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← CLAYTON FOUNDATION FOR RESEARCH

Form 990 for tax year 2023

Filed by CLAYTON FOUNDATION FOR RESEARCH.

Totals

Total revenue
$11,043,790
Total expenses
$10,750,530
Contributions and grants received
$8,075,000
Grants paid
$150,000
Program service revenue
$96,250
Investment income
$2,729,478
Other revenue
$143,062
Total assets, end of year
$130,572,468
Total liabilities, end of year
$7,121,038
Net assets or fund balances, end of year
$123,451,430
Program services expenses (Part IX)
$9,405,819
Management and general expenses
$1,344,711
Fundraising expenses
$0
Program service expenses (Part III)
$9,405,819

Program services were 87.5% 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.

  • 1d · Related organizations

    $8,075,000

  • 2a · Program service revenue: Sponsored Research

    total $96,250 · excluded $96,250

  • 3 · Investment income

    total $1,938,814 · excluded $1,938,814

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

    total $0

  • 5 · Royalties

    total $143,062 · excluded $143,062

  • 6d · Net rental income or loss

    total $0

  • 7a · Gross sales of assets other than inventory

    securities $2,785,823

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

    securities $1,995,159

  • 7c · Gain or loss

    securities $790,664

  • 7d · Net gain or loss

    total $790,664 · excluded $790,664

  • 8c · Net income from fundraising events

    total $0

  • 9c · Net income from gaming

    total $0

  • 10c · Net income from sales of inventory

    total $0

  • 11e · Other revenue, total

    $0

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $150,000 · program services $150,000

  • 2 · Grants to domestic individuals

    total $0

  • 3 · Grants to foreign organizations and individuals

    total $0

  • 4 · Benefits paid to or for members

    total $0

  • 5 · Compensation of officers, directors and key employees

    total $1,675,787 · program services $1,390,346 · management and general $285,441

  • 6 · Compensation of disqualified persons

    total $497,743 · program services $348,420 · management and general $149,323

  • 7 · Other salaries and wages

    total $2,583,482 · program services $2,427,568 · management and general $155,914

  • 8 · Pension plan contributions

    total $358,217 · program services $323,101 · management and general $35,116

  • 9 · Other employee benefits

    total $1,174,817 · program services $984,227 · management and general $190,590

  • 10 · Payroll taxes

    total $198,780 · program services $184,030 · management and general $14,750

  • 11a · Fees: management

    total $0

  • 11b · Fees: legal

    total $18,571 · program services $13,928 · management and general $4,643

  • 11c · Fees: accounting

    total $52,329 · program services $41,863 · management and general $10,466

  • 11d · Fees: lobbying

    total $0

  • 11e · Fees: professional fundraising services

    total $0

  • 11f · Fees: investment management

    total $286,997 · management and general $286,997

  • 11g · Fees: other

    total $17,074 · program services $12,492 · management and general $4,582

  • 12 · Advertising and promotion

    total $0

  • 13 · Office expenses

    total $63,518 · program services $45,098 · management and general $18,420

  • 14 · Information technology

    total $0

  • 15 · Royalties

    total $0

  • 16 · Occupancy

    total $366,266 · program services $260,049 · management and general $106,217

  • 17 · Travel

    total $43,557 · program services $43,557

  • 18 · Travel or entertainment for public officials

    total $0

  • 19 · Conferences, conventions and meetings

    total $0

  • 20 · Interest

    total $0

  • 21 · Payments to affiliates

    total $0

  • 22 · Depreciation, depletion and amortization

    total $31,051 · program services $22,046 · management and general $9,005

  • 23 · Insurance

    total $236,401 · program services $206,607 · management and general $29,794

  • 24a · Other expenses: Medical research supplies

    total $1,592,737 · program services $1,592,737

  • 24b · Other expenses: Charge for research lab use

    total $821,677 · program services $821,677

  • 24c · Other expenses: Research equipment

    total $381,687 · program services $381,687

  • 24d · Other expenses: Tuition for researchers

    total $66,120 · program services $66,120

  • 24e · All other expenses

    total $133,719 · program services $90,266 · management and general $43,453

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $572,693 · end of year $1,750,906

