2026-03-03T18:33:04-06:00 2025-06-30 410746749 CLIFTONLARSONALLEN LLP 80 E RIO SALADO PARKWAY SUITE 200 TEMPE AZ 85281 990 2024-07-01 860488828 ARIZONA STATE UNIVERSITY RESEARCH PARK INC ARIZ 4809050770 6720 N SCOTTSDALE ROAD 250 SCOTTSDALE AZ 85253 ANJALI HALABE SECRETARY/TREASURER 4809050770 2026-02-27 1 1 ERIN SPARKS P01432691 6022662248 2026-02-03 2024 2025-03-06 01:10:19Z DR MORGAN OLSEN 300 E UNIVERSITY DR TEMPE AZ 85284 14528109 0 X ASURESEARCHPARK.COM X 1984 AZ TO ACQUIRE INTERESTS IN REAL PROPERTY AND SUPPORT RESEARCH ACTIVITIES. 8 5 0 5 0 0 0 0 14303453 14336490 163450 191619 0 0 14466903 14528109 150000 150000 0 0 0 0 0 0 0 8064454 8409664 8214454 8559664 6252449 5968445 79315571 85894079 16180181 16790244 63135390 69103835 TO ACQUIRE INTERESTS IN REAL PROPERTY, DEVELOP SUCH PROPERTY AS A RESEARCH PARK, AND PROMOTE AND SUPPORT RESEARCH ACTIVITIES IN COORDINATION WITH ARIZONA STATE UNIVERSITY. 0 0 8345596 150000 14336490 THE RESEARCH PARK HAS 28 GROUND LEASES IN EFFECT, WITH A TOTAL OF 26 COMPLETED BUILDINGS. THE PARK HOUSES TENANTS ORIENTED TO EDUCATION, RESEARCH, AND MISCELLANEOUS OTHER BUSINESS ENDEAVORS.THE PARK IS 96% LEASED, WITH 5 ACRES REMAINING AVAILABLE FOR LEASE. REVENUES FROM THE RESEARCH PARK ARE USED BY ASU TO SUPPORT THAT INSTITUITION'S VARIOUS ACTIVITIES, INCLUDING RESEARCH. 8345596 1 0 0 0 0 0 0 0 0 0 1 0 0 1 1 1 1 0 0 0 0 0 0 0 0 0 0 1 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 1 7 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 X 8 5 0 1 0 0 0 1 1 1 0 0 0 1 1 1 1 1 1 0 0 0 X SUSAN FISHER 4809050770 6720 N SCOTTSDALE ROAD 250 SCOTTSDALE AZ 85253 X DR MORGAN OLSEN PRESIDENT/DIRECTOR 1.00 40.00 X X 0 1104247 62791 LISA LOO DIRECTOR 1.00 40.00 X 0 613907 41135 DR KYLE SQUIRES DIRECTOR 1.00 40.00 X 0 589306 29347 ANJALI HALABE SECRETARY/TREASURER 1.00 40.00 X 0 411810 25867 JOHN LEWIS VICE PRESIDENT/DIRECTOR 1.00 0.00 X X 0 0 0 ROC ARNETT DIRECTOR 1.00 0.00 X 0 0 0 DENNY BARNEY DIRECTOR (UNTIL 10/24) 1.00 0.00 X 0 0 0 ANGELA CREEDON DIRECTOR 1.00 0.00 X 0 0 0 DRENA KUSARI DIRECTOR 1.00 0.00 X 0 0 0 ANN MCCARTNEY DIRECTOR 1.00 0.00 X 0 0 0 0 2719270 159140 0 0 1 0 BRIGHTVIEW LANDSCAPE SERVICES INC 2902 E ILLINI STREET PHOENIX AZ 85040 LANDSCAPING 584670 AGS LLC 6720 N SCOTTSDALE ROAD 250 SCOTTSDALE AZ 85253 PERSONNEL, MANAGEMENT AND ACCOUNTING 341253 2 NONRESIDENTIAL RENT 531120 14232939 14232939 INFRASTRUCTURE REVENUE 531390 63208 63208 OTHER PROGRAM