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Nonprofiteer
← ASU ENTERPRISE PARTNERS

Form 990 for tax year 2022

Filed by ASU ENTERPRISE PARTNERS.

Totals

Total revenue
$17,546,517
Total expenses
$35,781,750
Contributions and grants received
$4,334,297
Grants paid
$15,260,453
Program service revenue
$3,655,351
Investment income
$3,792,002
Other revenue
$5,764,867
Total assets, end of year
$361,760,963
Total liabilities, end of year
$142,865,385
Net assets or fund balances, end of year
$218,895,578
Program services expenses (Part IX)
$26,210,108
Management and general expenses
$9,044,519
Fundraising expenses
$527,123
Program service expenses (Part III)
$26,210,108

Program services were 73.2% 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.

  • 1d · Related organizations

    $4,334,297

  • 2a · Program service revenue: PROGRAM RENTALS

    total $2,435,470 · related or exempt $2,435,470

  • 2b · Program service revenue: PROGRAM SUPPORT

    total $1,069,453 · related or exempt $1,069,453

  • 2c · Program service revenue: PROGRAM REV & MBRSHP

    total $150,428 · related or exempt $150,428

  • 3 · Investment income

    total $3,784,404 · excluded $3,784,404

  • 5 · Royalties

    total $103,565 · excluded $103,565

  • 6a · Gross rents

    real property $245,473

  • 6b · Less rental expenses

    real property $0

  • 6c · Rental income or loss

    real property $245,473

  • 6d · Net rental income or loss

    total $245,473 · excluded $245,473

  • 7a · Gross sales of assets other than inventory

    securities $24,476,362

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

    securities $24,468,764

  • 7c · Gain or loss

    securities $7,598

  • 7d · Net gain or loss

    total $7,598 · excluded $7,598

  • 11a · Other revenue: ASSET MANAGEMENT FEES

    total $4,745,080 · related or exempt $4,745,080

  • 11b · Other revenue: OTHER PROGRAM SERVICE

    total $670,749 · related or exempt $670,749

  • 11e · Other revenue, total

    $5,415,829

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $15,260,453 · program services $15,260,453

  • 5 · Compensation of officers, directors and key employees

    total $980,295 · program services $196,059 · management and general $588,177 · fundraising $196,059

  • 7 · Other salaries and wages

    total $4,944,118 · program services $1,293,749 · management and general $3,398,365 · fundraising $252,004

  • 8 · Pension plan contributions

    total $299,197 · program services $71,442 · management and general $227,755

  • 9 · Other employee benefits

    total $1,125,099 · program services $97,922 · management and general $952,355 · fundraising $74,822

  • 10 · Payroll taxes

    total $372,532 · program services $71,801 · management and general $300,731

  • 11a · Fees: management

    total $50,009 · program services $50,009

  • 11b · Fees: legal

    total $1,167,134 · program services $898,308 · management and general $268,826

  • 11c · Fees: accounting

    total $74,279 · program services $8,374 · management and general $65,905

  • 11d · Fees: lobbying

    total $259,890 · management and general $259,890

  • 11f · Fees: investment management

    total $472,358 · program services $472,358

  • 11g · Fees: other

    total $1,129,076 · program services $434,273 · management and general $694,803

  • 12 · Advertising and promotion

    total $7,247 · program services $2,500 · management and general $4,747

  • 13 · Office expenses

    total $1,496,271 · program services $1,208,608 · management and general $283,425 · fundraising $4,238

  • 14 · Information technology

    total $1,249,509 · management and general $1,249,509

  • 16 · Occupancy

    total $2,997,784 · program services $2,973,432 · management and general $24,352

  • 17 · Travel

    total $117,528 · program services $2,913 · management and general $114,615

  • 19 · Conferences, conventions and meetings

    total $48,307 · program services $622 · management and general $47,685

  • 20 · Interest

    total $931,784 · program services $872,706 · management and general $59,078

  • 23 · Insurance

    total $280,573 · program services $62,000 · management and general $218,573

  • 24a · Other expenses: PROGRAM RENTAL EXPENSES

    total $1,961,453 · program services $1,961,453

  • 24b · Other expenses: OTHER EXPENSES

    total $259,303 · program services $235,168 · management and general $24,135

  • 24c · Other expenses: FEES AND SUBSCRIPTIONS

    total $160,598 · program services $4,840 · management and general $155,758

  • 24d · Other expenses: MEALS AND CULTIVATION

    total $136,953 · program services $31,118 · management and general $105,835

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $10,774,784 · end of year $6,966,339

