University Of South Dakota Research Park Inc
- Assets
- $7.8m
- Revenue
- $4.7m
- Investments
- $0.0
- Employees
- 0
- Location
- Sioux Falls, SD
- Founding
- 08/2015
- Data as of
- 12/2022
- EIN
- 46-2693612
Organization Overview
University Of South Dakota Research Park Inc, operating under the name Usd Discovery District, is located in Sioux Falls, SD. The organization was established in 2015. According to its NTEE Classification (B90) the organization is classified as: Educational Services, under the broad grouping of Education and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Usd Discovery District 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 12/2022, Usd Discovery District generated $4.7m in total revenue. This organization has experienced exceptional growth, as over the past 8 years, it has increased revenue by an average of 34.0% each year . All expenses for the organization totaled $171.9k during the year ending 12/2022. You can explore the organizations financials more deeply in the financial statements section below.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2022
Describe the Organization's Mission:
Part 3 - Line 1
TO GROW UNIVERSITY RESEARCH CAPACITY, RESOURCES AND TALENT AND CONNECT CORE UNIVERSITY ACTIVITIES WITH PRIVATE SECTOR RESOURCES AND COMPANIES.
Describe the Organization's Program Activity:
Part 3 - Line 4a
IN 2022, INTERIM PRESIDENT JAMES ABBOTT INITIATED A PROPOSAL FOR FUNDING FROM THE STATE OF SOUTH DAKOTA TO BE USED TO PLAN, DESIGN, AND CONSTRUCT THE FIRST BUILDING AT THE USD DISCOVERY DISTRICT. UNDER HB 1210, THE 2022 SOUTH DAKOTA LEGISLATURE APPROPRIATED FUNDING IN THE AMOUNT OF $15MM. ADDITIONAL FUNDING HAS BEEN SECURED FROM PUBLIC AND PRIVATE SOURCES. SOLICITATIONS WERE RELEASED FOR ARCHITECTURE AND ENGINEERING AS WELL AS A CONSTRUCTION MANAGER ATRISK WITH SELECTIONS MADE BY YEAR END. ADDITIONALLY, THE USD DISCOVERY DISTRICT CONTINUED CONVERSATIONS WITH TENANT PROSPECTS FOR THE FIRST BUILDING TARGETED TO BE COMPLETED BY THE END OF 2024.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
James Abbott Interim President | OfficerTrustee | 40 | $0 |
Sheila Gestring Chair | OfficerTrustee | 2 | $0 |
Bob Sutton Vice Chair | OfficerTrustee | 1 | $0 |
Russell Olson Secretary/treasurer (end 06/2022) | OfficerTrustee | 1 | $0 |
Dr Brian Maher Director | Trustee | 1 | $0 |
Dr Dave Kapaska Director | Trustee | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Zeal Center For Entrepreneurship Management/operations | 12/30/18 | $292,668 |
Davenport Evans Hurwitz & Smith Legal Services | 12/30/18 | $123,643 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $100,000 |
| Government grants | $4,150,000 |
| All other contributions, gifts, grants, and similar amounts not included above | $425,000 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $4,675,000 |
| Total Program Service Revenue | $0 |
| Investment income | $6,281 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $18,822 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $4,700,103 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| 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. | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $108,859 |
| Fees for services: Legal | $8,035 |
| Fees for services: Accounting | $6,278 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $5,571 |
| Office expenses | $4,935 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $20,251 |
| Travel | $5,377 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $1,012 |
| Interest | $3,168 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $6,279 |
| All other expenses | $2,161 |
| Total functional expenses | $171,926 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $33,334 |
| Savings and temporary cash investments | $5,306,672 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $52,083 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $5,892 |
| Net Land, buildings, and equipment | $2,405,140 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $7,803,121 |
| Accounts payable and accrued expenses | $21,343 |
| Grants payable | $0 |
| Deferred revenue | $3,749 |
| 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 | $304,011 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $329,103 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $529,708 |
| Paid-in or capital surplus, or land, building, or equipment fund | $6,944,310 |
| Retained earnings, endowment, accumulated income, or other funds | $0 |
| Total liabilities and net assets/fund balances | $7,803,121 |