPPORT OF MORGRIDGE CREATES A CULTURE IN PARTNERSHIP WITH UW-MADISON THAT ENABLES RIGOROUS BIOMEDICAL RESEARCH, SPARKS CURIOSITY, AND SERVES SOCIETY THROUGH TRANSLATIONAL OUTCOMES.

    Expenses $5,310,000 · Grants $5,310,000

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

Listed in Part VII

  • Erik Iverson

    TRUSTEE/CEO

    Total calculated
    $948,458
    From this org
    $762,445
    From related orgs
    $15,000
    Other
    $171,013
    Hours/week
    40 + 4 related

    Schedule J breakdown matched by us

    Base
    $542,155 + $15,000 related
    Bonus
    $220,290
    Other
    $0
    Deferred
    $120,736
    Nontaxable benefits
    $50,277
    Filer's total
    $933,458 + $15,000 related

  • James Berbee

    TRUSTEE, CHAIR

    Total calculated
    $33,000
    From this org
    $33,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    4

  • Mary Haak-Frendscho

    TRUSTEE

    Total calculated
    $27,000
    From this org
    $27,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

  • Rebecca House

    TRUSTEE

    Total calculated
    $24,000
    From this org
    $24,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

  • Deborah Keller

    TRUSTEE

    Total calculated
    $42,000
    From this org
    $27,000
    From related orgs
    $15,000
    Other
    $0
    Hours/week
    2 + 2 related

  • Patricia Lipton

    TRUSTEE, SECRETARY

    Total calculated
    $39,000
    From this org
    $24,000
    From related orgs
    $15,000
    Other
    $0
    Hours/week
    3 + 2 related

  • Doris Meissner

    TRUSTEE, VICE CHAIR

    Total calculated
    $24,000
    From this org
    $24,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    3

  • Winslow Sargeant

    TRUSTEE

    Total calculated
    $42,000
    From this org
    $27,000
    From related orgs
    $15,000
    Other
    $0
    Hours/week
    2 + 2 related

  • David Smukowski

    TRUSTEE

    Total calculated
    $27,000
    From this org
    $27,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

  • James Thomson

    TRUSTEE, TREASURER (INTERIM)

    Total calculated
    $27,000
    From this org
    $27,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    3

  • Jennifer Mnookin

    TRUSTEE

    Total calculated
    $24,000
    From this org
    $24,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

  • Asha S Collins

    TRUSTEE

    Total calculated
    $22,250
    From this org
    $22,250
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

  • Paul Leff

    TRUSTEE

    Total calculated
    $22,250
    From this org
    $22,250
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

  • Thomas Tefft

    TRUSTEE

    Total calculated
    $22,250
    From this org
    $22,250
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

  • Peter P Tong

    TRUSTEE (UNTIL 10/12/23)

    Total calculated
    $0
    Hours/week
    2

  • Michael Falk

    CHIEF IP & LICENSING OFFICER

    Total calculated
    -$109,876
    From this org
    $452,304
    From related orgs
    $0
    Other
    -$562,180
    Hours/week
    40

  • Stephanie Adamany

    GENERAL COUNSEL (UNTIL 6/30/24)

    Total calculated
    $490,009
    From this org
    $406,031
    From related orgs
    $0
    Other
    $83,978
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $325,551
    Bonus
    $80,480
    Other
    $0
    Deferred
    $42,076
    Nontaxable benefits
    $41,902
    Filer's total
    $490,009

  • John Gransee

    CFO/COO (UNTIL 9/30/23)

    Total calculated
    $486,091
    From this org
    $382,490
    From related orgs
    $0
    Other
    $103,601
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $297,786
    Bonus
    $84,704
    Other
    $0
    Deferred
    $80,207
    Nontaxable benefits
    $23,394
    Filer's total
    $486,091

  • Michael Partsch

    CHEIF VENTURE OFFICER

    Total calculated
    $522,050
    From this org
    $417,450
    From related orgs
    $0
    Other
    $104,600
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $334,412
    Bonus
    $83,038
    Other
    $0
    Deferred
    $62,430
    Nontaxable benefits
    $42,170
    Filer's total
    $522,050

