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← MICHIGAN STATE UNIVERSITY FOUNDATION

Form 990 for tax year 2022

Filed by MICHIGAN STATE UNIVERSITY FOUNDATION.

Totals

Total revenue
$35,711,061
Total expenses
$29,167,774
Contributions and grants received
$8,872,793
Grants paid
$19,141,481
Program service revenue
$1,295,616
Investment income
$23,246,663
Other revenue
$2,295,989
Total assets, end of year
$600,365,725
Total liabilities, end of year
$79,445,791
Net assets or fund balances, end of year
$520,919,934
Program services expenses (Part IX)
$25,280,448
Management and general expenses
$3,887,326
Fundraising expenses
$0
Program service expenses (Part III)
$25,280,448

Program services were 86.7% 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.

  • 1e · Government grants (contributions)

    $8,280,985

  • 1f · All other contributions, gifts and grants

    $591,808

  • 2a · Program service revenue: MANAGEMENT FEE REVENUE

    total $1,123,047 · related or exempt $1,123,047

  • 2b · Program service revenue: SPONSORSHIP

    total $172,569 · related or exempt $172,569

  • 3 · Investment income

    total $8,424,948 · unrelated business -$825,826 · excluded $9,250,774

  • 5 · Royalties

    total $2,119,907 · excluded $2,119,907

  • 6a · Gross rents

    real property $116,328

  • 6b · Less rental expenses

    real property $0

  • 6c · Rental income or loss

    real property $116,328

  • 6d · Net rental income or loss

    total $116,328 · unrelated business $127,792 · excluded -$11,464

  • 7a · Gross sales of assets other than inventory

    securities $96,791,704

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

    securities $81,965,937 · other assets $4,052

  • 7c · Gain or loss

    securities $14,825,767 · other assets -$4,052

  • 7d · Net gain or loss

    total $14,821,715 · unrelated business $13,751 · excluded $14,807,964

  • 11a · Other revenue: MISCELLANEOUS REVENUE

    total $36,230 · related or exempt $29,920 · excluded $6,310

  • 11b · Other revenue: UBI TAX BENEFIT RCV'D

    total $21,186 · excluded $21,186

  • 11c · Other revenue: REBATE REVENUE

    total $2,338 · excluded $2,338

  • 11e · Other revenue, total

    $59,754

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $19,141,481 · program services $19,141,481

  • 5 · Compensation of officers, directors and key employees

    total $1,180,388 · program services $944,311 · management and general $236,077

  • 7 · Other salaries and wages

    total $3,313,705 · program services $2,982,335 · management and general $331,370

  • 8 · Pension plan contributions

    total $131,090 · program services $117,981 · management and general $13,109

  • 9 · Other employee benefits

    total $364,731 · program services $328,258 · management and general $36,473

  • 10 · Payroll taxes

    total $160,433 · program services $144,389 · management and general $16,044

  • 11b · Fees: legal

    total $116,768 · program services $51,772 · management and general $64,996

  • 11c · Fees: accounting

    total $525,163 · program services $215,532 · management and general $309,631

  • 11f · Fees: investment management

    total $2,056,453 · program services $29,036 · management and general $2,027,417

  • 11g · Fees: other

    total $51,521 · program services $26,325 · management and general $25,196

  • 12 · Advertising and promotion

    total $147,880 · program services $55,683 · management and general $92,197

  • 13 · Office expenses

    total $63,222 · program services $16,301 · management and general $46,921

  • 14 · Information technology

    total $247,911 · program services $61,978 · management and general $185,933

  • 16 · Occupancy

    total $202,485 · program services $70,355 · management and general $132,130

  • 17 · Travel

    total $101,716 · program services $25,458 · management and general $76,258

  • 19 · Conferences, conventions and meetings

    total $96,287 · program services $24,072 · management and general $72,215

  • 20 · Interest

    total $757,009 · program services $757,009

  • 22 · Depreciation, depletion and amortization

    total $246,116 · program services $236,789 · management and general $9,327

  • 23 · Insurance

    total $158,453 · program services $26,256 · management and general $132,197

  • 24a · Other expenses: SUBS/ONLINE SERVICES

    total $90,016 · program services $22,504 · management and general $67,512

  • 24b · Other expenses: MEMBERSHIPS

    total $10,492 · program services $2,623 · management and general $7,869

  • 24c · Other expenses: PROFESSIONAL DVLPMT

    total $4,454 · management and general $4,454

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $148,266 · end of year $621,140

