2021-11-23T14:39:44-06:00 2021-06-30 366055558 GRANT THORNTON LLP 757 THIRD AVENUE 3RD FLOOR NEW YORK NY 100172013 990 2020-07-01 475599177 ASU ENTERPRISE PARTNERS ASUE 4809653759 PO BOX 2260 TEMPE AZ 852802260 VIRGINIA E DESANTO VP/TREASURER/CFO 4809651791 2021-11-23 1 VIRGINIA DESANTO XXX-XX-XXXX DANIEL ROMANO P00504182 2125990100 3 AAL1 IAL1 2020 2022-09-23 18:48:47Z DAN DILLON PO BOX 2260 TEMPE AZ 852802260 47426766 0 X WWW.ASUENTERPRISEPARTNERS.ORG X 2015 AZ SEE SCHEDULE O 11 9 161 9 -1147830 0 39368050 13416747 3414351 3963907 6220107 5269732 3613051 5944241 52615559 28594627 2013016 2977733 0 0 4469776 3758686 0 0 84762 13863780 11801714 20346572 18538133 32268987 10056494 278595963 301976784 175292649 165964290 103303314 136012494 X SEE SCHEDULE O 0 0 6634635 336279 4263075 SEE SCHEDULE O 1389338 1705204 SEE SCHEDULE O 6898411 2641454 3629035 SEE SCHEDULE O 14922384 1 1 0 1 0 0 0 0 0 0 1 0 0 1 1 1 0 1 0 0 0 0 0 0 0 0 0 1 0 1 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 1 1 0 0 1 38 0 1 161 1 1 1 0 0 0 0 0 0 0 0 0 0 0 X 11 9 0 0 1 0 0 0 0 1 1 0 1 1 1 1 1 1 1 1 1 1 1 1 AZ X VIRGINIA E DESANTO 4809651791 300 E UNIVERSITY DRIVE TEMPE AZ 85281 DANIEL DILLON PRESIDENT AND CEO 25.00 35.00 X X 563463 0 66147 VIRGINIA DESANTO VP/TREASURER/CFO 15.00 35.00 X X 338015 0 35951 WILLIAM POST CHAIR 1.00 1.00 X X 0 0 0 JAUNITA FRANCIS VICE CHAIR 1.00 1.00 X X 0 0 0 MORGAN OLSEN DIRECTOR 1.00 2.00 X 0 0 0 JOSE CARDENAS DIRECTOR 1.00 1.00 X 0 0 0 JOHN W GRAHAM DIRECTOR 1.00 1.00 X 0 0 0 JAY HEILER DIRECTOR (THRU 04/30/21) 1.00 0.00 X 0 0 0 ANNE MARIUCCI DIRECTOR 2.00 2.00 X 0 0 0 HARRY PAPP DIRECTOR (THRU 04/30/21) 1.00 1.00 X 0 0 0 GREG VOGEL DIRECTOR (THRU 04/30/21) 2.00 0.00 X 0 0 0 KEITH WIRTZ DIRECTOR (THRU 04/30/21) 2.00 0.00 X 0 0 0 TONY COREY DIRECTOR (THRU 04/30/21) 1.00 1.00 X 0 0 0 STEVE EVANS DIRECTOR (THRU 04/30/21) 1.00 0.00 X 0 0 0 BOB JOHNSON DIRECTOR (THRU 04/30/21) 1.00 1.00 X 0 0 0 GARY TRUJILLO DIRECTOR (THRU 04/30/21) 1.00 0.00 X 0 0 0 SCOTT WALD DIRECTOR (THRU 04/30/21) 2.00 1.00 X 0 0 0 ROGER WITTLIN DIRECTOR (THRU 04/30/21) 2.00 0.00 X 0 0 0 STEVE BETTS DIRECTOR 1.00 1.00 X 0 0 0 MICHAEL CROW DIRECTOR 1.00 1.00 X 0 0 0 JIM O'BRIEN DIRECTOR 1.00 2.00 X 0 0 0 JIM AMEDURI DIRECTOR (THRU 04/30/21) 1.00 0.00 X 0 0 0 HOPE SHARETT SECRETARY/GENERAL COUNSEL 15.00 35.00 X 248742 0 42379 AUGUSTINE CHENG CEO & MD (SI) 50.00 0.00 X 618233 0 36238 MITCHELL LEVIN THRU 011521 CEO & MANAGING DIRECTOR 40.00 0.00 X 516336 0 64797 JEFFREY MINDLIN VP OF INVESTMENTS 40.00 0.00 X 