2021-05-17T13:18:06-05:00 2020-06-30 366055558 GRANT THORNTON LLP 171 N CLARK ST SUITE 200 CHICAGO IL 60601 990 2019-07-01 237326030 MICHIGAN STATE UNIVERSITY FOUNDATION MICH 5173539268 325 E GRAND RIVER AVE STE 275 EAST LANSING MI 48823 DAVID WASHBURN EXECUTIVE DIRECTOR 5173539268 2021-05-14 1 BRIDGET T ROCHE P00666837 3128560200 2019 2022-09-23 18:48:47Z DAVID WASHBURN 325 E GRAND RIVER AVE STE 275 EAST LANSING MI 48823 19505752 0 5167 X WWW.MSUFOUNDATION.ORG X 1973 MI 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. 18 17 25 38 -279810 -795142 2317054 1698782 40210 0 35526630 14389536 1128323 632581 39012217 16720899 12888175 14256763 0 0 1540315 3923855 0 0 0 7219894 6019191 21648384 24199809 17363833 -7478910 419833206 407199391 28193901 27285039 391639305 379914352 TO PROVIDE SUPPORT FOR THE BOARD OF TRUSTEES OF MICHIGAN STATE UNIVERSITY AND TO PROMOTE, SPONSOR, ASSIST, AND CARRY OUT EDUCATIONAL, SCIENTIFIC, CHARITABLE AND RELATED ACTIVITIES AND OBJECTIVES OF MICHIGAN STATE UNIVERSITY. 0 0 17081560 14256763 0 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 FOR TECHNOLOGY ENTERPRISES, UNIVERSITY TECHNOLOGY-DEVELOPMENT INITIATIVES, AND UNIVERSITY/INDUSTRY COLLABORATIONS. 1082517 0 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. 18164077 1 1 0 0 0 0 0 0 0 1 1 1 0 0 1 1 0 1 0 0 0 0 0 0 0 0 0 1 0 1 0 0 0 0 0 0 0 0 1 0 0 0 1 1 1 1 0 0 1 X 46 0 1 25 1 1 1 1 CJ BD VI CA LU EI UK 0 0 0 0 0 0 0 0 0 0 X 18 17 1 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 CA FL IA KS MO NC ND NM OK VA MI X REBEKAH SKRZYNIARZ 5173539268 325 E GRAND RIVER AVE SUITE 275 EAST LANSING MI 48823 DAVID WASHBURN EXECUTIVE DIRECTOR 40.00 3.00 X X 402602 0 53854 JEFFREY WESLEY EXECUTIVE DIRECTOR 40.00 0.00 X 265600 0 48994 TRACI CANNON SPECIAL PROJECTS (THRU 6/2020) 40.00 0.00 X 184157 0 23541 REBEKAH SKRZYNIARZ DIRECTOR OF FINANCE 40.00 2.00 X 125756 0 25853 FRANK URBAN DIRECTOR OF VENTURE CREATION 40.00 0.00 X 116524 0 32020 PAUL JAQUES SI-DIRECTOR/STU. ENG. (THRU 5/2020) 40.00 0.00 X 127911 0 13097 WOLFGANG BAUER PRESIDENT (THRU 8/2019) 2.00 0.00 X X 0 0 0 JON BRAEUTIGAM DIRECTOR (BEG 12/2019) 2.00 0.00 X 0 0 0 DIANNE BYRUM DIRECTOR (THRU 12/2019) 2.00 0.00 X 0 0 0 RANDOLPH COWEN CHAIRMAN 2.00 0.20 X X 0 0 0 JEFFREY DEGRAAF DIRECTOR 2.00 0.00 X 0 0 0 SCOTT ESTON VICE CHAIRMAN 2.00 0.00 X X 0 0 0 MELANIE FOSTER DIRECTOR 2.00 0.00 X 0 0 0 DOUGLAS GAGE DIRECTOR (BEG 6/2020) 