2022-05-04T10:00:19-05:00 2021-06-30 350921680 CROWE LLP 9600 Brownsboro Road Suite 400 Louisville KY 402413902 990 2020-07-01 351052049 Purdue Research Foundation PURD 7655881061 1281 Win Hentschel Blvd West Lafayette IN 47906 Scott Seidle CFO and Treasurer 2022-05-04 true Scott Seidle 999009999 Rachel Spurlock P00520729 5023263996 2020 2022-09-23 18:48:47Z BRIAN EDELMAN 1281 Win Hentschel Blvd West Lafayette IN 47906 824216821 false X www.prf.org X 1930 IN The primary mission of Purdue Research Foundation is to advance the mission of Purdue University. 16 16 417 15 -139974 0 59957867 46490179 52739774 55493994 56645940 131273529 13841713 10666460 183185294 243924162 46452745 37241038 0 39414953 39407773 0 30295369 68070832 61846993 153938530 138495804 29246764 105428358 3096906780 4263789594 2074165750 2932813010 1022741030 1330976584 The primary mission of Purdue Research Foundation is to advance the mission of Purdue University. false false 82525960 37241038 58090258 FUNDS WERE PROVIDED TO PURDUE UNIVERSITY FOR RESEARCH GRANTS, INTERNATIONAL TRAVEL GRANTS, AND DISTINGUISHED PROFESSOR GRANTS TO FURTHER ITS EDUCATION AND RESEARCH MISSIONS. FUNDING VIA SCHOLARSHIPS, AWARDS, DEVELOPMENT, AND ROYALTIES WAS ALSO PROVIDED TO SUPPLEMENT PURDUE UNIVERSITY. LASTLY, RENTAL INCOME WAS COLLECTED FROM TENANTS LOCATED WITHIN THE PURDUE RESEARCH PARK AS WELL AS RESIDENTIAL UNITS ON THE PURDUE UNIVERSITY CAMPUS AND SURROUNDING AREAS. PURDUE RESEARCH PARK IS THE HOME OF STATE-OF-THE-ART TECHNOLOGY BUSINESS INCUBATORS THAT HAVE A WORKING RELATIONSHIP WITH PURDUE UNIVERSITY TO PROVIDE STUDENTS WITH LEARNING AND RESEARCH OPPORTUNITIES. 82525960 true true false false false true false true true true true false false true true false true false false true false false false false false false true false true false false false false false true false false true false false false true true true true false false true 294 0 true 417 true true true false false false false false true 1 false false true false false false X 16 16 true false true false false false false true true false false true true true true true true true true true true CA IN X Scott Seidle 7655881061 1281 Win Hentschel Blvd West Lafayette IN 479064182 Mitchell E Daniels Jr Chair 7.0 0.0 X X 0 0 0 Carrie Kendrick Director 1.0 0.0 X 0 0 0 Charles E Schalliol Director 1.0 0.0 X 0 0 0 David Adams Director 1.0 0.0 X 0 0 0 Emily Liggett Director 1.0 0.0 X 0 0 0 Gary Lehman Director 1.0 0.0 X 0 0 0 J Timothy McGinley Director 1.0 0.0 X 0 0 0 Julia Hipps Director 1.0 0.0 X 0 0 0 Kelvin Pennington Director 1.0 0.0 X 0 0 0 Lawrence Beck Director 1.0 0.0 X 0 0 0 Mamoon Hamid Director 1.0 0.0 X 0 0 0 Michael Klipsch Director 1.0 0.0 X 0 0 0 Michael Wells Director 1.0 0.0 X 0 0 0 Scott Niswonger Director 1.0 0.0 X 0 0 0 William Elmore Director 1.0 0.0 X 0 0 0 William Sullivan Director 1.0 0.0 X 0 0 0 Brandee Sommer Secretary 40.0 0.0 X 72010 0 25951 Brian Edelman President 40.0 0.0 X 335443 0 42796 Brooke Beier Vice President, Office of Technology Commercialization 40.0 0.0 X 213177 0 52932 Emily Najem Assistant Secretary 40.0 0.0 X 114530 0 35186 Greg Deason SVP and Director of Innovation and Entrepreneurship 40.0 0.0 X 280781 0 61947 Scott Seidle CFO & Treasurer 40.0 0.0 X 352158 0 41804 Tammy Metzinger Assistant Treasurer 40.0 0.0 X 128771 0 29150 Theresa Mayer Vice President for Research 1.0 0.0 X 0 0 0 Wade Lange Vice President & Chief Entrepreneurial Officer 40.0 0.0 X 177373 0 20652 David Broecker