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OF RED CEDAR VENT. (THRU 01/24) 40.00 0.00 X 175218 0 32507 BRADLEY FINGLAND DIRECTOR OF VENTURE CREATION 40.00 0.00 X 153266 0 34086 FRANK URBAN DIRECTOR OF VENTURE CREATION 40.00 0.00 X 151212 0 44815 KYLE MCGREGOR DIR. 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MISCELLANEOUS REVENUE - 2019 AMOUNT: $ 0. 2020 AMOUNT: $ 0. 2021 AMOUNT: $ 6,237. 2022 AMOUNT: $ 27,496. 2023 AMOUNT: $ 777. FEE FOR VIOLATION OF CONTRACT - 2019 AMOUNT: $ 0. 2020 AMOUNT: $ 150,001. 2021 AMOUNT: $ 0. 2022 AMOUNT: $ 0. 2023 AMOUNT: $ 0. 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HOWEVER, INCOME FROM CERTAIN ACTIVITIES NOT DIRECTLY RELATED TO THE FOUNDATION'S TAX-EXEMPT PURPOSE IS SUBJECT TO TAXATION AS UNRELATED BUSINESS INCOME. MBI AND SHAPE ENGINE ARE EXEMPT FROM FEDERAL INCOME TAXES UNDER SECTION 501(C)(3) OF THE CODE. ACCORDINGLY, NO PROVISION FOR INCOME TAXES FOR EITHER ENTITY IS INCLUDED IN THE ACCOMPANYING CONSOLIDATED STATEMENTS OF ACTIVITIES AND CHANGES IN NET ASSETS. UCRP-I IS EXEMPT FROM FEDERAL INCOME TAXES UNDER SECTION 501(C)(2) OF THE CODE. ACCORDINGLY, NO PROVISION FOR INCOME TAXES FOR THIS ENTITY IS INCLUDED IN THE ACCOMPANYING CONSOLIDATED STATEMENTS OF ACTIVITIES AND CHANGES IN NET ASSETS. SPARTAN INNOVATIONS IS A LOW-PROFIT, LIMITED LIABILITY COMPANY AND IS TREATED AS A DISREGARDED ENTITY (AN ENTITY THAT IS NOT RECOGNIZED AS AN ENTITY SEPARATE FROM ITS OWNER, THE FOUNDATION) FOR INCOME TAX PURPOSES. INVESTMENT HOLDINGS LLC, RED CEDAR VENTURES, MI RISE, AND FOUNDATION PARK ARE FOR-PROFIT LIMITED LIABILITY COMPANIES AND ARE TREATED AS DISREGARDED ENTITIES FOR INCOME TAX PURPOSES. THE ORGANIZATION RECORDS INTEREST AND PENALTIES RELATED TO TAX POSITIONS AS INTEREST EXPENSE OR OTHER EXPENSES, RESPECTIVELY, IN THE CONSOLIDATED STATEMENTS OF ACTIVITIES AND CHANGES IN NET ASSETS. THERE WERE NO MATERIAL INTEREST AND PENALTIES. EUROPE (INCLUDING ICELAND & GREENLAND) 0 0 INVESTMENT 20000000 0 0 0 0 0 0 20000000 0 20000000 1 0 1 1 1 0 PART I, LINE 3, COLUMN (F): THE INVESTMENT EXPENSE IS REPORTED USING THE ACCRUAL METHOD OF ACCOUNTING. 1 MICHIGAN STATE UNIVERSITY BOARD OF TRUSTEES 325 E GRAND RIVER AVE SUITE 275 EAST LANSING MI 48824 386005984 115 11437124 0 SUPPORT UNIVERSITY CROSS EQUIPMENT LLC 41255 TECHNOLOGY PARK DRIVE STERLING HEIGHTS MI 48314 50000 0 STARTUP SUPPORT MOTION GRAZER AI 325 E GRAND RIVER AVENUE SUITE 300 EAST LANSING MI 48823 853244937 47480 0 STARTUP SUPPORT RIDE YOURWAY 109 MICHIGAN STREET NW SUITE 423 GRAND RAPIDS