FLORIDA STATE UNIVERSITY RESEARCH … - 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

1993

Legal Domicile

Phone

8506448650

Tax Period

2024-07-01 to 2025-06-30

FLORIDA STATE UNIVERSITY RESEARCH FOUNDATION INC, founded in 1993, is a mid-sized nonprofit in the Education sector that reported $24.3M in total revenue in fiscal year 2024. Revenue surged 28% from the prior year, signaling strong growth momentum. Expenses of $38.6M exceeded revenue, resulting in a 59% operating deficit.

Mission

TO PROMOTE, ENCOURAGE AND FACILITATE THE RESEARCH AND TRAINING ACTIVITIES OF FACULTY, STAFF AND STUDENTS OF THE FLORIDA STATE UNIVERSITY THROUGH INCOME FROM CONTRACTS, GRANTS AND OTHER SOURCES.

Program Service Accomplishments

Program 1

Expenses: $30,282,071 Revenue: $13,979,043

THE RESEARCH FOUNDATION ACCEPTS AND ADMINISTERS CONTRACTS AND GRANTS FROM PRIVATE SOURCES, (I.E. NON-U.S. FEDERAL, STATE AND LOCAL GOVERNMENTAL ENTITIES), WHICH ARE USED IN SUPPORT OF RESEARCH AT THE FLORIDA STATE UNIVERSITY. THE RESEARCH FOUNDATION PROCESSED 270 PROPOSALS AND 173 AWARDS IN THE CURRENT YEAR.

Program 2

Expenses: $1,658,178 Revenue: $3,498,821

THE RESEARCH FOUNDATION OPERATES SEVEN BUILDINGS WITH THE OBJECTIVE OF PROVIDING RESEARCH FACILITIES FOR FLORIDA STATE UNIVERSITY TENANTS TO PERFORM RESEARCH.

Program 3

Expenses: $1,366,876 Revenue: $381,932

ADMINISTERING INCOME FROM RESEARCH/ROYALTY CONTRACTS RECEIVED BY UNIVERSITY DEPARTMENTS AND LICENSING OR OTHER CONTRACTUAL ARRANGEMENTS RELATED TO PATENTABLE PRODUCTS DEVELOPED BY FLORIDA STATE...

ADMINISTERING INCOME FROM RESEARCH/ROYALTY CONTRACTS RECEIVED BY UNIVERSITY DEPARTMENTS AND LICENSING OR OTHER CONTRACTUAL ARRANGEMENTS RELATED TO PATENTABLE PRODUCTS DEVELOPED BY FLORIDA STATE UNIVERSITY FACULTY, STAFF, AND STUDENTS.

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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 $17,477,864

Investment Income $6,390,527

Other Revenue $384,145

TOTAL REVENUE $24,252,536

Expense Breakdown

Grants Paid $30,282,071

Salaries & Benefits $1,001,116

Fundraising Expenses $0

Program Expenses $33,307,125

Other Expenses $7,353,419

TOTAL EXPENSES $38,636,606

Year-over-Year Comparison

	2024	2023	Change
Revenue	$24,252,536	$18,957,067	+0.3%
Expenses	$38,636,606	$50,836,314	-0.2%
Net Income	$-14,384,070	$-31,879,247	-0.5%

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

$1,250,835

Total Directors

$4,457,846

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
STACEY PATTERSON	FSU VP FOR RESEARCH, FSURF PRESIDENT	10.0	Officer Director	$0	$140,265	$624,497
DR JAMES CLARK	FSU PROVOST	1.0	Director	$0	$60,755	$631,922
DR SAM HUCKABA	FSU DEAN OF ARTS & SCIENCES	1.0	Director	$0	$62,709	$455,653
JOSEPH W LANDERS	DIRECTOR	1.0	Director	$0	$0	$0
KAY STEPHENSON	DIRECTOR	1.0	Director	$0	$0	$0
KYLE CLARK	FSU VP FOR FINANCE & ADMINISTRATION	1.0	Director	$0	$59,089	$632,600
RICARDO SCHNEIDER	DIRECTOR	1.0	Director	$0	$0	$0
RICHARD MCCULLOUGH	FSU PRESIDENT & CHAIR	1.0	Director	$0	$136,117	$1,694,587
VALERIE MCDEVITT	FSU AVP, FSU Strategic Partnerships and Innovation (BEGAN JUL. 2024)	1.0	Director	$0	$121,898	$418,587
HEATHER CAVE	EXECUTIVE DIRECTOR	40.0	Officer	$0	$33,264	$138,835
KELLY STARKE	SECRETARY	5.0	Officer	$0	$35,988	$119,422
KERRY PELUSO	TREASURER	5.0	Officer	$0	$113,228	$368,081
GARY K OSTRANDER	FORMER PRESIDENT	0.0		$0	$58,365	$429,811
MARK RILEY	FORMER INTERIM PRESIDENT	0.0		$0	$49,213	$284,016

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	$24,252,536	$38,636,606	$218,801,229	$-14,384,070
2024	$18,957,067	$50,836,314	$224,086,083	$-31,879,247
2023	$24,244,716	$18,836,373	$245,277,590	$5,408,343
2022	$28,107,542	$14,832,298	$238,210,385	$13,275,244
2021	$23,963,876	$13,069,436	$209,954,380	$10,894,440
2020	$21,810,684	$15,992,579	$181,884,344	$5,818,105
2019	$21,565,808	$15,864,828	$179,270,956	$5,700,980
2018	$47,830,730	$14,218,549	$169,104,961	$33,612,181

FLORIDA STATE UNIVERSITY RESEARCH FOUNDATION INC