Chief Innovation and Collaboration Officer 40.0 0.0 X 385770 0 36755 David Cooper Chief Investment Officer 40.0 0.0 X 349199 0 43087 Matthew Folk P4L President & CEO and VP Univ Advancement 40.0 0.0 X 250278 0 36096 Richard Michal Chief Building and Facilities Officer 40.0 0.0 X 247374 0 40143 Sanjay Patel Director of Investments 40.0 0.0 X 248270 0 40691 Amy Noah Former VP For Development 40.0 0.0 X 105094 0 9330 3260228 0 516520 83 true true false Browning Construction LLC 6100 W 96th Ste 150 Indianapolis IN 46278 Construction 1590395 Innovation District Apartments LLC 805 City Center Dr Suite 120 Carmel IN 46032 Construction 1436311 9-12 LLC 100 East Willow St Zionsville IN 46077 Consulting 899518 Schwegman Lundberg Woessner & Kluth PA 1600 TCF Tower Minneapolis MN 55402 Legal Services 559640 Milestone Contractors LP 3301 S 460 E Lafayette IN 47905 Construction 493091 21 46490179 20233309 46490179 Administrative Services 561110 36377664 36377664 Rental Income from affiliates 531110 19116330 19116330 0 0 0 0 55493994 12637188 -139974 12777162 8070196 8070196 0 0 692342000 6587000 575894847 4397812 116447153 2189188 118636341 118636341 Maintenance Service Income 900099 1043950 1043950 Consulting Income 900099 759617 759617 Event room sponsorship income 900099 292418 292418 500279 500279 0 0 2596264 243924162 58090258 -139974 139483699 37241038 37241038 2043547 510887 1328305 204355 28059401 2349343 7881730 17828328 3001596 250948 1021527 1729121 4215551 298694 1163027 2753830 2087678 168768 626869 1292041 2809340 2807288 2052 292623 292623 1853327 1853327 3832611 8435 2314322 1509854 1006483 4199 491750 510534 1204334 20920 322308 861106 1590561 14720 63658 1512183 5247225 5247225 9825599 9073355 621118 131126 230995 706 171499 58790 1507710 4036 1021721 481953 5572159 5572159 9915962 9914952 1010 40655 40655 Gift Annuity Payments & Fees 11834962 11834962 Bad Debt 688133 688133 UBIT Tax 14390 14390 4379924 10613 2950225 1419086 138495804 82525960 25674475 30295369 12625699 25264516 40267557 44297228 0 0 0 0 50978560 48353154 282376353 62308046 227469628 220068307 1539964918 1499612215 1204566772 2403561549 0 5234401 2829398 15799245 19803227 3096906780 4263789594 29080546 33470923 17931779 22169832 9220000 0 1829898790 2694687305 0 0 1626656 1318488 138271163 128119552 48136816 53046910 2074165750 2932813010 X 286019452 309161964 736721578 1021814620 1022741030 1330976584 3096906780 4263789594 X 105428358 203098838 -291642 X false true X true false X 29525903 30701534 34821874 59957867 46490179 201497357 0 0 29525903 30701534 34821874 59957867 46490179 201497357 40706594 160790763 18466698 21633221 25701736 29576884 20707384 116085923 0 0 0 0 0 0 1778706 2136846 2958158 2461952 2596264 11931926 329515206 251763608 0.4880 0.4430 X Schedule A, Part II, Line 10 Other Income DESCRIPTION - OTHER INCOME, COLUMN A - 1778706.0, COLUMN B - 2136846.0, COLUMN C - 2958158.0, COLUMN D - 2461952.0, COLUMN E - 2596264.0, COLUMN F - 11931926.0; RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED X X 2 1.0 0 0 0 1 true 0.0 0 true false true X 727634944 12660281 303149038 32443521 22243013 988757729 762430096 8252978 265246 40599901 2713475 727634944 750048181 7972159 41437239 29182887 7844596 762430096 726851214 4908529 54412518 24393669 11730411 750048181 681666168 4860973 61662128 15605416 5732639 726851214 0.0709 0.1597 0.7694 false false 104728332 104728332 133667147 48437847 85229300 29138416 7324909 21813507 11898417 6545290 5353127 