320199 0 45698 DEBBIE WILLIAMS VP OF COMMUNICATIONS 40.00 0.00 X 262914 0 28213 KYLE SIEGAL SVP & CHIEF PATENT COUNSEL 40.00 0.00 X 238815 0 43247 CHARLIE LEWIS SENIOR VP OF VENTURE DEVELOPMENT 40.00 0.00 X 229518 0 36530 KENNETH POLASKO EXECUTIVE VP PHYSICAL SCIENCES 40.00 0.00 X 233333 0 19499 RICK SHANGRAW FORMER PRESIDENT/CEO (THRU 01/03/21) 0.00 0.00 X 132897 0 4296 MARCEL VALENTA FORMER OFFICER (THRU 05/01/20) 0.00 0.00 X 220310 0 19638 3922775 0 442633 42 1 1 0 QUARLES AND BRADY LLP TWO NORTH CENTRAL AVENUE PHOENIX AZ 850042391 SI PATENT PROSECUTION 657013 PLAZA DEL RIO MANAGEMENT CORP 9401 W THUNDERBIRD ROAD STE 200 PEORIA AZ 85381 MANAGEMENT SERVICES 542745 POLSINELLI PC 700 W 47TH STREET STE 1000 KANSAS MO 64112 SI PATENT PROSECUTION 474223 THE HACKETT GROUP 1001 BRICKELL BAY DRIVE STE 3000 MIAMI FL 33131 CONSULTING 420000 WITHROW AND TERRANOVA PLLC 106 PINEDALE SPRINGS WAY CARY NC 27511 PATENT PROSECUTION 409932 47 13416747 13416747 PROGRAM RENTALS 532000 2276669 2276669 PROGRAM SUPPORT 611710 1569821 1569821 PROGRAM REVENUE AND ME 541900 117417 117417 3963907 5863881 -1147830 7011711 132332 132332 178502 0 178502 178502 178502 18237990 18832139 -594149 -594149 -594149 OTHER PROGRAM SERVICE 900099 3894916 3894916 ASSET MANAGEMENT FEES 900099 1738491 1738491 5633407 28594627 9597314 -1147830 6728396 2977733 2977733 200941 112527 58273 30141 2842183 1577027 1223799 41357 158662 85350 73312 386615 143186 236132 7297 170285 76696 93589 47707 47707 1055705 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76867979 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 102250 0 255030 0 357280 0 18180853 0 18538133 0 1000000 0 250000 0 0 0 1000000 1000000 1000000 1000000 4000000 6000000 344780 487280 418965 357280 1608305 250000 250000 250000 250000 1000000 1500000 70000 172500 124750 102250 469500 5450000 5450000 73050000 19174004 8873459 83350545 1986309 1110483 875826 4529050 1227363 3301687 92978058 NET INV IN DIRECT FINANCING 17990000 ASSETS WITH LIMITED USE 9190939 OTHER ASSETS 700654 27881593 ASSETS HELD FOR OTHER ENTITIES 52877540 INTEREST RATE SWAP LIABILITY 6689253 TAXABLE BONDS 370603 59937396 X 441502696 20131714 392776355 412908069 28594627 0 28594627 214612023 185804368 185804368 28807655 498363 -10767885 -10269522 18538133 PART X, LINE 2: FIN 48 (ASC 740) FOOTNOTE EP IS EXEMPT FROM FEDERAL INCOME TAX UNDER SECTION 501(A) AS AN ORGANIZATION DESCRIBED IN SECTION 501(C)(3) AND IS FURTHER CLASSIFIED AS PUBLIC CHARITY AS DESCRIBED IN SECTIONS 509(A)(1) AND 170(B)(1)(A)(IV) OF