2024-05-02T12:55:54+00:00 2023-06-30 350921680 CROWE LLP 401 East Las Olas Blvd Suite 1100 Fort Lauderdale FL 333014230 990 2022-07-01 351052049 Purdue Research Foundation PURD 7655881061 1281 Win Hentschel Blvd West Lafayette IN 47906 Scott Seidle CFO and Treasurer 7655881061 2024-05-02 true Scott Seidle 999009999 Brittney Kocaj P01320603 9542028600 2022 2023-04-26 12:10:37Z BRIAN EDELMAN 1281 Win Hentschel Blvd West Lafayette IN 47906 722167807 false X www.prf.org X 1930 IN The primary mission of Purdue Research Foundation is to advance the mission of Purdue University. 16 16 502 16 0 0 114383081 43909235 51869029 39353397 80246916 51169151 9200774 34989921 255699800 169421704 44196394 52470396 0 43046709 49227169 0 38988481 70592948 97468704 157836051 199166269 97863749 -29744565 4144181780 4439087595 2835297933 3139042992 1308883847 1300044603 The primary mission of Purdue Research Foundation is to advance the mission of Purdue University. false false 112776718 52470396 42972844 Purdue Research Foundation (the Foundation) was created in 1930. The primary purpose of the Foundation is to promote the educational purpose of Purdue University (the University); seek, acquire, manage gifts, bequests and endowments; make funding available to faculty, staff, and students to aid in scientific investigation, research or educational studies; develop land to provide proper spaces for the University's innovations to thrive; and manage intellectual property developed at the University and ensure technologies developed at the University are patented and licensed and to advance these innovations toward market impact by assisting start-up companies formed around intellectual property developed at the University. 112776718 true true false false false true false true true true true false false true true false true false false true false false false false false false true false true false false false false false true false false true false false false true true true true false false true 297 0 true 502 true true true false false false false 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78637 0 30038 Brian Edelman President 40.0 1.0 X 352689 0 43821 Brooke Beier VP, Office of Technology Commercialization 40.0 0.0 X 288235 0 70398 Emily Najem Assistant Secretary 40.0 0.0 X 170699 0 43564 Greg Deason SVP and Director of Innovation and Entrepreneurship 40.0 0.0 X 292944 0 64672 Karen Plaut Vice President for Research (beg Jan 2023) 1.0 0.0 X 0 0 0 Scott Seidle CFO & Treasurer 40.0 0.0 X 364456 0 44045 Tammy Metzinger Assistant Treasurer 40.0 0.0 X 149734 0 32867 Theresa Mayer Vice President for Research (until Feb 2023) 1.0 0.0 X 0 0 0 Blair Webb Director of Investments 40.0 0.0 X 326936 0 47453 Bonnie Glick Director Krach Institute for Tech Diplomacy (Partial Year) 40.0 0.0 X 460444 0 47457 David Broecker Chief Innovation and Collaboration Officer 40.0 0.0 X 437980 0 39655 David Cooper Chief Investment Officer 40.0 0.0 X 529011 0 45605 Matthew Folk P4L President & CEO and VP Univ Advancement 40.0 0.0 X 426106 0 51006 3877871 0 560581 104 false true false Schwegman Lundberg Woessner & Kluth PA 1600 TCF Tower Minneapolis MN 55402 Legal Services 1089062 Ratio Architects LLC 935 West Troy Avenue Indianapolis IN 46225 Construction Design 843587 Hartman Global IP Law 2621 Chicago St Suite A Valparaiso IN 46383 Legal Services 529222 Reichel Stohry Dean LLP PO Box 300 Princeton NJ 08543 Legal Services 519349 912 Solutions 8500 E 116th St 6388 Fishers IN 46038 Consulting 494917 22 43909235 24439163 43909235 Administrative Services 561110 39353397 39353397 0 0 0 0 39353397 25801151 25801151 23265094 23265094 14504483 6399103 8105380 0 8105380 8105380 410209000 161506000 387098000 159249000 23111000 2257000 25368000 25368000 Flight Service Income 900099 1173349 1173349 Membership Income 900099 274459 274459 Consulting Income 900099 173174 173174 1998465 1998465 0 0 3619447 169421704 42972844 0 82539625 52470396 52470396 2059563 514891 