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Nonprofiteer
← PURDUE RESEARCH FOUNDATION

Form 990 for tax year 2023

Filed by PURDUE RESEARCH FOUNDATION.

Totals

Total revenue
$322,760,840
Total expenses
$335,614,829
Contributions and grants received
$185,858,347
Grants paid
$171,559,869
Program service revenue
$42,892,733
Investment income
$64,364,164
Other revenue
$29,645,596
Total assets, end of year
$4,719,284,662
Total liabilities, end of year
$3,356,173,021
Net assets or fund balances, end of year
$1,363,111,641
Program services expenses (Part IX)
$238,792,806
Management and general expenses
$53,169,057
Fundraising expenses
$43,652,966
Program service expenses (Part III)
$238,792,806

Program services were 71.2% 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

    $185,858,347

  • 1g · Noncash contributions included above

    $30,436,949

  • 2a · Program service revenue: Administrative Services

    total $42,892,733 · related or exempt $42,892,733

  • 2f · All other program service revenue

    total $0 · related or exempt $0 · unrelated business $0 · excluded $0

  • 3 · Investment income

    total $29,651,164 · unrelated business $6,313,256 · excluded $23,337,908

  • 5 · Royalties

    total $21,399,717 · excluded $21,399,717

  • 6a · Gross rents

    real property $16,159,920

  • 6b · Less rental expenses

    real property $13,502,219

  • 6c · Rental income or loss

    real property $2,657,701 · personal property $0

  • 6d · Net rental income or loss

    total $2,657,701 · excluded $2,657,701

  • 7a · Gross sales of assets other than inventory

    securities $528,862,000 · other assets $5,337,000

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

    securities $495,428,000 · other assets $4,058,000

  • 7c · Gain or loss

    securities $33,434,000 · other assets $1,279,000

  • 7d · Net gain or loss

    total $34,713,000 · excluded $34,713,000

  • 11a · Other revenue: Flight Service Income

    total $1,703,176 · related or exempt $1,703,176

  • 11b · Other revenue: Consulting Income

    total $1,238,455 · related or exempt $1,238,455

  • 11c · Other revenue: Membership Income

    total $225,934 · related or exempt $225,934

  • 11d · All other revenue

    total $2,420,613 · related or exempt $2,420,613 · unrelated business $0 · excluded $0

  • 11e · Other revenue, total

    $5,588,178

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $171,559,869 · program services $171,559,869

  • 5 · Compensation of officers, directors and key employees

    total $2,165,266 · program services $541,316 · management and general $1,407,423 · fundraising $216,527

  • 7 · Other salaries and wages

    total $41,130,551 · program services $5,529,166 · management and general $11,236,289 · fundraising $24,365,096

  • 8 · Pension plan contributions

    total $4,398,252 · program services $582,968 · management and general $1,108,459 · fundraising $2,706,825

  • 9 · Other employee benefits

    total $5,334,431 · program services $547,502 · management and general $1,126,483 · fundraising $3,660,446

  • 10 · Payroll taxes

    total $3,165,604 · program services $389,391 · management and general $791,069 · fundraising $1,985,144

  • 11b · Fees: legal

    total $4,474,804 · management and general $4,474,804

  • 11c · Fees: accounting

    total $277,958 · management and general $277,958

  • 11f · Fees: investment management

    total $527,947 · management and general $527,947

  • 11g · Fees: other

    total $6,489,681 · program services $0 · management and general $6,489,681 · fundraising $0

  • 12 · Advertising and promotion

    total $3,747,901 · program services $125,067 · management and general $2,194,429 · fundraising $1,428,405

  • 13 · Office expenses

    total $1,456,519 · program services $53,855 · management and general $472,411 · fundraising $930,253

  • 14 · Information technology

    total $2,748,608 · program services $21,426 · management and general $163,167 · fundraising $2,564,015

  • 15 · Royalties

    total $10,996,404 · program services $10,996,404

  • 16 · Occupancy

    total $15,117,843 · program services $13,848,235 · management and general $1,175,051 · fundraising $94,557

  • 17 · Travel

    total $10,326,977 · program services $110,361 · management and general $9,007,126 · fundraising $1,209,490

  • 19 · Conferences, conventions and meetings

    total $5,053,640 · program services $121,448 · management and general $1,037,952 · fundraising $3,894,240

  • 20 · Interest

    total $12,501,679 · program services $12,501,679

  • 22 · Depreciation, depletion and amortization

    total $1,091,946 · program services $1,064,898 · fundraising $27,048

  • 23 · Insurance

    total $7,799 · program services $7,799

  • 24a · Other expenses: Gift Annuity Payments & Fees

    total $21,175,939 · program services $20,759,417 · fundraising $416,522

  • 24b · Other expenses: Non-Cap Furn & Equip

    total $10,298,766 · management and general $10,298,766

  • 24e · All other expenses

    total $1,566,445 · program services $32,005 · management and general $1,380,042 · fundraising $154,398

Balance sheet

Part X, book values.

