CAMPUS RESEARCH CORPORATION

EIN: 860779656 501(c)(3) Education

TUCSON, AZ

Total Revenue
$31,288,527
Total Expenses
$27,964,914
Total Assets
$46,670,793
Net Assets
$35,239,117
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Financial Vulnerability Assessment (Tuckman-Chang)

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Financial Trends

Organization Details

Formation Year
1994
Legal Domicile
AZ
Principal Officer
CAROL STEWART CEO
Phone
5203822480
Tax Period
2024-07-01 to 2025-06-30

CAMPUS RESEARCH CORPORATION, founded in 1994, is a mid-sized nonprofit in the Education sector that reported $31.3M in total revenue in fiscal year 2024. Revenue surged 109% from the prior year, signaling strong growth momentum. Expenses of $28.0M left a modest 11% surplus.

Mission

CAMPUS RESEARCH CORPORATION OPERATES SOLELY TO ASSIST THE ARIZONA BOARD OF REGENTS, A BODY CORPORATE AND AN AGENCY OF THE STATE OF ARIZONA, TO ENHANCE AND FURTHER THE EDUCATIONAL AND RESEARCH MISSION OF THE UNIVERSITY OF ARIZONA.

Program Service Accomplishments

Program 1
Expenses: $25,804,902 Revenue: $30,691,488

CAMPUS RESEARCH CORPORATION WAS FORMED IN 1994 TO ASSIST THE ARIZONA BOARD OF REGENTS IN THE MARKETING, LEASING, DEVELOPMENT, IMPROVEMENT AND OPERATION OF THE UNIVERSITY OF ARIZONA SCIENCE AND...

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CAMPUS RESEARCH CORPORATION WAS FORMED IN 1994 TO ASSIST THE ARIZONA BOARD OF REGENTS IN THE MARKETING, LEASING, DEVELOPMENT, IMPROVEMENT AND OPERATION OF THE UNIVERSITY OF ARIZONA SCIENCE AND TECHNOLOGY PARK LOCATED IN THE TUCSON, ARIZONA METROPOLITAN AREA. IN ADDITION TO USING A PORTION OF THE PARK AS AN EDUCATIONAL FACILITY FOR STUDENTS AND FACULTY OF THE UNIVERSITY, THE CORPORATION LEASES PORTIONS TO PRIVATE INDUSTRY AND GOVERNMENTAL AGENCIES. THE PARK PROVIDES A CAMPUS WHERE INDUSTRY AND THE UNIVERSITY CAN PARTICIPATE IN ACTIVITIES THAT PROMOTE AND SUPPORT EDUCATION, RESEARCH AND ECONOMIC DEVELOPMENT OF THE REGION. THE PARK ALSO PROVIDES A MECHANISM TO PROMOTE THE DEVELOPMENT AND INTEGRATION OF TECHNOLOGICAL RESULTS FROM RESEARCH INTO PRIVATE CORPORATE PROGRAMS. LOCATED IN ONE OF ARIZONA'S FAST-GROWING SUBURBAN SETTINGS ON TUCSON'S SOUTHEAST SIDE, THE PARK'S SPACIOUS CAMPUS ENCOMPASSES 1,267 ACRES AND HAS 2 MILLION SQUARE FEET OF SPACE FOR TECH OFFICES, R&D AND LABORATORY FACILITIES. THE TECH PARK ALSO DEVELOPED A SOLAR RESEARCH FACILITY SPANNING APPROXIMATELY 223 ACRES. THE TECH PARK IS BEING FURTHER DEVELOPED WITH POTENTIAL PROJECTS THAT INCLUDE A HOTEL, DAYCARE CENTER, RETAIL AND RESIDENTIAL DEVELOPMENTS TO SUPPORT TECH PARK OCCUPANTS.

Program 2
Expenses: $270,375 Revenue: $0

THE UA TECH PARK AT BRIDGES IS HOME TO A DYNAMIC COMMUNITY OF TECHNOLOGY COMPANIES, SITUATED ALONGSIDE EXISTING HIGH-QUALITY RETAIL, COMMERCIAL AND RESIDENTIAL DEVELOPMENT. TOGETHER, THEY CREATE A...

