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← RESEARCH DEVELOPMENT FOUNDATION

Form 990 for tax year 2022

Filed by RESEARCH DEVELOPMENT FOUNDATION.

Totals

Total revenue
$5,465,008
Total expenses
$12,137,887
Contributions and grants received
$0
Grants paid
$2,125,000
Program service revenue
$9,895,584
Investment income
-$4,430,576
Other revenue
$0
Total assets, end of year
$53,552,306
Total liabilities, end of year
$16,001,727
Net assets or fund balances, end of year
$37,550,579
Program services expenses (Part IX)
$11,839,926
Management and general expenses
$297,961
Fundraising expenses
$0
Program service expenses (Part III)
$11,839,926

Program services were 97.5% 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: Technology royalty income

    total $9,895,584 · excluded $9,895,584

  • 3 · Investment income

    total $750,764 · excluded $750,764

  • 4 · Income from investment of tax-exempt bond proceeds

    total $0

  • 5 · Royalties

    total $0

  • 6d · Net rental income or loss

    total $0

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

    securities $5,181,340

  • 7c · Gain or loss

    securities -$5,181,340

  • 7d · Net gain or loss

    total -$5,181,340 · excluded -$5,181,340

  • 8c · Net income from fundraising events

    total $0

  • 9c · Net income from gaming

    total $0

  • 10c · Net income from sales of inventory

    total $0

  • 11e · Other revenue, total

    $0

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $2,125,000 · program services $2,125,000

  • 2 · Grants to domestic individuals

    total $0

  • 3 · Grants to foreign organizations and individuals

    total $0

  • 4 · Benefits paid to or for members

    total $0

  • 5 · Compensation of officers, directors and key employees

    total $563,852 · program services $422,889 · management and general $140,963

  • 6 · Compensation of disqualified persons

    total $72,095 · program services $64,885 · management and general $7,210

  • 7 · Other salaries and wages

    total $0

  • 8 · Pension plan contributions

    total $31,967 · program services $23,975 · management and general $7,992

  • 9 · Other employee benefits

    total $0

  • 10 · Payroll taxes

    total $16,303 · program services $12,227 · management and general $4,076

  • 11a · Fees: management

    total $0

  • 11b · Fees: legal

    total $3,868,916 · program services $3,855,304 · management and general $13,612

  • 11c · Fees: accounting

    total $24,420 · management and general $24,420

  • 11d · Fees: lobbying

    total $0

  • 11e · Fees: professional fundraising services

    total $0

  • 11f · Fees: investment management

    total $47,497 · management and general $47,497

  • 11g · Fees: other

    total $3,986,381 · program services $3,975,000 · management and general $11,381

  • 12 · Advertising and promotion

    total $0

  • 13 · Office expenses

    total $3,626 · program services $2,720 · management and general $906

  • 14 · Information technology

    total $0

  • 15 · Royalties

    total $0

  • 16 · Occupancy

    total $21,000 · management and general $21,000

  • 17 · Travel

    total $0

  • 18 · Travel or entertainment for public officials

    total $0

  • 19 · Conferences, conventions and meetings

    total $0

  • 20 · Interest

    total $0

  • 21 · Payments to affiliates

    total $0

  • 22 · Depreciation, depletion and amortization

    total $0

  • 23 · Insurance

    total $75,617 · program services $56,713 · management and general $18,904

  • 24a · Other expenses: Patent Fees - Medical Patents

    total $1,301,213 · program services $1,301,213

  • 24e · All other expenses

    total $0

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $388,760 · end of year $3,015,821

  • 2 · Savings and temporary cash investments

    beginning of year $4,684,795 · end of year $15,628,218

  • 3 · Pledges and grants receivable

    end of year $0

  • 4 · Accounts receivable

    beginning of year $6,554,875 · end of year $5,701,194

  • 5 · Loans and receivables from officers and key people

    end of year $0

  • 6 · Loans and receivables from disqualified persons

    end of year $0

  • 7 · Other notes and loans receivable

    end of year $0

  • 8 · Inventories for sale or use

    end of year $0

  • 9 · Prepaid expenses and deferred charges

    beginning of year $125,477 · end of year $50,377

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

    $11,170

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

    $11,170

  • 10c · Land, buildings and equipment, net

    end of year $0

  • 11 · Investments: publicly traded securities

    beginning of year $29,606,706 · end of year $24,264,265

  • 12 · Investments: other securities

    end of year $0

  • 13 · Investments: program-related

    end of year $0

  • 14 · Intangible assets

    end of year $0

  • 15 · Other assets

    beginning of year $4,878,518 · end of year $4,892,431

  • 17 · Accounts payable and accrued expenses

    beginning of year $4,071,396 · end of year $2,125,867

  • 19 · Deferred revenue

    end of year $13,875,860

  • 27 · Net assets without donor restrictions

    beginning of year $31,350,396 · end of year $26,733,240

  • 28 · Net assets with donor restrictions

    beginning of year $10,817,339 · end of year $10,817,339

Mission and programs · 2022

Mission

To advance medical and scientific research through the transfer of technology from the laboratory to public use by obtaining patents and licenses and administering patents arising out of discoveries made pursuant to research conducted or sponsored by Clayton Foundation for Research and its supporting organizations.

Activities or mission (Part I)

To advance medical and scientific research through the transfer of technology from the laboratory to public use by obtaining patents, granting licenses and administering patents arising out of discoveries pursuant to research conducted or sponsored by certain other charitable organizations. As funds are available, grants are made to Clayton Foundation for Research to support additional research.