2.00 0.00 X 0 0 0 PATRICIA HEMINGWAY HALL DIRECTOR (BEG 4/2020) 2.00 0.00 X 0 0 0 STEVE HSU DIRECTOR (THRU 6/2020) 2.00 0.00 X 0 0 0 LINDA HUBBARD DIRECTOR (BEG 12/2019) 2.00 0.00 X 0 0 0 SARAH KUNST DIRECTOR (THRU 8/2019) 2.00 0.00 X 0 0 0 BRUCE LEECH TREASURER 2.00 0.00 X X 0 0 0 ALEXANDER MCAREE DIRECTOR (THRU 12/2019) 2.00 0.00 X 0 0 0 JOHN MCLANE DIRECTOR (THRU 12/2019) 2.00 0.00 X 0 0 0 JOHN PHILLIPS SECRETARY 2.00 0.20 X X 0 0 0 NANCY SCHLICHTING DIRECTOR (THRU 9/2019) 2.00 0.00 X 0 0 0 WILLIAM SEIFERT DIRECTOR 2.00 0.00 X 0 0 0 STAN SOKOWSKI DIRECTOR 2.00 0.00 X 0 0 0 SAMUEL L STANLEY JR MD DIRECTOR (BEG 8/2019) 2.00 0.00 X 0 0 0 JANICE STIPP DIRECTOR 2.00 0.00 X 0 0 0 TERESA SULLIVAN DIRECTOR (BEG 10/2019) 2.00 0.00 X 0 0 0 SATISH UDPA DIRECTOR (THRU 9/2019) 2.00 0.00 X 0 0 0 SUE UNGER DIRECTOR (THRU 12/2019) 2.00 0.00 X 0 0 0 JOEL WITTENBERG DIRECTOR 2.00 0.00 X 0 0 0 MELISSA WOO PRESIDENT (BEG 2/2020) 2.00 0.00 X X 0 0 0 JUNE YOUATT DIRECTOR (THRU 9/2019) 2.00 0.00 X 0 0 0 1222550 0 197359 6 0 1 0 CAMBRIDGE ASSOCIATES LLC PO BOX 83232 CHICAGO IL 606910232 CONSULTANT 634343 1 164156 1534626 343461 1698782 7391636 -698666 8090302 632581 632581 9659913 122840 0 2784853 9659913 -2662013 6997900 418856 6579044 16720899 0 -279810 15301927 14256763 14256763 670282 335141 335141 2606718 2606718 294923 147462 147461 252235 126118 126117 99697 49849 49848 82042 28879 53163 232331 117135 115196 4566462 34643 4531819 6731 3365 3366 100472 47111 53361 118724 118724 46993 46993 197896 197896 86891 43446 43445 41533 41533 9366 9366 82480 82480 BAD DEBT EXPENSE 367447 367447 UNRELATED BUSINESS TAX 48586 48586 SUBS/ONLINE SERVICES 23342 23342 MEMBERSHIPS 6197 6197 1698 1698 24199809 18164077 6035732 0 2400024 1184589 9523336 15080493 3291219 775611 1033067 47733 50641 1759044 16409 9424450 1742635 194663913 175982467 194289428 193066416 0 0 8708711 15767864 419833206 407199391 1600144 2073833 9945 17856420 26583812 7354786 28193901 27285039 X 351994136 343581972 39645169 36332380 391639305 379914352 419833206 407199391 X -7478910 -10803468 2679625 3877800 X 0 1 X 1 0 X 7614491 4297601 9276982 2317054 1698782 25204910 7614491 4297601 9276982 2317054 1698782 25204910 468424 24736486 5094412 6465462 10131881 9350559 8024217 39066531 113738 499088 0 612826 64884267 49253 0.38120 0.42400 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 2110599 144387 2254986 1995889 177788 63078 