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← UNIVERSITY OF SOUTH FLORIDA RESEARCH FOUNDATION INC

Form 990 for tax year 2023

Filed by UNIVERSITY OF SOUTH FLORIDA RESEARCH FOUNDATION INC.

Totals

Total revenue
$17,216,310
Total expenses
$19,010,944
Contributions and grants received
$0
Grants paid
$4,315,316
Program service revenue
$13,521,515
Investment income
$3,694,795
Other revenue
$0
Total assets, end of year
$187,774,384
Total liabilities, end of year
$110,502,099
Net assets or fund balances, end of year
$77,272,285
Program services expenses (Part IX)
$18,050,837
Management and general expenses
$960,107
Fundraising expenses
$0
Program service expenses (Part III)
$18,050,837

Program services were 94.9% 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.

  • 2a · Program service revenue: PROPERTY RENTAL REVENUE

    total $9,681,552 · related or exempt $9,681,552

  • 2b · Program service revenue: ROYALTIES/LICENSES/OPTION FEES

    total $3,482,942 · related or exempt $3,482,942

  • 2c · Program service revenue: ADMINISTRATIVE FEES

    total $191,854 · related or exempt $191,854

  • 2d · Program service revenue: CONTRACTS & GRANTS

    total $165,167 · related or exempt $165,167

  • 3 · Investment income

    total $3,694,795 · unrelated business -$8,260 · excluded $3,703,055

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $4,315,316 · program services $4,315,316

  • 5 · Compensation of officers, directors and key employees

    total $170,756 · program services $128,067 · management and general $42,689

  • 11b · Fees: legal

    total $45,631 · program services $43,531 · management and general $2,100

  • 11c · Fees: accounting

    total $113,403 · management and general $113,403

  • 11g · Fees: other

    total $120,362 · program services $120,362

  • 12 · Advertising and promotion

    total $4,162 · program services $4,162

  • 13 · Office expenses

    total $93,693 · program services $38,838 · management and general $54,855

  • 15 · Royalties

    total $1,579,193 · program services $1,579,193

  • 16 · Occupancy

    total $4,072,294 · program services $3,999,498 · management and general $72,796

  • 17 · Travel

    total $19,935 · program services $19,395 · management and general $540

  • 20 · Interest

    total $1,270,932 · program services $1,270,932

  • 22 · Depreciation, depletion and amortization

    total $4,232,438 · program services $4,200,176 · management and general $32,262

  • 23 · Insurance

    total $485,866 · program services $474,075 · management and general $11,791

  • 24a · Other expenses: SHARED SERVICES

    total $1,245,155 · program services $615,484 · management and general $629,671

  • 24b · Other expenses: TECHNOLOGY COSTS

    total $1,178,450 · program services $1,178,450

  • 24c · Other expenses: BAD DEBT EXPENSE

    total $52,230 · program services $52,230

  • 24d · Other expenses: ADMINISTRATIVE FEES

    total $11,128 · program services $11,128

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $2,491,143 · end of year $12,676,260

  • 2 · Savings and temporary cash investments

    beginning of year $725,000 · end of year $2,109,134

  • 4 · Accounts receivable

    beginning of year $933,793 · end of year $1,108,973

  • 9 · Prepaid expenses and deferred charges

    beginning of year $324,076 · end of year $229,367

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

    $121,700,787

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

    $45,551,335

  • 10c · Land, buildings and equipment, net

    beginning of year $69,420,045 · end of year $76,149,452

  • 11 · Investments: publicly traded securities

    beginning of year $6,585,881 · end of year $1,337,864

  • 12 · Investments: other securities

    beginning of year $34,224,039 · end of year $38,229,741

  • 13 · Investments: program-related

    beginning of year $1,778,874 · end of year $863,140

  • 14 · Intangible assets

    beginning of year $6,645,597 · end of year $6,529,685

  • 15 · Other assets

    beginning of year $53,555,106 · end of year $48,540,768

  • 17 · Accounts payable and accrued expenses

    beginning of year $2,278,236 · end of year $5,540,975

  • 19 · Deferred revenue

    beginning of year $162,820 · end of year $260,251

  • 23 · Secured mortgages and notes payable

    beginning of year $12,995,000 · end of year $12,125,000

  • 25 · Other liabilities

    beginning of year $83,886,291 · end of year $92,575,873

  • 27 · Net assets without donor restrictions

    beginning of year $74,847,290 · end of year $74,004,201

  • 28 · Net assets with donor restrictions

    beginning of year $2,513,917 · end of year $3,268,084

Mission and programs · 2023

Mission

TO PROMOTE, ENCOURAGE AND ENHANCE RESEARCH ACTIVITIES AT THE UNIVERSITY OF SOUTH FLORIDA.