  • 2 · Savings and temporary cash investments

    end of year $0

  • 3 · Pledges and grants receivable

    end of year $0

  • 4 · Accounts receivable

    beginning of year $284,990 · end of year $245,846

  • 5 · Loans and receivables from officers and key people

    end of year $0

  • 6 · Loans and receivables from disqualified persons

    end of year $0

  • 7 · Other notes and loans receivable

    end of year $0

  • 8 · Inventories for sale or use

    end of year $0

  • 9 · Prepaid expenses and deferred charges

    beginning of year $154,984 · end of year $200,426

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

    $4,434,562

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

    $1,890,306

  • 10c · Land, buildings and equipment, net

    beginning of year $2,941,572 · end of year $2,544,256

  • 11 · Investments: publicly traded securities

    beginning of year $82,679,826 · end of year $101,051,932

  • 12 · Investments: other securities

    end of year $0

  • 13 · Investments: program-related

    end of year $0

  • 14 · Intangible assets

    end of year $0

  • 15 · Other assets

    beginning of year $26,051,698 · end of year $24,779,102

  • 17 · Accounts payable and accrued expenses

    beginning of year $7,117,332 · end of year $7,121,038

  • 27 · Net assets without donor restrictions

    beginning of year $65,038,437 · end of year $82,886,840

  • 28 · Net assets with donor restrictions

    beginning of year $40,529,994 · end of year $40,564,590

Mission and programs · 2023

Mission

The primary mission is to conduct medical research in conjunction with hospitals for the purpose of discovering the cause, prevention and cure of diseases for the benefit of mankind. The secondary mission is to transfer the resulting medical research discoveries from the laboratory to the use of the general public by patenting and licensing such technology for development into drugs or other products for the use and benefit of mankind through the Foundation's supporting entities.

Activities or mission (Part I)

The primary mission is to conduct medical research in conjunction with hospitals for the purpose of discovering the cause, prevention and cure of diseases for the benefit of mankind.

  • A research project at Baylor College of Medicine in gene and protein therapy focuses on inappropriate cell division and cell death within the human body. Much of the work is devoted to intraocular angiogenesis, with particular attention to: 1) the signals that control this process, 2) the development of animal models of human ocular disease, and 3) development of potential therapies. New targets have been identified and potential therapeutic agents are being developed and tested for the treatment of wet AMD, Diabetic Retinopathy, and Retinopathy of Prematurity. Patent applications have been filed by RDF, one of the Foundation's supporting entities, on several discoveries arising out of this research. Licensing efforts by RDF resulted in a license to a commercial company that, using project technology, completed a Phase I human clinical trial with gene therapy to treat wet age-related macular degeneration.

    Expenses $1,011,043

  • The conduct of a longstanding research program at the University of Texas M. D. Anderson Cancer Center, the purpose of which is to design and develop novel targeted therapeutic agents that target a powerful human toxin to specifically destroy cancer cells for the treatment of numerous cancer targets and other disease indications. A number of collaborations have been undertaken with researchers at various institutions (e.g., University of California San Diego). Patent applications have been filed by Research Development Foundation (RDF), a tax exempt supporting organization of the Foundation (see schedule R, Part III), on more than twenty discoveries, and a number of patents have been issued. Licensing efforts have been ongoing and have resulted in several licenses.

    Expenses $967,238

  • A research program at Baylor College of Medicine in Houston is directed toward glaucoma, the second leading cause of permanent blindness in the world. More than 3 million Americans live with glaucoma, and it is estimated that perhaps millions more remain undiagnosed. The research includes opportunities to treat intraocular pressure (IOP) in a more targeted way that is independent of current medical therapies. State of the art technologies have been developed and are being used to analyze and characterize the molecular changes associated with the early stages of the diseases. The researchers objective is the identification of new potential therapies for glaucoma.

    Expenses $823,853

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

Listed in Part VII

  • Jarred W Sloan

    Trustee, President, Treasurer

    Total calculated
    $761,256
    From this org
    $274,083
    From related orgs
    $389,373
    Other
    $97,800
    Hours/week
    20 + 20 related

    Schedule J breakdown matched by us

    Base
    $274,083 + $389,373 related
    Bonus
    not reported
    Other
    not reported
    Deferred
    not reported
    Nontaxable benefits
    $76,593 + $21,207 related
    Filer's total
    $350,676 + $410,580 related

  • Robert M Wallace

    Trustee, Vice President

    Total calculated
    $761,256
    From this org
    $203,370
    From related orgs
    $460,086
    Other
    $97,800
    Hours/week
    20 + 20 related

