2025-04-24T13:09:28-07:00 2024-06-30 135565207 KPMG LLP 550 S HOPE STREET LOS ANGELES CA 90071 990 2023-07-01 911075542 WASHINGTON STATE UNIVERSITY FOUNDATION WASH 5093351686 PO Box 641927 Pullman WA 991641927 Michael C Connell VP Advancement & CEO WSU Foundation 5093356686 2025-04-24 1 1 DAVID HIGHFILL P01517891 3363124646 2025-04-24 2023 2025-03-06 01:10:19Z Michael C Connell PO Box 641927 Pullman WA 991641927 321187003 0 X http://foundation.wsu.edu X 1979 WA The mission of the Foundation is to promote, accept, and maximize private support for programs, initiatives, and properties of Washington State University and its regional campuses. The Foundation also prudently manages, invests, and stewards assets entrusted to it. 23 23 142 230 -364260 0 68920693 77762096 14540857 15541754 22582802 18254299 0 0 106044352 111558149 80476976 77306212 0 0 12034273 12815195 364325 364325 8987588 14954201 16940213 107829775 107425945 -1785423 4132204 722665894 777233513 15330487 15979967 707335407 761253546 X The mission of the Foundation is to promote, accept, and maximize private support for programs, initiatives, and properties of Washington State University and its regional campuses. The Foundation also prudently manages, invests, and stewards assets entrusted to it. 0 0 39825249 39691908 7979719 General Program Support: The Foundation does not directly provide the program service. However, contributions received for this purpose were distributed to the University for use in accordance with donor agreements. These contributions earmarked funds for general and administrative expenses, entrepreneurial activities, and other departmental and university wide programs. 25230625 25146149 5055419 Scholarships & Fellowships: The Foundation does not directly award scholarships and fellowships. However, contributions for these purposes were distributed to the University for use in accordance with donor agreements. Student financial aid was received for loans, graduate fellowships, general scholarships and scholarships with specific criteria, such as merit, need, and multiculturalism. 9341551 9310275 1871751 Facilities Operation and Maintenance: The Foundation does not directly provide facility and maintenance program services. However, contributions received for this purpose are distributed to the University for use in accordance with the donor agreements. Contributions were received for the purchase and maintenance of buildings and equipment. 1884718 1878408 377638 Professorships, Chairs and Instructions: The Foundation does not directly provide this program service. However, contributions received for this purpose were distributed to the University for disbursement in accordance with donor agreements. Contributions were largely used for faculty research projects, salary support and instructions outside the normal classroom. 1283770 1279472 257227 Research: The Foundation does not directly provide this program service. However, contributions received for this purpose were distributed to the University for disbursement in accordance with donor agreements. Contributions were received to further University wide research projects. 3168488 3157880 634865 77565913 1 1 0 1 0 0 0 0 1 1 1 0 0 1 1 1 1 0 0 0 1 0 0 1 0 0 0 1 0 1 0 0 0 0 0 0 0 1 1 1 0 0 1 1 0 0 0 1 X 1 0 1 142 0 1 1 0 0 0 0 0 1 2 0 0 0 1 0 0 0 X 23 23 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 AK CA CO IL KY MA MD MI MN NH NJ NV NY OK OR SC UT WA X X Terry M Kelly 5093587907 PO Box 641927 Pullman WA 991641927 Michael C Connell Vice President, Chief Executive Officer 39.8 0.2 X 421493 0 55667 Harold Don Shearer Senior Associate Vice President 40 0 X 321621 0 46147 Dawn M Barnard - thru June 24 Chief Financial Officer 40 0 X 273488 0 41671 Terry Kelly General Counsel 40 0 X 227191 0 36865 Julie Benson Associate Vice President 40 0 X 229501 0 31125 Victoria Miles Associate Vice President 40 0 X 228510 0 28028 Juan Zavala Associate Vice President 40 0 X 189160 0 28166 Brooke E Ledeboer Senior Director 40 0 X 180382 0 27749 Theresa Boyer Director 40 0 X 162650 0 26422 Elizabeth Ryan Director 40 0 X 158624 0 29645 Brent J Waugh - thru May 24 Assistant Vice President 40 0 X 155525 0 26125 AnaMarie Burton Associate Vice President 40 0 X 123876 0 23227 Bruce Amundson