  • 2 · Savings and temporary cash investments

    beginning of year $21,815,109 · end of year $32,577,200

  • 4 · Accounts receivable

    beginning of year $84,274,778 · end of year $81,279,882

  • 5 · Loans and receivables from officers and key people

    beginning of year $0 · end of year $0

  • 6 · Loans and receivables from disqualified persons

    beginning of year $0 · end of year $0

  • 7 · Other notes and loans receivable

    beginning of year $48,397,490 · end of year $41,611,413

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

    $317,846,046

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

    $69,803,750

  • 10c · Land, buildings and equipment, net

    beginning of year $212,149,724 · end of year $248,042,296

  • 11 · Investments: publicly traded securities

    beginning of year $1,506,882,372 · end of year $1,517,791,506

  • 12 · Investments: other securities

    beginning of year $2,547,152,292 · end of year $2,777,350,600

  • 13 · Investments: program-related

    beginning of year $0

  • 14 · Intangible assets

    beginning of year $265,250 · end of year $159,150

  • 15 · Other assets

    beginning of year $18,150,580 · end of year $20,472,615

  • 17 · Accounts payable and accrued expenses

    beginning of year $46,992,845 · end of year $48,655,520

  • 19 · Deferred revenue

    beginning of year $131,743,640 · end of year $18,222,354

  • 21 · Escrow or custodial account liability

    beginning of year $2,763,488,441 · end of year $2,998,613,031

  • 22 · Loans and payables to officers and key people

    beginning of year $0 · end of year $0

  • 23 · Secured mortgages and notes payable

    beginning of year $649,074 · end of year $285,816

  • 24 · Unsecured notes and loans payable

    beginning of year $140,457,021 · end of year $234,847,773

  • 25 · Other liabilities

    beginning of year $55,711,971 · end of year $55,548,527

  • 27 · Net assets without donor restrictions

    beginning of year $293,268,919 · end of year $308,529,889

  • 28 · Net assets with donor restrictions

    beginning of year $1,006,775,684 · end of year $1,054,581,752

Mission and programs · 2023

Mission

The primary mission of Purdue Research Foundation is to advance the mission of Purdue University.

  • Purdue Research Foundation (the Foundation) was created in 1930. The primary purpose of the Foundation is to promote the educational purpose of Purdue University (the University); seek, acquire, manage gifts, bequests and endowments; make funding available to faculty, staff, and students to aid in scientific investigation, research or educational studies; develop land to provide proper spaces for the University's innovations to thrive; and manage intellectual property developed at the University and ensure technologies developed at the University are patented and licensed and to advance these innovations toward market impact by assisting start-up companies formed around intellectual property developed at the University.

    Expenses $238,792,806 · Grants $171,559,869 · Revenue $48,480,911

As filed on the 2023 return.

Listed in Part VII

  • Mitchell E Daniels Jr

    Chair

    Total calculated
    $0
    Hours/week
    7

  • Carrie Kendrick

    Director

    Total calculated
    $0
    Hours/week
    1

  • Charles E Schalliol

    Director

    Total calculated
    $0
    Hours/week
    1

  • David Adams

    Director

    Total calculated
    $0
    Hours/week
    1

  • Emily Liggett

    Director

    Total calculated
    $0
    Hours/week
    1

  • Gary Lehman

    Director

    Total calculated
    $0
    Hours/week
    1

  • J Timothy McGinley

    Director

    Total calculated
    $0
    Hours/week
    1

  • Julia Hipps

    Director

    Total calculated
    $0
    Hours/week
    1

  • Kelvin Pennington

    Director

    Total calculated
    $0
    Hours/week
    1

  • Lawrence Beck

    Director

    Total calculated
    $0
    Hours/week
    1

  • Mamoon Hamid

    Director (Through Dec 2023)