  • THE RESEARCH FOUNDATION ASSISTS IN DEVELOPING HIGH-TECHNOLOGY BUSINESSES AND RESEARCH PARTNERSHIPS THAT BOOST THE ECONOMY AND CREATE HIGH-PAYING JOBS IN THE TAMPA BAY AREA BY DEVELOPING ITS USF RESEARCH PARK OF TAMPA BAY INTO A HUB FOR BIOTECHNOLOGY AND LIFE SCIENCES RESEARCH AND ENTREPRENEURSHIP.

    Expenses $10,759,336 · Revenue $9,681,552

  • THE RESEARCH FOUNDATION PROVIDES A MECHANISM BY WHICH DISCOVERIES, INVENTIONS, PROCESSES AND WORK PRODUCTS OF USF FACULTY, STAFF AND STUDENTS CAN BE TRANSFERRED FROM THE UNIVERSITY LABORATORY TO BENEFIT THE PUBLIC. INCOME IS ALLOCATED IN ACCORDANCE WITH USF POLICY ON INVENTIONS AND WORKS TO INVENTORS AND THEIR RESEARCH SUPPORT FUNDS, AND FOR DIRECT SUPPORT OF RESEARCH AT THE UNIVERSITY.

    Expenses $7,126,333 · Grants $4,315,316 · Revenue $3,482,942

  • THE RESEARCH FOUNDATION RECEIVES AND ADMINISTERS CERTAIN BASIC RESEARCH AND CLINICAL TRIAL CONTRACTS AND GRANTS SPONSORED BY THE PRIVATE SECTOR AND FOUNDATIONS. THE GRANT STUDIES ARE PERFORMED BY UNIVERSITY FACULTY, STAFF AND STUDENTS.

    Expenses $165,168 · Revenue $357,021

As filed on the 2023 return.

Listed in Part VII

  • SYLVIA THOMAS

    PRESIDENT AND CEO

    Total calculated
    $331,758
    From this org
    $0
    From related orgs
    $294,872
    Other
    $36,886
    Hours/week
    1 + 39 related

    Schedule J breakdown matched by us

    Base
    $0 + $294,022 related
    Bonus
    $0
    Other
    $0 + $850 related
    Deferred
    $0 + $15,113 related
    Nontaxable benefits
    $0 + $21,773 related
    Filer's total
    $0 + $331,758 related

  • JENNIFER CONDON

    TREASURER (START 11/16/23)

    Total calculated
    $330,895
    From this org
    $0
    From related orgs
    $294,798
    Other
    $36,097
    Hours/week
    1 + 39 related

    Schedule J breakdown matched by us

    Base
    $0 + $278,778 related
    Bonus
    $0 + $15,000 related
    Other
    $0 + $1,020 related
    Deferred
    $0 + $14,329 related
    Nontaxable benefits
    $0 + $21,768 related
    Filer's total
    $0 + $330,895 related

  • RICHARD SOBIERAY

    TREASURER (LAST DATE 10/23/23)

    Total calculated
    $649,118
    From this org
    $0
    From related orgs
    $613,047
    Other
    $36,071
    Hours/week
    1 + 39 related

    Schedule J breakdown matched by us

    Base
    $0 + $512,027 related
    Bonus
    $0 + $100,000 related
    Other
    $0 + $1,020 related
    Deferred
    $0 + $14,209 related
    Nontaxable benefits
    $0 + $21,862 related
    Filer's total
    $0 + $649,118 related

  • NORMA ALCANTAR

    DIRECTOR (LAST DATE 9/07/23)

    Total calculated
    $231,989
    From this org
    $0
    From related orgs
    $210,527
    Other
    $21,462
    Hours/week
    1 + 39 related

    Schedule J breakdown matched by us

    Base
    $0 + $206,484 related
    Bonus
    $0 + $4,043 related
    Other
    $0
    Deferred
    $0 + $10,613 related
    Nontaxable benefits
    $0 + $10,849 related
    Filer's total
    $0 + $231,989 related

  • BEATRIZ BARE

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • ALISON BARLOW

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • MICHAEL CROSS

    DIRECTOR

    Total calculated
    $102,490
    From this org
    $0
    From related orgs
    $78,594
    Other
    $23,896
    Hours/week
    1 + 39 related

  • JEFFREY HACKMAN

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • KAREN HOLBROOK

    DIRECTOR

    Total calculated
    $374,753
    From this org
    $0
    From related orgs
    $348,055
    Other
    $26,698
    Hours/week
    1 + 39 related

    Schedule J breakdown matched by us

    Base
    $0 + $328,055 related
    Bonus
    $0 + $20,000 related
    Other
    $0
    Deferred
    $0 + $16,862 related
    Nontaxable benefits
    $0 + $9,836 related
    Filer's total
    $0 + $374,753 related

  • GITI JAVIDI

    DIRECTOR (START 5/14/24)