  • 2 · Savings and temporary cash investments

    beginning of year $19,146,473 · end of year $17,170,418

  • 4 · Accounts receivable

    beginning of year $5,029,131 · end of year $2,697,101

  • 7 · Other notes and loans receivable

    beginning of year $4,000,599 · end of year $6,804,449

  • 9 · Prepaid expenses and deferred charges

    beginning of year $68,142 · end of year $245,156

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

    $1,321,017

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

    $45,212

  • 10c · Land, buildings and equipment, net

    beginning of year $26,659,078 · end of year $1,275,805

  • 11 · Investments: publicly traded securities

    beginning of year $158,785,326 · end of year $203,123,866

  • 12 · Investments: other securities

    beginning of year $278,389,055 · end of year $244,160,744

  • 13 · Investments: program-related

    beginning of year $10,812,222 · end of year $18,888,738

  • 15 · Other assets

    beginning of year $44,336,958 · end of year $105,378,308

  • 17 · Accounts payable and accrued expenses

    beginning of year $5,940,681 · end of year $2,330,959

  • 18 · Grants payable

    beginning of year $0 · end of year $3,647,932

  • 19 · Deferred revenue

    beginning of year $19,984,023 · end of year $20,524,722

  • 23 · Secured mortgages and notes payable

    beginning of year $20,800,259 · end of year $21,686,168

  • 25 · Other liabilities

    beginning of year $24,683,109 · end of year $31,256,010

  • 27 · Net assets without donor restrictions

    beginning of year $438,609,082 · end of year $481,956,699

  • 28 · Net assets with donor restrictions

    beginning of year $37,358,096 · end of year $38,963,235

Mission and programs · 2022

Mission

TO PROVIDE SUPPORT FOR THE BOARD OF TRUSTEES OF MICHIGAN STATE UNIVERSITY AND TO PROMOTE, SPONSOR, ASSIST, AND CARRY OUT EDUCATIONAL, SCIENTIFIC, CHARITABLE AND RELATED ACTIVITIES AND OBJECTIVES OF MICHIGAN STATE UNIVERSITY.

Activities or mission (Part I)

TO PROVIDE SUPPORT FOR THE BOARD OF TRUSTEES OF MICHIGAN STATE UNIVERSITY (CONTINUED IN SCHEDULE O) AND TO PROMOTE, SPONSOR, ASSIST, AND CARRY OUT EDUCATIONAL, SCIENTIFIC, CHARITABLE AND RELATED ACTIVITIES AND OBJECTIVES OF MICHIGAN STATE UNIVERSITY.

  • GRANTING FUNDS TO ADVANCE RESEARCH AND THE UNIVERSITY'S SCHOLARLY INFRASTRUCTURE OF TEACHING AND DISSEMINATION OF NEW KNOWLEDGE, UNDERWRITING MSU'S WORK IN TECHNOLOGY COMMERCIALIZATION, DEVELOPING, SCALING AND DE-RISKING BIO-BASED TECHNOLOGIES THROUGH MBI INTERNATIONAL, A WHOLLY-OWNED FOUNDATION SUBSIDIARY, FOSTERING THE CREATION OF STARTUP ENTERPRISES ORIGINATING FROM MSU THROUGH THE FOUNDATION'S SPARTAN INNOVATIONS AND INVESTMENT HOLDINGS SUBSIDIARIES, AND PROVIDING FACILITIES AND BUILDING SITES AT THE UNIVERSITY CORPORATE RESEARCH PARK AND FOUNDATION PARK I FOR TECHNOLOGY ENTERPRISES, UNIVERSITY TECHNOLOGY-DEVELOPMENT INITIATIVES, AND UNIVERSITY/INDUSTRY COLLABORATIONS.

    Expenses $22,261,842 · Grants $19,141,481 · Revenue $1,325,536

  • SPARTAN INNOVATIONS PROVIDES THE EDUCATIONAL AND FINANCIAL SUPPORT NECESSARY TO TURN MSU RESEARCH TECHNOLOGIES INTO SUCCESSFUL MICHIGAN BUSINESSES - AND SPUR ENTREPRENEURSHIP IN THE MICHIGAN ECONOMY.

    Expenses $3,018,606

As filed on the 2022 return.