Board Director & Secretary 0.32 0 X X 0 0 0 K Duane Brelsford - thru Dec 23 Board Director 0.16 0 X 0 0 0 Kathy Brindley Board Director 0.32 0 X 0 0 0 Scott Carson - thru Dec 23 Board Director 0.16 0.00 X 0 0 0 Marjorie Chang Board Director 0.32 0 X 0 0 0 Sue Christianson Board Director 0.32 0 X 0 0 0 Jim Coughlin Board Director & Treasurer 0.32 0 X X 0 0 0 Bob Crist - thru Dec 23 Board Director 0.16 0 X 0 0 0 Michael Hambelton Board Director 0.32 0 X 0 0 0 Lisa King - thru Dec 23 Board Director 0.16 0 X 0 0 0 Melanie Lange Board Director 0.32 0 X 0 0 0 Hubert Langenhorst Board Director 0.32 0 X 0 0 0 Richard McKinney Board Director 0.32 0 X 0 0 0 Gina Meyers Board Director 0.32 0 X 0 0 0 John C Minge Board Director & President 0.32 0 X X 0 0 0 Mandy Minick Board Director 0.32 0 X 0 0 0 Caron Ogg Board Director 0.32 0 X 0 0 0 Linda J Nihoul - thru Dec 23 Board Director 0.16 0 X 0 0 0 Sheryl Ossello Board Director 0.32 0 X 0 0 0 Jack Pelo Board Director 0.32 0 X 0 0 0 Molly Philopant Board Director 0.32 0 X 0 0 0 Liz Pritchard Board Director & Vice President 0.32 0 X X 0 0 0 Elizabeth Schneider Board Director 0.32 0 X 0 0 0 Gary Teague Board Director 0.32 0 X 0 0 0 Amy Tull Board Director 0.32 0 X 0 0 0 Eugene J Voiland - thru Dec 23 Board Director 0.16 0 X 0 0 0 Bill Ward Board Director 0.32 0 X 0 0 0 Bob Wolfe Board Director 0.32 0 X 0 0 0 Mike Worthy Board Director 0.32 0.00 X 0 0 0 2672021 0 400837 23 0 1 0 Ellucian 2003 Edmund Halley Drive Reston VA 20191 Consulting 499373 Ruffalo Noel Levitz 1025 Kirkwood Parkway SW Cedar Rapids IA 52404 Fundraising 389899 Mercer 701 Market Street Suite 100 St Louis MO 63101 Investment management 327278 KPMG 401 Union Street Suite 2800 Seattle WA 98101 Audit and tax services 185295 State Street 801 Pennsylvania Ave Kansas City MO 64105 Custodian fees 149184 7 0 0 0 0 0 77762096 10836830 77762096 Management and advancement fee 900099 9825569 9825569 0 0 Program support 900099 5716185 5716185 0 0 0 0 0 0 15541754 5745966 0 -364260 6110226 0 0 0 0 0 0 0 0 0 0 222137187 0 209628854 0 12508333 0 12508333 0 0 12508333 0 0 111558149 15541754 -364260 18618559 77306212 77306212 0 0 0 0 0 0 2150322 0 1452758 697564 0 0 0 0 8038300 187909 3878450 3971941 630950 14750 304431 311769 1260156 29458 608021 622677 735467 17193 354860 363414 8791262 0 8791262 0 871 0 0 871 117205 0 117205 0 102454 0 102454 0 364325 364325 2757731 0 2757731 0 286234 0 286234 0 1098687 0 0 1098687 1267515 0 396380 871135 808666 0 808666 0 0 0 0 0 505651 9907 263992 231752 376723 0 158144 218579 0 0 0 0 519095 0 302348 216747 0 0 0 0 0 0 0 0 24709 484 12900 11325 89682 0 89682 0 193728 0 186926 6802 107425945 77565913 20872444 8987588 0 0 46125 539291 52455965 47708657 1018148 4707 0 0 0 0 317701 268253 0 0 517015 902674 2199569 1608653 615625 590916 591964356 650182888 0 0 0 0 0 0 75730959 77036127 722665894 777233513 2264585 2290237 0 0 308333 284982 0 0 0 0 0 0 0 0 0 0 12757569 13404748 15330487 15979967 X 6984122 4569577 700351285 756683969 707335407 761253546 722665894 777233513 X 4132204 55548779 0 0 0 -5762844 X 0 1 X 1 0 X 64571549 75153014 102514867 68920693 77762096 388922219 64571549 75153014 102514867 68920693 77762096 388922219 4328294 384593925 4168221 4350924 6214003 8054453 5745966 28533567 577706 0 0 0 0 577706 4842842 4947904 4891838 5313491 5716185 25712260 443745752 43072087 0.86670 0.86337 X Schedule A, Part I, Line 12c The WSU Foundation is a Washington Nonprofit Corporation and tax-exempt organization under IRC Section501(C)(3), which exist for the sole and exclusive benefit of Washington State University, a public institution of higher education and an agency of the state of Washington. The WSU Foundation qualifies as a public charity under both IRC Sections 509(A)(1), as described in IRC Section 170(B)(1)(A)(IV), and 509(A)(3), as a type III functionally integrated supporting organization. The WSU Foundation is: (A) operated in connection with Washington State University per its articles of incorporation; (B) responsive to Washington State University through appointment of the University president and a board of regents (I.E., governing board of the University) representative serving on the WSU Foundation's governing board per its bylaws; (C) engaged in fundraising of private support