MICHIGAN STATE UNIVERSITY RESEARCH FOUNDATION (EIN 237326030) - Form 990 Financial Analysis & Trantor Score

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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

1973

Legal Domicile

Principal Officer

DAVID WASHBURN

Phone

5173539268

Tax Period

2022-07-01 to 2023-06-30

MICHIGAN STATE UNIVERSITY RESEARCH FOUNDATION, founded in 1973, is a mid-sized nonprofit in the Education sector that reported $35.7M in total revenue in fiscal year 2022. Revenue fell 31% from the prior year — a significant decline worth monitoring. The organization ran a surplus of $6.5M, a strong 18% operating margin.

Mission

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.

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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 (2022)

Revenue Breakdown

Contributions & Grants $8,872,793

Program Service Revenue $1,295,616

Investment Income $23,246,663

Other Revenue $2,295,989

TOTAL REVENUE $35,711,061

Expense Breakdown

Grants Paid $19,141,481

Salaries & Benefits $5,150,347

Fundraising Expenses $0

Program Expenses $25,280,448

Other Expenses $4,875,946

TOTAL EXPENSES $29,167,774

Year-over-Year Comparison

	2022	2021	Change
Revenue	$35,711,061	$51,499,585	-0.3%
Expenses	$29,167,774	$23,721,227	+0.2%
Net Income	$6,543,287	$27,778,358	-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

$643,252

Total Directors

$448,827

Key Employees

$358,654

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
DAVID WASHBURN	EXECUTIVE DIRECTOR	37.00	Officer Director	$390,197	$58,630	$448,827
JEFFREY WESLEY	EXECUTIVE DIRECTOR, VENTURES	40.00	Key Emp	$305,422	$53,232	$358,654
REBEKAH SKRZYNIARZ	DIRECTOR OF FINANCE	38.00	Officer	$159,456	$34,969	$194,425
FRANK URBAN	DIRECTOR OF VENTURE CREATION	40.00	Highest	$150,234	$41,244	$191,478
PREM BODAGALA	DIRECTOR OF RED CEDAR VENTURES	40.00	Highest	$160,364	$28,645	$189,009
BRADLEY FINGLAND	DIRECTOR OF VENTURE CREATION	40.00	Highest	$147,079	$30,984	$178,063
KYLE MCGREGOR	DIRECTOR OF HEALTH INNOVATION	40.00	Highest	$131,609	$0	$131,609
MATT OKONESKI	VENTURE ASSOCIATE	40.00	Highest	$115,701	$4,973	$120,674
MELISSA WOO	PRESIDENT	2.00	Officer Director	$0	$0	$0
RANDOLPH COWEN	CHAIRMAN	2.00	Officer Director	$0	$0	$0
SCOTT ESTON	VICE CHAIRMAN	2.00	Officer Director	$0	$0	$0
BRUCE LEECH	TREASURER	2.00	Officer Director	$0	$0	$0
JOHN PHILLIPS	SECRETARY	2.00	Officer Director	$0	$0	$0
NORM BEAUCHAMP	DIRECTOR (AS OF 06/23)	2.00	Director	$0	$0	$0
JON BRAEUTIGAM	DIRECTOR	2.00	Director	$0	$0	$0
KERMITT BROOKS	DIRECTOR	2.00	Director	$0	$0	$0
JEFFREY DEGRAAF	DIRECTOR	2.00	Director	$0	$0	$0
MELANIE FOSTER	DIRECTOR (THRU 12/22)	2.00	Director	$0	$0	$0
DOUGLAS GAGE	DIRECTOR	2.00	Director	$0	$0	$0
PATRICIA HEMINGWAY HALL	DIRECTOR	2.00	Director	$0	$0	$0
LINDA HUBBARD	DIRECTOR	2.00	Director	$0	$0	$0
THOMAS JEITSCHKO	DIRECTOR (AS OF 11/22)	2.00	Director	$0	$0	$0
PAT O'KEEFE	DIRECTOR (THRU 12/22)	2.00	Director	$0	$0	$0
WILLIAM SEIFERT	DIRECTOR	2.00	Director	$0	$0	$0
STAN SOKOLOWSKI	DIRECTOR	2.00	Director	$0	$0	$0
SAMUEL L STANLEY JR MD	DIRECTOR (THRU 11/22)	2.00	Director	$0	$0	$0
JANICE STIPP	DIRECTOR	2.00	Director	$0	$0	$0
JOEL WITTENBERG	DIRECTOR	2.00	Director	$0	$0	$0
TERESA WOODRUFF	DIRECTOR	2.00	Director	$0	$0	$0

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
2025	No data	No data	No data	No data
2024	No data	No data	No data	No data
2023	$35,711,061	$29,167,774	$600,365,725	$6,543,287
2022	$51,499,585	$23,721,227	$547,375,250	$27,778,358
2021	$55,850,938	$19,515,895	$535,425,307	$36,335,043
2020	$16,720,899	$24,199,809	$407,199,391	$-7,478,910
2019	$39,012,217	$21,648,384	$419,833,206	$17,363,833
2018	$31,660,320	$44,407,805	$420,884,981	$-12,747,485

MICHIGAN STATE UNIVERSITY RESEARCH FOUNDATION