2944041 2944041 220068307 Real Estate 87888793 F Natural Resources 94362893 F Hedge Funds 284553919 F Funds invested with Purdue University OTHER ALTERNATIVE INVESTMENTS 1936755944 F 2403561549 Gift Annuity Payable 5213676 Due on split interest trusts 47833234 53046910 X Schedule D, Part II, Line 5 Conservation easements policy PURDUE RESEARCH FOUNDATION HAS A POLICY IN PLACE TO ENSURE ANNUAL MONITORING OF CONSERVATION EASEMENTS FOR FEDERAL GUIDELINE COMPLIANCE. Schedule D, Part II, Line 9 Conservation easements financial reporting CONSERVATION EASEMENTS ARE CONSIDERED ASSETS ON THE BALANCE SHEET. ANY EXPENSES ASSOCIATED WITH THE MONITORING, INSPECTING, AND ENFORCING OF EASEMENTS ARE EXPENSED IN THE YEAR INCURRED. Schedule D, Part IV, Line 2b Explanation of escrow agreement THE FOUNDATION ACTS AS A CUSTODIAN FOR CERTAIN CONTRIBUTIONS RECEIVED BY AFFILIATE FOUNDATIONS FOR THE BENEFIT OF PURDUE UNIVERSITY. THE FOUNDATION HOLDS THESE FUNDS AS A TRUSTEE UNTIL THEY ARE EXPENDED FOR THE UNIVERSITY. THE EXCESS OF CONTRIBUTIONS OVER EXPENDITURES IS SHOWN AS A LIABILITY ON THE BALANCE SHEET. THE FOUNDATION ALSO ACTS AS AGENT TO PROVIDE ALL NECESSARY SERVICES FOR THE PROPER ADMINISTRATIONS OF THE PURDUE UNIVERSITY'S ENDOWMENTS AND OTHER INVESTABLE ASSETS. INVESTMENT ASSETS OF THE UNIVERSITY ARE HELD IN AGENCY FOR THE UNIVERSITY AND ARE REFLECTED ON THE BALANCE SHEET WITH A CORRESPONDING LIABILITY ON THE BALANCE SHEET. Schedule D, Part V, Line 4 Intended uses of endowment funds The endowment funds are held for the benefit of Purdue University to be used for scholarships and awards. Schedule D, Part X, Line 2 FIN 48 (ASC 740) footnote The Foundation is exempt from income taxes under Section 501(c)(3) of the United States Internal Revenue Code and a similar provision of state law. However, the Foundation is subject to federal income tax on any unrelated business taxable income. The Foundation is not considered to be a private foundation. Current accounting standards require the Foundation to disclose the amount of potential benefit or obligation to be realized as a result of an examination performed by a taxing authority. For the years ended June 30, 2021 and 2020, management has determined that the Foundation does not have any tax positions that result in any uncertainties regard statements. The Foundation does not expect the total amount of unrecognized tax benefits to significantly change in the next 12 months. The Foundation recognizes interest and/or penalties related to income tax matters in income tax expense. The Foundation did not have any amounts accrued for interest and penalties at June 30, 2021 and 2020. As a not-for-profit entity, the Foundation is exempt from federal and state income taxes. However, its wholly-owned subsidiary, Park LLC, is a for-profit Indiana entity subject to federal and state income taxes. Park LLC has net operating loss carry forwards of approximately $3,989 and $4,190 as of June 30, 2021 and 2020, respectively. Central America and the Caribbean 0 0 Investments 321504792 Europe (Including Iceland and Greenland) 0 0 Investments 8854238 North America (Canada & Mexico only) 0 0 Investments 1859985 East Asia and the Pacific 0 0 Investments 6490478 0 0 0 0 0 0 338709493 0 338709493 true false true true true false Schedule F, Part I, Line 3 ACTIVITIES PER REGION THE AMOUNTS REPORTED REFLECT VARIOUS FOREIGN INVESTMENTS WHICH ARE CATEGORIZED BY THE REGION AS DETERMINED BY THE DOMICILE OF EACH INVESTMENT. ALL