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Nonprofiteer
← UNIVERSITY OF SOUTH DAKOTA RESEARCH PARK INC

Form 990 for tax year 2024

Filed by UNIVERSITY OF SOUTH DAKOTA RESEARCH PARK INC.

Totals

Total revenue
$10,373,226
Total expenses
$306,031
Contributions and grants received
$10,029,714
Grants paid
$0
Program service revenue
$0
Investment income
$244,407
Other revenue
$99,105
Total assets, end of year
$22,733,061
Total liabilities, end of year
$1,605,436
Net assets or fund balances, end of year
$21,127,625
Program services expenses (Part IX)
$265,628
Management and general expenses
$40,403
Fundraising expenses
$0
Program service expenses (Part III)
$265,628

Program services were 86.8% 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.

  • 1d · Related organizations

    $9,500,964

  • 1e · Government grants (contributions)

    $153,750

  • 1f · All other contributions, gifts and grants

    $375,000

  • 3 · Investment income

    total $244,407 · excluded $244,407

  • 6a · Gross rents

    real property $19,699

  • 6b · Less rental expenses

    real property $0

  • 6c · Rental income or loss

    real property $19,699

  • 6d · Net rental income or loss

    total $19,699 · excluded $19,699

  • 11a · Other revenue: OTHER

    total $79,406 · related or exempt $79,406

  • 11e · Other revenue, total

    $79,406

Functional expenses

Part IX, the statement of functional expenses.

  • 11a · Fees: management

    total $184,455 · program services $147,565 · management and general $36,890

  • 11c · Fees: accounting

    total $3,513 · management and general $3,513

  • 11g · Fees: other

    total $60,235 · program services $60,235

  • 12 · Advertising and promotion

    total $1,139 · program services $1,139

  • 13 · Office expenses

    total $5,590 · program services $5,590

  • 16 · Occupancy

    total $20,926 · program services $20,926

  • 17 · Travel

    total $14,958 · program services $14,958

  • 19 · Conferences, conventions and meetings

    total $3,978 · program services $3,978

  • 23 · Insurance

    total $7,386 · program services $7,386

  • 24a · Other expenses: DUES & SUBSCRIPTIONS

    total $3,851 · program services $3,851

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $0 · end of year $18,750

  • 2 · Savings and temporary cash investments

    beginning of year $5,779,712 · end of year $3,191,814

  • 4 · Accounts receivable

    beginning of year $1,848,942 · end of year $3,199,844

  • 9 · Prepaid expenses and deferred charges

    beginning of year $6,635 · end of year $8,030

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

    $16,314,623

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

    $0

  • 10c · Land, buildings and equipment, net

    beginning of year $5,350,977 · end of year $16,314,623

  • 17 · Accounts payable and accrued expenses

    beginning of year $1,918,727 · end of year $1,597,888

  • 19 · Deferred revenue

    beginning of year $3,749 · end of year $4,188

  • 23 · Secured mortgages and notes payable

    beginning of year $3,360 · end of year $3,360

  • 29 · Capital stock, trust principal or current funds

    beginning of year $5,709,453 · end of year $4,813,002

  • 30 · Paid-in or capital surplus, or land, building or equipment fund

    beginning of year $5,350,977 · end of year $16,314,623

  • 31 · Retained earnings, endowment or other funds

    beginning of year $0 · end of year $0

Mission and programs · 2024

Mission

TO FOSTER ECONOMIC DEVELOPMENT BY:- GROWING UNIVERSITY RESEARCH CAPACITY, RESOURCES, AND TALENT- CONNECTING THESE CORE UNIVERSITY ACTIVITIES WITH PRIVATE SECTOR RESOURCES AND COMPANIES- FOSTERING ECONOMIC AND WORKFORCE DEVELOPMENT THROUGH SUPPORTING COMMERCIALIZATION AND ENTREPRENEURSHIP PROGRAMMING- FACILITATING THE CREATION OF THE PHYSICAL INFRASTRUCTURE NECESSARY TO SUPPORT CREATION AND ATTRACTION OF RESEARCH AND INNOVATION-BASED BUSINESS

Activities or mission (Part I)

TO GROW UNIVERSITY RESEARCH CAPACITY, RESOURCES AND TALENT AND CONNECT CORE UNIVERSITY ACTIVITIES WITH PRIVATE SECTOR RESOURCES AND COMPANIES.