    Total calculated
    $0
    Hours/week
    1

  • Michael Klipsch

    Director

    Total calculated
    $0
    Hours/week
    1

  • Michael Wells

    Director

    Total calculated
    $0
    Hours/week
    1

  • Scott Niswonger

    Director

    Total calculated
    $0
    Hours/week
    1

  • William Elmore

    Director

    Total calculated
    $0
    Hours/week
    1

  • William Sullivan

    Director (Through May 2024)

    Total calculated
    $0
    Hours/week
    1

  • Brandee Sommer

    Secretary

    Total calculated
    $117,313
    From this org
    $86,752
    From related orgs
    $0
    Other
    $30,561
    Hours/week
    40

  • Brian Edelman

    President

    Total calculated
    $410,898
    From this org
    $365,841
    From related orgs
    $0
    Other
    $45,057
    Hours/week
    40 + 1 related

    Schedule J breakdown matched by us

    Base
    $362,277
    Bonus
    $0
    Other
    $3,564
    Deferred
    $33,000
    Nontaxable benefits
    $12,057
    Filer's total
    $410,898

  • Brooke Beier

    Sr. VP, Commercialization

    Total calculated
    $385,436
    From this org
    $313,165
    From related orgs
    $0
    Other
    $72,271
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $302,708
    Bonus
    $10,000
    Other
    $457
    Deferred
    $47,358
    Nontaxable benefits
    $24,913
    Filer's total
    $385,436

  • Emily Najem

    Assistant Secretary

    Total calculated
    $219,981
    From this org
    $176,283
    From related orgs
    $0
    Other
    $43,698
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $176,029
    Bonus
    $0
    Other
    $254
    Deferred
    $18,999
    Nontaxable benefits
    $24,699
    Filer's total
    $219,981

  • Greg Deason

    SR. VP, Alliances & Placemaking

    Total calculated
    $368,941
    From this org
    $304,500
    From related orgs
    $0
    Other
    $64,441
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $302,362
    Bonus
    $0
    Other
    $2,138
    Deferred
    $46,413
    Nontaxable benefits
    $18,028
    Filer's total
    $368,941

  • Karen Plaut

    Vice President for Research

    Total calculated
    $0
    Hours/week
    1

  • Scott Seidle

    CFO & Treasurer

    Total calculated
    $418,544
    From this org
    $374,128
    From related orgs
    $0
    Other
    $44,416
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $367,270
    Bonus
    $0
    Other
    $6,858
    Deferred
    $33,000
    Nontaxable benefits
    $11,416
    Filer's total
    $418,544

  • Tammy Metzinger

    Assistant Treasurer

    Total calculated
    $196,359
    From this org
    $163,513
    From related orgs
    $0
    Other
    $32,846
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $162,472
    Bonus
    $0
    Other
    $1,041
    Deferred
    $16,789
    Nontaxable benefits
    $16,057
    Filer's total
    $196,359

  • Blair Webb

    Director of Investments

    Total calculated
    $358,088
    From this org
    $310,407
    From related orgs
    $0
    Other
    $47,681
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $248,664
    Bonus
    $61,417
    Other
    $326
    Deferred
    $25,962
    Nontaxable benefits
    $21,719
    Filer's total
    $358,088

  • David Broecker

    Chief Innovation and Collaboration Officer

    Total calculated
    $376,069
    From this org
    $333,294
    From related orgs
    $0
    Other
    $42,775
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $287,650
    Bonus
    $45,524
    Other
    $120
    Deferred
    $29,026
    Nontaxable benefits
    $13,749
    Filer's total
    $376,069

  • David Cooper

    Chief Investment Officer

    Total calculated
    $524,118
    From this org
    $477,705
    From related orgs
    $0
    Other
    $46,413
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $347,488
    Bonus
    $128,975
    Other
    $1,242
    Deferred
    $33,000
    Nontaxable benefits
    $13,413
    Filer's total
    $524,118

  • Matthew Folk

    P4L President & CEO and VP Univ Advancement

    Total calculated
    $545,856
    From this org
    $493,561
    From related orgs
    $0
    Other
    $52,295
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $340,319
    Bonus
    $153,242
    Other
    $0
    Deferred
    $33,000
    Nontaxable benefits
    $19,295
    Filer's total
    $545,856

  • Michelle Giuda

    CEO, Krach Institute for Tech Diplomacy at Purdue

    Total calculated
    $585,849
    From this org
    $533,351
    From related orgs
    $0
    Other
    $52,498
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $391,698
    Bonus
    $141,167
    Other
    $486
    Deferred
    $33,000
    Nontaxable benefits
    $19,498
    Filer's total
    $585,849