  • Alyssa Thoeny

    CFO/SENIOR DIRECTOR, FINANCE

    Total calculated
    $338,334
    From this org
    $279,499
    From related orgs
    $0
    Other
    $58,835
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $237,879
    Bonus
    $41,620
    Other
    $0
    Deferred
    $19,907
    Nontaxable benefits
    $38,928
    Filer's total
    $338,334

  • Alain Hung

    DEPUTY CHIEF INVESTMENT OFFICER

    Total calculated
    $584,446
    From this org
    $507,656
    From related orgs
    $0
    Other
    $76,790
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $401,541
    Bonus
    $106,115
    Other
    $0
    Deferred
    $32,500
    Nontaxable benefits
    $44,290
    Filer's total
    $584,446

  • Michael Wagner

    INVESTMENT DIRECTOR

    Total calculated
    $555,314
    From this org
    $412,042
    From related orgs
    $0
    Other
    $143,272
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $294,036
    Bonus
    $118,006
    Other
    $0
    Deferred
    $101,229
    Nontaxable benefits
    $42,043
    Filer's total
    $555,314

  • Jeanine Burmania

    SENIOR DIRECTOR, IP & LICENSING

    Total calculated
    $288,899
    From this org
    $264,097
    From related orgs
    $0
    Other
    $24,802
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $222,629
    Bonus
    $41,468
    Other
    $0
    Deferred
    -$13,764
    Nontaxable benefits
    $38,566
    Filer's total
    $288,899

  • Jonathan Young

    HEAD OF WARF THERAPEUTICS

    Total calculated
    $447,470
    From this org
    $319,566
    From related orgs
    $0
    Other
    $127,904
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $271,276
    Bonus
    $48,290
    Other
    $0
    Deferred
    $94,790
    Nontaxable benefits
    $33,114
    Filer's total
    $447,470

  • Gregory Keenan

    SENIOR DIR, VENTURES & ACCELERATOR

    Total calculated
    $345,801
    From this org
    $262,868
    From related orgs
    $0
    Other
    $82,933
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $220,709
    Bonus
    $42,159
    Other
    $0
    Deferred
    $44,396
    Nontaxable benefits
    $38,537
    Filer's total
    $345,801

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 · Compensation survey or study
  • 3 · Approval by the board or compensation committee
  • 4b · Supplemental nonqualified retirement plan
  • 5a · Pay contingent on this organization's revenues
  • 6a · Pay contingent on this organization's net earnings

Answered no

  • 4a · Severance or change-of-control payment
  • 4c · Equity-based compensation arrangement
  • 5b · Pay contingent on a related organization's revenues
  • 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 4B
THE FOLLOWING INDIVIDUAL PARTICIPATES IN A 457(F) PLAN AND THE AMOUNT IS THE CONTRIBUTION TO THE PLAN DURING 2023: ERIK IVERSON: $55,844
PART I, LINE 5
WARF'S INCENTIVE COMPENSATION/ACCURAL IS CONTINGENT UPON SEVERAL COMPLEX ORGANIZATIONAL PERFORMANCE METRICS AND FACTORS, ONE OF WHICH INCLUDES MEETING BUDGETED OPERATIONAL NET EARNINGS.
PART I, LINE 6
WARF'S INCENTIVE COMPENSATION/ACCURAL IS CONTINGENT UPON SEVERAL COMPLEX ORGANIZATIONAL PERFORMANCE METRICS AND FACTORS, ONE OF WHICH INCLUDES MEETING BUDGETED OPERATIONAL NET EARNINGS.

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

  • UNIVERSITY OF WISCONSIN - MADISON

    $86,770,343

    SEE PROGRAM SERVICE ACCOMPLISHMENTS; FORM 990, PART III, LINE 4A

  • MORGRIDGE INSTITUTE FOR RESEARCH

    $5,310,000

    SEE PROGRAM SERVICE ACCOMPLISHMENTS; FORM 990, PART III, LINE 4B

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.

  • WARF PROPERTIES LLC

    HOLDING REAL ESTATE · WI

    Directly controlled by WISCONSIN ALUMNI RESEARCH FOUNDATION

  • TOWN CENTER DINING LLC

    EVENT COORDINATOR · WI

Provenance

Return type
form_990
Tax year
2023
Filed
7 November 2024
IRS schema version
2023v5.1
Source object
202443139349304264

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