1338716 205956 36271850 4291244 10037221 21943385 3819368 429379 1035185 2354804 4351719 371082 1122529 2858108 2724669 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4174155 1274845 61431194 10967897 50463297 212149724 Real Estate 113122801 F Natural Resources 107673957 F Hedge Funds 350828362 F Funds invested with Purdue University OTHER ALTERNATIVE INVESTMENTS 1975527172 F 2547152292 Gift Annuity Payable 5173221 Due on split interest trusts 50538750 55711971 X Schedule D, Part II, Line 5 Conservation easements policy PURDUE RESEARCH FOUNDATION HAS A POLICY IN PLACE TO ENSURE ANNUAL MONITORING OF CONSERVATION EASEMENTS FOR FEDERAL GUIDELINE COMPLIANCE. Schedule D, Part II, Line 9 Conservation easements financial reporting CONSERVATION EASEMENTS ARE CONSIDERED ASSETS ON THE BALANCE SHEET. ANY EXPENSES ASSOCIATED WITH THE MONITORING, INSPECTING, AND ENFORCING OF EASEMENTS ARE EXPENSED IN THE YEAR INCURRED. Schedule D, Part IV, Line 2b Explanation of escrow agreement THE FOUNDATION ACTS AS A CUSTODIAN FOR CERTAIN CONTRIBUTIONS RECEIVED BY AFFILIATE FOUNDATIONS FOR THE BENEFIT OF PURDUE UNIVERSITY. THE FOUNDATION HOLDS THESE FUNDS AS A TRUSTEE UNTIL THEY ARE EXPENDED FOR THE UNIVERSITY. THE EXCESS OF CONTRIBUTIONS OVER EXPENDITURES IS SHOWN AS A LIABILITY ON THE BALANCE SHEET. THE FOUNDATION ALSO ACTS AS AGENT TO PROVIDE ALL NECESSARY SERVICES FOR THE PROPER ADMINISTRATIONS OF THE PURDUE UNIVERSITY'S ENDOWMENTS AND OTHER INVESTABLE ASSETS. INVESTMENT ASSETS OF THE UNIVERSITY ARE HELD IN AGENCY FOR THE UNIVERSITY AND ARE REFLECTED ON THE BALANCE SHEET WITH A CORRESPONDING LIABILITY ON THE BALANCE SHEET. Schedule D, Part V, Line 4 Intended uses of endowment funds The endowment funds are held for the benefit of Purdue University to be used for scholarships and awards. Schedule D, Part X, Line 2 FIN 48 (ASC 740) footnote The Foundation is exempt from income taxes under Section 501(c)(3) of the United States Internal Revenue Code and a similar provision of state law. However, the Foundation is subject to federal income tax on any unrelated business taxable income. The Foundation is not considered to be a private foundation. Current accounting standards require the Foundation to disclose the amount of potential benefit or obligation to be realized as a result of an examination performed by a taxing authority. For the years ended June 30, 2023 and 2022, management has determined that the Foundation does not have any tax positions that result in any uncertainties regarding the possible impact on the Foundation's financial statements. The Foundation does not expect the total amount of unrecognized tax benefits to significantly change in the next 12 months. The Foundation recognizes interest and/or penalties related to income tax matters in income tax expense. The Foundation did not have any amounts accrued for interest and penalties at June 30, 2023 and 2022. As a not-for-profit entity, the Foundation is exempt from federal and state income taxes. However, its wholly-owned subsidiary, Park LLC, is a for-profit Indiana entity subject to federal and state income taxes. Park LLC has net operating loss carry forwards of approximately $2,306 and $3,622 as of June 30, 2023 and 2022, respectively. Central America and the Caribbean 0 0 Investments 328370231 Europe (Including Iceland and Greenland) 0 0 Investments 12276329 North America (Canada & Mexico only) 0 0 Investments 6243059 East Asia and the Pacific 0 0 Investments 5819529 0 0 0 0 0 0 352709148 0 352709148 true false true true true false Schedule F, Part I, Line 3 Method used to account for expenditures on org's financial statements CENTRAL AMERICA AND THE CARIBBEAN-Accrual; EAST ASIA AND THE PACIFIC-Accrual; EUROPE (INCLUDING ICELAND AND GREENLAND)-Accrual; NORTH AMERICA (CANADA & MEXICO ONLY)-Accrual true Purdue University 610 Purdue Mall West Lafayette IN 47901 356002041 501(C)(3) 52227816 Scholarship and Research BOILERMAKER HEALTH INNOVATIONS INC 1281 WIN HENTSCHEL BLVD