NDSU RESEARCH FOUNDATION

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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

1989

Legal Domicile

Principal Officer

ZANE GERNHART

Phone

7012316743

Tax Period

2024-07-01 to 2025-06-30

NDSU RESEARCH FOUNDATION, founded in 1989, is a community nonprofit in the Education sector that reported $1.7M in total revenue in fiscal year 2024. Revenue grew 14% year-over-year, indicating healthy expansion. Expenses of $2.2M exceeded revenue, resulting in a 30% operating deficit.

Mission

TO ASSIST NORTH DAKOTA STATE UNIVERSITY IN TEACHING, RESEARCH AND PUBLIC SERVICE PROJECTS.

Program Service Accomplishments

Program 1

Expenses: $2,136,589

THE FOUNDATION ASSISTS NORTH DAKOTA STATE UNIVERSITY IN ITS TEACHING, RESEARCH, AND PUBLIC SERVICE MISSIONS. IN ADDITION, IT PROMOTES SCIENTIFIC RESEARCH TO ENHANCE THE ECONOMIC AND RURAL DEVELOPMENT...

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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 (2024)

Revenue Breakdown

Contributions & Grants $0

Program Service Revenue $0

Investment Income $457,969

Other Revenue $1,269,069

TOTAL REVENUE $1,727,038

Expense Breakdown

Grants Paid $1,583,262

Salaries & Benefits $368,000

Fundraising Expenses $0

Program Expenses $2,136,589

Other Expenses $298,052

TOTAL EXPENSES $2,249,314

Year-over-Year Comparison

	2024	2023	Change
Revenue	$1,727,038	$1,514,857	+0.1%
Expenses	$2,249,314	$2,270,610	0.0%
Net Income	$-522,276	$-755,753	-0.3%

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

N/A

Volunteers

N/A

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

$1,677,272

Total Directors

$2,043,419

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
JAMES BROWN	DIRECTOR	1.00	Director	$0	$0	$0
DAVID BERTOLINI	DIRECTOR	1.00	Director	$0	$64,567	$417,374
ALAN KALLMEYER	DIRECTOR	1.00	Director	$0	$56,202	$333,750
RYAN RAGUSE	DIRECTOR	1.00	Director	$0	$0	$0
JOHN HANISH	DIRECTOR	1.00	Director	$0	$0	$0
KATIE HASBARGEN	DIRECTOR	1.00	Director	$0	$0	$0
JAMES BROTEN	DIRECTOR	1.00	Director	$0	$0	$0
MARK BIRDSALL	DIRECTOR	1.00	Director	$0	$0	$0
RODNEY HOWE	DIRECTOR	1.00	Director	$0	$0	$0
DAVID COOK	PRESIDENT	1.00	Officer Director	$0	$64,567	$535,569
GREG LARDY	SECRETARY	1.00	Officer Director	$0	$62,604	$392,469
COLLEEN FITZGERALD	TREASURER	1.00	Officer Director	$0	$59,632	$364,257
RICHARD RAYL	VICE PRESEIDENT	1.00	Officer Director	$0	$0	$0
JOYCELYN LUCKE	ASSISTANT DIRECTOR	8.00	Officer	$0	$34,801	$152,839
ZANE GERNHART	EXECUTIVE DIRECTOR	36.00	Officer	$0	$43,648	$232,138

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	$1,727,038	$2,249,314	$14,315,083	$-522,276
2024	$1,514,857	$2,270,610	$13,567,989	$-755,753
2023	$1,454,971	$1,581,681	$12,173,879	$-126,710
2022	$1,725,085	$1,730,879	$10,759,749	$-5,794
2021	$1,896,448	$1,981,748	$12,153,678	$-85,300
2020	$2,478,133	$2,448,233	$9,441,901	$29,900
2019	$1,434,899	$1,670,099	$9,009,928	$-235,200