Listed in Part VII

  • David Washburn

    EXECUTIVE DIRECTOR

    Total calculated
    $448,827
    From this org
    $390,197
    From related orgs
    $0
    Other
    $58,630
    Hours/week
    37 + 3 related

    Schedule J breakdown matched by us

    Base
    $333,669
    Bonus
    $54,750
    Other
    $1,778
    Deferred
    $33,313
    Nontaxable benefits
    $25,317
    Filer's total
    $448,827

  • Jeffrey Wesley

    EXECUTIVE DIRECTOR, VENTURES

    Total calculated
    $358,654
    From this org
    $305,422
    From related orgs
    $0
    Other
    $53,232
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $264,644
    Bonus
    $39,000
    Other
    $1,778
    Deferred
    $26,650
    Nontaxable benefits
    $26,582
    Filer's total
    $358,654

  • Rebekah Skrzyniarz

    DIRECTOR OF FINANCE

    Total calculated
    $194,425
    From this org
    $159,456
    From related orgs
    $0
    Other
    $34,969
    Hours/week
    38 + 2 related

    Schedule J breakdown matched by us

    Base
    $137,481
    Bonus
    $21,000
    Other
    $975
    Deferred
    $14,350
    Nontaxable benefits
    $20,619
    Filer's total
    $194,425

  • Frank Urban

    DIRECTOR OF VENTURE CREATION

    Total calculated
    $191,478
    From this org
    $150,234
    From related orgs
    $0
    Other
    $41,244
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $125,134
    Bonus
    $24,125
    Other
    $975
    Deferred
    $13,070
    Nontaxable benefits
    $28,174
    Filer's total
    $191,478

  • Prem Bodagala

    DIRECTOR OF RED CEDAR VENTURES

    Total calculated
    $189,009
    From this org
    $160,364
    From related orgs
    $0
    Other
    $28,645
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $138,389
    Bonus
    $21,000
    Other
    $975
    Deferred
    $14,350
    Nontaxable benefits
    $14,295
    Filer's total
    $189,009

  • Bradley Fingland

    DIRECTOR OF VENTURE CREATION

    Total calculated
    $178,063
    From this org
    $147,079
    From related orgs
    $0
    Other
    $30,984
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $126,832
    Bonus
    $19,125
    Other
    $1,122
    Deferred
    $13,070
    Nontaxable benefits
    $17,914
    Filer's total
    $178,063

  • Kyle McGregor

    DIRECTOR OF HEALTH INNOVATION

    Total calculated
    $131,609
    From this org
    $131,609
    From related orgs
    $0
    Other
    $0
    Hours/week
    40

  • Matt Okoneski

    VENTURE ASSOCIATE

    Total calculated
    $120,674
    From this org
    $115,701
    From related orgs
    $0
    Other
    $4,973
    Hours/week
    40

  • Melissa Woo

    PRESIDENT

    Total calculated
    $0
    Hours/week
    2

  • Randolph Cowen

    CHAIRMAN

    Total calculated
    $0
    Hours/week
    2 + 0.2 related

  • Scott Eston

    VICE CHAIRMAN

    Total calculated
    $0
    Hours/week
    2

  • Bruce Leech

    TREASURER

    Total calculated
    $0
    Hours/week
    2

  • John Phillips

    SECRETARY

    Total calculated
    $0
    Hours/week
    2 + 0.2 related

  • Norm Beauchamp

    DIRECTOR (AS OF 06/23)

    Total calculated
    $0
    Hours/week
    2

  • Jon Braeutigam

    DIRECTOR

    Total calculated
    $0
    Hours/week
    2

  • Kermitt Brooks

    DIRECTOR

    Total calculated
    $0
    Hours/week
    2

  • Jeffrey Degraaf

    DIRECTOR

    Total calculated
    $0
    Hours/week
    2

  • Melanie Foster

    DIRECTOR (THRU 12/22)

    Total calculated
    $0
    Hours/week
    2

  • Douglas Gage

    DIRECTOR

    Total calculated
    $0
    Hours/week
    2

  • Patricia Hemingway Hall

    DIRECTOR

    Total calculated
    $0
    Hours/week
    2

  • Linda Hubbard

    DIRECTOR

    Total calculated
    $0
    Hours/week
    2

  • Thomas Jeitschko

    DIRECTOR (AS OF 11/22)