  • 2 · Savings and temporary cash investments

    beginning of year $1,002,484 · end of year $2,039,820

  • 4 · Accounts receivable

    beginning of year $12,288,847 · end of year $12,937,996

  • 9 · Prepaid expenses and deferred charges

    beginning of year $409,512 · end of year $627,744

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

    $76,828,829

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

    $13,613,620

  • 10c · Land, buildings and equipment, net

    beginning of year $92,490,725 · end of year $63,215,209

  • 11 · Investments: publicly traded securities

    beginning of year $236,961,588 · end of year $252,352,894

  • 15 · Other assets

    beginning of year $27,166,730 · end of year $23,620,961

  • 17 · Accounts payable and accrued expenses

    beginning of year $25,794,959 · end of year $26,186,991

  • 19 · Deferred revenue

    beginning of year $238,266 · end of year $319,643

  • 20 · Tax-exempt bond liabilities

    beginning of year $80,755,000 · end of year $49,434,882

  • 25 · Other liabilities

    beginning of year $68,363,481 · end of year $66,923,869

  • 27 · Net assets without donor restrictions

    beginning of year $204,906,137 · end of year $217,820,748

  • 28 · Net assets with donor restrictions

    beginning of year $1,036,827 · end of year $1,074,830

Mission and programs · 2022

Mission

SEE SCHEDULE O

  • SEE SCHEDULE OPROGRAM SERVICE ACTIVITY #1EP THROUGH ITS SUBSIDIARY UNIVERSITY REALTY AIMS TO ADVANCE ASU BY ACCEPTING AND MONETIZING COMMERCIAL OFFICE, RETAIL, MULTIFAMILY BUILDINGS, AS WELL AS VACANT LAND RECEIVED FROM PHILANTHROPIC REAL ESTATE GIFTS FROM DONORS. ADDITIONALLY, THEY TAKE ADVANTAGE OF OPPORTUNITIES TO INVEST, ACQUIRE, AND DISPOSE OF REAL ESTATE AT LOGICAL POINTS IN REAL ESTATE CYCLES. UNIVERSITY REALTY PROVIDES FULL SERVICE, GROUND-UP DEVELOPMENT INCLUDING ACQUISITIONS AND ENTITLEMENTS OF LAND, MASTER-PLANNING AND BUILDING DESIGN, CONSTRUCTION, AND FINANCING OF OFFICE, INDUSTRIAL, AND MULTI-FAMILY PROJECTS. CURRENTLY, THE ORGANIZATION HOLDS $79.4 MILLION IN LAND AND BUILDING INVESTMENTS.UNIVERSITY REALTY OVERSEES PROJECTS NATIONWIDE, FROM SKYSONG IN SCOTTSDALE, TO THE BRICKYARD IN TEMPE, TO THE WASHINGTON CENTER IN THE HEART OF THE DISTRICT OF COLUMBIA, TO THE HERALD EXAMINER BUILDING IN LOS ANGELES.

    Expenses $7,569,581 · Grants $532,951 · Revenue $6,002,160

  • SEE SCHEDULE OPROGRAM SERVICE ACTIVITY #2EP THROUGH ITS SUBSIDIARY SKYSONG INNOVATIONS WORKS WITH ASU FACULTY, POSTDOCS, AND STUDENTS TO TRANSLATE THEIR RESEARCH INNOVATIONS INTO COMMERCIAL APPLICATIONS. TO DATE, MORE THAN 160 STARTUPS HAVE BEEN LAUNCHED BASED ON ASU INNOVATIONS, ATTRACTING MORE THAN $833 MILLION IN FUNDING FROM OUTSIDE INVESTORS, GENERATING SUBSTANTIAL LOCAL ECONOMIC IMPACT. THE NATIONAL ACADEMY OF INVENTORS AND THE INTELLECTUAL PROPERTY OWNERS ASSOCIATION NOW RANKS ASU 8TH IN U.S. UTILITY PATENTS GRANTED TO UNIVERSITIES WORLDWIDE. OTHER UNIVERSITIES RANKED ALONGSIDE ASU IN THE TOP 20 INCLUDE MIT, STANFORD UNIVERSITY, JOHNS HOPKINS UNIVERSITY, HARVARD AND THE CALIFORNIA INSTITUTE OF TECHNOLOGY. SKYSONG INNOVATIONS ALSO OPERATES AN OFFICE OUT OF THE ASU CALIFORNIA CENTER IN SANTA MONICA, FACILITATING LINKAGES BETWEEN THE ARIZONA AND SOUTHERN CALIFORNIA INNOVATION ECOSYSTEMS, INCLUDING CONNECTING ASU INVENTORS WITH CALIFORNIA-BASED INVESTORS.

