WASHINGTON STATE UNIVERSITY FOUNDA… - 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

1979

Legal Domicile

Principal Officer

Michael C Connell

Phone

5093351686

Tax Period

2024-07-01 to 2025-06-30

WASHINGTON STATE UNIVERSITY FOUNDATION, founded in 1979, is a major nonprofit in the Education sector that reported $125.2M in total revenue in fiscal year 2024. Revenue grew 12% year-over-year, indicating healthy expansion. Expenses of $113.7M left a modest 9% surplus.

Mission

The mission of the Foundation is to promote, accept, and maximize private support for programs, initiatives, and properties of Washington State University and its regional campuses. The Foundation also prudently manages, invests, and stewards assets entrusted to it.

Program Service Accomplishments

Program 1

Expenses: $34,144,074 Revenue: $6,552,834

General Program Support: The Foundation does not directly provide the program service. However, contributions received for this purpose were distributed to the University for use in accordance with donor agreements. These contributions earmarked funds for general and administrative expenses, entrepreneurial activities, and other departmental and university wide programs.

Program 2

Expenses: $25,642,790 Revenue: $4,921,292

Scholarships & Fellowships: The Foundation does not directly award scholarships and fellowships. However, contributions for these purposes were distributed to the University for use in accordance...

Scholarships & Fellowships: The Foundation does not directly award scholarships and fellowships. However, contributions for these purposes were distributed to the University for use in accordance with donor agreements. Student financial aid was received for loans, graduate fellowships, general scholarships and scholarships with specific criteria, such as merit, need, and multiculturalism.

Program 3

Expenses: $13,707,592 Revenue: $2,630,722

Facilities Operation and Maintenance: The Foundation does not directly provide facility and maintenance program services. However, contributions received for this purpose are distributed to the...

Facilities Operation and Maintenance: The Foundation does not directly provide facility and maintenance program services. However, contributions received for this purpose are distributed to the University for use in accordance with the donor agreements. Contributions were received for the purchase and maintenance of buildings and equipment.

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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 $82,937,322

Program Service Revenue $16,369,394

Investment Income $25,871,866

Other Revenue $0

TOTAL REVENUE $125,178,582

Expense Breakdown

Grants Paid $85,017,376

Salaries & Benefits $12,445,408

Fundraising Expenses $8,094,014

Program Expenses $85,294,052

Other Expenses $15,855,363

TOTAL EXPENSES $113,687,205

Year-over-Year Comparison

	2024	2023	Change
Revenue	$125,178,582	$111,558,149	+0.1%
Expenses	$113,687,205	$107,425,945	+0.1%
Net Income	$11,491,377	$4,132,204	+1.8%

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

106

Volunteers

128

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

$2,302,328

Total Directors

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
Michael C Connell	Vice President, Chief Executive Officer	39.8	Officer	$431,534	$54,188	$485,722
Harold Don Shearer	Senior Associate Vice President & COO	40	Officer	$329,304	$47,163	$376,467
Julie Benson	Associate Vice President	40	Officer	$247,456	$32,628	$280,084
Victoria Miles	Associate Vice President	40	Officer	$232,997	$36,891	$269,888
Terry Kelly	General Counsel	40	Officer	$231,998	$37,660	$269,658
Alex Pietsch-start Dec 24	Associate Vice President	20	Officer	$18,587	$36,245	$257,102
Juan Zavala	Associate Vice President	40	Highest	$214,529	$30,127	$244,656
Jennifer Miltenberger-start Jan 25	Associate Vice President	20	Highest	$42,837	$33,732	$228,446
Brooke E Ledeboer	Senior Director	40	Highest	$192,142	$28,775	$220,917
Theresa Boyer	Director	40	Highest	$166,962	$26,969	$193,931
Elizabeth Ryan	Director	40	Highest	$162,392	$30,269	$192,661
AnaMarie Burton	Associate Vice President	40	Officer	$161,882	$26,214	$188,096
Dawn M Barnard-thru June 24	Chief Financial Officer	0		$163,018	$18,948	$181,966
Hao-Yu Chiu	Associate Vice President & CFO	40	Officer	$149,838	$25,473	$175,311
Bruce Amundson	Board Director	0.32	Director	$0	$0	$0
Kathy Brindley	Board Director	0.36	Director	$0	$0	$0
Carol Buckingham	Board Director	0.32	Director	$0	$0	$0
Marjorie Chang	Board Director	0.32	Director	$0	$0	$0
Sue Christianson	Board Director	0.32	Director	$0	$0	$0
Jim Coughlin	Board Director & Treasurer	0.32	Officer Director	$0	$0	$0
Michael Hambelton	Board Director	0.32	Director	$0	$0	$0
Cassa Hanon	Board Director	0.32	Director	$0	$0	$0
Uma Jayaram	Board Director	0.32	Director	$0	$0	$0
Melanie Lange	Board Director	0.32	Director	$0	$0	$0
Hubert Langenhorst	Board Director	0.32	Director	$0	$0	$0
Richard McKinney	Board Director	0.32	Director	$0	$0	$0
Gina Meyers	Board Director	0.32	Director	$0	$0	$0
John C Minge	Board Director & President	0.32	Officer Director	$0	$0	$0
Mandy Minick	Board Director	0.32	Director	$0	$0	$0
Caron Ogg	Board Director	0.32	Director	$0	$0	$0
Sheryl Ossello	Board Director	0.32	Director	$0	$0	$0
Jack Pelo	Board Director	0.32	Director	$0	$0	$0
Molly Philopant-thru Dec 24	Board Director	0.16	Director	$0	$0	$0
Liz Pritchard	Board Director & Vice President	0.32	Officer Director	$0	$0	$0
Elizabeth Schneider	Board Director & Secretary	0.32	Officer Director	$0	$0	$0
Gary Teague	Board Director	0.32	Director	$0	$0	$0
Amy Tull	Board Director	0.32	Director	$0	$0	$0
Bill Ward	Board Director	0.32	Director	$0	$0	$0
Bob Wolfe	Board Director	0.32	Director	$0	$0	$0
Mike Worthy	Board Director	0.32	Director	$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	$125,178,582	$113,687,205	$840,658,296	$11,491,377
2024	$111,558,149	$107,425,945	$777,233,513	$4,132,204
2023	$106,044,352	$107,829,775	$722,665,894	$-1,785,423
2022	$157,487,648	$101,555,684	$699,641,456	$55,931,964
2021	$105,370,989	$84,144,117	$715,596,678	$21,226,872
2021	$105,370,989	$84,144,117	$715,596,678	$21,226,872
2020	$88,334,826	$81,001,219	$556,928,680	$7,333,607

WASHINGTON STATE UNIVERSITY FOUNDATION