UNIVERSITY OF SOUTHERN MISSISSIPPI… - 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

1999

Legal Domicile

Principal Officer

DR KELLY LUCAS

Phone

6012665116

Tax Period

2025-01-01 to 2025-12-31

UNIVERSITY OF SOUTHERN MISSISSIPPI RESEARCH FOUNDATION, founded in 1999, is a small nonprofit in the Education sector that reported $737K in total revenue in fiscal year 2025. Revenue surged 47% from the prior year, signaling strong growth momentum. Expenses of $918K exceeded revenue, resulting in a 25% operating deficit.

Mission

THE MISSION OF THE FOUNDATION IS TO OVERSEE THE ACQUISITION OF GIFTS, CONTRIBUTIONS AND GRANTS FOR SPONSORED RESEARCH FOR INDIVIDUALS, INDUSTRIES, PRIVATE ORGANIZATIONS AND GOVERNMENT AGENCIES AND TO ASSIST WITH TRANSFERRING TECHNOLOGY DEVELOPED THROUGH THE FOUNDATION.

Program Service Accomplishments

Program 1

Expenses: $290,478 Revenue: $175,498

TO OPERATE FOR THE BENEFIT OF, TO PERFORM THE FUNCTIONS OF, AND/OR TO CARRY OUT THE PURPOSES OF THE UNIVERSITY OF SOUTHERN MISSISSIPPI, A PUBLIC INSTITUITION OF THE STATE OF MISSISSIPPI.

Program 2

Expenses: $341,334 Revenue: $85,124

THROUGH USM - USM RESEACH FOUNDATION LAUNCHED GULF BLUE INITIATIVE ON THE MISSISSIPPI GULF COAST - CAPITALIZING ON THE COAST'S GEOGRAPHY AND MARITIME RESOURCES. GULF BLUE INITIATIVE IS STRATEGICALLY INVESTING IN MARITIME INFRASTRUCTURE TO ADVANCE TECHNOLOGY THROUGH INNOVATION CLUSTERS SUCH AS: UNCREWED MARITIME SYSTEMS, OCEAN - FRIENDLY PLASTICS, PRECISION AQUACULTURE, SMART PORTS, SEA-SPACE SYSTEMS AND COASTAL DATA.

Program 3

Expenses: $20,000 Revenue: $200,000

TO SUPPORT ACQUACULTURE INNOVATION

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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 (2025)

Revenue Breakdown

Contributions & Grants $105,161

Program Service Revenue $610,622

Investment Income $334

Other Revenue $20,667

TOTAL REVENUE $736,784

Expense Breakdown

Grants Paid $25,065

Salaries & Benefits $105,161

Fundraising Expenses $0

Program Expenses $672,312

Other Expenses $787,726

TOTAL EXPENSES $917,952

Year-over-Year Comparison

	2025	2024	Change
Revenue	$736,784	$500,537	+0.5%
Expenses	$917,952	$1,067,071	-0.1%
Net Income	$-181,168	$-566,534	-0.7%

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

Total Directors

Key Employees

$301,310

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
JOHNNY ATHERTON	PRESIDENT	2.00	Officer Director	$0	$0	$0
JAMIE MILLER	VICE PRESIDENT	2.00	Director	$0	$0	$0
JOHN FITZPATRICK MD	BOARD MEMBER	2.00	Director	$0	$0	$0
CARLETTA BARNES EKUNWE	BOARD MEMBER	2.00	Director	$0	$0	$0
DR GORDON CANNON	BOARD MEMBER	2.00	Director	$0	$0	$0
DR J KENT NEWMAN	BOARD MEMBER	2.00	Director	$0	$0	$0
CHAD DRISKELL	EX-OFFICIO	0.00	Director	$0	$0	$0
CHRISTINE PATE	BOARD MEMBER	2.00	Director	$0	$0	$0
DR KELLY LUCAS	EXECUTIVE DIRECTOR	2.00	Key Emp	$0	$0	$301,310

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
2025	$736,784	$917,952	$1,167,553	$-181,168
2024	$500,537	$1,067,071	$1,590,033	$-566,534
2024	No data	No data	No data	No data
2023	$957,360	$1,201,521	$2,164,801	$-244,161
2022	$1,475,014	$1,340,156	$2,535,963	$134,858
2022	$1,793,715	$1,352,471	$2,577,991	$441,244
2021	$786,993	$614,335	$2,203,827	$172,658
2021	$810,695	$650,372	$2,189,424	$160,323
2021	$786,993	$614,335	$2,178,826	$172,658
2020	$343,574	$386,481	$1,637,576	$-42,907
2019	$532,106	$502,754	$1,790,742	$29,352
2019	$525,768	$628,175	$1,721,790	$-102,407
2018	$726,287	$706,646	$2,055,704	$19,641

UNIVERSITY OF SOUTHERN MISSISSIPPI RESEARCH FOUNDATION