    Expenses $1,088,187 · Grants $1,823 · Revenue $1,119,783

  • SEE SCHEDULE OPROGRAM SERVICE ACTIVITY #3EP MANAGES INVESTMENT POOLS AND PROGRAMS THAT GENERATE REVENUE THROUGH INVESTMENTS IN EDUCATION TECHNOLOGY COMPANIES AND AN ANGEL INVESTOR MEMBERSHIP PROGRAM TO ADVANCE ASU-AFFILIATED STARTUPS.

    Expenses $17,552,340 · Grants $14,725,679 · Revenue $1,949,237

As filed on the 2022 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

  • Daniel Dillon

    PRESIDENT AND CEO

    Total calculated
    $866,474
    From this org
    $795,656
    From related orgs
    $0
    Other
    $70,818
    Hours/week
    47 + 3 related

    Schedule J breakdown matched by us

    Base
    $564,076
    Bonus
    $201,667
    Other
    $29,913
    Deferred
    $41,850
    Nontaxable benefits
    $28,968
    Filer's total
    $866,474

  • Gretchen Buhlig

    DIRECTOR & CEO (ASUF)

    Total calculated
    $654,731
    From this org
    $0
    From related orgs
    $587,721
    Other
    $67,010
    Hours/week
    1 + 49 related

    Schedule J breakdown matched by us

    Base
    $0 + $454,985 related
    Bonus
    $0 + $91,000 related
    Other
    $0 + $41,736 related
    Deferred
    $0 + $41,850 related
    Nontaxable benefits
    $0 + $25,160 related
    Filer's total
    $0 + $654,731 related

  • Virginia E Desanto

    VICE PRESIDENT, CFO & TREASURER

    Total calculated
    $332,026
    From this org
    $295,537
    From related orgs
    $0
    Other
    $36,489
    Hours/week
    38 + 12 related

    Schedule J breakdown matched by us

    Base
    $267,992
    Bonus
    $27,545
    Other
    $0
    Deferred
    $19,842
    Nontaxable benefits
    $16,647
    Filer's total
    $332,026

  • Steve Betts

    CHAIR (UR)

    Total calculated
    $0
    Hours/week
    1 + 1 related

  • Michael Crow

    ASU PRESIDENT

    Total calculated
    $0
    Hours/week
    1

  • Nita Francis

    VICE CHAIR (EP AND ASUF BOD)

    Total calculated
    $0
    Hours/week
    1 + 1 related

  • John Graham

    DIRECTOR & CHAIR (ASUF)

    Total calculated
    $0
    Hours/week
    1 + 1 related

  • Chris Howard

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1 + 1 related

  • Lisa Loo

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1 + 1 related

  • Anne Mariucci

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1 + 1 related

  • Morgan Olsen

    VICE CHAIR (IC)

    Total calculated
    $0
    Hours/week
    2 + 1 related

  • William Post

    CHAIR (THRU 05/2023)

    Total calculated
    $0
    Hours/week
    1 + 1 related

  • Hope Sharett

    GENERAL COUNSEL/CORPORATE SECRETARY

    Total calculated
    $336,860
    From this org
    $296,500
    From related orgs
    $0
    Other
    $40,360
    Hours/week
    47 + 3 related

    Schedule J breakdown matched by us

    Base
    $256,535
    Bonus
    $39,930
    Other
    $35
    Deferred
    $17,439
    Nontaxable benefits
    $22,921
    Filer's total
    $336,860

  • Augustine Cheng

    MD & CEO (SI)

    Total calculated
    $662,073
    From this org
    $619,800
    From related orgs
    $0
    Other
    $42,273
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $444,668
    Bonus
    $138,888
    Other
    $36,244
    Deferred
    $21,350
    Nontaxable benefits
    $20,923
    Filer's total
    $662,073