THE INTERNAL REVENUE CODE (CODE). THE ORGANIZATION IS SUBJECT TO TAX ON INCOME UNRELATED TO ITS EXEMPT PURPOSE, UNLESS THAT INCOME IS OTHERWISE EXCLUDED BY THE CODE. THE ORGANIZATION HAS PROCESSES PRESENTLY IN PLACE TO ENSURE THE MAINTENANCE OF ITS TAX-EXEMPT STATUS; TO IDENTIFY AND REPORT UNRELATED INCOME; TO DETERMINE ITS FILING AND TAX OBLIGATIONS IN JURISDICTIONS FOR WHICH IT HAS NEXUS; AND TO IDENTIFY AND EVALUATE OTHER MATTERS THAT MAY BE CONSIDERED TAX POSITIONS. UR AND SI AND ALL SINGLE MEMBER LLCS UNDER THEM HAVE NOT ELECTED TO BE TAXED AS CORPORATIONS AND, THEREFORE, ARE ALL DISREGARDED ENTITIES OF EP FOR FEDERAL, STATE, AND LOCAL INCOME TAX PURPOSES. VENTURES IS A FOR PROFIT CORPORATION WHOLLY OWNED BY SI, AND IS A SPARATEL ENTITY FOR FEDERAL, STATE, AND LOCAL INCOME TAX PURPOSES. THE ORGANIZATION FOLLOWS GUIDANCE THAT CLARIFIES THE ACCOUNTING FOR UNCERTAINTY IN TAX POSITIONS TAKEN OR EXPECTED TO BE TAKEN IN A TAX RETURN, INCLUDING ISSUES RELATING TO FINANCIAL STATEMENT RECOGNITION AND MEASUREMENT. THIS GUIDANCE PROVIDES THAT THE TAX EFFECTS FROM AN UNCERTAIN TAX POSITION CAN ONLY BE RECOGNIZED IN THE FINANCIAL STATEMENTS IF THE POSITION IS "MORE-LIKELY-THAN-NOT" TO BE SUSTAINED IF THE POSITION WERE TO BE CHALLENGED BY A TAXING AUTHORITY. THE ASSESSMENT OF THE TAX POSITION IS BASED SOLELY ON THE TECHNICAL MERITS OF THE POSITION, WITHOUT REGARD TO THE LIKELIHOOD THAT THE TAX POSITION MAY BE CHALLENGED. THE ORGANIZATION HAS DETERMINED THAT THERE ARE NO MATERIAL UNCERTAIN TAX POSITIONS THAT REQUIRE RECOGNITION OR DISCLOSURE IN THE FINANCIAL STATEMENTS AS JUNE 30, 2021 AND 2020. ADDITIONALLY, THE ORGANIZATION RECOGNIZES INTEREST AND PENALTIES RELATED TO UNRECOGNIZED TAX BENEFITS AS A COMPONENT OF INCOME TAX EXPENSE. AS OF JUNE 30, 2021, AND 2020, NO INTEREST OR PENALTIES WERE REQUIRED TO BE RECORDED. PART XI, LINE 2D - OTHER ADJUSTMENTS: ASUF REVENUE 337,435,181. ASURE REVENUE 57,628,345. RCASU REVENUE 1,534,825. SERVICE AGREEMENT - COST REIMBURSEMENT 13,189,971. CHANGE IN SWAP 2,022,609. PROGRAM RENTAL EXPENSES -2,422,086. SHARED SERVICES 10,562,133. ELIMINATIONS BETWEEN OUTSIDE ENTITIES -27,174,623. PART XII, LINE 2D - OTHER ADJUSTMENTS: ASUF TOTAL EXPENSE 148,448,920. ASURE TOTAL EXPENSE 52,433,928. RCASU TOTAL EXPENSE 1,534,009. SHARED SERVICES 11,348,927. ELIMINATIONS -27,961,416. PART XII, LINE 4B - OTHER ADJUSTMENTS: PROGRAM RENTAL EXPENSES 2,422,086. EP SERVICE AGREEMENT - COST REIMBURSEMENT -5,258,776. UR SERVICE AGREEMENT - COST REIMBURSEMENT -510,033. SI SERVICE AGREEMENT - COST REIMBURSEMENT -7,421,162. 