2026-02-03T07:42:53-06:00 2025-09-30 PWC US TAX LLP 655 NEW YORK AVE NW SUITE 1100 WASHINGTON DC 20001 990 2024-10-01 833566518 AUBURN RESEARCH PARK I % MELANIE WRIGHT AUBU 3348447480 570 DEVALL DRIVE SUITE 101 AUBURN AL 36832 DR STEVEN TAYLOR ARTF PRESIDENT 3348444623 2026-02-15 true TRAVIS L PATTON P00369623 2054144000 2026-02-15 2024 2025-03-06 01:10:19Z DR STEVEN TAYLOR 570 DEVALL DRIVE SUITE 101 AUBURN AL 36832 3980118 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 99 102 3320558 3980016 3320657 3980118 0 0 0 0 0 0 0 0 0 3261984 3252799 3261984 3252799 58673 727319 35784709 36469721 37130176 36922907 -1345467 -453186 ARPI WAS ESTABLISHED AS A SPECIAL PURPOSE ENTITY TO TAKE ADVANTAGE OF THE NEW MARKET TAX CREDIT FINANCING. false false 3252799 3980118 Building 5 is a 105,880 square foot facility owned by ARPI and is leased to various related and third-party tenants. The building is comprised of an incubator space to assist early stage companies and student entrepreneurs. The building also houses a fully functioning event center operated by ARPI and leased to various related & third-party tenants. 3252799 true false false false false false false false false false true false false true 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 4 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 false 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 X 0 480680 67842 JAMES SANFORD SECRETARY & TREASURER 1.0 0.0 X X X 0 0 0 WILLIAM F HAM JR 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 480680 67842 0 false true false 0 0 0 102 102 0 0 3980016 3980016 0 3980016 3980016 0 0 0 0 0 0 0 0 0 0 0 3980118 3980118 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 53096 53096 0 17500 17500 0 0 156727 156727 0 0 0 1420926 1420926 0 1322477 1322477 0 REPAIRS AND MAINTENANCE 281509 281509 OTHER EXPENSES 564 564 0 0 3252799 3252799 0 0 X 319587 668286 0 0 0 0 2516664 46823 0 0 0 0 0 0 0 0 0 0 38192011 6181976 32909035 32010035 0 0 0 0 0 0 0 0 39423 3744577 35784709 36469721 43656 302880 0 0 145979 131334 0 0 0 0 0 0 36736202 36285562 0 0 204339 203131 37130176 36922907 X -1345467 -453186 0 0 -1345467 -453186 35784709 36469721 X 727319 164962 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, UNIVERSITY BOARD OF TRUSTEES AS WELL AS OTHER UNIVERSITY EMPLOYEES. ADDITIONALLY, THE SPOUSE OF ONE BOARD MEMBER IS 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 2025 AND 2024. PERSONNEL COSTS INCURRED BY THE UNIVERSITY AND NOT REIMBURSED BY THE FOUNDATION WERE $973,268 AND $1,252,277 IN FISCAL YEARS 2025 AND 2024, 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, 2025 AND 2024, THE FOUNDATION OWED THE UNIVERSITY $25,383 AND $27,004, 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 $3,224,570 AND $2,295,211 AT SEPTEMBER 30, 2025 AND 2024, 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 SIX UNIVERSITY DEPARTMENTS IN FISCAL YEAR 2025, 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 $3,370,046 AND $2,583,572 FROM THE UNIVERSITY DURING FISCAL YEARS ENDED SEPTEMBER 30, 2025 AND 2024, 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 2025 AND 2024, $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 $342,012 AND $336,013 IN FISCAL YEARS 2025 AND 2024, RESPECTIVELY. INTERCOMPANY RENTAL REVENUE AND RENTAL EXPENSES IS ELIMINATED DURING CONSOLIDATION. 36238419 4629143 31609276 1953592 1552833 400759 32010035 ORTHER ASSETS 1250 DUE FROM ARTF 295252 DEPOSITS 30555 DUE FROM ARPI 0 DEFERRED RENT ASSET 3417520 3744577 0 DEPOSITS 30174 INTEREST PAYABLE 147574 OTHER PAYABLE TO AUBURN UNIVER 25383 203131 7139486 973268 2186100 3159368 3980118 3980118 6389259 973268 2163192 3136460 3252799 3252799 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 STEVEN TAYLOR PRESIDENT 480680 67842 548522 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 2025 AND 2024, $24,500 OF THE PREPAID RENT WAS RECOGNIZED AS REVENUE. PART VI, SECTION A, LINE 7A The number of directors constituting the board of directors of the Corporation shall be ten (10), and at least six (6) of such directors shall not be either (a) a trustee, officer or employee of Auburn University, or (b) the brother, sister, ancestor, descendant, spouse, brother-in-law, sister-in-law, mother-in-law, or father-in-law of a trustee, officer or employee of Auburn University (each such director, an "Auburn Independent Director"), and at least two (2) of such directors shall not be either (a) a director, trustee, officer or employee of Auburn Research and Technology Foundation, an Alabama nonprofit corporation (the "Foundation"), or (b) the brother, sister, ancestor, descendant, spouse, brother-in-law, sister-in-law, mother-in-law, or father-in-law of a director, trustee, officer or employee of the Foundation (each such director, an "ARTF Independent Directorcollectively with the Auburn Independent Directors, the "Independent Directors"). 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 true false false false true true false false true false Auburn Research & Technology Foundation e 7082000 Note Payable Auburn Research & Technology Foundation j 342012 Rental Income Auburn University j 3370046 Rental Income Auburn University o 973268 Personnel Costs Auburn Research and Technology Foundation r 177050 Interest Expens