  • Research Development Foundation ("RDF") is established to transfer medical and scientific technology from the lab to the public use by obtaining patents and licenses and administering patents arising out of discoveries made pursuant to medical research conducted or sponsored by Clayton Foundation for Research, a medical research organization described in Section 170(b)(1)(A)(iii) ("Clayton"), and by supporting organizations to Clayton. RDF's current patent portfolio contains approximately 200 patent applications and issued patents on discoveries that have been made in the course of the various research projects that have been conducted by Clayton or funded by another supporting entity of Clayton over the years. RDF has entered into numerous licenses of such discoveries to pharmaceutical and startup companies and fifteen of such discoveries have already led to products that have been brought to market by the licensee and are benefiting mankind. RDF has collected millions of dollars in royalties from its licensing activities over the years.

    Expenses $11,839,926 · Grants $2,125,000

As filed on the 2022 return.

Listed in Part VII

  • Robert M Wallace

    Trustee, President

    Total calculated
    $716,492
    From this org
    $169,723
    From related orgs
    $453,239
    Other
    $93,530
    Hours/week
    4 + 36 related

    Schedule J breakdown matched by us

    Base
    $169,723 + $453,239 related
    Bonus
    not reported
    Other
    not reported
    Deferred
    not reported
    Nontaxable benefits
    $14,936 + $78,594 related
    Filer's total
    $184,659 + $531,833 related

  • Jarred W Sloan

    Trustee, Vice President, Treasurer

    Total calculated
    $716,492
    From this org
    $136,524
    From related orgs
    $486,438
    Other
    $93,530
    Hours/week
    4 + 36 related

    Schedule J breakdown matched by us

    Base
    $136,524 + $486,438 related
    Bonus
    not reported
    Other
    not reported
    Deferred
    not reported
    Nontaxable benefits
    $9,956 + $83,574 related
    Filer's total
    $146,480 + $570,012 related

  • Lynn P Carter

    Trustee

    Total calculated
    $716,492
    From this org
    $70,148
    From related orgs
    $552,814
    Other
    $93,530
    Hours/week
    4 + 36 related

    Schedule J breakdown matched by us

    Base
    $70,148 + $552,814 related
    Bonus
    not reported
    Other
    not reported
    Deferred
    not reported
    Nontaxable benefits
    not reported + $93,530 related
    Filer's total
    $70,148 + $646,344 related

  • Thomas J Brorby

    Trustee, Chairman

    Total calculated
    $372,750
    From this org
    $70,148
    From related orgs
    $254,082
    Other
    $48,520
    Hours/week
    6 + 9 related

    Schedule J breakdown matched by us

    Base
    $70,148 + $254,082 related
    Bonus
    not reported
    Other
    not reported
    Deferred
    not reported
    Nontaxable benefits
    not reported + $48,520 related
    Filer's total
    $70,148 + $302,602 related

  • Brian W Crozier

    Trustee

    Total calculated
    $372,750
    From this org
    $70,148
    From related orgs
    $254,082
    Other
    $48,520
    Hours/week
    6 + 9 related

    Schedule J breakdown matched by us

    Base
    $70,148 + $254,082 related
    Bonus
    not reported
    Other
    not reported
    Deferred
    not reported
    Nontaxable benefits
    not reported + $48,520 related
    Filer's total
    $70,148 + $302,602 related

  • Joan S Dunlap

    Vice President, Assistant Secretary

    Total calculated
    $320,966
    From this org
    $47,161
    From related orgs
    $189,575
    Other
    $84,230
    Hours/week
    8 + 32 related

    Schedule J breakdown matched by us

    Base
    $47,161 + $189,575 related
    Bonus
    not reported
    Other
    not reported
    Deferred
    not reported
    Nontaxable benefits
    $7,074 + $77,156 related
    Filer's total
    $54,235 + $266,731 related

  • Robert L Evans Jr

    Assistant Treasurer

    Total calculated
    $276,727
    From this org
    $0
    From related orgs
    $198,267
    Other
    $78,460
    Hours/week
    0 + 40 related

    Schedule J breakdown matched by us

    Base
    not reported + $198,267 related
    Bonus
    not reported
    Other
    not reported
    Deferred
    not reported
    Nontaxable benefits
    not reported + $78,460 related
    Filer's total
    not reported + $276,727 related

  • John Russell Beekman

    Vice President

    Total calculated
    $145,294
    From this org
    $0
    From related orgs
    $106,740
    Other
    $38,554
    Hours/week
    10 + 30 related

  • Christopher MacKenzie

    Vice President, Secretary

    Total calculated
    $0
    Hours/week
    1 + 2 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

  • 1b · Written policy on the line-1a expenses
  • 2 · Substantiation required before reimbursing expenses
  • 3 · Compensation committee
  • 3 · Independent compensation consultant
  • 3 · Written employment contract
  • 3 · Compensation survey or study
  • 3 · Approval by the board or compensation committee

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 II, Compensation from Unrelated Organizations
Part 1, Line 1a - Foundation representatives on Foundation business may travel first class under the travel policy approved by the Board but such persons sometimes fly economy, depending upon routes and convenience of flight schedules. The policy does not permit charter travel, and no charter travel was provided to any such persons.

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.

Related corporations and trusts

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

Provenance

Return type
form_990
Tax year
2022
Filed
15 November 2023
IRS schema version
2022v5.0
Source object
202343199349307814

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