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Nonprofiteer
← WISCONSIN ALUMNI RESEARCH FOUNDATION

Form 990 for tax year 2024

Filed by WISCONSIN ALUMNI RESEARCH FOUNDATION.

Totals

Total revenue
$189,345,562
Total expenses
$219,953,693
Contributions and grants received
$33,660
Grants paid
$156,397,427
Program service revenue
$20,756,165
Investment income
$162,171,779
Other revenue
$6,383,958
Total assets, end of year
$3,432,336,917
Total liabilities, end of year
$1,037,494,554
Net assets or fund balances, end of year
$2,394,842,363
Program services expenses (Part IX)
$193,610,757
Management and general expenses
$26,342,936
Fundraising expenses
$0
Program service expenses (Part III)
$193,610,757

Program services were 88.0% 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

    $33,660

  • 2a · Program service revenue: ROYALTIES

    total $13,363,318 · related or exempt $13,363,318

  • 2b · Program service revenue: LICENSING

    total $7,392,847 · related or exempt $7,392,847

  • 3 · Investment income

    total $48,059,870 · unrelated business $1,609,254 · excluded $46,450,616

  • 6a · Gross rents

    real property $2,340,900

  • 6b · Less rental expenses

    real property $0

  • 6c · Rental income or loss

    real property $2,340,900

  • 6d · Net rental income or loss

    total $2,340,900 · related or exempt $2,340,900

  • 7a · Gross sales of assets other than inventory

    securities $150,855,929

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

    securities $7,048 · other assets $36,736,972

  • 7c · Gain or loss

    securities $150,848,881 · other assets -$36,736,972

  • 7d · Net gain or loss

    total $114,111,909 · unrelated business -$7,048 · excluded $114,118,957

  • 11a · Other revenue: MIR BLDG COSTS REIMBURSEMENTS

    total $1,799,248 · related or exempt $1,799,248

  • 11b · Other revenue: WARF PATENT REVENUE

    total $1,186,140 · related or exempt $1,186,140

  • 11c · Other revenue: RESTAURANT COMMISSIONS

    total $178,492 · unrelated business $178,492

  • 11d · All other revenue

    total $879,178 · related or exempt $879,178

  • 11e · Other revenue, total

    $4,043,058

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $156,397,427 · program services $156,397,427

  • 5 · Compensation of officers, directors and key employees

    total $6,339,235 · program services $2,248,165 · management and general $4,091,070

  • 7 · Other salaries and wages

    total $7,670,693 · program services $4,261,145 · management and general $3,409,548

  • 8 · Pension plan contributions

    total $490,801 · program services $462,271 · management and general $28,530

  • 9 · Other employee benefits

    total $1,106,963 · program services $546,639 · management and general $560,324

  • 10 · Payroll taxes

    total $411,054 · program services $222,942 · management and general $188,112

  • 11b · Fees: legal

    total $1,031,944 · program services $963,294 · management and general $68,650

  • 11c · Fees: accounting

    total $233,933 · management and general $233,933

  • 11d · Fees: lobbying

    total $66,806 · management and general $66,806

  • 11f · Fees: investment management

    total $7,464,302 · management and general $7,464,302

  • 11g · Fees: other

    total $730,678 · program services $556,695 · management and general $173,983

  • 12 · Advertising and promotion

    total $77,324 · management and general $77,324

  • 13 · Office expenses

    total $166,814 · program services $73,072 · management and general $93,742

  • 14 · Information technology

    total $557,738 · management and general $557,738

  • 15 · Royalties

    total $8,937,970 · program services $8,937,970

  • 16 · Occupancy

    total $1,905,114 · program services $1,676,484 · management and general $228,630

  • 17 · Travel

    total $305,437 · program services $156,698 · management and general $148,739

  • 19 · Conferences, conventions and meetings

    total $162,931 · program services $77,980 · management and general $84,951

  • 20 · Interest

    total $8,019,000 · management and general $8,019,000

  • 22 · Depreciation, depletion and amortization

    total $3,736,806 · program services $3,693,939 · management and general $42,867

  • 23 · Insurance

    total $489,441 · program services $229,949 · management and general $259,492

  • 24a · Other expenses: DOMESTIC LEGAL/PATENTS

    total $8,544,426 · program services $8,544,426

  • 24b · Other expenses: FOREIGN LEGAL/PATENTS

    total $2,103,243 · program services $2,103,243

  • 24c · Other expenses: FOREIGN PATENT MAINT FE

    total $974,351 · program services $974,351

  • 24d · Other expenses: US PATENT MAINT FEES

    total $850,142 · program services $850,142

  • 24e · All other expenses

    total $1,179,120 · program services $633,925 · management and general $545,195

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $3,713,772 · end of year $5,388,425

