2025-02-07T06:42:38-05:00 2024-09-30 PWC US TAX LLP 655 NEW YORK AVE NW SUITE 1100 WASHINGTON DC 20001 990 2023-10-01 833566518 AUBURN RESEARCH PARK I % MELANIE WRIGHT AUBU 3348447480 570 DEVALL DRIVE SUITE 101 AUBURN AL 36832 DR STEVEN TAYLOR ARTF PRESIDENT 3348444623 2025-02-15 true TRAVIS L PATTON P00369623 2054144000 2025-02-03 2023 2025-03-06 01:10:19Z DR STEVEN TAYLOR 570 DEVALL DRIVE SUITE 101 AUBURN AL 36832 3320657 false X N/A X 2019 AL ARPI WAS ESTABLISHED AS A SPECIAL PURPOSE ENTITY TO TAKE ADVANTAGE OF THE NEW MARKET TAX CREDIT FINANCING. 10 9 0 0 0 0 0 0 95 99 3337951 3320558 3338046 3320657 0 0 0 0 0 0 0 0 0 3299190 3261984 3299190 3261984 38856 58673 36410979 35784709 37974082 37130176 -1563103 -1345467 ARPI WAS ESTABLISHED AS A SPECIAL PURPOSE ENTITY TO TAKE ADVANTAGE OF THE NEW MARKET TAX CREDIT FINANCING. false false 3261984 3320657 On September 16, 2020, the Foundation entered into a thirty-year lease agreement to lease space inside Building 5, owned by ARPI. ARTF plans to operate an event center and sublease caf space inside the new building. 3261984 true false false false false false false false false false true false false false true false false true false false false false false false false false false false false true false false false false false false false false false false false false false true false true false true 3 0 true 0 false false false false false false false false false false false false false false false false false X 10 9 false false true false false true false true false false false true true true true true true false false false AL X MELANIE WRIGHT 3348446537 570 DEVALL DRIVE STE 101 AUBURN AL 36832 STEVEN TAYLOR PRESIDENT 1.0 0.0 X X 0 421469 58815 BILL DEAN EXEC. DIRECTOR RET. 10/31/23 1.0 0.0 X 0 448152 23342 CARY CHANDLER SENIOR DIRECTOR RET 03/29/2024 1.0 0.0 X 0 161308 32413 JAMES SANFORD CHAIRMAN 1.0 0.0 X X 0 0 0 BILL HAM VICE PRESIDENT 1.0 0.0 X X 0 0 0 CAROLINE ADERHOLDT DIRECTOR 1.0 0.0 X 0 0 0 GREGORY J BARKER DIRECTOR 1.0 0.0 X 0 0 0 PHILLIP DUNLAP DIRECTOR 1.0 0.0 X 0 0 0 LAURA GRILL DIRECTOR 1.0 0.0 X 0 0 0 PATRICK T MURPHY JR DIRECTOR 1.0 0.0 X 0 0 0 HEATH PARKER DIRECTOR 1.0 0.0 X 0 0 0 ZEKE W SMITH DIRECTOR 1.0 0.0 X 0 0 0 0 1030929 114570 0 true true false 0 0 0 99 99 0 0 3321166 3321166 0 3321166 3321166 0 0 0 0 0 0 0 0 0 0 OTHER INCOME -608 -608 -608 3320657 3320657 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 52255 52255 0 17500 17500 0 0 158078 158078 0 0 0 1453171 1453171 0 1347477 1347477 0 REPAIRS AND MAINTENANCE 232931 232931 OTHER EXPENSES 572 572 0 0 3261984 3261984 0 0 X 282207 319587 0 0 0 0 1926043 2516664 0 0 0 0 0 0 0 0 0 0 37860186 4951151 34168670 32909035 0 0 0 0 0 0 0 0 34059 39423 36410979 35784709 39981 43656 0 0 253504 145979 0 0 0 0 0 0 