Research Development Foundation
- Assets
- $53.6m
- Revenue
- $5.5m
- Investments
- $0.0
- Employees
- 3
- Location
- Carson City, NV
- Founding
- 04/1988
- Data as of
- 12/2022
- EIN
- 88-0234325
Organization Overview
Research Development Foundation is located in Carson City, NV. The organization was established in 1988. According to its NTEE Classification (H11) the organization is classified as: Single Organization Support, under the broad grouping of Medical Research and related organizations. As of 12/2022, Research Development Foundation employed 3 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Research Development 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 12/2022, Research Development Foundation generated $5.5m in total revenue. This represents a relatively dramatic decline in revenue. Over the past 4 years, the organization has seen revenues fall by an average of (20.6%) each year. All expenses for the organization totaled $12.1m 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 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.
Describe the Organization's Program Activity:
Part 3 - Line 4a
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.
Get More from Intellispect for FreeCreate a free account to get more data, nonprofit salaries, advanced search and more.
Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Robert M Wallace Trustee, President | OfficerTrustee | 4 | $169,723 |
Jarred W Sloan Trustee, Vice President, Treasurer | OfficerTrustee | 4 | $136,524 |
Lynn P Carter Trustee | Trustee | 4 | $70,148 |
Thomas J Brorby Trustee, Chairman | OfficerTrustee | 6 | $70,148 |
Brian W Crozier Trustee | Trustee | 6 | $70,148 |
Joan S Dunlap Vice President, Assistant Secretary | Officer | 8 | $47,161 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Clayton Biotechnologies Inc Consulting | 12/30/22 | $3,975,000 |
Brorby Crozier & Dobie Pc Legal | 12/30/22 | $144,991 |
Parker Highlander Pllc Legal Service - Medical Patent | 12/30/22 | $1,041,342 |
Norton Rose Fulbight Llp Legal Services | 12/30/22 | $3,039,743 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $0 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $0 |
| Total Program Service Revenue | $9,895,584 |
| Investment income | $750,764 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$5,181,340 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $5,465,008 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $2,125,000 |
| 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. | $563,852 |
| Compensation of current officers, directors, key employees. | $140,963 |
| Compensation to disqualified persons | $72,095 |
| Other salaries and wages | $0 |
| Pension plan accruals and contributions | $31,967 |
| Other employee benefits | $0 |
| Payroll taxes | $16,303 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $3,868,916 |
| Fees for services: Accounting | $24,420 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $47,497 |
| Fees for services: Other | $3,986,381 |
| Advertising and promotion | $0 |
| Office expenses | $3,626 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $21,000 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $75,617 |
| All other expenses | $0 |
| Total functional expenses | $12,137,887 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $3,015,821 |
| Savings and temporary cash investments | $15,628,218 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $5,701,194 |
| 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 | $50,377 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $24,264,265 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $4,892,431 |
| Total assets | $53,552,306 |
| Accounts payable and accrued expenses | $2,125,867 |
| Grants payable | $0 |
| Deferred revenue | $13,875,860 |
| 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 | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $16,001,727 |
| Net assets without donor restrictions | $26,733,240 |
| Net assets with donor restrictions | $10,817,339 |
| 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 | $53,552,306 |
Grants Awarded
Over the last fiscal year, Research Development Foundation has awarded $6,000,000 in support to 2 organizations.
| Grant Recipient | Amount |
|---|---|
CLAYTON FOUNDATION FOR RESEARCH PURPOSE: General Support | $5,500,000 |
FOUNDATION FOR RESEARCH PURPOSE: General Support | $500,000 |