  • 2 · Savings and temporary cash investments

    beginning of year $7,318,474 · end of year $3,163,823

  • 4 · Accounts receivable

    beginning of year $8,250,999 · end of year $2,727,265

  • 9 · Prepaid expenses and deferred charges

    beginning of year $126,912 · end of year $347,637

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

    $23,783,936

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

    $11,106,129

  • 10c · Land, buildings and equipment, net

    beginning of year $106,767,078 · end of year $12,677,807

  • 11 · Investments: publicly traded securities

    beginning of year $1,595,796,586 · end of year $421,765,741

  • 12 · Investments: other securities

    beginning of year $1,588,916,327 · end of year $2,973,446,281

  • 15 · Other assets

    beginning of year $279,327 · end of year $12,819,938

  • 17 · Accounts payable and accrued expenses

    beginning of year $15,496,770 · end of year $13,912,719

  • 18 · Grants payable

    beginning of year $726,198,506 · end of year $798,454,115

  • 19 · Deferred revenue

    beginning of year $28,162 · end of year $133,759

  • 24 · Unsecured notes and loans payable

    beginning of year $223,759,602 · end of year $223,808,727

  • 25 · Other liabilities

    beginning of year $3,371,080 · end of year $1,185,234

  • 27 · Net assets without donor restrictions

    beginning of year $2,292,045,987 · end of year $2,344,067,775

  • 28 · Net assets with donor restrictions

    beginning of year $50,269,368 · end of year $50,774,588

Mission and programs · 2024

Mission

TO SUPPORT SCIENTIFIC RESEARCH WITHIN THE UW-MADISON COMMUNITY BY PROVIDING FINANCIAL SUPPORT, ACTIVELY MANAGING ASSETS, AND MOVING INNOVATIONS TO THE MARKETPLACE FOR A FINANCIAL RETURN AND GLOBAL IMPACT.

Activities or mission (Part I)

PROVIDE SUPPORT TO UW-MADISON AND MORGRIDGE INSTITUTE FOR RESEARCH.

  • 1) WARF SUPPORTS UW-MADISON THROUGH ONGOING OPERATIONAL AND FUNCTIONAL SUPPORT, A CORE ANNUAL BASE GRANT, AND ADDITIONAL YEAR-TO-YEAR GRANTS. WARF IS A CENTURY-OLD, INDEPENDENT, NONPROFIT SUPPORTING ORGANIZATION THAT HAS PROVIDED DIRECT OPERATIONAL SUPPORT THAT MOST PUBLIC UNIVERSITIES MUST PROVIDE THEMSELVES, INCLUDING SERVING AS UW-MADISON'S DESIGNATED PATENT MANAGEMENT ORGANIZATION; HOLDING AND MANAGING EDUCATIONAL AND RESEARCH-RELATED ASSETS; AND CONNECTING THE WIDER COMMUNITY TO SCIENTIFIC RESEARCH AT UW-MADISON. SINCE THE GREAT DEPRESSION, WARF'S ANNUAL BASE GRANT HAS SUPPORTED PIVOTAL CAMPUS ACTIVITIES SUCH AS FACULTY RECRUITMENT AND RETENTION, GRADUATE FELLOWSHIPS, AND GRANTS-IN-AID FOR RESEARCH PROJECTS. OVER SUBSEQUENT DECADES, WARF GREW TO PROVIDE SUPPORT THAT REACHES INTO EVERY CORNER OF UW-MADISON'S INNOVATION ECOSYSTEM, INCLUDING FUNDING BUILDINGS AND EQUIPMENT TO IMPROVE CAMPUS RESEARCH AND MAINTAIN UW-MADISON'S EXCELLENCE.

