Montana State University Innovatio… - Form 990 Financial Data

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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

2012

Legal Domicile

Principal Officer

Brit Fontenot

Phone

4069942053

Tax Period

2024-07-01 to 2025-06-30

Montana State University Innovation Campus, founded in 2012, is a small nonprofit in the Religion sector that reported $795K in total revenue in fiscal year 2024. Net assets of $13.4M represent 203 months of operating reserves.

Mission

To promote economic development and partnerships between business and the research community of Montana State University, the region, and the State of Montana.

Program Service Accomplishments

Program 1

Expenses: $719,120 Revenue: $446,536

MSU Innovation Campus (MSUIC) continues to advance its multiphase research park in Bozeman, Montana, aimed at promoting economic development, research, and educational opportunities in support of...

MSU Innovation Campus (MSUIC) continues to advance its multiphase research park in Bozeman, Montana, aimed at promoting economic development, research, and educational opportunities in support of Montana State University (MSU). In late 2024, the Bozeman City Commission unanimously approved a new zoning designation for MSUIC allowing for increased development density.The first facility, the Applied Research Lab, opened in early 2020. It brings together MSU faculty and students with Montana-based industry partners to collaborate across multiple areas of MSU's research expertise. (Continued on Schedule O)EngineWorks Bozeman, an 87,000-square-foot multi-tenant office building, was completed in April 2025. It now houses the MSU Quantum Core program, sponsored by the Air Force Research Laboratory (AFRL). In December 2024, Aurora Innovation Inc., a company specializing in self-driving car technology, began operations in a newly constructed 78,000-square-foot facility on MSUIC.Plans are currently underway for a new life sciences building, with a ground lease anticipated in 2026. MSUIC's road and sidewalk network has been completed, connecting the entire campus to the surrounding street infrastructure.

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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 $348,152

Program Service Revenue $446,536

Investment Income $0

Other Revenue $0

TOTAL REVENUE $794,688

Expense Breakdown

Grants Paid $0

Salaries & Benefits $156,394

Fundraising Expenses $0

Program Expenses $719,120

Other Expenses $689,225

TOTAL EXPENSES $845,619

Year-over-Year Comparison

	2024	2023	Change
Revenue	$794,688	$736,882	+0.1%
Expenses	$845,619	$641,304	+0.3%
Net Income	$-50,931	$95,578	-1.5%

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

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

$174,733

Total Directors

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
Brit Fontenot	Chair	0.25	Officer Director	$0	$0	$0
Robert Lowry	Vice Chair	0.25	Officer Director	$0	$0	$0
Robert Morrison	Secretary/Treasurer	0.25	Officer Director	$0	$0	$0
Susan Carstensen	Director	0.25	Director	$0	$0	$0
Richard Harjes	Director	0.25	Director	$0	$0	$0
Richard Harte	Director	0.25	Director	$0	$0	$0
Jordan Jacobson	Director	0.25	Director	$0	$0	$0
Todd O'Hair	Director	0.25	Director	$0	$0	$0
Scott Osterman	Director	0.25	Director	$0	$0	$0
David Peretto	Director	0.25	Director	$0	$0	$0
Jeff Sipes	Director	0.25	Director	$0	$0	$0
Terry Leist	Ex-Officio Director	0.25	Director	$0	$0	$0
Alison Harmon	Ex-Officio Director	0.25	Director	$0	$0	$0
Mark Sharpe	Executive Director	40.00	Officer	$0	$9,096	$174,733

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	$794,688	$845,619	$20,099,549	$-50,931
2024	$736,882	$641,304	$19,632,795	$95,578
2023	$730,296	$471,555	$19,012,664	$258,741
2022	$459,071	$329,471	$18,411,116	$129,600
2021	$429,960	$406,402	$18,000,237	$23,558
2020	$416,894	$353,719	$17,682,261	$63,175
2019	$13,583,727	$383,946	$17,351,331	$13,199,781
2018	$116,332	$341,381	$4,028,527	$-225,049

Montana State University Innovation Campus