REVENUE 531390 40343 40343 14336490 191619 191619 14528109 14336490 0 191619 150000 150000 293434 293434 8933 8933 79784 79784 17049 17049 13701 13701 2646 2646 6735813 6732808 3005 51 51 12884 12884 413842 413842 30395 30395 GROUNDS MAINTENANCE 760435 746528 13907 OPERATIONS 22563 22563 SECURITY 18134 18134 8559664 8345596 214068 0 3827204 4715329 2215494 2368374 79730 566 77 76 16674486 12590008 4200493 4084478 68992573 74725256 79315571 85894079 100703 154358 12396140 12482510 3683338 4153376 16180181 16790244 X 63135390 69103835 63135390 69103835 79315571 85894079 5968445 0 X X 0 1 X 0 0 X X X 1 ARIZONA STATE UNIVERSITY 860196696 6 1 6653377 0 1 6653377 0 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 1 X SCH A, PG 4, PART IV, SECTION A, LINE 2: THE SUPPORTED ORGANIZATION, ARIZONA STATE UNIVERSITY (ASU), IS A STATE UNIVERSITY THAT IS A GOVERNMENTAL UNIT OF THE STATE OF ARIZONA. AS SUCH, IT IS DESCRIBED IN IRC SEC. 170(B)(1)(A)(V) AND IS THEREBY INCLUDED AS AN ORGANIZATION DESCRIBED IN IRC SEC. 509(A)(1). SINCE ASU IS A STATE UNIVERSITY, IT IS NOT REQUIRED TO OBTAIN RECOGNITION OF ITS PUBLIC CHARITY STATUS. SCH A, PG 5, PART IV, SECTION D, LINE 3: THE BY-LAWS OF THE ORGANIZATION PRESCRIBE THAT A MINORITY OF THE BOARD OF DIRECTORS SHALL BE UNIVERSITY MEMBERS APPOINTED BY THE PRESIDENT OF ARIZONA STATE UNIVERSITY (ASU), THE SUPPORTED ORGANIZATION. ONE OF THE UNIVERSITY MEMBERS SERVES AS THE PRESIDENT OF THIS SUPPORTING ORGANIZATION. IN ADDITION, THE VICE PRESIDENT FOR FINANCE AND DEPUTY TREASURER OF ASU SERVES AS SECRETARY/TREASURER OF THIS SUPPORTING ORGANIZATION AND, IN THIS CAPACITY, REVIEWS THE AUDITED FINANCIAL STATEMENTS, THE FORM 990, AND PROVIDES GUIDANCE AND OVERSIGHT OF THE FINANCIAL ACTIVITIES OF THIS SUPPORTING ORGANIZATION AS MORE FULLY EXPLAINED IN SCHEDULE O. THIS OVERSIGHT PROVIDES ASU, THE SUPPORTED ORGANIZATION, WITH THE FINANCIAL INFORMATION OF THE SUPPORTING ORGANIZATION AS WELL AS THE AMOUNT OF SUPPORT PROVIDED EACH YEAR. DUE TO THIS CLOSE AND CONTINUOUS WORKING RELATIONSHIP, THE SUPPORTED ORGANIZATION (ASU) HAS A SIGNIFICANT VOICE IN THE SUPPORTING ORGANIZATION'S INVESTMENT POLICIES, TIMING OF GRANTS, MANNER OF MAKING GRANTS, SELECTION OF GRANT RECIPIENTS, AND OTHER USE OF INCOME OR ASSETS. IN ADDITION, THE RELATIONSHIP IS SIGNIFICANT ENOUGH THAT THIS SUPPORTING ORGANIZATION IS CONSIDERED A COMPONENT UNIT OF ASU UNDER GENERALLY ACCEPTED AUDITING STANDARDS IN THE