INVESTMENTS FOR A PARTICULAR REGION HAVE BEEN AGGREGATED ACCORDINGLY. true Purdue University 610 Purdue Mall West Lafayette IN 47907 356002041 501(C)(3) 37157937 Scholarships and Research Boilermaker Health Innovations Inc 1281 Win Hentschel Blvd West Lafayette IN 47906 261999384 501(c)(3) 83101 Program Support 2 0 Schedule I, Part I, Line 2 Procedures for monitoring use of grant funds. AT THE BEGINNING OF THE TAX YEAR, PURDUE UNIVERSITY SUBMITS AN APPROVED BUDGET FOR GRANT REQUESTS TO THE PURDUE RESEARCH FOUNDATION. FUNDS ARE TRANSFERRED TO THE UNIVERSITY ON A QUARTERLY BASIS ACCORDING TO THE APPROVED BUDGET TO BE AWARDED BY PURDUE. ALL MONEY GRANTED TO PURDUE UNIVERSITY IS USED FOR PROGRAM ACTIVITIES TO FURTHER EDUCATION AND RESEARCH ACTIVITIES. X true true X X X false false false false false false false true false Greg Deason SVP and Director of Innovation and Entrepreneurship 278833 0 0 0 1948 0 42750 0 19197 0 342728 0 0 0 Brian Edelman President 331644 0 0 0 3799 0 28500 0 14296 0 378239 0 0 0 Scott Seidle CFO & Treasurer 348594 0 0 0 3564 0 28500 0 13304 0 393962 0 0 0 Tammy Metzinger Assistant Treasurer 128010 0 0 0 761 0 13170 0 15980 0 157921 0 0 0 Brooke Beier Vice President, Office of Technology Commercialization 212908 0 0 0 269 0 33000 0 19932 0 266109 0 0 0 Wade Lange Vice President & Chief Entrepreneurial Officer 175622 0 0 0 1751 0 17692 0 2960 0 198025 0 0 0 David Cooper Chief Investment Officer 348389 0 0 0 810 0 28500 0 14587 0 392286 0 0 0 Matthew Folk P4L President & CEO and VP Univ Advancement 248603 0 750 0 925 0 25039 0 11057 0 286374 0 0 0 David Broecker Chief Innovation and Collaboration Officer 166430 0 219340 0 0 0 17404 0 19351 0 422525 0 0 0 Richard Michal Chief Building and Facilities Officer 217721 0 28867 0 786 0 22394 0 17749 0 287517 0 0 0 Sanjay Patel Director of Investments 247169 0 750 0 351 0 25000 0 15691 0 288961 0 0 0 Amy Noah Former VP For Development 105094 0 0 0 0 0 6103 0 3227 0 114424 0 0 0 Schedule J, Part I, Line 1a First-class or charter travel PURDUE RESEARCH FOUNDATION OWNS AN AIRPLANE USED BY THE PURDUE AVIATION DEPARTMENT FOR EDUCATIONAL TRAINING. THE PLANE IS ALSO USED ON OCCASION BY THE PURDUE BOARD OF TRUSTEES AND MANAGEMENT FOR TRAVEL FOR BUSINESS PURPOSES. PURDUE RESEARCH FOUNDATION EXPENSES ASSOCIATED WITH THE AIRPLANE ARE EXCLUDED FROM TAXABLE INCOME FOR THE INDIVIDUALS SINCE THEY ARE USED FOR BUSINESS PURPOSES. Schedule J, Part I, Line 7 Non-fixed payments THE COMPENSATION PLAN FOR THE Chief Innovation and Collaboration Officer, the Director of Investments, the Chief Building and Facilities Officer, and the P4L President & CEO and VP Univ Advancement PROVIDES THAT AN "AT-RISK" PERFORMANCE BONUS MAY BE AWARDED SHOULD CERTAIN PERFORMANCE METRICS BE ACHIEVED. IN 2020 EACH OF THOSE INDIVIDUALS WAS AWARDED A PERFORMANCE BONUS, BASED ON THESE METRICS. SMN Investments Inc Owned 100% by current director, Scott Niswonger 103205 SMN Investments Inc for use of Hawker Beechcraft 900XP aircraft or Cessna 510 Citation Mustang aircraft as part of timesharing agreement with PRF. false X 1 191284 Market value X 459 19535986 Market value X Grain 1 506039 Market value 1 false true false Schedule M, Part I Explanations of reporting method for number of contributions Securities - Publicly traded - Number of Contributions Other - Grain Number of Contributions Boats and planes - Number of Contributions Form 990, Part VI, Line 1a Delegate broad authority to a committee The Executive Committee shall