2110599 16913937 108640 1097865 16124553 1995889 15650239 105918 1707880 550100 16913937 15586738 105052 455460 497011 15650239 0 0 1605000 1605000 92286 92286 24828 2526 22302 36930 13883 23047 0 1742635 VENTURE CAPITAL INV. 103273179 F LIMITED PARTNERSHIPS 86695239 F OTHER ASSETS 3097998 F 193066416 ANNUITIES PAYABLE 6742954 LIFE ESTATE AGREEMENT OBLIGATIONS 456093 DUE TO RELATED ENTITIES 155739 7354786 X PART V, LINE 4: MSU FOUNDATION HELD ENDOWMENT FUNDS ON BEHALF OF MICHIGAN STATE UNIVERSITY TO BE PAID OUT ON AN ANNUAL BASIS. IN FISCAL YEAR 2020, THE FOUNDATION TRANSFERRED THE ENDOWMENT TO THE UNIVERSITY. THE CURRENT MARKET VALUE OF THE FOUNDATION'S ENDOWMENT IS $0. PART X, LINE 2: FIN 48 FOOTNOTE THE FOUNDATION IS EXEMPT FROM FEDERAL INCOME TAXES UNDER THE INTERNAL REVENUE CODE (CODE) SECTION 501(C)(3), AND IS ALSO NOT A PRIVATE FOUNDATION UNDER THE MEANING OF THE CODE, SECTION 509(A)(1). HOWEVER, INCOME FROM CERTAIN ACTIVITIES NOT DIRECTLY RELATED TO THE FOUNDATION'S TAX-EXEMPT PURPOSE IS SUBJECT TO TAXATION AS UNRELATED BUSINESS INCOME. THE FOUNDATION RECORDED FEDERAL AND STATE UNRELATED BUSINESS INCOME TAX EXPENSE IN THE AMOUNT OF $48,586 AND $1,885 DURING FISCAL YEARS 2020 AND 2019, RESPECTIVELY. SPARTAN INNOVATIONS IS A LOW-PROFIT, LIMITED LIABILITY COMPANY AND IS TREATED AS A DISREGARDED ENTITY (AN ENTITY THAT IS NOT RECOGNIZED AS AN ENTITY SEPARATE FROM ITS OWNER, THE FOUNDATION) FOR INCOME TAX PURPOSES. INVESTMENT HOLDINGS LLC AND RED CEDAR VENTURES ARE FOR-PROFIT LIMITED LIABILITY COMPANIES AND ARE TREATED AS DISREGARDED ENTITIES FOR INCOME TAX PURPOSES. THE ORGANIZATION RECORDS INTEREST AND PENALTIES RELATED TO TAX POSITIONS AS INTEREST EXPENSE OR OTHER EXPENSES, RESPECTIVELY, IN THE CONSOLIDATED STATEMENTS OF ACTIVITIES AND CHANGES IN NET ASSETS. 1 MICHIGAN STATE UNIVERSITY BOARD OF TRUSTEES 325 E GRAND RIVER AVE STE 275 EAST LANSING MI 48824 386005984 3 14256763 SUPPORT UNIVERSITY 1 0 PART I, LINE 2: PROCEDURES FOR MONITORING THE USE OF GRANT FUNDS ALL GRANTS TO MICHIGAN STATE UNIVERSITY ARE DISCUSSED AND APPROVED BY THE EXECUTIVE COMMITTEE, GRANTS COMMITTEE, AND BOARD OF DIRECTORS. DISBURSEMENTS ARE MADE THROUGHOUT THE YEAR AS FUNDS ARE REQUESTED. X X X X 0 0 0 0 0 0 0 1 0 DAVID WASHBURN EXECUTIVE DIRECTOR 315360 0 80000 0 7242 0 28000 0 25854 0 456456 0 0 0 JEFFREY WESLEY EXECUTIVE DIRECTOR 232240 0 31250 0 2110 0 22241 0 26753 0 314594 0 0 0 TRACI CANNON