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← UNIVERSITY OF SOUTHERN MISSISSIPPI RESEARCH FOUNDATION

Form 990 for tax year 2024

Filed by UNIVERSITY OF SOUTHERN MISSISSIPPI RESEARCH FOUNDATION.

What the amendment changed

Compared with the return it replaced , filed 4 November 2025. matched by us Only the Part I totals and the names listed in Part VII are compared. We relate returns by organization, tax year and form, and order them by each return's own timestamp; the filer's own "amended return" checkbox is a separate fact.

Both are the same on the two returns, so the amendment changed something else.

Totals

Total revenue
$500,537
Total expenses
$1,067,071
Contributions and grants received
$102,982
Grants paid
$5,950
Program service revenue
$350,533
Investment income
$3,239
Other revenue
$43,783
Total assets, end of year
$1,590,033
Total liabilities, end of year
$253,088
Net assets or fund balances, end of year
$1,336,945
Program services expenses (Part IX)
$833,613
Management and general expenses
$233,458
Fundraising expenses
$0
Program service expenses (Part III)
$833,613

Program services were 78.1% 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

    $102,982

  • 1g · Noncash contributions included above

    $102,982

  • 2a · Program service revenue: GULF BLUE INITIATIVE

    total $190,993 · related or exempt $190,993

  • 2b · Program service revenue: RESEARCH SYMPOSIUM

    total $159,540 · related or exempt $159,540

  • 3 · Investment income

    total $3,239 · excluded $3,239

  • 11a · Other revenue: OTHER INCOME

    total $58,350 · excluded $58,350

  • 11b · Other revenue: CURRENT YEAR LOSS ON I

    total -$14,567 · excluded -$14,567

  • 11e · Other revenue, total

    $43,783

Functional expenses

Part IX, the statement of functional expenses.

  • 2 · Grants to domestic individuals

    total $5,950 · program services $5,950

  • 7 · Other salaries and wages

    total $82,685 · program services $57,880 · management and general $24,805

  • 9 · Other employee benefits

    total $20,297 · program services $14,208 · management and general $6,089

  • 11b · Fees: legal

    total $47,214 · management and general $47,214

  • 12 · Advertising and promotion

    total $1,800 · management and general $1,800

  • 13 · Office expenses

    total $44,426 · management and general $44,426

  • 14 · Information technology

    total $4,797 · management and general $4,797

  • 16 · Occupancy

    total $377,564 · program services $374,612 · management and general $2,952

  • 17 · Travel

    total $5,681 · management and general $5,681

  • 19 · Conferences, conventions and meetings

    total $56,277 · program services $48,462 · management and general $7,815

  • 22 · Depreciation, depletion and amortization

    total $58,228 · management and general $58,228

  • 23 · Insurance

    total $9,843 · program services $6,352 · management and general $3,491

  • 24a · Other expenses: WATERBORNE SYMPOSIUM

    total $180,379 · program services $157,727 · management and general $22,652

  • 24b · Other expenses: GULF BLUE NAVIGATOR PRO

    total $153,086 · program services $153,086

  • 24c · Other expenses: SUPPLIES

    total $10,041 · program services $7,981 · management and general $2,060

  • 24d · Other expenses: POSTAGE, PRINTING & MAI

    total $8,803 · program services $7,355 · management and general $1,448

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $479,656 · end of year $1,114,597