  • FINAL DESIGN AND CONSTRUCTION MANAGEMENT OF BUILDING 1 EXECUTED IN 2024. FUNDS RECEIVED FROM THE STATE OF SOUTH DAKOTA THROUGH HB 1210, $15,000,000, MUST BE SPENT FIRST. IN 2024, $11,249,906.36 WAS SPENT BY THE USD DISCOVERY DISTRICT AND REIMBURSED THROUGH THE FUNDS RECEIVED FROM THE STATE OF SOUTH DAKOTA. ESTIMATED COMPLETION OF BUILDING IS JANUARY 2025.

    Expenses $265,628

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

Listed in Part VII

  • Sheila Gestring

    CHAIR

    Total calculated
    $453,719
    From this org
    $0
    From related orgs
    $411,206
    Other
    $42,513
    Hours/week
    0.1 + 40 related

    Schedule J breakdown matched by us

    Base
    $0 + $411,206 related
    Bonus
    $0
    Other
    $0
    Deferred
    $0 + $31,637 related
    Nontaxable benefits
    $0 + $14,838 related
    Filer's total
    $0 + $457,681 related

  • James Abbott

    INTERIM PRESIDENT

    Total calculated
    $0
    Hours/week
    20

  • Deb Peters

    TREASURER

    Total calculated
    $0
    Hours/week
    0.2

  • Mark Mickelson

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.1

  • Kim Patrick

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.1

  • Paul Tenhaken

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.1

  • Tim Rave

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.1

  • Bobbie Tibbetts

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.1

  • Kathryn Pohlson

    DIRECTOR (BEG MAY 2024)

    Total calculated
    $0
    Hours/week
    0.1

  • Matt Michels

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.1

  • Nathan Lukkes

    DIRECTOR

    Total calculated
    $325,795
    From this org
    $0
    From related orgs
    $285,296
    Other
    $40,499
    Hours/week
    0.1 + 40 related

    Schedule J breakdown matched by us

    Base
    $0 + $285,296 related
    Bonus
    $0
    Other
    $0
    Deferred
    $0 + $29,623 related
    Nontaxable benefits
    $0 + $13,649 related
    Filer's total
    $0 + $328,568 related

  • Natham Peterson

    DIRECTOR (UNTIL MAR 2024)

    Total calculated
    $0
    Hours/week
    0.1

  • Ryan Oines

    CHIEF OPERATING OFFICER

    Total calculated
    $0
    Hours/week
    40

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)

SCHEDULE J, PART II
THE CHAIR AND DIRECTORS LISTED IN PART II ARE EMPLOYED BY A RELATED ORGANIZATION, SOUTH DAKOTA BOARD OF REGENTS. UNIVERSITY OF SOUTH DAKOTA RESEARCH PARK RELIED ON THE RELATED ORGANIZATION FOR DETERMINING THE COMPENSATION FOR THE CHAIR USING THE METHODS DESCRIBED IN PART I, LINE 3. COMPENSATION FOR SHEILA GESTRING IS PRIMARILY FOR HER SERVICES AS PRESIDENT OF THE UNIVERSITY OF SOUTH DAKOTA. COMPENSATION FOR NATHAN LUKKES IS PRIMARILY FOR THEIR SERVICES TO SOUTH DAKOTA BOARD OF REGENTS.

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

No itemized grants to organizations on this return.

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.

  • SOUTH DAKOTA BOARD OF REGENTS

    GOVERN THE SYSTEM OF PUBLIC HIGHER EDUCATION IN THE STATE OF SOUTH DAKOTA · SD

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.

  • USDRP BETA LLC

    DEVELOPMENT · SD · income $0 · assets $0

    Directly controlled by USD RESEARCH PARK INC

Provenance

Return type
form_990
Tax year
2024
Filed
12 November 2025
IRS schema version
2024v5.2
Source object
202503189349312340

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