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THE UA TECH PARK AT BRIDGES IS HOME TO A DYNAMIC COMMUNITY OF TECHNOLOGY COMPANIES, SITUATED ALONGSIDE EXISTING HIGH-QUALITY RETAIL, COMMERCIAL AND RESIDENTIAL DEVELOPMENT. TOGETHER, THEY CREATE A LIVE-WORK-PLAY-LEARN ENVIRONMENT THAT IS ONE OF THE REGION'S MOST INNOVATIVE AND EXCITING DEVELOPMENTS. THE 65 ACRES DESIGNATED FOR THE SITE ARE PART OF A LARGER 350-ACRE MULTI-USE DEVELOPMENT. LONG-TERM PLANS CALL FOR 1.2 MILLION SQUARE FEET OF DEVELOPED OFFICE AND LABORATORY SPACE THAT COULD SUPPORT APPROXIMATELY 5,000 KNOWLEDGE WORKERS ON-SITE.

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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%)

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Financial Overview (2024)

Revenue Breakdown

Contributions & Grants $453,008
Program Service Revenue $30,607,420
Investment Income $144,031
Other Revenue $84,068
TOTAL REVENUE $31,288,527

Expense Breakdown

Grants Paid $0
Salaries & Benefits $2,652,962
Fundraising Expenses $0
Program Expenses $26,075,277
Other Expenses $25,311,952
TOTAL EXPENSES $27,964,914

Year-over-Year Comparison

2024 2023 Change
Revenue $31,288,527 $14,945,113 +1.1%
Expenses $27,964,914 $16,019,821 +0.7%
Net Income $3,323,613 $-1,074,708 -4.1%
Key Indicators
Grants to Organizations Grants to Individuals Lobbying Political Activity Foreign Activities Donor Advised Fund Schedule B Required
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Liquidity & Cash Position

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Governance

Voting Members
7
Independent Members
5
Employees
27
Volunteers
6

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
7
$969,064
Total Directors
9
$1,213,042
Key Employees
0
$0
Highest Compensated
4
reported
Name Title Hours/Week Role Reportable Comp Other Comp Total
ELLIOT CHEU DIRECTOR 1.00
Director
$0 $55,308 $503,455
CAROL STEWART PRESIDENT 40.00
Officer
$350,510 $40,219 $390,729
RYAN GOODELL DIRECTOR 1.00
Director
$0 $51,396 $355,928
KENNETH MARCUS EVP & CFO 40.00
Officer
$229,148 $17,680 $246,828
STACEY LEMOS DIRECTOR 1.00
Director
$0 $52,251 $234,305
PATRICK MURPHY COO 40.00
Officer
$177,989 $34,164 $212,153
CRAIG KLEINE DIRECTOR OF TECHNOLOGY 40.00
Highest
$114,138 $31,541 $145,679
ERIC SMITH CHIEF INNOVATION OFFICER 40.00
Highest
$125,181 $19,706 $144,887
BERNADETTE FRANCO DIRECTOR OF FINANCE & HUMAN RESOURCES 40.00
Highest
$121,419 $14,989 $136,408
TOMAS DIAZ DE LA RUBIA VICE CHAIRMAN 1.00
Officer Director
$0 $6,735 $119,354
PETER LOYA DIRECTOR OF COMM & GOV'T RELATIONS 40.00
Highest
$102,552 $14,071 $116,623
JAN LESHER DIRECTOR 1.00
Director
$0 $0 $0
CECILIA MATA DIRECTOR 1.00
Director
$0 $0 $0
R GLENN WILLIAMSON DIRECTOR 1.00
Director
$0 $0 $0
MARY JACOBS CHAIRWOMAN 1.00
Officer Director
$0 $0 $0
KARLA BERNAL MORALES TREASURER 1.00
Officer Director
$0 $0 $0
PATRICK PAT GRIFFIN SECRETARY & GENERAL COUNSEL 1.00
Officer
$0 $0 $0
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 $31,288,527 $27,964,914 $46,670,793 $3,323,613
2024 $14,945,113 $16,019,821 $40,177,329 $-1,074,708
2023 $13,228,700 $14,784,896 $40,924,972 $-1,556,196
2022 $14,706,755 $16,633,132 $42,821,356 $-1,926,377
2021 $15,415,451 $15,635,038 $45,214,446 $-219,587
2020 $17,900,620 $13,608,882 $47,759,004 $4,291,738
2019 $15,628,082 $13,375,063 $43,289,897 $2,253,019
2018 $15,096,715 $12,591,694 $40,960,866 $2,505,021
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