and investment management of endowed funds in support of the mission and initiatives of Washington State University, and that, but for the involvement of the WSU Foundation, these functions would otherwise performed by Washington State University; and (D) supportive of a governmental entity in Washington State University. Consequently, the WSU Foundation qualifies as a "Qualified Organization" for purposes of exemption from debt-financed income under IRC Section 514(C)(9). Schedule A, Part II, Line 10 Other income as a percentage of revenue: Support from Washington State University at 5.12%. RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 1 0 0 0 1 102454 0 0 0 0 102454 0 Schedule C, Part II-B, Line 1 WSU Impact is a volunteer-run program associated with WSU Foundation. The purpose of the program is to prepare educational materials for the public. 1 0 1009611 1009611 0 0 591964357 24662678 65998217 0 32442364 0 650182888 561278881 15482580 45925826 0 30722930 0 591964357 588014605 22975220 -21380855 0 28330089 0 561278881 443705386 25405488 144641975 0 25738244 0 588014605 453053628 23418776 -8282750 0 24484268 0 443705386 0 1 0 1 0 530000 0 530000 0 0 0 0 0 34868 34868 0 0 463115 402199 60916 0 1171586 1171586 0 590916 Assets held in charitable trusts 23869903 Beneficial interest in perpetual trusts 40340547 Bequests and other receivables 599028 Contributions receivable from charitable trusts 5373158 Due from WSU 5301888 Right of use - lease 1551603 77036127 0 Annuities payable 11614195 Remainder interest payable 177881 Lease liability 1612672 13404748 X 158665880 55548779 0 0 -5699575 49849204 108816676 2741473 0 2741473 111558149 104647741 0 0 0 0 0 104647741 2741473 36731 2778204 107425945 Schedule D, Part IV, Line 1b Donations received on behalf of Ruckelshaus Center Foundation and WSU's Endowment established prior to the formation of the Foundation - These are not recognized on the face of the Foundation's financial statements. Schedule D, Part V, Line 4 Endowment Funds are used by Washington State University in accordance with donor agreements for programs and initiatives such as funding for the purpose of scholarships, graduate fellowships, department chairs, distinguished professorships, research, instruction, libraries, operational support, and facilities. Schedule D, Part X, Line 2 The Foundation and its wholly owned subsidiaries have been recognized by the Internal Revenue Service as exempt from federal income taxes under section 501(a) of the Internal Revenue Code as organizations described in section 501(c)3 of the Internal Revenue Code. Unrelated business income is considered taxable income. Donations to the Foundation are generally tax deductible. Neither the Foundation nor its subsidiaries have unrecognized tax benefits that would have required an adjustment to net assets, nor unrecognized tax benefits at June 30, 2024 and 2023. Schedule D, Part XI, Line 2d Direct investment expense - $36,731. Change in the value of the split-interest agreement - $5,662,844. Schedule D, Part XII, Line 4b Direct investment expense - $36,731. Europe (including Iceland and Greenland) 0 0 Investments The diversified endowment portfolio includes investments with a company legally domiciled in the United Kingdom. The investments are recorded at book value - $13,139,685.60. 13139686 0 0 13139686 1 0 1 1 1 0 Schedule F, Part I, Line 3 The diversified endowment portfolio includes investments with a company legally domiciled in the United Kingdom. The investments are recorded at book value - $13,139,686. X X X X X 1 Ruffalo Noel Levitz 1025 Kirkwood Parkway SW Cedar Rapids IA 52404 Solicitation 0 232303 387695 -155392 232303 387695 -155392 All States Schedule G, Part I, Line 2b Per the agreements with the fundraisers noted below, the Foundation paid both fees for services and expenses. The payments were made after the fundraisers submitted itemized invoices. The total payment made to Ruffalo Noel Levitz included services and expenses for the fiscal year was $387,695. Of this total, $364,325 was paid for services, and $23,370 was for miscellaneous expenses. Gross receipts was reported less than the amount paid to the service provided. Only $232,303 was able to be traced directly to this activity. 