37200811 36736202 0 0 479786 204339 37974082 37130176 X -1563103 -1345467 0 0 -1563103 -1345467 36410979 35784709 X 58673 158963 X false true X true false X X X 1 AUBURN UNIVERSITY 636000724 2 true 0 0 1 0 0 true false false false false false false false false false false false false false false true true true X SCHEDULE A, PART IV, SECTION D, LINE 2, 3 & SECTION E, LINE 1C ALTHOUGH ARPI IS SEPARATE AND INDEPENDENT FROM THE UNIVERSITY, ITS MISSION IS TO FACILITATE THE ACQUISITION, CONSTRUCTION AND EQUIPPING OF A TECHNOLOGY AND RESEARCH PARK ON THE UNIVERSITY'S CAMPUS IN ORDER TO CREATE NEW ACADEMIC AND ENTREPRENEURIAL OPPORTUNITIES FOR THE UNIVERSITY'S FACULTY AND STUDENTS. CONSIDERATION RECEIVED BY THE UNIVERSITY FROM THE FOUNDATION INCLUDES THE TRADITIONAL BENEFITS ENJOYED BY A UNIVERSITY FROM AN AFFILIATED RESEARCH PARK, INCLUDING BUT NOT LIMITED TO, INCREASED EXPOSURE FOR DEVELOPMENT AND COMMERCIALIZATION OF THE UNIVERSITY'S INTELLECTUAL PROPERTY AND TECHNOLOGIES, INCREASED RESEARCH OPPORTUNITIES FOR THE UNIVERSITY'S STUDENTS AND PROFESSORS, AND HEIGHTENED EXPOSURE WITHIN THE COMMERCIAL WORLD OF THE TECHNOLOGICAL CAMPUS OFFERINGS. ARPI's BOARD INCLUDES MEMBERS WHO ARE ALSO MEMBERS OF THE VCOM BOARD OF DIRECTORS, AUBURN UNIVERSITY FOUNDATION BOARD OF DIRECTORS, UNIVERSITY BOARD OF TRUSTEES AS WELL AS OTHER UNIVERSITY EMPLOYEES. A BANKING RELATIONSHIP EXISTS BETWEEN ARPI AND A FINANCIAL INSTITUTION WHOSE CHAIRMAN IS A MEMBER OF THE FOUNDATION BOARD AND THE UNIVERSITY'S BOARD OF TRUSTEES. ADDITIONALLY, ONE BOARD MEMBER AND THE THE SPOUSE OF ONE BOARD MEMBER ARE ALSO ON THE BOARD OF RIVER BANK & TRUST WHERE THE LOC AND THE CONSTRUCTION LOAN WERE OBTAINED. ARPI AND THE UNIVERSITY ENTERED INTO AN OPERATING AGREEMENT (THE AGREEMENT), WHICH GOVERNS THE GENERAL AND ADMINISTRATIVE AND DEVELOPMENT FINANCIAL RELATIONSHIPS BETWEEN THESE TWO ENTITIES. IN SUMMARY, THE AGREEMENT STATES THAT IN RETURN FOR CERTAIN SERVICES AND FACILITIES THAT ARE WITHIN THE CAPABILITY AND CONTROL OF THE UNIVERSITY, ARPI WILL REIMBURSE THE UNIVERSITY FOR THE COST OF SUCH SERVICES AND FACILITIES. ARPI MAKES AN ANNUAL DETERMINATION OF ITS ALLOCABLE SHARE OF THESE COSTS AND RECORDS THE TRANSACTION. AS DISCUSSED BELOW, UNPAID AMOUNTS AT SEPTEMBER 30 ARE INCLUDED IN "OTHER PAYABLE TO AUBURN UNIVERSITY" ON THE STATEMENTS OF CONSOLIDATED FINANCIAL POSITION. ARPI AND THE UNIVERSITY REVIEW THE AGREEMENT ANNUALLY AND PROVIDE AN ESTIMATE OF THE MAXIMUM CONSIDERATION TO BE PAID FOR THE UPCOMING YEAR FOR APPROVAL BY THE RESPECTIVE BOARDS. THE UNIVERSITY DID NOT CHARGE THE FOUNDATION FOR ANY PERSONNEL COSTS IN FISCAL YEARS 2024 AND 2023. PERSONNEL COSTS INCURRED BY THE UNIVERSITY AND NOT REIMBURSED BY THE FOUNDATION WERE $1,252,277 AND $1,236,659 IN FISCAL YEARS 2024 AND 