  • Jeff Roberts

    MANAGING DIRECTOR UR

    Total calculated
    $405,748
    From this org
    $370,308
    From related orgs
    $0
    Other
    $35,440
    Hours/week
    2

    Schedule J breakdown matched by us

    Base
    $295,308
    Bonus
    $75,000
    Other
    $0
    Deferred
    $21,200
    Nontaxable benefits
    $14,240
    Filer's total
    $405,748

  • Jeff Mindlin

    CHIEF INVESTMENT OFFICER

    Total calculated
    $411,894
    From this org
    $359,841
    From related orgs
    $0
    Other
    $52,053
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $297,367
    Bonus
    $62,400
    Other
    $74
    Deferred
    $21,350
    Nontaxable benefits
    $30,703
    Filer's total
    $411,894

  • Kyle Siegal

    SVP & CHIEF PATENT COUNSEL (SI)

    Total calculated
    $313,678
    From this org
    $271,842
    From related orgs
    $0
    Other
    $41,836
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $259,137
    Bonus
    $12,630
    Other
    $75
    Deferred
    $18,997
    Nontaxable benefits
    $22,839
    Filer's total
    $313,678

  • Debbie Williams - Chief

    OPERATIONS OFFICER (THRU 06/2023)

    Total calculated
    $305,083
    From this org
    $275,238
    From related orgs
    $0
    Other
    $29,845
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $249,408
    Bonus
    $25,830
    Other
    $0
    Deferred
    $18,581
    Nontaxable benefits
    $11,264
    Filer's total
    $305,083

  • Stephanie Leach

    CHIEF TECHNOLOGY OFFICER

    Total calculated
    $283,802
    From this org
    $251,683
    From related orgs
    $0
    Other
    $32,119
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $223,985
    Bonus
    $27,698
    Other
    $0
    Deferred
    $17,879
    Nontaxable benefits
    $14,240
    Filer's total
    $283,802

  • Charlie Lewis

    VP VENTURE DEV. & PHYSICAL SCI. (SI)

    Total calculated
    $285,825
    From this org
    $247,132
    From related orgs
    $0
    Other
    $38,693
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $235,055
    Bonus
    $12,077
    Other
    $0
    Deferred
    $17,527
    Nontaxable benefits
    $21,166
    Filer's total
    $285,825

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 · Travel for companions
  • 1a · Tax indemnification and gross-up payments
  • 1a · Housing allowance or residence for personal use
  • 1a · Health or social club dues or initiation fees
  • 1b · Written policy on the line-1a expenses
  • 2 · Substantiation required before reimbursing expenses
  • 3 · Compensation committee
  • 3 · Independent compensation consultant
  • 3 · Compensation survey or study
  • 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 1A
HOUSING ALLOWANCE THE MANAGING DIRECTOR OF SKYSONG INNOVATIONS RECEIVES A HOUSING ALLOWANCE, WHICH IS TREATED AS TAXABLE COMPENSATION ON FORM W-2 AND REPORTED ON SCHEDULE J, PART II, COLUMN (B)(III). TRAVEL FOR COMPANIONS THE MANAGING DIRECTOR OF SKYSONG INNOVATIONS RECEIVES TRAVEL REIMBURSEMENTS FOR HIMSELF AND HIS SPOUSE, WHICH IS TREATED AS TAXABLE COMPENSATION ON FORM W-2 AND REPORTED ON SCHEDULE J, PART II, COLUMN (B)(III). TAX INDEMNIFICATION AND GROSS-UP PAYMENTS THE MANAGING DIRECTOR OF SKYSONG INNOVATIONS RECEIVES TAX GROSS-UP PAYMENTS IN RELATION TO AMOUNTS PAID TO HIM FOR HIS HOUSING ALLOWANCE, TAXABLE SPOUSAL TRAVEL, AND REIMBURSEMENT FOR INTERNET EXPENSES. THE GROSS-UPS ARE TREATED AS TAXABLE COMPENSATION ON FORM W-2 AND REPORTED ON SCHEDULE J, PART II, COLUMN (B)(III). SOCIAL CLUB DUES OR INITIATION FEES EP PROVIDES THE PRESIDENT AND CEO WITH A MEMBERSHIP TO A SOCIAL CLUB TO USE FOR BUSINESS PURPOSES. THE MEMBERSHIP IS NON-TAXABLE TO THE PRESIDENT AND CEO AND REPORTED AS NON-TAXABLE BENEFITS ON SCHEDULE J, PART II, COLUMN (D).
PART I, LINE 7
NON-FIXED PAYMENTS FOR EP, NON-FIXED PAYMENTS ARE BASED ON COMPENSATION AGREEMENTS AND SUCCESS BENCHMARKS STATED IN EMPLOYMENT CONTRACTS. FOR SKYSONG INNOVATIONS, A SINGLE MEMBER LIMITED LIABILITY COMPANY OF EP, THE COMPENSATION CONTRACT FOR THE MANAGING DIRECTOR ALLOWS FOR THE BOARD OF DIRECTORS OF SKYSONG INNOVATIONS TO APPROVE DISCRETIONARY BONUSES WITHOUT FIXED AMOUNT CALCULATIONS BASED ON THE BOARD'S OVERALL SATISFACTION OF THE MANAGING DIRECTOR'S PERFORMANCE.
SCHEDULE J, PART II
QUESTIONS REGARDING COMPENSATION EP'S FIVE HIGHEST PAID EMPLOYEES INCLUDES TWO MEMBERS OF THE MANAGEMENT OF ITS SUBSIDIARY, SKYSONG INNOVATIONS, WHICH PROVIDES TECHNOLOGY TRANSFER SERVICES FOR ARIZONA STATE UNIVERSITY. AS ITS SOLE MEMBER, EP HAS DELEGATED RESPONSIBILITY FOR MANAGEMENT OF SKYSONG INNOVATIONS TO THE FIVE-MEMBER BOARD OF DIRECTORS FOR SKYSONG INNOVATIONS, INCLUDING OPERATIONAL ACTIVITIES AND COMPENSATION.

