WISCONSIN ALUMNI RESEARCH FOUNDATI… - Form 990 Financial Data

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Financial Vulnerability Assessment (Tuckman-Chang)

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Financial Trends

Organization Details

Formation Year

1925

Legal Domicile

Principal Officer

ERIK IVERSON

Phone

6089609850

Tax Period

2023-07-01 to 2024-06-30

WISCONSIN ALUMNI RESEARCH FOUNDATION, founded in 1925, is a major nonprofit in the Education sector that reported $140.8M in total revenue in fiscal year 2023. Expenses of $155.8M exceeded revenue, resulting in a 11% operating deficit.

Mission

TO SUPPORT SCIENTIFIC RESEARCH WITHIN THE UW-MADISON COMMUNITY BY PROVIDING FINANCIAL SUPPORT, ACTIVELY MANAGING ASSETS, AND MOVING INNOVATIONS TO THE MARKETPLACE FOR A FINANCIAL RETURN AND GLOBAL IMPACT.

Program Service Accomplishments

Program 1

Expenses: $125,766,975 Revenue: $31,696,232

1) WARF SUPPORTS UW-MADISON THROUGH ONGOING OPERATIONAL AND FUNCTIONAL SUPPORT, A CORE ANNUAL BASE GRANT, AND ADDITIONAL YEAR-TO-YEAR GRANTS. WARF IS A NEARLY CENTURY-OLD, INDEPENDENT, NONPROFIT...

1) WARF SUPPORTS UW-MADISON THROUGH ONGOING OPERATIONAL AND FUNCTIONAL SUPPORT, A CORE ANNUAL BASE GRANT, AND ADDITIONAL YEAR-TO-YEAR GRANTS. WARF IS A NEARLY CENTURY-OLD, INDEPENDENT, NONPROFIT SUPPORTING ORGANIZATION THAT HAS PROVIDED DIRECT OPERATIONAL SUPPORT THAT MOST PUBLIC UNIVERSITIES MUST PROVIDE THEMSELVES, INCLUDING SERVING AS UW-MADISON'S DESIGNATED PATENT MANAGEMENT ORGANIZATION; HOLDING AND MANAGING EDUCATIONAL AND RESEARCH-RELATED ASSETS; PROVIDING EDUCATIONAL PROGRAMING; AND CONNECTING THE WIDER COMMUNITY TO SCIENTIFIC RESEARCH AT UW-MADISON. SINCE THE GREAT DEPRESSION, WARF'S ANNUAL BASE GRANT HAS SUPPORTED PIVOTAL CAMPUS ACTIVITIES SUCH AS FACULTY RECRUITMENT AND RETENTION, GRADUATE FELLOWSHIPS, AND GRANTS-IN-AID FOR RESEARCH PROJECTS. OVER SUBSEQUENT DECADES, WARF GREW TO PROVIDE SUPPORT THAT REACHES INTO EVERY CORNER OF UW-MADISON'S INNOVATION ECOSYSTEM, INCLUDING FUNDING BUILDINGS AND EQUIPMENT TO IMPROVE CAMPUS RESEARCH AND MAINTAIN UW-MADISON'S EXCELLENCE.

Program 2

Expenses: $5,310,000

2) IN ADDITION TO UW-MADISON'S PUBLIC RESEARCH MISSION, WARF ALSO SUPPORTS THE MORGRIDGE INSTITUTE FOR RESEARCH (MORGRIDGE), A PRIVATE MEDICAL RESEARCH ORGANIZATION FUNCTIONALLY INTEGRATED WITH...

2) IN ADDITION TO UW-MADISON'S PUBLIC RESEARCH MISSION, WARF ALSO SUPPORTS THE MORGRIDGE INSTITUTE FOR RESEARCH (MORGRIDGE), A PRIVATE MEDICAL RESEARCH ORGANIZATION FUNCTIONALLY INTEGRATED WITH UW-MADISON, THROUGH BOTH GRANT FUNDING AND DIRECT OPERATIONAL SUPPORT, INCLUDING TECHNOLOGY TRANSFER ACTIVITIES. FOUNDED IN 2006, MORGRIDGE USES ITS PRIVATE STATUS AND STREAMLINED ORGANIZATIONAL STRUCTURE TO RESPOND NIMBLY TO EMERGING OPPORTUNITIES TO IMPROVE HUMAN HEALTH THROUGH INNOVATIVE, INTERDISCIPLINARY BIOMEDICAL DISCOVERIES. WARF'S SUPPORT OF MORGRIDGE CREATES A CULTURE IN PARTNERSHIP WITH UW-MADISON THAT ENABLES RIGOROUS BIOMEDICAL RESEARCH, SPARKS CURIOSITY, AND SERVES SOCIETY THROUGH TRANSLATIONAL OUTCOMES.