    Total calculated
    $221,741
    From this org
    $0
    From related orgs
    $200,781
    Other
    $20,960
    Hours/week
    1 + 39 related

    Schedule J breakdown matched by us

    Base
    $0 + $196,781 related
    Bonus
    $0 + $4,000 related
    Other
    $0
    Deferred
    $0 + $10,111 related
    Nontaxable benefits
    $0 + $10,849 related
    Filer's total
    $0 + $221,741 related

  • CHARLES LOCKWOOD

    DIRECTOR

    Total calculated
    $678,913
    From this org
    $0
    From related orgs
    $641,917
    Other
    $36,996
    Hours/week
    1 + 39 related

    Schedule J breakdown matched by us

    Base
    $0 + $349,496 related
    Bonus
    $0 + $292,421 related
    Other
    $0
    Deferred
    $0 + $15,200 related
    Nontaxable benefits
    $0 + $21,796 related
    Filer's total
    $0 + $678,913 related

  • GWEN MITCHELL

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • PRASANT MOHAPATRA

    DIRECTOR

    Total calculated
    $563,584
    From this org
    $0
    From related orgs
    $513,854
    Other
    $49,730
    Hours/week
    1 + 39 related

    Schedule J breakdown matched by us

    Base
    $0 + $428,352 related
    Bonus
    $0 + $71,073 related
    Other
    $0 + $14,429 related
    Deferred
    $0 + $31,508 related
    Nontaxable benefits
    $0 + $18,222 related
    Filer's total
    $0 + $563,584 related

  • JOHN MORROW

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • LINDA OLSON

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • LAKSHMI SHENOY

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • HARRY VENEZIA

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • PATRICIA GAMBLE

    CFO (LAST DATE 2/28/23)

    Total calculated
    $83,205
    From this org
    $0
    From related orgs
    $79,063
    Other
    $4,142
    Hours/week
    40

  • ALLISON MADDEN

    SECRETARY

    Total calculated
    $202,457
    From this org
    $0
    From related orgs
    $173,846
    Other
    $28,611
    Hours/week
    35 + 5 related

    Schedule J breakdown matched by us

    Base
    $0 + $170,326 related
    Bonus
    $0 + $2,500 related
    Other
    $0 + $1,020 related
    Deferred
    $0 + $8,755 related
    Nontaxable benefits
    $0 + $19,856 related
    Filer's total
    $0 + $202,457 related

  • MICHELLE HICKEY

    DIRECTOR OF FINANCE (START 1/4/23)

    Total calculated
    $161,639
    From this org
    $0
    From related orgs
    $143,195
    Other
    $18,444
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $0 + $140,695 related
    Bonus
    $0 + $2,500 related
    Other
    $0
    Deferred
    $0 + $9,240 related
    Nontaxable benefits
    $0 + $9,204 related
    Filer's total
    $0 + $161,639 related

  • PAUL R SANBERG

    FORMER PRESIDENT AND DIRECTOR (LAST DATE 1/18/21)

    Total calculated
    $284,508
    From this org
    $0
    From related orgs
    $251,764
    Other
    $32,744
    Hours/week
    1 + 39 related

    Schedule J breakdown matched by us

    Base
    $0 + $250,744 related
    Bonus
    $0
    Other
    $0 + $1,020 related
    Deferred
    $0 + $12,888 related
    Nontaxable benefits
    $0 + $19,856 related
    Filer's total
    $0 + $284,508 related

  • KEITH ANDERSON

    FORMER PRESIDENT AND DIRECTOR (LAST DATE 11/12/21)

    Total calculated
    $220,006
    From this org
    $0
    From related orgs
    $199,049
    Other
    $20,957
    Hours/week
    1 + 39 related

    Schedule J breakdown matched by us

    Base
    $0 + $195,529 related
    Bonus
    $0 + $2,500 related
    Other
    $0 + $1,020 related
    Deferred
    $0 + $1,050 related
    Nontaxable benefits
    $0 + $19,907 related
    Filer's total
    $0 + $220,006 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

The filer's explanations (Part III)

PART I, LINE 3
THE RESEARCH FOUNDATION HAS NO EMPLOYEES OF ITS OWN. IT HAS A SHARED SERVICES AGREEMENT WITH THE UNIVERSITY OF SOUTH FLORIDA AND REIMBURSES THE UNIVERSITY FOR THE USE OF ITS EMPLOYEES. IN ESTABLISHING THE COMPENSATION FOR THE RESEARCH FOUNDATION'S PRESIDENT, THE UNIVERSITY USED A WRITTEN EMPLOYMENT CONTRACT.

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

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.

  • CAUSF RESEARCH LLC

    REAL ESTATE · FL · income $0 · assets $0

    Directly controlled by USF RESEARCH FOUNDATION INC

Provenance

Return type
form_990
Tax year
2023
Filed
1 May 2025
IRS schema version
2023v6.0
Source object
202511349349310316

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