WEST LAFAYETTE IN 47906 261999384 501(C)(3) 242580 General Support 2 0 Schedule I, Part I, Line 2 Procedures for monitoring use of grant funds. AT THE BEGINNING OF THE TAX YEAR, PURDUE UNIVERSITY SUBMITS AN APPROVED BUDGET FOR GRANT REQUESTS TO THE PURDUE RESEARCH FOUNDATION. FUNDS ARE TRANSFERRED TO THE UNIVERSITY ON A QUARTERLY BASIS ACCORDING TO THE APPROVED BUDGET TO BE AWARDED BY PURDUE. ALL MONEY GRANTED TO PURDUE UNIVERSITY IS USED FOR PROGRAM ACTIVITIES TO FURTHER EDUCATION AND RESEARCH ACTIVITIES. X true true X X X false false false false false false false true false Greg Deason SVP and Director of Innovation and Entrepreneurship 290608 0 288 0 2048 0 44695 0 19977 0 357616 0 0 0 Brian Edelman President 348597 0 288 0 3804 0 30500 0 13321 0 396510 0 0 0 Scott Seidle CFO & Treasurer 360604 0 288 0 3564 0 30500 0 13545 0 408501 0 0 0 Tammy Metzinger Assistant Treasurer 148514 0 288 0 932 0 15375 0 17492 0 182601 0 0 0 Brooke Beier VP, Office of Technology Commercialization 287515 0 288 0 432 0 45037 0 25361 0 358633 0 0 0 Emily Najem Assistant Secretary 170169 0 288 0 242 0 18296 0 25268 0 214263 0 0 0 David Cooper Chief Investment Officer 347488 0 180713 0 810 0 30500 0 15105 0 574616 0 0 0 Matthew Folk P4L President & CEO and VP Univ Advancement 324318 0 101788 0 0 0 30500 0 20506 0 477112 0 0 0 David Broecker Chief Innovation and Collaboration Officer 241375 0 196605 0 0 0 24500 0 15155 0 477635 0 0 0 Bonnie Glick Director Krach Institute for Tech Diplomacy (Partial Year) 258698 0 200000 0 1746 0 26077 0 21380 0 507901 0 0 0 Blair Webb Director of Investments 240419 0 86205 0 312 0 25000 0 22453 0 374389 0 0 0 Schedule J, Part I, Line 1a First-class or charter travel PURDUE RESEARCH FOUNDATION OWNS AN AIRPLANE USED BY THE PURDUE AVIATION DEPARTMENT FOR EDUCATIONAL TRAINING. THE PLANE IS ALSO USED ON OCCASION BY THE PURDUE BOARD OF TRUSTEES AND MANAGEMENT FOR TRAVEL FOR BUSINESS PURPOSES. PURDUE RESEARCH FOUNDATION EXPENSES ASSOCIATED WITH THE AIRPLANE ARE EXCLUDED FROM TAXABLE INCOME FOR THE INDIVIDUALS SINCE THEY ARE USED FOR BUSINESS PURPOSES. Schedule J, Part I, Line 7 Non-fixed payments The compensation plan for the Chief Innovation and Collaboration Officer, the Director of Investments, the Chief Investment Officer, the P4L President & CEO and VP Univ Advancement, and the Karch Institute Director provides that an "AT-RISK" performance bonus may be awarded should certain performance metrics be achieved. In 2022 each of those individuals was awarded a performance bonus, based on these metrics. SMN Investments Inc Owned 100% by current director, Scott Niswonger 125297 SMN Investments Inc for use of Cessna 510 Citation Mustang aircraft as part of timesharing agreement with PRF. false X 345 22302163 Market value X 5 2137000 Market value 4 false true false Schedule M, Part I Explanations of reporting method for number of contributions Securities - Publicly traded - Number of Contributions Real estate - Residential - Number of Contributions Form 990, Part VI, Line 1a Delegate broad authority to a committee The Executive Committee shall consist of 7 members: 4 members of said committee shall be nominated by the Chair and elected annually by the Board of Directors from the membership of said Board, provided that no more than two (2) may be Group Two directors. Such members of said Committee shall serve for one year and until their successors are duly elected and qualified. The President shall be a member ex-officio of said Committee with full voting rights, and the Chair and Vice-Chair shall also be members of said Committee, with the Chair serving as the chair of said Committee. The Executive Committee has general oversight of all questions affecting the policy, property, and functions of the Foundation subject to the control and direction of the Board of Directors. During intervals between Board meetings, the Executive Committee may exercise all authority of the Board of Directors in the management of the