1 ARIZONA STATE UNIVERSITY PO BOX 870502 TEMPE AZ 85287 860196696 115 71797 PROGRAM SUPPORT ASU FOUNDATION FOR A NEW AMERICAN UNIVERSITY PO BOX 2260 TEMPE AZ 85280 866051042 501(C)(3) 2903436 PROGRAM SUPPORT 2 PART I, LINE 2: PROCEDURES FOR MONITORING THE USE OF GRANT FUNDS GRANTS PAID CONSIST OF FUNDS PROVIDED TO ARIZONA STATE UNIVERSITY AND OTHER NON-PROFITS FOR ASU RELATED INITIATIVES, WHICH ARE ACCOUNTED FOR AND MONITORED THROUGH THE USE OF ACCOUNTS AND ACCOUNT PURPOSE AT THE TIME OF EACH DISBURSEMENT. X X X X 1 1 X X X 1 0 0 0 0 0 0 1 0 AUGUSTINE CHENG CEO & MD (SI) 459697 0 137675 0 20861 0 19950 0 16288 0 654471 0 0 0 DANIEL DILLON PRESIDENT AND CEO 512540 0 50000 0 923 0 39450 0 26697 0 629610 0 0 0 MITCHELL LEVIN THRU 011521 CEO & MANAGING DIRECTOR 378836 0 137500 0 0 0 39450 0 25347 0 581133 0 0 0 VIRGINIA DESANTO VP/TREASURER/CFO 262357 0 75658 0 0 0 19393 0 16558 0 373966 0 0 0 JEFFREY MINDLIN VP OF INVESTMENTS 267158 0 53020 0 21 0 19950 0 25748 0 365897 0 0 0 DEBBIE WILLIAMS VP OF COMMUNICATIONS 210438 0 52455 0 21 0 16921 0 11292 0 291127 0 0 0 HOPE SHARETT SECRETARY/GENERAL COUNSEL 226242 0 22500 0 0 0 17931 0 24448 0 291121 0 0 0 KYLE SIEGAL SVP & CHIEF PATENT COUNSEL 198712 0 40000 0 103 0 17338 0 25909 0 282062 0 0 0 CHARLIE LEWIS SENIOR VP OF VENTURE DEVELOPMENT 229416 0 0 0 102 0 16356 0 20174 0 266048 0 0 0 KENNETH POLASKO EXECUTIVE VP PHYSICAL SCIENCES 169422 0 0 0 63911 0 9749 0 9750 0 252832 0 0 0 MARCEL VALENTA FORMER OFFICER (THRU 05/01/20) 144097 0 0 0 76213 0 7695 0 11943 0 239948 0 0 0 RICK SHANGRAW FORMER PRESIDENT/CEO (THRU 01/03/21) 116797 0 0 0 16100 0 3393 0 903 0 137193 0 0 0 PART I, LINE 1A HOUSING ALLOWANCE THE MANAGING DIRECTOR OF SKYSONG INNOVATIONS RECEIVES A HOUSING ALLOWANCE, WHICH IS TREATED AS TAXABLE COMPENSATION ON FORM W-2 AND REPORTED ON SCHEDULE J, PART II, COLUMN (B)(III). TRAVEL FOR COMPANIONS THE MANAGING DIRECTOR OF SKYSONG INNOVATIONS RECEIVES TRAVEL REIMBURSEMENTS FOR HIMSELF AND HIS SPOUSE, WHICH IS TREATED AS TAXABLE COMPENSATION ON FORM W-2 AND REPORTED ON SCHEDULE J, PART II, COLUMN (B)(III). TAX INDEMNIFICATION AND GROSS-UP PAYMENTS THE MANAGING DIRECTOR OF SKYSONG INNOVATIONS RECEIVES TAX GROSS-UP PAYMENTS IN RELATION TO AMOUNTS PAID TO HIM FOR HIS HOUSING ALLOWANCE, TAXABLE SPOUSAL TRAVEL, AND REIMBURSEMENT FOR INTERNET EXPENSES. THE GROSS-UPS ARE TREATED AS TAXABLE COMPENSATION ON FORM W-2 AND REPORTED ON SCHEDULE J, PART II, COLUMN (B)(III). SOCIAL CLUB DUES OR INITIATION