1 Washington State University NE Wilson Road Pullman WA 99164 919001108 WA STATE 67389797 9916415 Cost, FMV and appraisals works of art, books & publications, clothing, vehicles, equipment, food, real estate, scientific spe Support University activities. 1 0 Schedule I, Part I, Line 2 Washington State University Foundation's principal mission is to fundraise for Washington State University and its regional campuses. It also manages and invests in endowed gifts. All non-endowed donations and quarterly distributions from the endowment pool are deposited directly into the University's account. The funds are expended in accordance with the donor agreements provided to the University by the Foundation. Schedule I, Part II, Line 1 Column (g) Non-cash assistance includes works of art, books & publications, clothing, vehicles, equipment, food, real estate, scientific specimens, and miscellaneous items. X X X X 0 0 0 0 0 0 0 0 0 Michael C Connell Vice President, Chief Executive Officer 421493 0 0 0 0 0 42009 0 13658 0 477160 0 0 0 Harold Don Shearer Senior Associate Vice President 321621 0 0 0 0 0 32489 0 13658 0 367768 0 0 0 Dawn M Barnard - thru June 24 Chief Financial Officer 273488 0 0 0 0 0 28013 0 13658 0 315159 0 0 0 Terry Kelly General Counsel 227191 0 0 0 0 0 23207 0 13658 0 264056 0 0 0 Julie Benson Associate Vice President 229501 0 0 0 0 0 17467 0 13658 0 260626 0 0 0 Victoria Miles Associate Vice President 228510 0 0 0 0 0 15489 0 12539 0 256538 0 0 0 Juan Zavala Associate Vice President 189160 0 0 0 0 0 14508 0 13658 0 217326 0 0 0 Brooke E Ledeboer Senior Director 180382 0 0 0 0 0 14091 0 13658 0 208131 0 0 0 Theresa Boyer Director 162650 0 0 0 0 0 12764 0 13658 0 189072 0 0 0 Elizabeth Ryan Director 158624 0 0 0 0 0 15987 0 13658 0 188269 0 0 0 Brent J Waugh - thru May 24 Assistant Vice President 155525 0 0 0 0 0 12467 0 13658 0 181650 0 0 0 K Duane Brelsford Board Director 397051 Lease - Office space 0 X 9 500869 Expert opinion X 17882 Similar sales X 4755 Similar sales X 76 76336 Similar sales X 101 8191518 FMV at the date of transfer X 2 1444000 Appraisal X 25 33739 Cost X 3 225107 Expert opinion X Animal feed 6 17094 Similar sales X Equipment 8 185601 Similar sales X Miscellaneous 85 139929 Similar sales 5 0 1 1 Schedule M, Part I The Foundation reports a combination of both number of contributions and number of items received in this column. Schedule M, Part I, Lines 25-28 A minimal value of $1.00 is assigned to animals that failed/did not have a medical exam and those of advanced age. Similar sales are used for all other animals. The related feed is valued at cost. Schedule M, Part I, Line 32b The Foundation has contracted with Charitable Auto Resources, Inc (CARS) to administer and operate the Foundation's vehicle donation program. Form 990, Part I, Line 6 Part-time volunteer services are largely provided by the Board of Directors and Advocates and Advocates Emeriti. Board members serve on the following committees: Executive, Governance, Audit, Finance, and Investment. Form 990, Part III, Line 1 The mission of the Foundation is to promote, accept, and maximize private support for programs, initiatives, and properties of Washington State University and its regional campuses. The Foundation also prudently manages, invests, and stewards assets entrusted to it. Form 990, Part V, Line 2b Washington State University processes payroll and files all payroll-related returns for the Foundation. Form 990, Part VI, Section B, Line 11b Review of the Form 990 prior to submission to the IRS -The Form 990, with all required schedules, is reviewed by the Foundation's independent Audit Committee. A complete copy of Form 990 is shared with each member of the Foundation's Board of Directors for their review and comment, prior to filing with the IRS. Form 990, Part VI, Section B, Line 12c Annually after the Fall meeting of the Foundation, the Board of Directors, all officers, and all other Members of the Foundation's standing committees are provided a copy of the WSU Foundation Conflicts of Interest Policy along with a questionnaire and certification statement. The policy is designed to help fiduciaries of the Foundation identify situations that present potential conflicts of interest and to emphasize the importance of adhering