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

  • 1a · First-class or charter travel
  • 1b · Written policy on the line-1a expenses
  • 2 · Substantiation required before reimbursing expenses
  • 3 · Compensation committee
  • 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)

Schedule J, Part I, Line 1a First-class or charter travel
PURDUE RESEARCH FOUNDATION OWNS AN AIRPLANE USED BY THE PURDUE AVIATION DEPARTMENT FOR EDUCATIONAL TRAINING. THE PLANE IS ALSO USED ON OCCASION BY THE PURDUE BOARD OF TRUSTEES AND MANAGEMENT FOR TRAVEL FOR BUSINESS PURPOSES. PURDUE RESEARCH FOUNDATION EXPENSES ASSOCIATED WITH THE AIRPLANE ARE EXCLUDED FROM TAXABLE INCOME FOR THE INDIVIDUALS SINCE THEY ARE USED FOR BUSINESS PURPOSES.
Schedule J, Part I, Line 7 Non-fixed payments
The compensation plan for the Chief Innovation and Collaboration Officer, the Director of Investments, the Chief Investment Officer, the P4L President & CEO and VP Univ Advancement, and the Karch Institute Director provides that an "AT-RISK" performance bonus may be awarded should certain performance metrics be achieved. In 2023 each of those individuals was awarded a performance bonus, based on these metrics.

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.

  • VACCINE LLC

    RESEARCH & EDUCATION · IN · income $0 · assets $0

    Directly controlled by PURDUE RESEARCH FOUNDATION

  • HUBZERO FOUNDATION LLC

    RESEARCH & EDUCATION · IN · income $4,343 · assets $133,578

    Directly controlled by PURDUE RESEARCH FOUNDATION

  • THE FOUNDRY INVESTMENT FUND LLC

    CHARITABLE · IN · income $3,194,414 · assets $11,853,420

    Directly controlled by PURDUE RESEARCH FOUNDATION

  • BACK A BOILER - ISA Fund LLC

    educational assistance · IN · income $465,472 · assets $2,362,681

    Directly controlled by PURDUE RESEARCH FOUNDATION

  • Pave the Way ISA Fund

    Charitable · IN · income $0 · assets $211,841

    Directly controlled by Purdue Research Foundation

  • Purdue For Life Foundation

    Charitable · IN · income $46,844,657 · assets $9,627,537

    Directly controlled by Purdue Research Foundation

  • Inproteo

    RESEARCH · DE · income $0 · assets $4,003,763

    Directly controlled by Purdue Research Foundation

  • PHILANTHROPIC PURDUE ONLINE-ISA FUND LLC

    Charitable · IN · income $0 · assets $0

    Directly controlled by Purdue Research Foundation

  • National Security Leadership LLC

    national security and defense-related activity · IN · income $6,230,082 · assets $2,805,566

    Directly controlled by Purdue Research Foundation

Related partnerships

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

  • 516 Northwestern Associates LP

    Related · GROUND LEASE RENTAL · IN · 99.9% owned · share of income $824,410 · share of assets $18,757,899

    Directly controlled by PURDUE RESEARCH FOUNDATION

  • Convergence Discovery Park LP

    Related · GROUND LEASE · IN · 99% owned · share of income $375,723 · share of assets $32,798,561

    Directly controlled by PURDUE RESEARCH FOUNDATION

  • Back A Boiler - ISA Fund II LLC

    Related · Income Share Agreement · IN · 50.57% owned · share of income -$200,402 · share of assets $5,686,632

    Directly controlled by Purdue Research Foundation

  • T7A Red Hawk Facility One LP

    Related · GROUND LEASE RENTAL · IN · 99% owned · share of income $0 · share of assets $0

    Directly controlled by PURDUE RESEARCH FOUNDATION

Related corporations and trusts

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

  • MCCLURE PARK LLC

    C Corporation · PROPERTY MANAGEMENT · IN · 100% owned · share of income $3,036,044 · share of assets $17,537,020 · controlled entity

    Directly controlled by PURDUE RESEARCH FOUNDATION

  • QUANTION TECHNOLOGIES INC

    C Corporation · RESEARCH & DEVELOPMENT · IN · 100% owned · share of income $0 · share of assets -$16,493 · controlled entity

    Directly controlled by BOILERMAKER HEALTH INNOVATIONS INC

Provenance

Return type
form_990
Tax year
2023
Filed
12 May 2025
IRS schema version
2023v6.0
Source object
202541329349304169

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