MI 49503 824358888 44598 0 STARTUP SUPPORT VETR HEALTH LLC 109 MICHIGAN STREET NW SUITE 411 GRAND RAPIDS MI 49503 882624352 35438 0 STARTUP SUPPORT MOVEFACTORX 109 MICHIGAN STREET NW SUITE 421 GRAND RAPIDS MI 49503 814328710 35317 0 STARTUP SUPPORT OVERPOWER PO BOX 114 HASTINGS MI 49058 33986 0 STARTUP SUPPORT CURACOLLABORATIVE LLC 109 MICHIGAN STREET NW SUITE 402 GRAND RAPIDS MI 49503 921174797 30968 0 STARTUP SUPPORT TITAN BIOPLASTICS PO BOX 15034 GRAND RAPIDS MI 49515 824947141 25800 0 STARTUP SUPPORT HEALTHBAR 109 MICHIGAN STREET NW SUITE 424 GRAND RAPIDS MI 49503 850943514 25516 0 STARTUP SUPPORT CAVGENE THERAPEUTICS INC 400 MONROE AVE NW GRAND RAPIDS MI 49503 884371366 23721 0 STARTUP SUPPORT BOOKSCORE LLC 17629 88TH AVE COOPERSVILLE MI 48314 801727158 22500 0 STARTUP SUPPORT FARMISH 109 MICHIGAN STREET NW GRAND RAPIDS MI 49503 932751129 22059 0 STARTUP SUPPORT MFGPARTS 470 MARKET AVE SW 285 GRAND RAPIDS MI 49503 921280670 20700 0 STARTUP SUPPORT PREEMIER 301 MICHIGAN STREET NE GRAND RAPIDS MI 49503 851923535 18000 0 STARTUP SUPPORT QUANTITATIVE COIN GRADING 8068 ISLAND COURT STANWOOD MI 49346 923477615 17100 0 STARTUP SUPPORT EMERGENCY MEDICINE INNOVATIONS 109 MICHIGAN STREET NE SUITE 410 GRAND RAPIDS MI 49503 881577952 16871 0 STARTUP SUPPORT ELITE CARE TECHNOLOGIES 4254 OAK FOREST CT SE APT H8 GRAND RAPIDS MI 49546 923997730 16750 0 STARTUP SUPPORT REEL FREE LLC 109 MICHIGAN STREET NW SUITE 403 GRAND RAPIDS MI 49503 883193854 15000 0 STARTUP SUPPORT MESA ENTERPRISES 1406 EAST PINE STREET SUITE 109B MIDLAND MI 48640 14990 0 STARTUP SUPPORT WISCKAR LLC 491 IVY GROVE SOUTH NW GRAND RAPIDS MI 49534 832152909 14750 0 STARTUP SUPPORT ENGAGE SYSTEMS LLC 38 FULTON STREET WEST GRAND RAPIDS MI 49503 13750 0 STARTUP SUPPORT SBE MEDICAL LLC 5384 BLAKELY STREET BELMONT MI 49306 844008109 13500 0 STARTUP SUPPORT CARBON STEALTH DESIGNS LLC 7294 STORYBOOK LN ADA MI 49301 332234532 13200 0 STARTUP SUPPORT STUDENT ACHIEVEMENT SYSTEMS 109 MICHIGAN STREET NW SUITE 418 GRAND RAPIDS MI 49503 812884528 12691 0 STARTUP SUPPORT FAYCREST STUDIOS 216 E SUPERIOR STREET APT 2 ALMA MI 48801 822575390 12500 0 STARTUP SUPPORT VPED 109 MICHIGAN STREET NW SUITE 402 GRAND RAPIDS MI 49503 802839804 10050 0 STARTUP SUPPORT KIKCIT LLC 429 WOODLAWN STREET SUITE 2 GRAND RAPIDS MI 49507 883166178 10000 0 STARTUP SUPPORT LUCID BIOSYSTEMS 109 MICHIGAN STREET NW SUITE 401 GRAND RAPIDS MI 49503 923637741 9508 0 STARTUP SUPPORT LABR INC 161 OTTAWA AVENUE NW SUITE 406 GRAND RAPIDS MI 49503 873010494 8228 0 STARTUP SUPPORT FIELDMAN 