  • 2 · Savings and temporary cash investments

    beginning of year $1,099,515 · end of year $0

  • 4 · Accounts receivable

    beginning of year $115,130 · end of year $35,384

  • 9 · Prepaid expenses and deferred charges

    beginning of year $111,992 · end of year $64,428

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

    $462,262

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

    $198,376

  • 10c · Land, buildings and equipment, net

    beginning of year $323,006 · end of year $263,886

  • 12 · Investments: other securities

    beginning of year -$432 · end of year $0

  • 15 · Other assets

    beginning of year $35,934 · end of year $111,738

  • 17 · Accounts payable and accrued expenses

    beginning of year $99,460 · end of year $57,041

  • 19 · Deferred revenue

    beginning of year $78,200 · end of year $84,509

  • 25 · Other liabilities

    beginning of year $0 · end of year $111,538

  • 27 · Net assets without donor restrictions

    beginning of year $1,987,141 · end of year $1,336,945

Mission and programs · 2024

Mission

THE MISSION OF THE FOUNDATION IS TO OVERSEE THE ACQUISITION OF GIFTS, CONTRIBUTIONS AND GRANTS FOR SPONSORED RESEARCH FOR INDIVIDUALS, INDUSTRIES, PRIVATE ORGANIZATIONS AND GOVERNMENT AGENCIES AND TO ASSIST WITH TRANSFERRING TECHNOLOGY DEVELOPED THROUGH THE FOUNDATION.

  • TO OPERATE FOR THE BENEFIT OF, TO PERFORM THE FUNCTIONS OF, AND/OR TO CARRY OUT THE PURPOSES OF THE UNIVERSITY OF SOUTHERN MISSISSIPPI, A PUBLIC INSTITUITION OF THE STATE OF MISSISSIPPI.

    Expenses $163,677 · Grants $5,950 · Revenue $159,540

  • THROUGH USM - USM RESEACH FOUNDATION LAUNCHED GULF BLUE INITIATIVE ON THE MISSISSIPPI GULF COAST - CAPITALIZING ON THE COAST'S GEOGRAPHY AND MARITIME RESOURCES. GULF BLUE INITIATIVE IS STRATEGICALLY INVESTING IN MARITIME INFRASTRUCTURE TO ADVANCE TECHNOLOGY THROUGH INNOVATION CLUSTERS SUCH AS: UNCREWED MARITIME SYSTEMS, OCEAN - FRIENDLY PLASTICS, PRECISION AQUACULTURE, SMART PORTS, SEA-SPACE SYSTEMS AND COASTAL DATA.

    Expenses $669,936 · Revenue $190,993

As filed on the 2024 return.

Listed in Part VII

  • Johnny Atherton

    PRESIDENT

    Total calculated
    $0
    Hours/week
    2

  • Jamie Miller

    VICE PRESIDENT

    Total calculated
    $0
    Hours/week
    2

  • John Fitzpatrick MD

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    2

  • Frederick E Sock

    SECRETARY/TREASURER

    Total calculated
    $0
    Hours/week
    2

  • Carletta Barnes Ekunwe

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    2

  • Dr Gordon Cannon

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    2

  • Dr J Kent Newman

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    2

  • Chad Driskell

    EX-OFFICIO

    Total calculated
    $0
    Hours/week
    0

  • Dr Kelly Lucas

    EXECUTIVE DIRECTOR

    Total calculated
    $299,776
    From this org
    $0
    From related orgs
    $299,776
    Other
    $0
    Hours/week
    2 + 40 related

    Schedule J breakdown matched by us

    Base
    $0 + $250,000 related
    Bonus
    $0
    Other
    $0 + $49,776 related
    Deferred
    $0
    Nontaxable benefits
    $0
    Filer's total
    $0 + $299,776 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

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.

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.

  • GULF BLUE LLC

    NO ACTIVITY, PURPOSE IS TO PURCHASE, OWN, OPERATE, HOLD, SELL AND DEVELOP · MS · income $0 · assets $0

    Directly controlled by UNIVERISITY OF SOUTHERN MISSISSIPPI RESEARCH FOUNDATION

  • WATERBORNE LLC

    WATERBORNE SYMPOSIUM MANAGEMENT · MS · income $159,540 · assets $161,365

    Directly controlled by UNIVERISITY OF SOUTHERN MISSISSIPPI RESEARCH FOUNDATION

Provenance

Return type
form_990
Tax year
2024
Filed
1 July 2026
IRS schema version
2024v5.5
Source object
202641879349301434

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