    Schedule J breakdown matched by us

    Base
    $203,370 + $460,086 related
    Bonus
    not reported
    Other
    not reported
    Deferred
    not reported
    Nontaxable benefits
    $65,986 + $31,814 related
    Filer's total
    $269,356 + $491,900 related

  • Lynn P Carter

    Trustee

    Total calculated
    $761,256
    From this org
    $97,315
    From related orgs
    $566,141
    Other
    $97,800
    Hours/week
    8 + 32 related

    Schedule J breakdown matched by us

    Base
    $97,315 + $566,141 related
    Bonus
    not reported
    Other
    not reported
    Deferred
    not reported
    Nontaxable benefits
    not reported + $97,800 related
    Filer's total
    $97,315 + $663,941 related

  • Joan S Dunlap

    Trustee, VP, Secretary

    Total calculated
    $588,105
    From this org
    $126,473
    From related orgs
    $373,613
    Other
    $88,019
    Hours/week
    4 + 36 related

    Schedule J breakdown matched by us

    Base
    $126,473 + $373,613 related
    Bonus
    not reported
    Other
    not reported
    Deferred
    not reported
    Nontaxable benefits
    $58,689 + $29,330 related
    Filer's total
    $185,162 + $402,943 related

  • Brian W Crozier

    Trustee, Chairman

    Total calculated
    $395,392
    From this org
    $97,315
    From related orgs
    $247,991
    Other
    $50,086
    Hours/week
    5 + 10 related

    Schedule J breakdown matched by us

    Base
    $97,315 + $247,991 related
    Bonus
    not reported
    Other
    not reported
    Deferred
    not reported
    Nontaxable benefits
    $50,086
    Filer's total
    $147,401 + $247,991 related

  • Thomas J Brorby

    Trustee, Deceased

    Total calculated
    $303,562
    From this org
    $80,872
    From related orgs
    $206,090
    Other
    $16,600
    Hours/week
    5 + 10 related

    Schedule J breakdown matched by us

    Base
    $80,872 + $206,090 related
    Bonus
    not reported
    Other
    not reported
    Deferred
    not reported
    Nontaxable benefits
    $16,600
    Filer's total
    $97,472 + $206,090 related

  • Robert L Evans

    VP, Assistant Treasurer

    Total calculated
    $291,846
    From this org
    $210,000
    From related orgs
    $0
    Other
    $81,846
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $210,000
    Bonus
    not reported
    Other
    not reported
    Deferred
    not reported
    Nontaxable benefits
    $81,846
    Filer's total
    $291,846

  • Kimberly A Shipley

    Assistant Secretary

    Total calculated
    $249,603
    From this org
    $173,267
    From related orgs
    $0
    Other
    $76,336
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $173,267
    Bonus
    not reported
    Other
    not reported
    Deferred
    not reported
    Nontaxable benefits
    $76,336
    Filer's total
    $249,603

  • Lawrence H Cheung

    Project Researcher

    Total calculated
    $154,441
    From this org
    $114,406
    From related orgs
    $0
    Other
    $40,035
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $114,406
    Bonus
    not reported
    Other
    not reported
    Deferred
    not reported
    Nontaxable benefits
    $40,035
    Filer's total
    $154,441

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

  • 1a · First-class or charter travel
  • 1b · Written policy on the line-1a expenses
  • 2 · Substantiation required before reimbursing expenses
  • 3 · Compensation committee
  • 3 · Independent compensation consultant
  • 3 · Written employment contract
  • 3 · Compensation survey or study
  • 3 · Approval by the board or compensation committee

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 1a: Relevant information in regards to selections on 1a.
Part II, Compensation from Unrelated Organizations
Part I Line 1a: Foundation representatives on Foundation business may travel first class under the travel policy approved by the Board, but such persons sometimes fly economy, depending upon routes and convenience of flight schedules. The travel policy does not permit charter travel, and no charter travel was provided to any of such persons.

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

  • The University of Texas MD Anderson Cancer Center

    $100,000

    Gen Purpose

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.

Related corporations and trusts

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

  • Foundation Services Inc

    C · Holding Company · NV

    Directly controlled by NA

  • Clayton Biotechnologies Inc

    C · Technology Transfer · NV · controlled entity

    Directly controlled by Found Services Inc

  • Julie Davis Clayton Trust

    T · Charitable Remainder Trust · TX

    Directly controlled by Clayton Foundation

Provenance

Return type
form_990
Tax year
2023
Filed
14 November 2024
IRS schema version
2023v5.1
Source object
202443199349310679

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