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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 $91,464

Program Service Revenue $26,588,651

Investment Income $108,787,539

Other Revenue $5,285,220

TOTAL REVENUE $140,752,874

Expense Breakdown

Grants Paid $92,080,343

Salaries & Benefits $16,025,215

Fundraising Expenses $0

Program Expenses $131,076,975

Other Expenses $47,650,633

TOTAL EXPENSES $155,756,191

Year-over-Year Comparison

	2023	2022	Change
Revenue	$140,752,874	$-21,573,356	-7.5%
Expenses	$155,756,191	$155,452,922	+0.0%
Net Income	$-15,003,317	$-177,026,278	-0.9%

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

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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

110

Volunteers

207

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

$2,798,066

Total Directors

$1,324,208

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
ERIK IVERSON	TRUSTEE/CEO	40.00	Officer Director	$762,445	$171,013	$948,458
JAMES BERBEE	TRUSTEE, CHAIR	4.00	Officer Director	$33,000	$0	$33,000
MARY HAAK-FRENDSCHO	TRUSTEE	2.00	Director	$27,000	$0	$27,000
REBECCA HOUSE	TRUSTEE	2.00	Director	$24,000	$0	$24,000
DEBORAH KELLER	TRUSTEE	2.00	Director	$27,000	$0	$42,000
PATRICIA LIPTON	TRUSTEE, SECRETARY	3.00	Officer Director	$24,000	$0	$39,000
DORIS MEISSNER	TRUSTEE, VICE CHAIR	3.00	Officer Director	$24,000	$0	$24,000
WINSLOW SARGEANT	TRUSTEE	2.00	Director	$27,000	$0	$42,000
DAVID SMUKOWSKI	TRUSTEE	2.00	Director	$27,000	$0	$27,000
JAMES THOMSON	TRUSTEE, TREASURER (INTERIM)	3.00	Officer Director	$27,000	$0	$27,000
JENNIFER MNOOKIN	TRUSTEE	2.00	Director	$24,000	$0	$24,000
ASHA S COLLINS	TRUSTEE	2.00	Director	$22,250	$0	$22,250
PAUL LEFF	TRUSTEE	2.00	Director	$22,250	$0	$22,250
THOMAS TEFFT	TRUSTEE	2.00	Director	$22,250	$0	$22,250
PETER P TONG	TRUSTEE (UNTIL 10/12/23)	2.00	Director	$0	$0	$0
MICHAEL FALK	CHIEF IP & LICENSING OFFICER	40.00	Officer	$452,304	$-562,180	$-109,876
STEPHANIE ADAMANY	GENERAL COUNSEL (UNTIL 6/30/24)	40.00	Officer	$406,031	$83,978	$490,009
JOHN GRANSEE	CFO/COO (UNTIL 9/30/23)	40.00	Officer	$382,490	$103,601	$486,091
MICHAEL PARTSCH	CHEIF VENTURE OFFICER	40.00	Officer	$417,450	$104,600	$522,050
ALYSSA THOENY	CFO/SENIOR DIRECTOR, FINANCE	40.00	Officer	$279,499	$58,835	$338,334
ALAIN HUNG	DEPUTY CHIEF INVESTMENT OFFICER	40.00	Highest	$507,656	$76,790	$584,446
MICHAEL WAGNER	INVESTMENT DIRECTOR	40.00	Highest	$412,042	$143,272	$555,314
JEANINE BURMANIA	SENIOR DIRECTOR, IP & LICENSING	40.00	Highest	$264,097	$24,802	$288,899
JONATHAN YOUNG	HEAD OF WARF THERAPEUTICS	40.00	Highest	$319,566	$127,904	$447,470
GREGORY KEENAN	SENIOR DIR, VENTURES & ACCELERATOR	40.00	Highest	$262,868	$82,933	$345,801

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	$140,752,874	$155,756,191	$3,311,169,475	$-15,003,317
2023	$-21,573,356	$155,452,922	$3,185,260,024	$-177,026,278
2022	$-91,812,100	$152,502,462	$3,181,896,827	$-244,314,562
2021	$574,150,272	$251,069,318	$3,652,632,359	$323,080,954
2020	$255,022,585	$152,449,434	$3,167,612,485	$102,573,151
2019	$32,976,578	$176,664,199	$3,030,670,367	$-143,687,621

WISCONSIN ALUMNI RESEARCH FOUNDATION