2023, RESPECTIVELY. THESE COSTS ARE REFLECTED IN ARPI's CONSOLIDATED FINANCIAL STATEMENTS AS GENERAL AND ADMINISTRATIVE EXPENSE AND AS CORRESPONDING CONTRIBUTION REVENUE WITHOUT DONOR RESTRICTIONS. ARPI ENTERED INTO SUBCONTRACTS WITH THE UNIVERSITY TO PROVIDE SERVICES TO FULFILL THE FOUNDATION'S SPONSORED PROJECT AGREEMENTS. THE UNIVERSITY PROVIDES CERTAIN OPERATING SERVICES TO THE FOUNDATION. AS OF SEPTEMBER 30, 2024 AND 2023, THE FOUNDATION OWED THE UNIVERSITY $27,004 AND $25,338, RESPECTIVELY, RELATED TO THESE SERVICES. ALL AMOUNTS OWED TO THE UNIVERSITY ARE SHOWN IN "OTHER PAYABLES TO AUBURN UNIVERSITY" ON THE STATEMENTS OF CONSOLIDATED FINANCIAL POSITION. THE AMOUNTS DUE FROM THE UNIVERSITY TO THE FOUNDATION OF $2,295,211 AND $1,756,061 AT SEPTEMBER 30, 2024 AND 2023, RESPECTIVELY PRIMARILY RELATE TO DEFERRED RENT ASSOCIATED WITH LONG TERM LEASES BETWEEN THE UNIVERSITY AND THE FOUNDATION. THESE AMOUNTS ARE INCLUDED IN "ACCOUNTS RECEIVABLE"DEFERRED RENT ASSET" ON THE STATEMENTS OF CONSOLIDATED FINANCIAL POSITION. THE FOUNDATION HELD LEASE AGREEMENTS WITH TEN UNIVERSITY DEPARTMENTS IN FISCAL YEAR 2024, WHEREBY THE DEPARTMENTS LEASED OFFICE SPACE FROM THE FOUNDATION. AS LEASING TENANTS, THE UNIVERSITY DEPARTMENTS REMIT A MONTHLY RENTAL FEE TO THE FOUNDATION IN ACCORDANCE WITH THEIR LEASE AGREEMENTS. ARTF RECOGNIZED RENTAL INCOME OF $2,583,572 AND $2,650,817 FROM THE UNIVERSITY DURING FISCAL YEARS ENDED SEPTEMBER 30, 2024 AND 2023, RESPECTIVELY. DURING FISCAL YEAR 2018, THE UNIVERSITY ENTERED INTO AN AGREEMENT TO LEASE SPACE IN BUILDING 5 AND MADE A PREPAYMENT OF $245,000. UPON COMMENCEMENT OF THE LEASE AND OCCUPANCY OF THE FACILITY BY THE UNIVERSITY, FOR A PERIOD OF TEN YEARS, $24,500 SHALL BE CREDITED AND DEDUCTED ANNUALLY FROM ALL RENT OTHERWISE PAYABLE BY THE UNIVERSITY TO THE FOUNDATION FOR THE LEASE OF SPACE (THE "RENT CREDIT"). THIS RENT CREDIT SHALL SERVE AS A DECLINING CREDIT ACCOUNT IN FAVOR OF THE UNIVERSITY AGAINST THE PREPAYMENT FUNDS. THE UNIVERSITY BEGAN THEIR LEASE WITH THE FOUNDATION FOR BUILDING 5 ON SEPTEMBER 16, 2020. DURING FISCAL YEARS 2024 AND 2023, $24,500 OF THE PREPAID RENT WAS RECOGNIZED AS REVENUE. ON SEPTEMBER 16, 2020, THE FOUNDATION ENTERED INTO A THIRTY-YEAR LEASE AGREEMENT TO LEASE SPACE INSIDE BUILDING 5, OWNED BY ARPI. ARTF OPERATES AN EVENT CENTER AND IS THE SUBLESSOR OF CAF SPACE INSIDE THE NEW BUILDING. INTERCOMPANY RENTAL REVENUE AND RENTAL EXPENSES TOTALED $336,013 AND $359,109 IN FISCAL YEARS 2024 AND 2023, RESPECTIVELY. INTERCOMPANY RENTAL REVENUE AND RENTAL EXPENSES IS ELIMINATED DURING CONSOLIDATION. 