    Expenses $148,539,328 · Grants $111,325,998 · Revenue $26,961,631

  • 2) IN ADDITION TO UW-MADISON'S PUBLIC RESEARCH MISSION, WARF ALSO SUPPORTS THE MORGRIDGE INSTITUTE FOR RESEARCH (MORGRIDGE), A PRIVATE NON-PROFIT MEDICAL RESEARCH ORGANIZATION FUNCTIONALLY INTEGRATED WITH UW-MADISON, THROUGH BOTH GRANT FUNDING AND DIRECT OPERATIONAL SUPPORT, INCLUDING TECHNOLOGY TRANSFER ACTIVITIES. FOUNDED IN 2006, MORGRIDGE USES ITS PRIVATE STATUS AND STREAMLINED ORGANIZATIONAL STRUCTURE TO RESPOND NIMBLY TO EMERGING OPPORTUNITIES TO IMPROVE HUMAN HEALTH THROUGH INNOVATIVE, INTERDISCIPLINARY BIOMEDICAL DISCOVERIES. WARF'S SUPPORT OF MORGRIDGE CREATES A CULTURE IN PARTNERSHIP WITH UW-MADISON THAT ENABLES RIGOROUS BIOMEDICAL RESEARCH, SPARKS CURIOSITY, AND SERVES SOCIETY THROUGH TRANSLATIONAL OUTCOMES.

    Expenses $45,071,429 · Grants $45,071,429

As filed on the 2024 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

  • Erik Iverson

    TRUSTEE/CEO, SECRETARY

    Total calculated
    $1,032,701
    From this org
    $799,362
    From related orgs
    $15,000
    Other
    $218,339
    Hours/week
    40 + 4 related

    Schedule J breakdown matched by us

    Base
    $564,262 + $15,000 related
    Bonus
    $235,100
    Other
    $0
    Deferred
    $167,009
    Nontaxable benefits
    $51,330
    Filer's total
    $1,017,701 + $15,000 related

  • Deborah Keller

    TRUSTEE, CHAIR

    Total calculated
    $43,000
    From this org
    $33,000
    From related orgs
    $10,000
    Other
    $0
    Hours/week
    4 + 2 related

  • Winslow Sargeant

    TRUSTEE

    Total calculated
    $42,000
    From this org
    $27,000
    From related orgs
    $15,000
    Other
    $0
    Hours/week
    2 + 2 related

  • Mary Haak-Frendscho

    TRUSTEE

    Total calculated
    $28,000
    From this org
    $28,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

  • James Berbee

    TRUSTEE

    Total calculated
    $27,000
    From this org
    $27,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

  • Asha S Collins

    TRUSTEE

    Total calculated
    $27,000
    From this org
    $27,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

  • David Smukowski

    TRUSTEE

    Total calculated
    $27,000
    From this org
    $27,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

  • Thomas Tefft

    TRUSTEE, TREASURER

    Total calculated
    $27,000
    From this org
    $27,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    3

  • Rebecca House

    TRUSTEE

    Total calculated
    $24,000
    From this org
    $24,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

  • Paul Leff

    TRUSTEE

    Total calculated
    $24,000
    From this org
    $24,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

  • Doris Meissner

    TRUSTEE, VICE CHAIR

    Total calculated
    $24,000
    From this org
    $24,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    3

  • Jennifer Mnookin

    TRUSTEE

    Total calculated
    $24,000
    From this org
    $24,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

  • James Thompson

    TRUSTEE

    Total calculated
    $24,000
    From this org
    $24,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

  • Stephen Petersen

    TRUSTEE

    Total calculated
    $1,250
    From this org
    $1,250
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Colin Welch

    TRUSTEE

    Total calculated
    $1,250
    From this org
    $1,250
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Michael Falk

    CHIEF IP & LICENSING OFFICER

    Total calculated
    $797,788
    From this org
    $480,905
    From related orgs
    $0
    Other
    $316,883
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $378,893
    Bonus
    $102,012
    Other
    $0
    Deferred
    $292,774
    Nontaxable benefits
    $24,109
    Filer's total
    $797,788

  • Michael Partsch

    CHIEF VENTURE OFFICER

    Total calculated
    $573,879
    From this org
    $437,432
    From related orgs
    $0
    Other
    $136,447
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $349,101
    Bonus
    $88,331
    Other
    $0
    Deferred
    $93,622
    Nontaxable benefits
    $42,825
    Filer's total
    $573,879

  • Alyssa Thoeny

    CHIEF FINANCIAL OFFICER

    Total calculated
    $488,814
    From this org
    $367,287
    From related orgs
    $0
    Other
    $121,527
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $298,318
    Bonus
    $68,969
    Other
    $0
    Deferred
    $80,351
    Nontaxable benefits
    $41,176
    Filer's total
    $488,814

  • Deborah Solmor

    GENERAL COUNSEL

    Total calculated
    $0
    Hours/week
    40

  • Alain Hung

    DEPUTY CHIEF INVESTMENT OFFICER

    Total calculated
    $725,809
    From this org
    $527,201
    From related orgs
    $0
    Other
    $198,608
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $421,514
    Bonus
    $105,687
    Other
    $0
    Deferred
    $160,946
    Nontaxable benefits
    $37,662
    Filer's total
    $725,809