U.S. AS WELL AS UNDER GENERALLY ACCEPTED ACCOUNTING PRINCIPLES IN THE U.S. SCH A, PG 5, PART IV, SECTION E, LINE 1C: THIS SUPPORTING ORGANIZATION ONLY SUPPORTS ONE ORGANIZATION, ARIZONA STATE UNIVERSITY (ASU), WHICH IS A GOVERNMENTAL UNIT OF THE STATE OF ARIZONA. AS MORE FULLY EXPLAINED UNDER SECTION D, LINE 3, THIS SUPPORTING ORGANIZATION IS RESPONSIVE TO ASU, THE SUPPORTED ORGANIZATION. AS NOTED IN THE MISSION AND ACTIVITIES OF THIS ORGANIZATION ON PAGES 1 AND 2 OF THE FORM 990, THE ORGANIZATION HAS ACQUIRED AND DEVELOPED PROPERTY AS A RESEARCH PARK THAT IT IS USING TO PROMOTE AND SUPPORT RESEARCH ACTIVITIES IN COORDINATION WITH ARIZONA STATE UNIVERSITY (ASU). THIS ACTIVITY, BUT FOR THE INVOLVEMENT OF THIS SUPPORTING ORGANIZATION, WOULD NORMALLY BE ENGAGED IN BY ASU ITSELF AND, THEREFORE, THIS SUPPORTING ORGANIZATION MEETS THE REQUIREMENT FOR QUALIFYING TO BE TREATED AS FUNCTIONALLY INTEGRATED BY SUPPORTING A GOVERNMENTAL ENTITY AS DESCRIBED IN SECTION 3.01 OF IRS NOTICE 2014-4. 286378 273999 12379 16234832 12162733 4072099 40276 40276 0 113000 113000 0 4084478 DEFERRED RENT RECEIVABLE 72480077 LEASE ACQUISITION COST, NET 2245179 74725256 DUE TO ARIZONA STATE UNIVERSITY 4153376 4153376 X 14528109 0 14528109 0 14528109 8559664 0 8559664 0 8559664 PART X, LINE 2: THE ORGANIZATION QUALIFIES AS A TAX EXEMPT ORGANIZATION UNDER SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE. THE ORGANIZATION IS NOT CLASSIFIED AS A PRIVATE FOUNDATION. INCOME DETERMINED TO BE UNRELATED BUSINESS TAXABLE INCOME (UBTI) WOULD BE TAXABLE. THERE WAS NO UNRELATED BUSINESS TAXABLE INCOME FOR THE YEARS ENDED JUNE 30, 2025 AND 2024. MANAGEMENT BELIEVES THAT NO UNCERTAIN TAX POSITIONS EXIST FOR THE ORGANIZATION AS OF JUNE 30, 2025 AND 2024. 0 ASU ENTERPRISE PARTNERS DBA SKYSONG INNOVATIONS 1475 N SCOTTSDALE ROAD 200 SCOTTSDALE AZ 852573538 475599177 150000 0 N/A N/A RESEARCH SUPPORT 0 1 PART I, LINE 2 GRANT FUNDS ARE MONITORED BY ASU RESEARCH PARK AND ARIZONA STATE UNIVERSITY TO ENSURE GRANT DOLLARS ARE BEING USED FOR THE PURPOSE INTENDED. 0 0 0 0 0 0 0 0 0 DR MORGAN OLSEN PRESIDENT/DIRECTOR 0 587699 0 0 0 516548 0 44850 0 17941 0 1167038 0 0 LISA LOO DIRECTOR 0 491372 0 0 0 122535 0 34674 0 6461 0 655042 0 0 DR KYLE SQUIRES DIRECTOR 0 589306 0 0 0 0 0 24150 0 5197 0 618653 0 0 ANJALI HALABE SECRETARY/TREASURER 0 396810 0 15000 0 0 0 24150 0 1717 0 437677 0 0 PART I, LINE 3 THE OFFICERS AND DIRECTORS LISTED ON THIS