36238420 3701313 32537107 1621767 1249839 371928 32909035 0 DEPOSITS 27840 INTEREST PAYABLE 149495 OTHER PAYABLE TO AUBURN UNIVER 27004 204339 6928181 1407721 2199803 3607524 3320657 3320657 6418044 1407721 1748339 3156060 3261984 3261984 OTHER REVENUE AND EXPENSES INCLUDED IN FINANCIAL STATEMENTS BUT NOT ON 990 ARPI IS INCLUDED IN CONSOLIDATED, INDEPENDENT AUDITIED FINANCIAL STATEMENTS FOR THE TAX YEAR. INCOME AND EXPENSES NOT REPORTED ON ARPI'S 990 ARE REPORTED INCLUSIVE OF INTERCOMPANY ELIMINATIONS ON A SEPERATE 990 FILED FOR AUBURN RESEARCH & TECHNOLOGY FOUNDATION (EIN: 20-1806718). false false false false false false false false false BILL DEAN EXEC. DIRECTOR RET. 10/31/23 448152 23342 471494 CARY CHANDLER SENIOR DIRECTOR RET 03/29/2024 161308 32413 193721 STEVEN TAYLOR PRESIDENT 421469 58815 480284 PART VI, SECTION B, LINE 11B The Form 990 is reviewed by key members of the management team and the Board of Directors. PART VI, SECTION B, LINE 12C ALL CONFLICTS OF INTEREST OR APPARENT CONFLICTS OF INTEREST OF DIRECTORS ARE TO BE DISCLOSED TO THE CHAIRPERSON OF THE BOARD AND THE EXECUTIVE DIRECTOR. CONFLICTS OR APPARENT CONFLICTS OF ALL OTHERS ACTING FOR OR ON BEHALF OF THE ARP1 ARE TO BE DISCLOSED TO THE EXECUTIVE DIRECTOR. VIOLATIONS OF THE POLICY, INCLUDING FAILURE TO DISCLOSE CONFLICTS, MAY RESULT IN TERMINATION OF THE CONFLICTED PERSON. PART VI, SECTION A, LINE 8B THE FOUNDATION DID NOT HAVE ANY COMMITTEES WITH THE AUTHORITY TO ACT ON BEHALF OF THE GOVERNING BODY. PART VI, SECTION C, LINE 19 AUBURN RESEARCH PARK I MAKES ITS GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, AND FINANCIAL STATEMENTS AVAILABLE TO THE GENERAL PUBLIC UPON REQUEST. PART XI, LINE 9 Consolidation adjustment pushed down to Auburn Research Park I PART X, LINE 19 DEFERRED REVENUE DURING FISCAL YEAR 2018, THE UNIVERSITY ENTERED INTO AN AGREEMENT TO LEASE SPACE IN BUILDING 5 AND MADE A PREPAYMENT OF $245,000. UPON COMMENCEMENT OF THE LEASE AND OCCUPANCY OF THE FACILITY BY THE UNIVERSITY, FOR A PERIOD OF TEN YEARS, $24,500 SHALL BE CREDITED AND DEDUCTED ANNUALLY FROM ALL RENT OTHERWISE PAYABLE BY THE UNIVERSITY TO THE FOUNDATION FOR THE LEASE OF SPACE (THE "RENT CREDIT"). THIS RENT CREDIT SHALL SERVE AS A DECLINING CREDIT ACCOUNT IN FAVOR OF THE UNIVERSITY AGAINST THE PREPAYMENT FUNDS. THE UNIVERSITY BEGAN THEIR LEASE WITH THE FOUNDATION FOR BUILDING 5 ON SEPTEMBER 16, 2020. DURING FISCAL YEARS 2024 AND 2023, $24,500 OF THE PREPAID RENT WAS RECOGNIZED AS REVENUE. AUBURN RESEARCH & TECHNOLOGY FOUNDATION 570 DEVALL DRIVE STE 101 AUBURN AL 36832 201806718 Supporting Or AL 501(C)(3) NA false AUBURN UNIVERSITY AUBURN UNIVERSITY AUBURN AL 36849 636000724 PUBLIC UNIV. AL 115 2 NA false false false false false true false false false false true false false false true true false false true true Auburn Research & Technology Foundation e 7082000 Note Payable Auburn Research & Technology Foundation j 336013 Rental Income Auburn University j 2583572 Rental Income