    Total calculated
    $0
    Hours/week
    2

  • Pat O'Keefe

    DIRECTOR (THRU 12/22)

    Total calculated
    $0
    Hours/week
    2

  • William Seifert

    DIRECTOR

    Total calculated
    $0
    Hours/week
    2

  • Stan Sokolowski

    DIRECTOR

    Total calculated
    $0
    Hours/week
    2

  • Samuel L Stanley Jr MD

    DIRECTOR (THRU 11/22)

    Total calculated
    $0
    Hours/week
    2

  • Janice Stipp

    DIRECTOR

    Total calculated
    $0
    Hours/week
    2

  • Joel Wittenberg

    DIRECTOR

    Total calculated
    $0
    Hours/week
    2

  • Teresa Woodruff

    DIRECTOR

    Total calculated
    $0
    Hours/week
    2

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 · Form 990 of other organizations
  • 3 · Approval by the board or compensation committee
  • 7 · Other non-fixed payments

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
  • 8 · Paid under the initial-contract exception

The filer's explanations (Part III)

PART I, LINE 7
COMPENSATION INCLUDES BOTH BASE AND VARIABLE COMPENSATION (NON-FIXED PAYMENTS). IN ACCORDANCE WITH ITS POLICIES, ALL ELEMENTS (BASE, VARIABLE, BENEFITS, AND PERQUISITES) ARE COMPARED TO MARKET. FOR THOSE INDIVIDUALS LISTED IN FORM 990, PART VII, SECTION A, LINE 1A, WHO ARE ELIGIBLE, BONUSES ARE PAID PURSUANT TO THEIR SERVICE AGREEMENT WITH THE ORGANIZATION. BONUS AMOUNTS ARE PROPOSED BY THE INDIVIDUAL'S SUPERVISOR TO THE EXECUTIVE DIRECTOR AND DIRECTOR OF FINANCE. THE BOARD CHAIR APPROVES FINAL BONUS AMOUNTS. BONUS AMOUNTS PAID ARE DIRECTLY CORRELATED TO THE INDIVIDUAL'S PERFORMANCE AND GOAL ACHIEVEMENT.

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

  • MICHIGAN STATE UNIVERSITY BOARD OF TRUSTEES

    $17,560,656

    SUPPORT UNIVERSITY

  • GRIP MEDICAL PROPERTIES I LLC

    $400,000

    MEDICAL RESEARCH

  • SMART BRIDGE MEDICAL

    $70,845

    STARTUP SUPPORT

  • ELITE CARE TECHNOLOGIES

    $15,000

    STARTUP SUPPORT

  • JUSTAIR SOLUTIONS

    $15,000

    STARTUP SUPPORT

  • HEALTHBAR

    $14,371

    STARTUP SUPPORT

  • VETR HEALTH LLC

    $13,727

    STARTUP SUPPORT

  • REEL FREE LLC

    $11,350

    STARTUP SUPPORT

  • BOXMAGIC

    $10,000

    STARTUP SUPPORT

  • RIGRAX

    $9,540

    STARTUP SUPPORT

The 10 largest by cash amount. The API serves every itemized grant.

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.

  • SPARTAN INNOVATIONS

    INVESTMENT · MI · income $1,893,681 · assets $632,918

    Directly controlled by MSU RESEARCH FOUNDATION

  • INVESTMENT HOLDINGS LLC

    INVESTMENT · MI · income $1,721,380 · assets $12,125,380

    Directly controlled by MSU RESEARCH FOUNDATION

  • FOUNDATION PARK I LLC

    INVESTMENT · MI · income $8,705,342 · assets $36,966,703

    Directly controlled by MSU RESEARCH FOUNDATION

  • MICHIGAN RISE PRE-SEED FUND III LLC

    INVESTMENT · MI · income $1,997,700 · assets $14,820,044

    Directly controlled by MSU RESEARCH FOUNDATION

  • TECHNOLOGY INVESTMENTS I LLC

    INVESTMENT · MI · income $0 · assets $0

    Directly controlled by INVESTMENT HOLDINGS LLC

Related corporations and trusts

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

  • CHARITABLE REMAINDER TRUSTS (1)

    N/A · MI

    Directly controlled by MSU RESEARCH FOUNDATION

Provenance

Return type
form_990
Tax year
2022
Filed
15 May 2024
IRS schema version
2022v5.0
Source object
202441359349312899

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