consist of 7 members: 4 members of said committee shall be nominated by the Chair and elected annually by the Board of Directors from the membership of said Board, provided that no more than two (2) may be Group Two directors. Such members of said Committee shall serve for one year and until their successors are duly elected and qualified. The President shall be a member ex-officio of said Committee with full voting rights, and the Chair and Vice-Chair shall also be members of said Committee, with the Chair serving as the chair of said Committee. The Executive Committee has general oversight of all questions affecting the policy, property, and functions of the Foundation subject to the control and direction of the Board of Directors. During intervals between Board meetings, the Executive Committee may exercise all authority of the Board of Directors in the management of the Foundation, except as limited by the Board of Directors. Form 990, Part VI, Line 2 Family/business relationships amongst interested persons Scott Niswonger and Brian Edelman - Business relationship Form 990, Part VI, Line 4 Significant changes to organizational documents During the fiscal year ended June 30, 2021, the organization amended their articles of incorporation to change the number of Directors on their Board of Directors from 15 to 16. Form 990, Part VI, Line 11b Review of form 990 by governing body The Form 990 will be completed annually after the audit is complete. The company's President and Chief Financial Officer will review the Form 990 with the Company's Finance and Audit Committee. After resolving any questions or updates, the Form 990 will be presented to the board members. All questions and concerns of the members of the board will be addressed by the Chief Financial Officer and incorporated into the Form 990 as appropriate. After all input has been appropriately addressed, the Form 990 will be filed by the due date. Form 990, Part VI, Line 12c Conflict of interest policy A conflict of interest questionnaire is completed annually by all employees and board members. Any conflicts of interest are investigated by the human resources department. If a conflict of interest is established, human resources will establish safeguards to protect all parties involved. Form 990, Part VI, Line 15a Process to establish compensation of top management official The president of the Board in discussions with the Board members determines and recommends the compensation of the president of the Foundation using comparability data from similar foundations . The salary is then approved as a part of the annual budget process and documented in the board of director minutes. The budget was reviewed by the board and approved in 2021. Form 990, Part VI, Line 15b Process to establish compensation of other employees THE PURDUE RESEARCH FOUNDATION 'S PRESIDENT REVIEWS AND APPROVES THE ROUTINE & NON ROUTINE SUGGESTED SALARY INCREASES. ALL SALARIES ARE ALSO REVIEWED BY THE FINANCE/AUDIT COMMITTEE DURING THE COURSE OF THE OVERALL BUDGET PREPARATION AND THEN SENT TO THE FULL BOARD FOR APPROVAL. PURDUE RESEARCH FOUNDATION USES COMPARABILITY DATA FROM SIMILAR FOUNDATIONS AND UNIVERSITIES IN DETERMINING THE SALARIES FOR EMPLOYEES. THE APPROVAL OF THE SALARIES IS DOCUMENTED IN THE BOARD OF DIRECTORS MINUTES AS A PART OF THE ANNUAL BUDGET APPROVAL. THE BUDGET WAS REVIEWED BY THE BOARD AND APPROVED IN 2021. Form 990, Part VI, Line 19 Required documents available to the public The