Foundation, except as limited by the Board of Directors. Form 990, Part VI, Line 2 Family/business relationships amongst interested persons Scott Niswonger and Brian Edelman - Business relationship Form 990, Part VI, Line 4 Significant changes to organizational documents During the fiscal year ended June 30, 2023, the organization amended its bylaws to change the number of directors on the board from fifteen to sixteen. Form 990, Part VI, Line 11b Review of form 990 by governing body The Form 990 will be completed annually after the audit is complete. The company's President and Chief Financial Officer will review the Form 990 with the Company's Finance and Audit Committee. After resolving any questions or updates, the Form 990 will be presented to the board members. All questions and concerns of the members of the board will be addressed by the Chief Financial Officer and incorporated into the Form 990 as appropriate. After all input has been appropriately addressed, the Form 990 will be filed by the due date. Form 990, Part VI, Line 12c Conflict of interest policy A conflict of interest questionnaire is completed annually by all employees and board members. Any conflicts of interest are investigated by the human resources department. If a conflict of interest is established, human resources will establish safeguards to protect all parties involved. Form 990, Part VI, Line 15a Process to establish compensation of top management official The president of the Board in discussions with the Board members determines and recommends the compensation of the president of the Foundation using comparability data from similar foundations. The salary is then approved as a part of the annual budget process and documented in the board of director minutes. The budget was reviewed by the board and approved in 2023. Form 990, Part VI, Line 15b Process to establish compensation of other employees Purdue Research Foundation's President reviews and approves all the routine and non-routine suggested salary increases. High level and Key executives are reviewed by a compensation committee of the foundation's board. The Compensation Committee shall consist of all members of the Executive Committee. The Compensation Committee shall have the responsibility to ensure, under the direction of the President, the ongoing development and review of job classifications, salary ranges and performance reviews. The Compensation Committee will periodically review the salary and benefits of the Chair of the Board of Directors and the President of the Corporation, as well as the salary and benefits of other employees of the Corporation who hold positions of significant management responsibility. No member of the Compensation Committee may participate in a formal committee review of, or a final committee action with respect to, his or her own compensation. The compensation committee uses comparability data from similar organization and foundation in its review. The approval of the salaries is documented in the Executive Committee minutes. The full Board approves the annual operating budget which includes all salaries at the aggregate level. Form 990, Part VI, Line 19 Required documents available to the public The governing documents and financial statements are available to the general public upon request to Purdue Research Foundation. The conflict of interest policy is not available to the public at this time. Form 990, Part VIII, Line 11d Other Miscellaneous Revenue All Other Income - Total Revenue: 1998465, Related or Exempt Function Revenue: 1998465, Unrelated Business Revenue: , Revenue Excluded from Tax Under Sections 512, 513, or 514: ; Schedule F, Part I, Line 3 ACTIVITIES PER REGION THE AMOUNTS REPORTED REFLECT VARIOUS FOREIGN INVESTMENTS WHICH ARE CATEGORIZED BY THE REGION AS DETERMINED BY THE DOMICILE OF EACH INVESTMENT. ALL INVESTMENTS FOR A PARTICULAR REGION HAVE BEEN AGGREGATED ACCORDINGLY. 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