Michigan State University Research Foundation
Also known as Michigan State University Research Foundation
Michigan State University Research Foundation reported $44.7 million in revenue and $24.9 million in expenses for the fiscal year ending June 30, 2025. Of every $100 it spent, $81.84 went to program services, $18.16 to management and general costs and $0.00 to fundraising. Its largest source of revenue was investment income: 73.9% of the total. Government grants made up 18.4%. The highest compensation it reported for one person was $530,933 (CEO). 16 people received more than $100,000 in reportable compensation. Revenue rose 167% between FY2020 and FY2025. Source: Form 990, FY2025.
Where $100 of spending went
The fiscal year ending June 30, 2025 · Form 990, Part IX, line 25 · total expenses $25MFor context, the median across 5,499 covered education charities: $85.56 programs, $13.59 management, $0.85 fundraising (medians computed separately, so they may not sum to $100).
Where $100 of revenue came from
The fiscal year ending June 30, 2025 · Form 990, Part VIII · total revenue $45MThe 990 scorecard · same measures for every charity, no grades
| Measure | FY2025 | Median |
|---|---|---|
| Program services Part IX 25(B) ÷ 25(A) | 81.8% | 84.4% |
| Management & general Part IX 25(C) ÷ 25(A) | 18.2% | 13.4% |
| Fundraising Part IX 25(D) ÷ 25(A) | 0.0% | 0.8% |
| Fundraising cost per $1 of contributions Part IX 25(D) ÷ Part VIII 1h | $0.00 | $0.04 |
| Contributions & grants share of revenue Part VIII 1h ÷ 12 | 19.9% | 19.1% |
| Government grants share of revenue Part VIII 1e ÷ 12 | 18.4% | 1.1% |
| Program service revenue share Part VIII 2g ÷ 12 | 2.0% | 69.9% |
| Highest reported compensation Part VII-A, columns D–F | $530,933 | $331,578 |
| Highest compensation as share of expenses Part VII-A ÷ Part IX 25(A) | 2.13% | 1.28% |
| People paid over $100,000 Part VII, line 2 | 16 | 8 |
| Net assets, in months of expenses Part X 33(B) ÷ monthly expenses | 290.5 | 13.3 |
| Independent voting board members Part VI 1a–1b | 22 of 23 | 100.0% |
A median is context, not a target: hospitals, universities, food banks and grantmakers spend in very different ways. What these measures can and can't tell you.
What the money paid for, in its own words
FY2025 · Form 990, Part III · the three largest programs by expenseGranting funds to advance research and the university's scholarly infrastructure of teaching and dissemination of new knowledge, underwriting msu's work in technology commercialization, developing, scaling and de-risking technologies fostering the creation of startup enterprises originating from msu through the foundation's spartan innovations and investment holdings subsidiaries, and providing facilities and building sites at the university corporate research park and foundation park I for technology enterprises, university technology-development initiatives, and university/industry…
Highest reported compensation
FY2025 · Form 990, Part VII, Section A · roles as filed; names are in the filing, not here| Role | From this org | From related orgs | Other | Total |
|---|---|---|---|---|
| CEO Director/trustee, officer, 37.00 hrs/week | $463,297 | $0 | $67,636 | $530,933 |
| EXECUTIVE DIRECTOR, VENTURES Key employee, 40.00 hrs/week | $352,004 | $0 | $57,057 | $409,061 |
| DIRECTOR OF FINANCE Officer, 38.00 hrs/week | $196,517 | $0 | $41,149 | $237,666 |
| DIRECTOR OF VENTURE CREATION Highest compensated employee, 40.00 hrs/week | $165,949 | $0 | $46,906 | $212,855 |
| DIRECTOR OF VENTURE CREATION Highest compensated employee, 40.00 hrs/week | $161,359 | $0 | $34,814 | $196,173 |
| VENTURE ASOCIATE Highest compensated employee, 40.00 hrs/week | $151,264 | $0 | $21,224 | $172,488 |
| DIRECTOR VENTURE INVESTMENTS Highest compensated employee, 40.00 hrs/week | $150,314 | $0 | $21,303 | $171,617 |
| DIRECTOR, VENTURE PROGRAMMING Highest compensated employee, 40.00 hrs/week | $139,429 | $0 | $24,614 | $164,043 |
16 people received more than $100,000 in reportable compensation from Michigan State University Research Foundation (Part VII, line 2). Compensation of current officers, directors and key employees totaled $1.4M (Part IX, line 5).
