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← UNIVERSITY OF SOUTHERN MISSISSIPPI RESEARCH FOUNDATION

Form 990 for tax year 2022

Filed by UNIVERSITY OF SOUTHERN MISSISSIPPI RESEARCH FOUNDATION.

This return was superseded by a later amendment. matched by us It is kept because history is preserved rather than replaced.

What the amendment changed

Compared with the latest return for 2022 , filed 15 August 2024. matched by us Only the return's totals, a 990-PF's accounting method and the names listed in Part VII (Part VIII on a 990-PF) 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.

Total revenue
$1,475,014 changed to $1,793,715
Total expenses
$1,340,156 changed to $1,352,471
Contributions and grants received
$211,873 changed to $207,373
Grants paid
$6,000 changed to $16,304
Program service revenue
$931,481 changed to $1,568,481
Investment income
$1,888 changed to $3,088
Other revenue
$329,772 changed to $14,773
Total assets, end of year
$2,535,963 changed to $2,577,991
Total liabilities, end of year
$636,047 changed to $371,689
Net assets or fund balances, end of year
$1,899,916 changed to $2,206,302
Program services expenses
$1,045,004 changed to $1,061,005
Management and general expenses
$295,152 changed to $291,466
Program service expenses (Part III)
$1,045,004 changed to $1,061,005

Listed only on the earlier return

  • Gordan Cannon
  • Kelly Lucus

Listed only on the later return

  • Dr Gordan Cannon
  • Dr Kelly Lucus

Totals

Total revenue
$1,475,014
Total expenses
$1,340,156
Contributions and grants received
$211,873
Grants paid
$6,000
Program service revenue
$931,481
Investment income
$1,888
Other revenue
$329,772
Total assets, end of year
$2,535,963
Total liabilities, end of year
$636,047
Net assets or fund balances, end of year
$1,899,916
Program services expenses (Part IX)
$1,045,004
Management and general expenses
$295,152
Fundraising expenses
$0
Program service expenses (Part III)
$1,045,004

Program services were 78.0% 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

    $211,873

  • 2a · Program service revenue: GULF BLUE INITIATIVE

    total $742,446 · related or exempt $742,446

  • 2b · Program service revenue: RESEARCH SYMPOSIUM

    total $189,035 · related or exempt $189,035

  • 3 · Investment income

    total $1,888 · excluded $1,888

  • 11a · Other revenue: OTHER INCOME

    total $330,196 · excluded $330,196

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

    total -$424 · excluded -$424

  • 11e · Other revenue, total

    $329,772

Functional expenses

Part IX, the statement of functional expenses.

  • 2 · Grants to domestic individuals

    total $6,000 · program services $6,000

  • 5 · Compensation of officers, directors and key employees

    total $106,054 · management and general $106,054

  • 9 · Other employee benefits

    total $26,319 · management and general $26,319

  • 11b · Fees: legal

    total $445,131 · program services $439,324 · management and general $5,807

  • 11g · Fees: other

    total $81,142 · program services $74,662 · management and general $6,480

  • 12 · Advertising and promotion

    total $9,781 · management and general $9,781

  • 13 · Office expenses

    total $6,366 · management and general $6,366

  • 14 · Information technology

    total $5,042 · management and general $5,042

  • 16 · Occupancy

    total $314,550 · program services $311,760 · management and general $2,790

  • 17 · Travel

    total $47,842 · program services $33,620 · management and general $14,222

  • 19 · Conferences, conventions and meetings

    total $2,020 · management and general $2,020

  • 21 · Payments to affiliates

    total $7,709 · program services $7,709

  • 22 · Depreciation, depletion and amortization

    total $56,022 · management and general $56,022

  • 23 · Insurance

    total $10,084 · management and general $10,084

  • 24a · Other expenses: SEAAHEAD NAVIGATOR PROG

    total $150,971 · program services $150,971

  • 24b · Other expenses: SUPPLIES

    total $22,951 · management and general $22,951

  • 24c · Other expenses: CONTRACT LABOR

    total $19,435 · program services $19,435

  • 24d · Other expenses: DUES, BOOKS & SUBSCRIPT

    total $10,070 · management and general $10,070

  • 24e · All other expenses

    total $12,667 · program services $1,523 · management and general $11,144

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $292,187 · end of year $563,998

  • 2 · Savings and temporary cash investments

    beginning of year $1,300,663 · end of year $1,427,410

  • 4 · Accounts receivable

    beginning of year $139,098 · end of year $132,807

  • 9 · Prepaid expenses and deferred charges

    beginning of year $28,751 · end of year $25,980

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

    $459,823

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

    $105,330

  • 10c · Land, buildings and equipment, net

    beginning of year $391,428 · end of year $354,493

  • 12 · Investments: other securities

    beginning of year $916 · end of year $492

  • 15 · Other assets

    beginning of year $25,783 · end of year $30,783

  • 17 · Accounts payable and accrued expenses

    beginning of year $205,728 · end of year $235,397

  • 19 · Deferred revenue

    beginning of year $208,040 · end of year $400,650

  • 27 · Net assets without donor restrictions

    beginning of year $1,765,058 · end of year $1,899,916

Mission and programs · 2022

Mission

THE MISSION OF THE FOUNDATIONS 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.

Activities or mission (Part I)

THE MISSION OF THE FOUNDATION IS TO OVERSEE THE ACQUISITIONS 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 INSTITUTION OF THE STATE OF MISSISSIPPI.

    Expenses $88,371 · Revenue $189,035

  • THROUGH USM - USM RESEARCH 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 $956,633 · Grants $6,000 · Revenue $742,446

As filed on the 2022 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 Ekunew

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    2

  • Chad Driskell

    EX-OFFICIO

    Total calculated
    $0
    Hours/week
    0

  • Gordan Cannon

    MEMBER

    Total calculated
    $334,972
    From this org
    $0
    From related orgs
    $334,972
    Other
    $0
    Hours/week
    2 + 40 related

    Schedule J breakdown matched by us

    Base
    $0 + $281,000 related
    Bonus
    $0
    Other
    $0 + $53,972 related
    Deferred
    $0
    Nontaxable benefits
    $0
    Filer's total
    $0 + $334,972 related

  • Kelly Lucus

    EXECUTIVE DIRECTOR

    Total calculated
    $252,557
    From this org
    $0
    From related orgs
    $252,557
    Other
    $0
    Hours/week
    2 + 40 related

    Schedule J breakdown matched by us

    Base
    $0 + $210,800 related
    Bonus
    $0
    Other
    $0 + $41,757 related
    Deferred
    $0
    Nontaxable benefits
    $0
    Filer's total
    $0 + $252,557 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.

Related corporations and trusts

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

  • PINION STAFFING CORPORATION

    C · INACTIVE · MS

Provenance

Return type
form_990
Tax year
2022
Filed
16 November 2023
IRS schema version
2022v5.0
Source object
202313209349301841

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