SCHEDULE J ARE COMPENSATED BY ARIZONA STATE UNIVERSITY. THEIR COMPENSATION IS DETERMINED BY THE UNIVERSITY IN ADHERANCE WITH POLICIES OF THE UNIVERSITY AND APPLICABLE UNIVERSITY GOVERNANCE. FORM 990, PART VI, SECTION A, LINE 3 THE ORGANIZATION CONTRACTS WITH A MANAGEMENT COMPANY, AGS LLC, TO PROVIDE MANAGEMENT SERVICES FOR THE RESEARCH PARK. SERVICES PROVIDED ARE IN ACCORDANCE WITH THE ASSET MANAGEMENT AND PROPERTY MANAGEMENT AGREEMENTS, AND INCLUDE ACCOUNTING SERVICES, ON-SITE MANAGEMENT OVERSIGHT, COORDINATION OF VENDORS, LEASING AND MARKETING. FORM 990, PART VI, SECTION A, LINE 7A THE BY-LAWS OF THE ORGANIZATION PRESCRIBE THAT A MINORITY OF THE BOARD OF DIRECTORS SHALL BE UNIVERSITY MEMBERS APPOINTED BY THE PRESIDENT OF ARIZONA STATE UNIVERSITY. FORM 990, PART VI, SECTION A, LINE 7B ARIZONA STATE UNIVERSITY APPROVES THE BUDGET AND THE SALE OF ASSETS FOR THE ORGANIZATION. FORM 990, PART VI, SECTION A, LINE 8B THE ORGANIZATION DOES NOT HAVE ANY COMMITTEES THAT HAVE AUTHORITY TO ACT ON BEHALF OF THE GOVERNING BODY. FORM 990, PART VI, SECTION B, LINE 11B THE VICE PRESIDENT FOR FINANCE AND DEPUTY TREASURER FOR ARIZONA STATE UNIVERSITY AND THE CORPORATE CONTROLLER FOR SUNBELT HOLDINGS, AN AFFILIATE OF AGS, LLC., WILL EACH REVIEW THE DRAFT RETURN. AFTER THE INITIAL REVIEW, A DRAFT COPY OF THE TAX RETURN WILL BE SENT TO THE BOARD OF DIRECTORS PRIOR TO FILING THE RETURN. FORM 990, PART VI, SECTION B, LINE 12C CORPORATE OFFICERS AND EMPLOYEES MUST BE AWARE OF AND IDENTIFY CIRCUMSTANCES UNDER WHICH THE RESEARCH PARK'S ACTIONS MIGHT AFFECT THEM OR THEIR RELATIVES. THEY MUST DISCLOSE SITUATIONS IN WHICH CONFLICTS OF INTEREST MIGHT AFFECT THEM OR THEIR RELATIVES AND MUST DISCLOSE SITUATIONS IN WHICH CONFLICTS OF INTEREST EXIST AND REFRAIN FROM ANY PARTICIPATION IN THE DECISION MAKING PROCESS FOR THAT TRANSACTION. THEY MUST MAKE KNOWN THESE CONFLICTS OF INTERESTS IN THE OFFICIAL RECORDS OF THE RESEARCH PARK. CONFLICTS OF INTEREST HAVE LEVELS OF SUBSTANTIAL AND REMOTE INTEREST. THESE CONFLICTS ARE MONITORED BY THE PRESIDENT OF ASURP AND THE PRESIDENT OF ASU. CORPORATE OFFICERS AND EMPLOYEES ARE INCLUDED IN THE CONFLICTS OF INTEREST POLICY. CORPORATE OFFICERS INCLUDE ALL ELECTED AND APPOINTED OFFICERS OF ASURP, DIRECTORS, MEMBERS OF THE ADVISORY COMMITTEES, BOARDS AND COUNCILS. EMPLOYEES ARE PERSONS EMPLOYED BY ASURP ON A FULL TIME, PART TIME OR CONTRACT BASIS. FOR PURPOSES OF THIS POLICY ONLY, THE RESEARCH