SPECIAL PROJECTS (THRU 6/2020) 179065 0 3500 0 1592 0 17906 0 5635 0 207698 0 0 0 REBEKAH SKRZYNIARZ DIRECTOR OF FINANCE 112063 0 13500 0 193 0 7913 0 17940 0 151609 0 0 0 PART I, LINE 7 COMPENSATION INCLUDES BOTH BASE AND VARIABLE COMPENSATION (NON-FIXED PAYMENTS). IN ACCORDANCE WITH ITS POLICIES, ALL ELEMENTS (BASE, VARIABLE, BENEFITS, AND PERQUISITES) ARE COMPARED TO MARKET. FOR THOSE INDIVIDUALS LISTED IN FORM 990, PART VII, SECTION A, LINE 1A, WHO ARE ELIGIBLE, BONUSES ARE PAID PURSUANT TO THEIR SERVICE AGREEMENT WITH THE ORGANIZATION. BONUS AMOUNTS ARE PROPOSED BY THE INDIVIDUALS SUPERVISOR TO THE EXECUTIVE DIRECTOR AND DIRECTOR OF FINANCE. THE BOARD CHAIR APPROVES FINAL BONUS AMOUNTS. BONUS AMOUNTS PAID ARE DIRECTLY CORRELATED TO THE INDIVIDUALS PERFORMANCE AND GOAL ACHIEVEMENT. X 1 94461 FMV X 1 249000 FMV 0 0 1 0 PART I, COLUMN (B): THE ORGANIZATION IS REPORTING THE NUMBER OF CONTRIBUTIONS IN COLUMN (B). FORM 990, PART I, LINE 6: THE NUMBER OF VOLUNTEERS IS THE TOTAL FOR MSU FOUNDATION AND SPARTAN INNOVATIONS. FORM 990, PART VI, SECTION A, LINE 1 DELEGATION OF AUTHORITY ACCORDING TO THE ORGANIZATION'S BY-LAWS, A SIX-MEMBER EXECUTIVE COMMITTEE, CONSISTING OF THE CHAIRPERSON OF THE BOARD, THE VICE CHAIRPERSON, THE PRESIDENT, THE SECRETARY, THE TREASURER, AND EXECUTIVE DIRECTOR TO ACHIEVE A MEMBERSHIP OF SIX. DURING THE INTERVALS BETWEEN MEETINGS OF THE BOARD, THE EXECUTIVE COMMITTEE SHALL HAVE AND MAY EXERCISE ON BEHALF OF THE BOARD ALL OF THE AUTHORITY OF THE BOARD IN RESPECT TO THE MANAGEMENT OF THE FOUNDATION. THE EXECUTIVE COMMITTEE SHALL OVERSEE BUDGETARY AND FISCAL POLICY AND MAKE RECOMMENDATIONS TO THE BOARD REGARDING THE GENERAL FISCAL POLICY OF THE FOUNDATION. THE EXECUTIVE COMMITTEE SHALL REPORT ITS ACTS TO THE BOARD AT THE NEXT REGULARLY SCHEDULED MEETING OF THE BOARD. FORM 990, PART VI, SECTION A, LINE 2 BUSINESS RELATIONSHIPS DAVID WASHBURN, RANDOLPH COWEN, JOHN PHILLIPS, AND REBEKAH SKRZYNIARZ HAVE A BUSINESS RELATIONSHIP WITH EACH OTHER AS VOTING MEMBERS AT A RELATED ORGANIZATION UNIVERSITY CORPORATE RESEARCH PARK I. DAVID WASHBURN AND REBEKAH SKRZYNIARZ HAVE AN ADDITIONAL BUSINESS RELATIONSHIP WITH EACH OTHER AS VOTING MEMBERS AT ANOTHER RELATED ORGANIZATION MICHIGAN BIOTECHNOLOGY INSTITUTE. FORM 990, PART VI, SECTION B, LINE 11B FORM 990 REVIEW PROCESS: THE FORM 990 WAS PREPARED BY A NATIONAL INDEPENDENT ACCOUNTING FIRM IN CONJUNCTION WITH THE