SAN DIEGO STATE UNIVERSITY FOUNDATION SDSU RESEARCH FOUNDATION (EIN 956042721) - Form 990 Financial Analysis & Trantor Score

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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

1943

Legal Domicile

Principal Officer

MICHELE GOETZ

Phone

6195941900

Tax Period

2024-07-01 to 2025-06-30

SAN DIEGO STATE UNIVERSITY FOUNDATION SDSU RESEARCH FOUNDATION, founded in 1943, is a major nonprofit in the Education sector that reported $247.5M in total revenue in fiscal year 2024. Revenue grew 9% year-over-year, indicating healthy expansion.

Mission

TO SUPPORT AND FURTHER THE RESEARCH, EDUCATION AND COMMUNITY SERVICE OBJECTIVES OF SAN DIEGO STATE UNIVERSITY.

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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 $131,475,884

Program Service Revenue $115,105,276

Investment Income $3,591,120

Other Revenue $-2,642,627

TOTAL REVENUE $247,529,653

Expense Breakdown

Grants Paid $33,903,045

Salaries & Benefits $143,255,838

Fundraising Expenses $7,424,648

Program Expenses $204,975,536

Other Expenses $70,847,817

TOTAL EXPENSES $248,470,456

Year-over-Year Comparison

	2024	2023	Change
Revenue	$247,529,653	$226,239,172	+0.1%
Expenses	$248,470,456	$226,366,998	+0.1%
Net Income	$-940,803	$-127,826	+6.4%

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

3898

Volunteers

281

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

$2,412,537

Total Directors

$4,214,216

Key Employees

$886,029

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
ADELA DE LA TORRE	PRESIDENT (SDSU EMPLOYEE)	5.00	Officer Director	$0	$176,511	$720,277
STEVEN GILL	DIRECTOR (SDSU EMP)	15.00	Director	$0	$66,818	$199,806
KATARINA HERNANDEZ THRU 525	DIRECTOR (SDSU EMP)	15.00	Director	$0	$0	$1,783
HALA MADANAT	VICE PRESIDENT (SDSU EMPLOYEE)	15.00	Officer Director	$0	$134,581	$489,246
AGNES WONG NICKERSON	TREASURER (SDSU EMPLOYEE)	5.00	Officer Director	$0	$120,049	$476,573
HUMBERTO PARADA AS OF 0924	DIRECTOR (SDSU EMP)	15.00	Director	$0	$67,374	$187,404
SWETA SARKAR	DIRECTOR (SDSU EMP)	15.00	Director	$0	$100,107	$298,384
JENNIFER THOMAS AS OF 0924	SECRETARY (SDSU EMP)	15.00	Officer Director	$115,155	$67,313	$354,887
WILLIAM TONG	DIRECTOR (SDSU EMP)	5.00	Director	$0	$124,893	$488,841
MING-HSIANG TSOU	DIR./PRINCIPAL INV. (SDSU EMP)	15.00	Director	$0	$68,689	$216,386
ROBERT ZELLER	DIRECTOR (SDSU EMP)	15.00	Director	$0	$69,571	$226,121
MICHELE GOETZ	CHIEF EXECUTIVE OFFICER (SDSU EMP)	38.00	Officer Director	$45,373	$78,981	$371,554
TOM MCCARRON	EMERITUS, SR. VP (SDSU EMP)	1.00	Director	$0	$0	$0
RANDOLPH PHILIPP THRU 0924	SECRETARY/PRINCIPAL INV. (SDSU EMP)	15.00	Director	$0	$0	$0
VICKIE CAPPS	DIRECTOR	1.00	Director	$0	$0	$0
JOAN COPPENRATH	DIRECTOR	1.00	Director	$0	$0	$0
DAVID PAGE	DIRECTOR	1.00	Director	$0	$0	$0
ALEX WATERS	DIRECTOR	1.00	Director	$0	$0	$0
UDUAK GEORGE AS OF 0924	DIRECTOR (SDSU EMP)	15.00	Director	$0	$65,886	$182,954
LESLIE R LEVINSON SDSU EMP	CHIEF FINANCIAL OFFICER	38.00	Key Emp	$53,349	$74,440	$360,008
DEB NAYLON	CHIEF HR OFFICER (SDSU EMP)	38.00	Key Emp	$34,763	$68,889	$294,095
RACHEL M RAYNOHA	CHIEF INFORMATION OFFICER	50.00	Key Emp	$231,926	$0	$231,926
BRIAN DUTCHER	COACH	0.50	Highest	$2,456,132	$126,008	$2,993,220
SEAN LEWIS	COACH	0.50	Highest	$1,400,000	$116,617	$1,869,216
BRADY HOKE	COACH	0.50	Highest	$757,759	$119,896	$1,230,747
JOHN WICKER	ATHLETIC DIRECTOR	0.50	Highest	$240,500	$137,048	$729,133
JOHN DECKER	KPBS SR. DIR., CONTENT DEVELOPMENT	38.00	Highest	$262,040	$4,364	$266,404

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	$247,529,653	$248,470,456	$297,428,852	$-940,803
2024	$226,239,172	$226,366,998	$298,714,165	$-127,826
2023	$212,399,519	$202,001,372	$283,318,319	$10,398,147
2022	$174,546,329	$188,767,786	$240,261,684	$-14,221,457
2021	$174,580,877	$162,213,136	$208,622,845	$12,367,741
2020	$178,549,792	$161,491,730	$198,532,473	$17,058,062
2019	$183,073,157	$162,442,436	$175,751,705	$20,630,721
2018	$170,263,898	$181,752,674	$141,667,500	$-11,488,776

SAN DIEGO STATE UNIVERSITY FOUNDATION SDSU RESEARCH FOUNDATION