6553 TERRY LANE SAWYER MI 49125 5375 0 STARTUP SUPPORT 1 30 PART I, LINE 2: PROCEDURES FOR MONITORING THE USE OF GRANT FUNDS ALL GRANTS TO MICHIGAN STATE RESEARCH UNIVERSITY ARE DISCUSSED AND APPROVED BY THE EXECUTIVE COMMITTEE, GRANTS COMMITTEE, AND BOARD OF DIRECTORS. DISBURSEMENTS ARE MADE THROUGHOUT THE YEAR AS FUNDS ARE REQUESTED. MICHIGAN STATE UNIVERSITY RESEARCH FOUNDATION AND ITS WHOLLY-OWNED SUBSIDIARIES, THROUGH VARIOUS GRANTS THAT IT RECEIVES, WILL MAKE CERTAIN GRANTS TO QUALIFYING STARTUP COMPANIES. THESE GRANTS ARE MADE TO SUBSIDIZE RENT EXPENSE AND/OR PROVIDE RESOURCES TOWARDS COMMERCIALIZATION EFFORTS. X X X X 0 0 0 0 0 0 0 1 0 DAVID WASHBURN CEO/EXECUTIVE DIRECTOR 354104 0 102300 0 593 0 34638 0 29561 0 521196 0 0 0 JEFFREY WESLEY EXECUTIVE DIRECTOR, VENTURES 289871 0 42800 0 593 0 33210 0 27342 0 393816 0 0 0 REBEKAH SKRZYNIARZ DIRECTOR OF FINANCE 143393 0 29400 0 325 0 14920 0 23748 0 211786 0 0 0 PREM BODAGALA DIR. OF RED CEDAR VENT. (THRU 01/24) 151593 0 23300 0 325 0 15735 0 16772 0 207725 0 0 0 FRANK URBAN DIRECTOR OF VENTURE CREATION 130787 0 20100 0 325 0 13590 0 31225 0 196027 0 0 0 BRADLEY FINGLAND DIRECTOR OF VENTURE CREATION 132792 0 20100 0 374 0 13590 0 20496 0 187352 0 0 0 MATT OKONESKI VENTURE ASOCIATE 138167 0 0 0 325 0 13705 0 5304 0 157501 0 0 0 KYLE MCGREGOR DIR. OF HEALTH INNOV. 126020 0 18500 0 325 0 12545 0 0 0 157390 0 0 0 PART I, LINE 7 COMPENSATION INCLUDES BOTH BASE AND VARIABLE COMPENSATION (NON-FIXED PAYMENTS). IN ACCORDANCE WITH ITS POLICIES, ALL ELEMENTS (BASE, VARIABLE, BENEFITS, AND PERQUISITES) ARE COMPARED TO MARKET. FOR THOSE INDIVIDUALS LISTED IN FORM 990, PART VII, SECTION A, LINE 1A, WHO ARE ELIGIBLE, BONUSES ARE PAID PURSUANT TO THEIR SERVICE AGREEMENT WITH THE ORGANIZATION. BONUS AMOUNTS ARE PROPOSED BY THE INDIVIDUAL'S SUPERVISOR TO THE CEO/EXECUTIVE DIRECTOR AND DIRECTOR OF FINANCE. THE BOARD CHAIR APPROVES FINAL BONUS AMOUNTS. BONUS AMOUNTS PAID ARE DIRECTLY CORRELATED TO THE INDIVIDUAL'S PERFORMANCE AND GOAL ACHIEVEMENT. FORM 990, PART VI, SECTION A, LINE 1A DELEGATION OF AUTHORITY ACCORDING TO THE ORGANIZATION'S BY-LAWS, A SIX-MEMBER EXECUTIVE COMMITTEE, CONSISTING OF THE CHAIRPERSON OF THE BOARD, THE VICE CHAIRPERSON, THE PRESIDENT, THE SECRETARY, THE TREASURER, AND CEO/EXECUTIVE DIRECTOR TO ACHIEVE A MEMBERSHIP OF SIX. DURING THE INTERVALS BETWEEN MEETINGS OF THE BOARD, THE EXECUTIVE COMMITTEE SHALL HAVE AND MAY EXERCISE ON BEHALF OF THE BOARD ALL OF THE AUTHORITY OF THE BOARD IN RESPECT TO THE MANAGEMENT OF THE FOUNDATION. THE