Michigan State University Foundation
- Assets
- $547.4m
- Revenue
- $51.5m
- Investments
- $278.4m
- Employees
- 31
- Location
- East Lansing, MI
- Founding
- 05/1991
- Data as of
- 06/2022
- EIN
- 23-7326030
Organization Overview
Michigan State University Foundation, operating under the name Michigan State University Research Foundation, is located in East Lansing, MI. The organization was established in 1991. According to its NTEE Classification (B11) the organization is classified as: Single Organization Support, under the broad grouping of Education and related organizations. As of 06/2022, Michigan State University Research Foundation employed 31 individuals. This organization is a parent organization of an affiliated group for tax-exemption purposes. Michigan State University Research Foundation is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
For the year ending 06/2022, Michigan State University Research Foundation generated $51.5m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 8.7% each year. All expenses for the organization totaled $23.7m during the year ending 06/2022. While expenses have increased by 1.6% per year over the past 7 years. They've been increasing with an increasing level of total revenue. You can explore the organizations financials more deeply in the financial statements section below.
Form
990T
Mission & Program ActivityExcerpts From the 990T Filing
TAX YEAR
2022
Describe the Organization's Mission:
Part 3 - Line 1
TO PROVIDE SUPPORT FOR THE BOARD OF TRUSTEES OF MICHIGAN STATE UNIVERSITY (CONTINUED IN SCHEDULE O) AND TO PROMOTE, SPONSOR, ASSIST, AND CARRY OUT EDUCATIONAL, SCIENTIFIC, CHARITABLE AND RELATED ACTIVITIES AND OBJECTIVES OF MICHIGAN STATE UNIVERSITY.
Describe the Organization's Program Activity:
GRANTING FUNDS TO ADVANCE RESEARCH AND THE UNIVERSITY'S SCHOLARLY INFRASTRUCTURE OF TEACHING AND DISSEMINATION OF NEW KNOWLEDGE, UNDERWRITING MSU'S WORK IN TECHNOLOGY COMMERCIALIZATION, DEVELOPING, SCALING AND DE-RISKING BIO-BASED TECHNOLOGIES THROUGH MBI INTERNATIONAL, A WHOLLY-OWNED FOUNDATION SUBSIDIARY, FOSTERING THE CREATION OF STARTUP ENTERPRISES ORIGINATING FROM MSU THROUGH THE FOUNDATION'S SPARTAN INNOVATIONS AND INVESTMENT HOLDINGS SUBSIDIARIES, AND PROVIDING FACILITIES AND BUILDING SITES AT THE UNIVERSITY CORPORATE RESEARCH PARK AND FOUNDATION PARK I FOR TECHNOLOGY ENTERPRISES, UNIVERSITY TECHNOLOGY-DEVELOPMENT INITIATIVES, AND UNIVERSITY/INDUSTRY COLLABORATIONS.
SPARTAN INNOVATIONS PROVIDES THE EDUCATIONAL AND FINANCIAL SUPPORT NECESSARY TO TURN MSU RESEARCH TECHNOLOGIES INTO SUCCESSFUL MICHIGAN BUSINESSES - AND SPUR ENTREPRENEURSHIP IN THE MICHIGAN ECONOMY.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
David Washburn Executive Director | OfficerTrustee | 37 | $391,066 |
Melissa Woo President | OfficerTrustee | 2 | $0 |
Randolph Cowen Chairman | OfficerTrustee | 2 | $0 |
Scott Eston Vice Chairman | OfficerTrustee | 2 | $0 |
Bruce Leech Treasurer | OfficerTrustee | 2 | $0 |
John Phillips Secretary | OfficerTrustee | 2 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Grant Thornton Llp Accounting Services | 6/29/22 | $212,022 |
Cambridge Associates Llc Consulting Services | 6/29/22 | $552,243 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $4,133,037 |
| All other contributions, gifts, grants, and similar amounts not included above | $1,810,723 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $5,943,760 |
| Total Program Service Revenue | $993,417 |
| Investment income | $1,081,934 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $579,711 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $42,893,847 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $51,499,585 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $14,823,054 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $1,185,733 |
| Compensation of current officers, directors, key employees. | $237,147 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $2,190,155 |
| Pension plan accruals and contributions | $151,033 |
| Other employee benefits | $273,160 |
| Payroll taxes | $105,684 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $86,099 |
| Fees for services: Accounting | $551,836 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $2,494,922 |
| Fees for services: Other | $61,725 |
| Advertising and promotion | $160,893 |
| Office expenses | $60,351 |
| Information technology | $121,658 |
| Royalties | $0 |
| Occupancy | $161,355 |
| Travel | $44,273 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $59,982 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $10,938 |
| Insurance | $130,374 |
| All other expenses | $5,168 |
| Total functional expenses | $23,721,227 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $148,266 |
| Savings and temporary cash investments | $19,146,473 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $5,029,131 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $4,000,599 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $68,142 |
| Net Land, buildings, and equipment | $26,659,078 |
| Investments—publicly traded securities | $158,785,326 |
| Investments—other securities | $278,389,055 |
| Investments—program-related | $10,812,222 |
| Intangible assets | $0 |
| Other assets | $44,336,958 |
| Total assets | $547,375,250 |
| Accounts payable and accrued expenses | $5,940,681 |
| Grants payable | $0 |
| Deferred revenue | $19,984,023 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $20,800,259 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $24,683,109 |
| Total liabilities | $71,408,072 |
| Net assets without donor restrictions | $438,609,082 |
| Net assets with donor restrictions | $37,358,096 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $0 |
| Total liabilities and net assets/fund balances | $547,375,250 |