PARK ASSET MANAGER SHALL ALSO BE DEEMED AN EMPLOYEE. ANNUALLY, THE BOARD MEMBERS ARE REQUIRED TO FILL OUT AND SIGN A CONFLICT OF INTEREST FORM STATING THAT THEY HAVE READ THE CONFLICT OF INTEREST POLICY AND IF THEY HAVE A CONFLICT OF INTEREST. FORM 990, PART VI, SECTION B, LINE 15 THESE SALARIES ARE DETERMINED BY THE UNIVERSITY IN ADHERANCE WITH POLICIES OF THE UNIVERSITY AND APPLICABLE UNIVERSITY GOVERNANCE. FORM 990, PART VI, SECTION C, LINE 19 GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY AND FINANCIAL STATEMENTS ARE AVAILABLE UPON REQUEST. FORM 990, PART VI, SECTION A, LINE 1B: BECAUSE THREE OF THE VOTING MEMBERS OF THE GOVERNING BODY ARE EMPLOYED BY ARIZONA STATE UNIVERSITY, THEY ARE NOT CONSIDERED TO BE INDEPENDENT. FORM 990, PART VII, OFFICERS, DIRECTORS AND KEY EMPLOYEES: ARIZONA STATE UNIVERSITY RESEARCH PARK HAS NO EMPLOYEES AND DOES NOT COMPENSATE THEIR DIRECTORS OR OFFICERS. AGS, LLC (SEE PAGE 8, PART VII, SECTION B) IS PAID FOR PROPERTY MANAGEMENT, MANAGEMENT SERVICES AND ACCOUNTING SERVICES. THE COMPENSATION REPORTED FOR OFFICERS AND DIRECTORS AS REPORTED ON PART VII OF THE FORM 990, REPRESENT AMOUNTS PAID TO THEM BY ARIZONA STATE UNIVERSITY (ASU) FOR THEIR SERVICES RENDERED TO ASU, A RELATED TAX-EXEMPT ORGANIZATION, SEE SCHEDULE R. FORM 990, PART XII, LINE 2C: THE PROPERTY MANAGER, AGS, LLC, IS RESPONSIBLE FOR THE OVERSIGHT OF THE AUDIT AND REVIEW OF THE FINANCIAL STATEMENTS. ARIZONA STATE UNIVERSITY'S VICE PRESIDENT FOR FINANCE AND DEPUTY TREASURER IS AVAILABLE FOR GUIDANCE AND ALSO REVIEWS THE AUDITED FINANCIAL STATEMENTS. THE SELECTION OF AN INDEPENDENT ACCOUNTANT IS DONE BY ARIZONA STATE UNIVERSITY THROUGH AN AUDIT SELECTION COMMITTEE. EVERY FIVE YEARS, THE AUDIT SELECTION COMMITTEE ASKS SEVERAL INDEPENDENT ACCOUNTING FIRMS TO BID ON THE AUDIT OF ARIZONA STATE UNIVERSITY'S AFFILIATED ENTITIES. A FEW FIRMS ARE AWARDED POSITIONS IN THE POOL, WHICH ARE QUALIFIED TO PERFORM AUDITS FOR THE AFFILIATED ENTITIES. THE AFFILIATED ENTITIES MAY CHOOSE ANY FIRM IN THE POOL. IF THE AFFILIATED ENTITIES WANT TO CONTRACT AUDIT SERVICES TO A FIRM NOT IN THE POOL, ARIZONA STATE UNIVERSITY MUST FIRST APPROVE THE FIRM. THERE HAS BEEN NO CHANGE IN THIS PROCESS DURING THE CURRENT TAX YEAR. ARIZONA STATE UNIVERSITY ASU FOUNDATION BLDG 320 300 E UNIVE TEMPE AZ 85281 860196696 UNIVERSITY AZ N/A 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 ARIZONA STATE UNIVERSITY K 6653377 CASH