6 years of filings
Form 990, Parts I, VII, IX and X · each row is that year's own filing, linkedGovernance answers, as filed
FY2025 · the organization's own yes/no answers; explanations, if any, are in Schedule O of the filing · what each means- Voting board members, and how many are independent Part VI, lines 1a–1b23 · 22 independent
- Audited financial statements Part XII 2bYes
- Conflict-of-interest policy Part VI 12aYes
- Whistleblower policy Part VI 13Yes
- Document retention policy Part VI 14Yes
- Independent process for top executive pay Part VI 15aYes
- Board given the 990 before filing Part VI 11aYes
- Family or business ties among insiders Part VI 2Yes
- Aware of a significant diversion of assets Part VI 5No
- Excess benefit transaction with an insider Part IV 25aNo
- Loans to or from insiders outstanding Part IV 26No
- Lobbying, or a 501(h) election in effect Part IV 4Yes
- Over $15,000 of professional fundraising services Part IV 18No
- Over $10,000 of activity outside the U.S. Part IV 14bYes
- Employees Part I, line 543
- Volunteers Part I, line 622
Largest outside contractors
FY2025 · Form 990, Part VII, Section B · businesses only| CAMBRIDGE ASSOCIATES LLC Consulting services | $281,250 |
| PUBLIC SECTOR CONSULTANTS Consulting services | $192,379 |
| PENTASTAR AVIATION LLC Air & ground transport | $154,392 |
Individuals listed as contractors are left out. 6 contractors were paid more than $100,000 in all.
Private foundation grants it received
2 private foundations reported grants to Michigan State University Research Foundation totaling $59,901 on their tax year 2023 Form 990-PF returns. See which foundations, on WHOFUNDS.
Source: WHOFUNDS open grant graph, matched from Form 990-PF Part XV.
Correct a figure or respond
Every number above is copied from Michigan State University Research Foundation's own Form 990. If one doesn't match the filing, that's our error and we'll fix it. If you work for Michigan State University Research Foundation, you can publish a response that is linked from this page.
Share or embed this breakdown
Of every $100 Michigan State University Research Foundation spent in FY2025, $81.84 went to programs. The full breakdown, from its IRS Form 990:
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Questions people ask
How much of Michigan State University Research Foundation's spending goes to programs?
In the fiscal year ending June 30, 2025, Michigan State University Research Foundation reported that 81.8% of its $24.9 million in expenses went to program services, 18.2% to management and general and 0.0% to fundraising (Form 990, Part IX).
How much does Michigan State University Research Foundation pay its top executive?
The largest total compensation Michigan State University Research Foundation reported for one person in the fiscal year ending June 30, 2025 was $530,933, for the role of CEO (Form 990, Part VII, including compensation from related organizations and other compensation).
Where does Michigan State University Research Foundation get its money?
Of $44.7 million in revenue in the fiscal year ending June 30, 2025, 19.9% came from contributions and grants (including 18.4% from government grants) and 2.0% from program service revenue (Form 990, Part VIII).
Is Michigan State University Research Foundation a registered charity?
The IRS lists EIN 23-7326030 as a 501(c)(3) organization (organization operated for a governmental college or university), and its records show contributions as tax-deductible. Form 990 filings on record here cover tax years 2019, 2020, 2021, 2022, 2023, 2024. A filing shows what the organization reported; it doesn't by itself show whether a program works.
Sources
- FY2025: Form 990 for the fiscal year ending June 30, 2025, object 202621329349306732 · read the filing
- FY2024: Form 990 for the fiscal year ending June 30, 2024, object 202521349349304157 · read the filing
- FY2023: Form 990 for the fiscal year ending June 30, 2023, object 202441359349312899 · read the filing
- FY2022: Form 990 for the fiscal year ending June 30, 2022, object 202321329349308717 · read the filing
- FY2021: Form 990 for the fiscal year ending June 30, 2021, object 202231339349308263 · read the filing
- FY2020: Form 990 for the fiscal year ending June 30, 2020, object 202101379349305555 · read the filing
All filings for EIN 23-7326030: ProPublica Nonprofit Explorer · IRS Tax Exempt Organization Search. Figures are as the organization reported them; we have not audited them.