governing documents and financial statements are available to the general public upon request to Purdue Research Foundation. The conflict of interest policy is not available to the public at this time. Form 990, Part VIII, Line 11d Other Miscellaneous Revenue Miscellaneous income - Total Revenue: 500279, Related or Exempt Function Revenue: 500279, Unrelated Business Revenue: , Revenue Excluded from Tax Under Sections 512, 513, or 514: ; Form 990, Part XI, Line 9 Other changes in net assets or fund balances Transfers to Affiliates - -291642; VACCINE LLC 1281 WIN HENTSCHEL BLVD WEST LAFAYETTE IN 479064182 RESEARCH & EDUCATION IN 0 2710 PURDUE RESEARCH FOUNDATION HUBZERO FOUNDATION LLC 1281 WIN HENTSCHEL BLVD WEST LAFAYETTE IN 479064182 RESEARCH & EDUCATION IN 128 125665 PURDUE RESEARCH FOUNDATION THE FOUNDRY INVESTMENT FUND LLC 1281 WIN HENTSCHEL BLVD WEST LAFAYETTE IN 479064182 CHARITABLE IN 281770 10573651 PURDUE RESEARCH FOUNDATION BACK A BOILER - ISA FUND LLC 1281 WIN HENTSCHEL BLVD WEST LAFAYETTE IN 479064182 384010443 educational assistance IN 167645 4870912 PURDUE RESEARCH FOUNDATION Pave the Way ISA Fund 1281 Win Hentschel Blvd West Lafayette IN 479064182 821499540 Charitable IN 1175 201029 Purdue Research Foundation Purdue For Life Foundation 610 Purdue Maill Room 230 West Lafayette IN 47907 Charitable IN 10045834 4472919 Purdue Research Foundation Back a Boiler Fund G 1281 Win Hentschel Blvd West Lafayette IN 47906 educational assistance IN 2095419 2245092 PURDUE RESEARCH FOUNDATION Inproteo 1281 WIN HENTSCHEL BLVD West Lafayette IN 479064182 431952076 RESEARCH DE 0 4008082 Purdue Research Foundation PHILANTHROPIC PURDUE ONLINE-ISA FUND LLC 1281 WIN HENTSCHEL BLVD Suite 2500 West Lafayette IN 479064182 351052049 Charitable IN 0 9000 Purdue Research Foundation National Security Leadership LLC 1281 WIN HENTSCHEL BLVD West Lafayette IN 479064182 823486218 national security and defense-related activity IN 0 0 Purdue Research Foundation BOILERMAKER HEALTH INNOVATIONS INC 1281 WIN HENTSCHEL BLVD WEST LAFAYETTE IN 47906 261999384 SUPPORT PURDUE RESEARCH FOUNDATION AND PURDUE UNIVERSITY IN 501(c)(3) Type III-FI PURDUE RESEARCH FOUNDATION true Purdue International Inc 1281 Win Hentschel Blvd Suite 1100 West Lafayette IN 47906 310958507 Support Purdue University IN 501(c)(3) Type I Purdue University false 516 Northwestern Associates LP 1281 Win Hentschel Blvd West Lafayette IN 47906 371650220 GROUND LEASE RENTAL IN PURDUE RESEARCH FOUNDATION Related 476462 19971694 false false 0.999 Convergence Discovery Park LP 1281 Win Hentschel Blvd West Lafayette IN 47906 851513710 GROUND LEASE RENTAL IN PURDUE RESEARCH FOUNDATION Related 774400 30521303 false false 0.99 Back A Boiler - ISA Fund II LLC 1281 Win Hentschel Blvd West Lafayette IN 47906 831809823 Income Share Agreement IN Purdue Research Foundation Related -80134 4497477 false false 0.5057 MCCLURE PARK LLC 1281 WIN HENTSCHEL BLVD WEST LAFAYETTE IN 479064182 351078594 PROPERTY MANAGEMENT IN PURDUE RESEARCH FOUNDATION C Corporation 2435083 10414155 1 true QUANTION TECHNOLOGIES INC 1281 WIN HENTSCHEL BLVD WEST LAFAYETTE IN 479064182 452735991 RESEARCH & DEVELOPMENT IN BOILERMAKER HEALTH INNOVATIONS INC C Corporation 0 -9746 1 true true true false true false false false false false false false false false true true false true false true McClure Park LLC A 417936 FMV McClure Park LLC D 12249466 FMV 516 Northwestern Associates LP S 500000 FMV Boilermaker Health Innovations Inc B 83101 FMV