FEES EP PROVIDES THE PRESIDENT AND CEO WITH A MEMBERSHIP TO A SOCIAL CLUB TO USE FOR BUSINESS PURPOSES. THE MEMBERSHIP IS NON-TAXABLE TO THE PRESIDENT AND CEO AND REPORTED AS NON-TAXABLE BENEFITS ON SCHEDULE J, PART II, COLUMN (D). PART I, LINE 4A KENNETH POLASKO, EXECUTIVE VP PHYSICAL SCIENCES, RECEIVED A SEVERANCE PAYMENT OF $63,750 IN FISCAL YEAR 2021. MARCEL VALENTA, FORMER OFFICER, RECEIVED A SEVERANCE PAYMENT OF $76,213 IN FISCAL YEAR 2021. BOTH INDIVIDUALS SEVERANCE PAYMENTS ARE REPORTED ON SCHEDULE J, PART II, COLUMN B(III). PART I, LINE 7 NON-FIXED PAYMENTS FOR EP, NON-FIXED PAYMENTS ARE BASED ON COMPENSATION AGREEMENTS AND SUCCESS BENCHMARKS STATED IN EMPLOYMENT CONTRACTS. FOR SKYSONG INNOVATIONS, A SINGLE MEMBER LIMITED LIABILITY COMPANY OF EP, THE COMPENSATION CONTRACT FOR THE MANAGING DIRECTOR ALLOWS FOR THE BOARD OF DIRECTORS OF SKYSONG INNOVATIONS TO APPROVE DISCRETIONARY BONUSES WITHOUT FIXED AMOUNT CALCULATIONS BASED ON THE BOARD'S OVERALL SATISFACTION OF THE MANAGING DIRECTOR'S PERFORMANCE. SCHEDULE J, PART II: QUESTIONS REGARDING COMPENSATION EP'S FIVE HIGHEST PAID EMPLOYEES INCLUDES THREE MEMBERS OF THE MANAGEMENT OF ITS SUBSIDIARY, SKYSONG INNOVATIONS, WHICH PROVIDES TECHNOLOGY TRANSFER SERVICES FOR ARIZONA STATE UNIVERSITY. AS ITS SOLE MEMBER, EP HAS DELEGATED RESPONSIBILITY FOR MANAGEMENT OF SKYSONG INNOVATIONS TO THE FIVE-MEMBER BOARD OF DIRECTORS FOR SKYSONG INNOVATIONS, INCLUDING OPERATIONAL ACTIVITIES AND COMPENSATION. A THE INDUSTRIAL DEV AUTH OF THE CITY OF TEMPE AZ 860439481 87972MAB8 2004-07-01 22420000 ACQUIRE, IMPROVE, & EQUIP FACILITY 0 0 0 B THE INDUSTRIAL DEV AUTH OF THE CITY OF TEMPE AZ 860439481 2014-04-22 39050000 REFUND ISSUE 0 0 0 C THE INDUSTRIAL DEV AUTH OF THE CITY OF TEMPE AZ 860439481 2014-12-16 31390000 ACQUIRE, IMPROVE, & EQUIP FACILITY 0 0 0 A 22475006 673135 277740 21524131 2004 0 0 1 1 B 39050000 499252 38550748 2014 1 0 1 1 C 31504958 31504958 2018 0 0 1 1 A 0 0 0 0 0 0 1 B 0 0 0 0 0 0 1 C 0 0 0 0 0 0 1 A 0 0 0 1 1 1 BANK OF AMERICA 30.000000000000 0 0 0 1 1 B 0 0 0 1 0 0 0 0 1 C 0 0 0 1 0 0 0 0 1 A 1 B 1 C 1 SCHEDULE K, PART I, BONDS A-C, ISSUER NAME: THE INDUSTRIAL DEV. AUTH. OF THE CITY OF TEMPE, AZ SCHEDULE K, PART I, BONDS A AND C, PURPOSE OF BOND: TO ACQUIRE, IMPROVE, AND EQUIP FACILITY. SCHEDULE K, PART I, BOND B, PURPOSE OF BOND: THE BOND ISSUED 04/22/2014 WAS USED TO REFUND A BOND ORIGINALLY ISSUED ON 10/28/2003. SCHEDULE K, PART II, LINE 3, BOND A AND BOND C, ISSUE PRICE: THE DIFFERENCE BETWEEN THE ISSUE PRICE LISTED IN