  • Michael Wagner

    INVESTMENT DIRECTOR

    Total calculated
    $652,877
    From this org
    $460,000
    From related orgs
    $0
    Other
    $192,877
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $307,359
    Bonus
    $152,641
    Other
    $0
    Deferred
    $149,522
    Nontaxable benefits
    $43,355
    Filer's total
    $652,877

  • Jonathan Young

    HEAD OF WARF THERAPEUTICS

    Total calculated
    $536,282
    From this org
    $367,879
    From related orgs
    $0
    Other
    $168,403
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $292,479
    Bonus
    $75,400
    Other
    $0
    Deferred
    $133,897
    Nontaxable benefits
    $34,506
    Filer's total
    $536,282

  • Brian Dyck

    SENIOR DIRECTOR, WARF THERAPEUTICS

    Total calculated
    $371,561
    From this org
    $276,345
    From related orgs
    $0
    Other
    $95,216
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $238,116
    Bonus
    $38,229
    Other
    $0
    Deferred
    $78,353
    Nontaxable benefits
    $16,863
    Filer's total
    $371,561

  • Patrick Cooney

    DEPUTY GENERAL COUNSEL

    Total calculated
    $340,007
    From this org
    $273,745
    From related orgs
    $0
    Other
    $66,262
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $232,844
    Bonus
    $40,901
    Other
    $0
    Deferred
    $27,284
    Nontaxable benefits
    $38,978
    Filer's total
    $340,007

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 · Compensation survey or study
  • 3 · Approval by the board or compensation committee
  • 4b · Supplemental nonqualified retirement plan
  • 5a · Pay contingent on this organization's revenues
  • 6a · Pay contingent on this organization's net earnings

Answered no

  • 4a · Severance or change-of-control payment
  • 4c · Equity-based compensation arrangement
  • 5b · Pay contingent on a related organization's revenues
  • 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 4B
THE FOLLOWING INDIVIDUAL PARTICIPATES IN A 457(F) PLAN AND THE AMOUNT IS THE CONTRIBUTION TO THE PLAN DURING 2024: ERIK IVERSON: $58,078
PART I, LINE 5
WARF'S INCENTIVE COMPENSATION/ACCRUAL IS CONTINGENT UPON SEVERAL COMPLEX ORGANIZATIONAL PERFORMANCE METRICS AND FACTORS, ONE OF WHICH INCLUDES MEETING BUDGETED OPERATIONAL NET EARNINGS.
PART I, LINE 6
WARF'S INCENTIVE COMPENSATION/ACCRUAL IS CONTINGENT UPON SEVERAL COMPLEX ORGANIZATIONAL PERFORMANCE METRICS AND FACTORS, ONE OF WHICH INCLUDES MEETING BUDGETED OPERATIONAL NET EARNINGS.

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

  • UNIVERSITY OF WISCONSIN - MADISON

    $95,377,427

    SEE PROGRAM SERVICE ACCOMPLISHMENTS; FORM 990, PART III, LINE 4A

  • MORGRIDGE INSTITUTE FOR RESEARCH

    $5,200,000

    SEE PROGRAM SERVICE ACCOMPLISHMENTS; FORM 990, PART III, LINE 4B

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.

  • WARF PROPERTIES LLC

    HOLDING REAL ESTATE · WI

    Directly controlled by WISCONSIN ALUMNI RESEARCH FOUNDATION

  • TOWN CENTER DINING LLC

    EVENT COORDINATOR · WI

Related partnerships

Part III: related organizations taxable as a partnership, with the filer's share.

  • SIGULER GUFF WARF VLLI 5 FUND LP

    INVESTMENTS · NY · 99.86% owned · share of income -$61,878 · share of assets $103,158

    Directly controlled by WISCONSIN ALUMNI RESEARCH FOUNDATION

  • FINISTERE VENTURES II SELECT FUND LP

    INVESTMENTS · CA · 55.28% owned · share of income -$14,514 · share of assets $3,925,009

    Directly controlled by WISCONSIN ALUMNI RESEARCH FOUNDATION

  • VARSITY VENTURE STUDIO LP

    INVESTMENTS · IN · 100% owned · share of income $10,526 · share of assets $300,100

    Directly controlled by WISCONSIN ALUMNI RESEARCH FOUNDATION

Provenance

Return type
form_990
Tax year
2024
Filed
10 November 2025
IRS schema version
2024v5.2
Source object
202533159349304918

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