to high standards of responsibility, accountability, and public scrutiny. It describes what a conflict of interest is and the process necessary if one is identified. Under the policy, each Board of Director, officer, and standing committee member must file the annual certification statement, at or immediately following the annual meeting of the Foundation. This statement must set forth any conflicts of interest that might be expected to occur within the coming year. The statement shall disclose as fully as possible the nature of the potential conflicts and the nature of the individuals' (or their family members') interest in the potential transactions. All statements that anticipate conflicts of interest are then circulated to the full Board. In the interim, if any Board of Director or committee member or member of his/her family has or is about to assume an interest or other relationship which might result in a conflict of interest, it is the Board of Director's or committee member's responsibility to immediately disclose all material facts to the chair of the Board of Directors or the Chair of the Audit Committee. This conflict of interest process is managed by the internal Foundation Board Relations team which tracks and monitors submission of the annual certification statements and processes instances where a conflict is identified. If a Responsible Person is aware that the WSU Foundation is about to enter into any transaction or make any decision involving a conflict of interest (a "Conflicting Interest Transaction"), such person shall: (i) immediately inform those charged with approving the Conflicting Interest Transaction on behalf of the WSU Foundation of the interest or position of such person or any party related to such person; (ii) aid the persons charged with making the decision by disclosing any material facts within the Responsible Person's knowledge that bears on the advisability of the WSU Foundation entering into the Conflicting Interest Transaction, and (iii) not be entitled to vote on the decision to enter into such transaction. Form 990, Part VI, Section B, Line 15 Line 15a, Compensation Review and Approval process - CEO & Top Management: The Foundation utilizes a search committee to evaluate qualified candidates for skills, experience, fit and conflict of interest. An external compensation specialist provides salary comparisons based on the state of Washington and national data. The documentation regarding deliberations, comparable data and compensation arrangements are maintained as part of the employees' permanent file. This process is followed for all hires within the WSU Foundation. This process is established and was last undertaken in December 2021. Line 15b, Compensation Review and Approval process - Officers & Key Employees: The Foundation utilizes a search committee to evaluate qualified candidates for skills, experience, fit and conflict of interest. An external compensation specialist provides salary comparisons based on the state of Washington and national data. The documentation regarding deliberations, comparable data and compensation arrangements are maintained as part of the employees' permanent file. This process is followed for all hires within the WSU Foundation. This process is established and was last undertaken in February 2022. Form 990, Part VI, Section C, Line 19 The Foundation makes its governing documents, Conflict of Interest Policy, and Financial Statements available to the public through its website - https://foundation.wsu.edu/ and by request. Form 990, Part XI, Line 9 Change in value of split-interest agreement -$5,662,844. Transfer to the related entity -$100,000. WSUF Properties LLC 255 E Main Street Suite 201 Pullman WA 99163 832089247 Assets held for WSU Foundation WA 3540 51466 WSU Foundation Cougar Property Holdings PO Box 641927 Pullman WA 991631927 912031421 Assets held for WSU Foundation WA 501 (c)(3) 12 (a) N/A 0 Ruckelshaus Center 215 Hulbert Hall Pullman WA 99163 204490085 Collaborative problem solving WA 501 (c)(3) 7 N/A 0 Charitable Remainder UT (40) PO Box 641927 Pullman WA 991631927 Charitable trusts WA N/A T 0 Charitable Remainder AT (2) PO Box 641927 Pullman WA 991641927 Charitable trusts WA N/A T 0 0 0 0 0 0 0 0 0 0 0 0 1 0 1 1 0 0 1 1