PART I, COLUMN (E) AND THE TOTAL PROCEEDS OF ISSUE IN PART II, LINE 3 FOR BOND A AND BOND C REPRESENTS INTEREST INCOME. SCHEDULE K, PART IV, LINE 2C, BOND A AND BOND B, REBATE COMPUTATION: THE REBATE COMPUTATION FOR THE 2004 BOND A WAS LAST PERFORMED ON 6/30/2019. THE REBATE COMPUTATION FOR THE 2014 BOND B WAS LAST PERFORMED ON 4/22/2019. THE REBATE COMPUTATION FOR THE 2014 BOND C WAS LAST PERFORMED ON 12/16/2019. FORM 990, PART I, LINE 1 AND PART III, LINE 1: ORGANIZATION'S MISSION ASU ENTERPRISE PARTNERS SERVES AS THE RESOURCE-RAISING ARM OF ARIZONA STATE UNIVERSITY. AS THE PARENT ORGANIZATION OF FIVE NONPROFITS THAT ARE EACH TASKED WITH IDENTIFYING NEW REVENUE OPPORTUNITIES, ASU ENTERPRISE PARTNERS REPRESENTS A HIGHLY EFFICIENT MODEL FOR DIVERSIFIED REVENUE GENERATION. THROUGH ITS NONPROFITS, ASU ENTERPRISE PARTNERS INVESTS IN INITIATIVES AND PARTNERSHIP OPPORTUNITIES THAT PROVIDE RESOURCES TO ARIZONA STATE UNIVERSITY. FORM 990, PART III, LINE 4A PROGRAM SERVICE ACTIVITY #1 EP THROUGH ITS SUBSIDIARY UNIVERSITY REALTY AIMS TO ADVANCE ASU BY ACCEPTING AND MONETIZING COMMERCIAL OFFICE, RETAIL, MULTIFAMILY BUILDINGS, AS WELL AS VACANT LAND RECEIVED FROM PHILANTHROPIC REAL ESTATE GIFTS FROM DONORS. ADDITIONALLY, THEY TAKE ADVANTAGE OF OPPORTUNITIES TO INVEST, ACQUIRE, AND DISPOSE OF REAL ESTATE AT LOGICAL POINTS IN REAL ESTATE CYCLES. UNIVERSITY REALTY PROVIDES FULL SERVICE, GROUND-UP DEVELOPMENT INCLUDING ACQUISITIONS AND ENTITLEMENTS OF LAND, MASTER-PLANNING AND BUILDING DESIGN, CONSTRUCTION, AND FINANCING OF OFFICE, INDUSTRIAL, AND MULTI-FAMILY PROJECTS. CURRENTLY, THE ORGANIZATION HOLDS $78.5 MILLION IN LAND AND BUILDING INVESTMENTS. UNIVERSITY REALTY OVERSEES PROJECTS NATIONWIDE, FROM SKYSONG IN SCOTTSDALE, TO THE BRICKYARD IN TEMPE, TO THE WASHINGTON CENTER IN THE HEART OF THE DISTRICT OF COLUMBIA. FORM 990, PART III, LINE 4B PROGRAM SERVICE ACTIVITY #2 ASU ENTERPRISE PARTNERS ("EP") THROUGH ITS SUBSIDIARY SKYSONG INNOVATIONS WORKS WITH ASU FACULTY, POSTDOCS, AND STUDENTS TO TRANSLATE THEIR RESEARCH INNOVATIONS INTO COMMERCIAL APPLICATIONS. TO DATE, MORE THAN 160 STARTUPS HAVE BEEN LAUNCHED BASED ON ASU INNOVATIONS, ATTRACTING MORE THAN $833 MILLION IN FUNDING FROM OUTSIDE INVESTORS, GENERATING SUBSTANTIAL LOCAL ECONOMIC IMPACT. THE NATIONAL ACADEMY OF INVENTORS AND THE INTELLECTUAL PROPERTY OWNERS ASSOCIATION NOW RANKS ASU 11TH IN U.S. UTILITY PATENTS GRANTED TO UNIVERSITIES WORLDWIDE. OTHER UNIVERSITIES RANKED ALONGSIDE ASU IN THE TOP 20 INCLUDE MIT, STANFORD UNIVERSITY, JOHNS