RESEARCH PARK AT SDSU

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Financial Vulnerability Assessment (Tuckman-Chang)

4 risk indicators measuring financial stability and operational resilience

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Financial Trends

Organization Details

Formation Year

2004

Legal Domicile

Principal Officer

JAY BENDER

Phone

6056965600

Tax Period

2023-01-01 to 2023-12-31

RESEARCH PARK AT SDSU, founded in 2004, is a community nonprofit in the Education sector that reported $4.0M in total revenue in fiscal year 2023. Revenue fell 78% from the prior year — a significant decline worth monitoring. The organization ran a surplus of $2.6M, a strong 67% operating margin.

Mission

THE SDSU GROWTH PARTNERSHIP, LTD IS DEDICATED TO SERVE THE BROOKINGS AREA, THE STATE OF SOUTH DAKOTA AND ADJACENT COMMUNITIES AND STATES. TO ACCOMPLISH THIS GOAL, A LONG-TERM DEVELOPMENT STRATEGY HAS BEEN INCORPORATED THAT WILL, OVER DECADES, BUILD UP AN ECONOMIC BASE OF NEWLY DEVELOPED TECHNOLOGIES AND BUSINESSES WHICH WILL EXPAND THROUGHOUT THE REGION AND STATE OF SOUTH DAKOTA. THE RESEARCH PARK WILL CONTINUE TO EXPAND WITH ADDITIONAL BUILDINGS AND RESEARCH PROJECTS, ENHANCING THE ECONOMIC WELL-BEING OF THE CITY OF BROOKINGS AND ITS SURROUNDING AREAS AND IMPROVE ITS QUALITY OF LIFE AND PROSPERITY. THE WHOLE INTENT OF THE PARK IS TO EXPAND AND COMMERCIALIZE UNIVERSITY AND LOCAL INNOVATION. JOB CREATION, EMPLOYEE WEALTH, AND NEW BUSINESS DEVELOPMENT ARE CORE PILLARS TO THE ORGANIZATION.

Program Service Accomplishments

Program 1

Expenses: $1,142,268 Revenue: $403,302

THE SOLE PURPOSE IN CREATING AND DEVELOPING THE RESEARCH PARK IS TO GROW RESEARCH IN THE STATE OF SOUTH DAKOTA. IT WILL BENEFIT THE SCIENTIFIC AND EDUCATIONAL PROGRAMS OF SDSU. THIS IS ACCOMPLISHED BY SUPPORTING EFFORTS TO APPLY LEARNING AND RESEARCH TO CREATE ECONOMIC OPPORTUNITIES. THE RESEARCH PARK THROUGH THE BROOKINGS INNOVATION CENTER PROVIDES START-UP BUSINESSES WITH ACCESS TO SEASONED ENTREPRENEURS. THE RESIDENT ENTREPRENEURS INCLUDE ORGANIZATIONS SUCH AS COPYRIGHT AND TRADEMARK ATTORNEYS; A FULL TIME CPA; PROOF OF CONCEPT FUNDS - ANGEL FUNDS - VENTURE CAPITAL FUNDS; AND ACCESS TO BUSINESS PLANS, MARKETING PLANS AND FINANCIAL PROJECTIONS. THIS PAST YEAR THE BROOKINGS INNOVATION CENTER AND RESEARCH PARK STAFF CONTINUED TO ASSIST UNIVERSITY, COMMUNITY, AND REGIONAL STARTUPS. THE TEAM ALSO WORKS WITH INDUSTRY PARTNERS IN LOCATING INTO THE RESEARCH PARK. THE RESEARCH PARK BOARD COMPLETED THE CONSTRUCTION OF A 44,000 SQUARE FOOT RESEARCH BIO CENTER. IT INCLUDES MULTIPLE LABS AND A LARGE PILOT SCALE SPACE.

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Trantor Score

Financial Health Score (300–850) · Liquidity · Solvency · Sustainability · Efficiency

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Liquidity (40%) • Solvency (30%) • Sustainability (20%) • Efficiency (10%)

Financial Overview (2023)

Revenue Breakdown

Contributions & Grants $3,551,366

Program Service Revenue $403,302

Investment Income $0

Other Revenue $0

TOTAL REVENUE $3,954,668

Expense Breakdown

Grants Paid $0

Salaries & Benefits $188,964

Fundraising Expenses $0

Program Expenses $1,142,268

Other Expenses $1,130,499

TOTAL EXPENSES $1,319,463

Year-over-Year Comparison

	2023	2022	Change
Revenue	$3,954,668	$17,830,188	-0.8%
Expenses	$1,319,463	$863,719	+0.5%
Net Income	$2,635,205	$16,966,469	-0.8%

Key Indicators

✗ Grants to Organizations ✗ Grants to Individuals ✗ Lobbying ✗ Political Activity ✗ Foreign Activities ✗ Donor Advised Fund ✓ Schedule B Required

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Financial Health Indicators

Comprehensive financial analysis: Altman Z-Score, liquidity, solvency, sustainability, efficiency, and growth metrics

Financial Distress Indicator

Liquidity & Cash Position

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Altman Z-Score • Liquidity Ratios • Solvency Analysis • Growth Indicators • Efficiency Metrics

Governance

Voting Members

Independent Members

Employees

Volunteers

Governance Policies

✓ Conflict of Interest Policy

✗ Whistleblower Policy

✓ Document Retention Policy

Special Practices & Reported Activities

✗ Operated a School

✗ Operated a Hospital

✗ Provided First Class Travel

✗ Reported Conflict of Interest

✗ Reported Asset Diversion

✗ Excess Benefit Transaction

✗ Made Political Expenditures

✗ Engaged in Lobbying

✗ Operated Donor Advised Fund

✗ Maintained Art Collections

✗ Filed Form 720

Compensation of Officers, Directors & Key Employees

Total Officers

$175,290

Total Directors

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
JAY BENDER	CHAIRMAN	0.50	Officer Director	$0	$0	$0
OPE NIEMEYER	VICE CHAIRMAN	0.50	Officer Director	$0	$0	$0
DR BARRY DUNN	BOARD MEMBER	0.50	Director	$0	$0	$0
KEVIN TETZLAFF	BOARD MEMBER	0.50	Director	$0	$0	$0
LARRY TIDEMANN	BOARD MEMBER	0.50	Director	$0	$0	$0
DR AL KURTENBACH	BOARD MEMBER	0.50	Director	$0	$0	$0
RYAN KROGMAN	BOARD MEMBER	0.50	Director	$0	$0	$0
JEFF PATRIDGE	BOARD MEMBER (BEG JUNE 2023)	0.50	Director	$0	$0	$0
TONY VANHUIZEN	BOARD MEMBER	0.50	Director	$0	$0	$0
DWAINE CHAPEL	CEO/EXECUTIVE DIRECTOR/SEC-TREAS	40.00	Officer	$170,130	$5,160	$175,290

Note: Compensation data is self-reported by the organization on their Form 990. "Reportable Comp" includes salary, bonuses, and other reportable compensation from the organization and related organizations. "Other Comp" includes benefits, deferred compensation, and non-taxable benefits.

Historical Data

Year	Revenue	Expenses	Assets	Net Income
2024	No data	No data	No data	No data
2023	$3,954,668	$1,319,463	$38,823,631	$2,635,205
2022	$17,830,188	$863,719	$37,700,692	$16,966,469
2021	$2,332,482	$768,834	$19,673,846	$1,563,648
2020	$1,452,885	$684,409	$17,631,732	$768,476
2019	$617,789	$800,916	$16,487,078	$-183,127
2018	$595,076	$811,004	$16,685,349	$-215,928