ORGANIZATION'S INTERNAL FINANCE DEPARTMENT. A DRAFT OF THE RETURN IS REVIEWED BY THE DIRECTOR OF FINANCE, EXECUTIVE DIRECTOR, AND INTERNAL ACCOUNTING PERSONNEL. FOLLOWING THE REVIEW AND APPROVAL THE FORM 990 WAS PROVIDED TO EACH OF THE OTHER VOTING MEMBERS OF THE BOARD OF DIRECTORS PRIOR TO THE FILING. FORM 990, PART VI, SECTION B, LINE 12C ENFORCEMENT OF CONFLICTS POLICY: CONFLICT OF INTEREST STATEMENT IS SIGNED BY EACH BOARD MEMBER AT THE START OF EACH NEW CALENDAR YEAR. IF THE BOARD MEMBER IS NOT ABLE TO SIGN OR IF THEY DISCLOSE THAT THERE IS A CONFLICT, THIS IS DISCUSSED WITH THE GOVERNING BOARD. FORM 990, PART VI, SECTION B, LINE 15 COMPENSATION PROCESS FOR EXECUTIVE DIRECTOR THE ANNUAL (FISCAL YEAR) PROCESS FOR DETERMINING COMPENSATION FOR THE ORGANIZATION'S EXECUTIVE DIRECTOR BEGINS BY ANALYZING COMPENSATION DATA FROM THE MOST CURRENT NATIONAL PUBLISHED COMPENSATION SURVEYS AND IRS FORM 990 DATA. COMPENSATION DATA ARE ANALYZED FROM DEFINED PEER GROUPS COMPARABLE TO MSU FOUNDATION IN SIZE AND COMPLEXITY. FOR EXECUTIVE POSITIONS, DATA FROM OTHER INDUSTRIES ARE INCLUDED FOR MARKET COMPARISON PURPOSES. THE COMPENSATION DATA SOURCES ARE USED TO ANALYZE MSU FOUNDATION'S OFFICERS' PAY LEVELS AND TO DETERMINE IF ANY ADJUSTMENTS NEED TO BE MADE. COMPENSATION IS APPROVED BY THE BOARD CHAIR, BOARD VICE CHAIR, AND BOARD PRESIDENT. FORM 990, PART VI, SECTION B, LINE 15 - COMPENSATION PROCESS FOR OFFICERS THE ANNUAL (FISCAL YEAR) PROCESS FOR DETERMINING COMPENSATION FOR THE ORGANIZATION'S MANAGEMENT TEAM AND REMAINING STAFF BEGINS BY ANALYZING COMPENSATION DATA FROM THE MOST CURRENT NATIONAL PUBLISHED COMPENSATION SURVEYS AND IRS FORM 990 DATA. COMPENSATION DATA ARE ANALYZED FROM DEFINED PEER GROUPS COMPARABLE TO MSU FOUNDATION IN SIZE AND COMPLEXITY. FOR EXECUTIVE POSITIONS, DATA FROM OTHER INDUSTRIES ARE INCLUDED FOR MARKET COMPARISON PURPOSES. THE COMPENSATION DATA SOURCES ARE USED TO ANALYZE MSU FOUNDATION'S OFFICERS' PAY LEVELS AND TO DETERMINE IF ANY ADJUSTMENTS NEED TO BE MADE. COMPENSATION IS APPROVED BY THE BOARD CHAIR. THE ORGANIZATIONS SALARY BUDGET IS APPROVED BY THE BOARD OF DIRECTORS AND DOCUMENTED IN THE BOARD MINUTES. FORM 990, PART VI, SECTION C, LINE 19 AVAILABLE UPON REQUEST. FORM 990, PART XI, LINE 9: CAPITAL CONTRIBUTION - SPARTAN INNOVATIONS 1,612,300. CAPITAL CONTRIBUTION - INVESTMENT HOLDINGS 2,265,500. 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