EXECUTIVE COMMITTEE SHALL OVERSEE BUDGETARY AND FISCAL POLICY AND MAKE RECOMMENDATIONS TO THE BOARD REGARDING THE GENERAL FISCAL POLICY OF THE FOUNDATION. THE EXECUTIVE COMMITTEE SHALL REPORT ITS ACTS TO THE BOARD AT THE NEXT REGULARLY SCHEDULED MEETING OF THE BOARD. FORM 990, PART VI, SECTION A, LINE 2 BUSINESS RELATIONSHIPS CERTAIN LISTED OFFICERS AND BOARD MEMBERS ALSO SERVE AS OFFICERS AND BOARD MEMBERS OF A RELATED ENTITY. FORM 990, PART VI, SECTION B, LINE 11B ORGANIZATION'S PROCESS TO REVIEW FORM 990 THE FORM 990 WAS PREPARED BY A NATIONAL INDEPENDENT ACCOUNTING FIRM IN CONJUNCTION WITH THE ORGANIZATION'S INTERNAL FINANCE DEPARTMENT. A DRAFT OF THE RETURN IS REVIEWED BY THE DIRECTOR OF FINANCE, CEO/EXECUTIVE DIRECTOR, AND INTERNAL ACCOUNTING PERSONNEL. FOLLOWING THE REVIEW AND APPROVAL THE FORM 990 WAS PROVIDED TO EACH OF THE OTHER VOTING MEMBERS OF THE BOARD OF DIRECTORS PRIOR TO THE FILING. FORM 990, PART VI, SECTION B, LINE 12C ENFORCEMENT OF CONFLICTS POLICY: CONFLICT OF INTEREST STATEMENT IS SIGNED BY EACH BOARD MEMBER AT THE START OF EACH NEW CALENDAR YEAR. IF THE BOARD MEMBER IS NOT ABLE TO SIGN OR IF THEY DISCLOSE THAT THERE IS A CONFLICT, THIS IS DISCUSSED WITH THE GOVERNING BOARD. FORM 990, PART VI, SECTION B, LINE 15 COMPENSATION PROCESS FOR TOP OFFICIAL UPON HIRING THE CEO/EXECUTIVE DIRECTOR, THE FOUNDATION UTILIZES INDEPENDENT CONSULTANTS AND THE FOUNDATION'S COMPENSATION COMMITTEE TO PREPARE A WRITTEN OFFER OF EMPLOYMENT LETTER. IN ADDITION, COMPENSATION OF THE CEO/EXECUTIVE DIRECTOR IS REVIEWED BY THE COMPENSATION COMMITTEE EACH YEAR AND COMPENSATION IS ADJUSTED ACCORDINGLY. COMPENSATION PROCESS FOR OFFICERS COMPENSATION OF THE FOUNDATION'S MANAGEMENT TEAM AND REMAINING STAFF IS REVIEWED AND APPROVED AS A SALARY LINE ITEM BY THE BOARD OF DIRECTORS DURING THE ANNUAL (JUNE) BUDGETING PROCESS AND IS DOCUMENTED IN THE BOARD MEETING MINUTES. ANNUALLY, SALARIES ARE REVIEWED BY THE CEO/EXECUTIVE DIRECTOR AND CHIEF FINANCIAL OFFICER WITH LOCAL AND NATIONAL COMPARATIVES TO JOB DESCRIPTIONS FOUND ON THE INTERNET AND WITHIN THE MSU STRUCTURE. FORM 990, PART VI, SECTION C, LINE 19 AVAILABLE UPON REQUEST. FORM 990, PART XI, LINE 9: CAPITAL CONTRIBUTIONS - INVESTMENT HOLDINGS 3,800,000. CAPITAL CONTRIBUTIONS - SPARTAN INNOVATIONS 1,700,000. CAPITAL CONTRIBUTIONS - MICHIGAN RISE 7,612,908. GAIN/LOSS IN SUBSIDIARY -2,036,114. ADJUSTMENT TO VALUE OF ANNUITIES PAYABLE 412,701. PROVISION FOR (RECOVERY OF) CREDIT LOSSES -2,004,291. 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