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.

  • ASU FOUNDATION

    501(C)(3) · SUPPORT · AZ · controlled entity

    Directly controlled by EP

  • ASU RESEARCH ENTERPRISE

    501(C)(3) · SUPPORT · AZ · controlled entity

    Directly controlled by EP

  • RESEARCH COLLABORATORY AT ASU

    501(C)(3) · SUPPORT · AZ · controlled entity

    Directly controlled by EP

  • TAYLOR TRUST FBO ASU FOUNDATION

    501(C)(3) · SUPPORT · AZ · controlled entity

    Directly controlled by ASUF

  • ASU FOUNDATION MEXICO AC

    501(C)(3) · EDUCATION · MX · controlled entity

    Directly controlled by GLOBAL III

  • RCASU GERMANY GGMBH

    501(C)(3) · HOLDING CO. · GM · controlled entity

    Directly controlled by RCASU GERMANY LLC

  • ECASU TRUST (MALAWI)

    501(C)(3) · EDUCATION · ML · controlled entity

    Directly controlled by ECASU

  • ECASU MOROCCO

    501(C)(3) · EDUCATION · MO · controlled entity

    Directly controlled by ECASU

  • ASU GLOBAL FOUNDATION UK LIMITED

    501(C)(3) · SUPPORT · UK · controlled entity

    Directly controlled by ASUF

  • ASU ENTERPRISE PARTNERS OUTREACH HUB

    501(C)(3) · SUPPORT · AZ · controlled entity

    Directly controlled by EP

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.

Related partnerships

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

  • SKYSONG OFFICE 3 LLC

    EXCLUDED · REAL ESTATE · AZ · general or managing partner

  • SKYSONG OFFICE 4 LLC

    EXCLUDED · REAL ESTATE · AZ · general or managing partner

  • SKYSONG OFFICE 5 LLC

    EXCLUDED · REAL ESTATE · AZ · general or managing partner

Related corporations and trusts

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

  • AZTE VENTURES CO

    C · SOLAR ENERGY · AZ · controlled entity

    Directly controlled by SKYSONG

  • CHARITABLE REMAINDER TRUST (14)

    T · CHARIT REM TR · AZ · controlled entity

    Directly controlled by ASUF

  • TEOTIHUACAN HOLDINGS LLC

    C · HOLDING CO. · DE · controlled entity

    Directly controlled by ECASU

  • SS SPORTFISHING INC

    C · HOLDING CO. · HI

    Directly controlled by ECASU

Provenance

Return type
form_990
Tax year
2022
Filed
28 March 2024
IRS schema version
2022v5.0
Source object
202410889349301906

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