HOPKINS UNIVERSITY, HARVARD AND THE CALIFORNIA INSTITUTE OF TECHNOLOGY. SKYSONG INNOVATIONS ALSO OPERATES AN OFFICE OUT OF THE ASU CALIFORNIA CENTER IN SANTA MONICA, FACILITATING LINKAGES BETWEEN THE ARIZONA AND SOUTHERN CALIFORNIA INNOVATION ECOSYSTEMS, INCLUDING CONNECTING ASU INVENTORS WITH CALIFORNIA-BASED INVESTORS. FORM 990, PART III, LINE 4C PROGRAM SERVICE ACTIVITY #3 OTHER PROGRAM SERVICE REVENUE. FORM 990, PART VI, SECTION A, LINE 4 SIGNIFICANT CHANGES TO ORGANIZATIONAL DOCUMENTS ON APRIL 30, 2021 THE ASU ENTERPRISE PARTNERS BOARD OF DIRECTORS APPROVED AMENDMENTS TO ITS BYLAWS THAT REDUCED THE MAXIMUM NUMBER OF DIRECTORS FROM TWENTY-FIVE (25) TO ELEVEN (11), INCREASED THE NUMBER OF ASU PRESIDENTIAL APPOINTEES TO THE BOARD FROM TWO (2) TO THREE (3); ELIMINATED THE EXECUTIVE COMMITTEE AND THE INVESTMENT COMMITTEE AS STANDINGS COMMITTEE OF THE BOARD. FORM 990, PART VI, SECTION B, LINE 11B FORM 990 REVIEW PROCESS EP'S FORM 990, RETURN OF ORGANIZATION EXEMPT FROM INCOME TAX, IS PREPARED BY AN OUTSIDE ACCOUNTING FIRM. THE DRAFT IS SUBMITTED TO EP'S MANAGEMENT FOR REVIEW AND ACCURACY OF REPORTING. THE BOARD OF DIRECTORS HAS DELEGATED REVIEW OF THE FORM 990 TO THE AUDIT COMMITTEE. MANAGEMENT AND A REPRESENTATIVE OF THE OUTSIDE ACCOUNTING FIRM REVIEW THE FORM 990 WITH THE AUDIT COMMITTEE. ONCE APPROVED AND ACCEPTED BY THE AUDIT COMMITTEE, A FULL COPY OF THE FORM 990 IS PROVIDED TO THE ENTIRE BOARD OF DIRECTORS. IT IS THEN SIGNED BY THE CFO AND SUBMITTED ELECTRONICALLY TO THE IRS AND BOARD OF DIRECTORS. FORM 990, PART VI, SECTION B, LINE 12C PROCESS FOR MONITORING AND ENFORCEMENT OF CONFLICT OF INTEREST POLICY UPON HIRE AND ON AN ANNUAL BASIS, ALL EMPLOYEES AND BOARD MEMBERS ARE REQUIRED TO DISCLOSE ANY CONFLICTS OR POTENTIAL CONFLICTS RELATING TO THEIR INVOLVEMENT WITH EP. IN ADDITION, ANY TIME THE INDIVIDUALS REFERRED TO ABOVE BECOME AWARE OF A NEW CONFLICT, THEY ARE REQUIRED TO SUBMIT AN UPDATED CONFLICT OF INTEREST/COMMITMENT FORM TO THE EP'S GENERAL COUNSEL. ANY IDENTIFIED CONFLICTS WOULD BE REVIEWED BY THE BOARD CHAIR AND THE CEO TO DETERMINE ANY MITIGATION ACTIONS NEEDED. FORM 990, PART VI, SECTION B, LINE 15 PROCESS FOR ESTABLISHING COMPENSATION OF PRESIDENT/CEO AND KEY EMPLOYEES FOR EP, THE BOARD OF DIRECTORS APPROVES THE COMPENSATION PACKAGE FOR THE PRESIDENT AND CEO BASED ON CURRENT MARKET COMPARISONS PROVIDED BY EP'S HUMAN RESOURCES DEPARTMENT (WHICH OBTAINS THIS INFORMATION FROM AN INDEPENDENT COMPENSATION CONSULTANT), RESPONSIBILITIES OF THE POSITION, GOALS OF EP, AND NEGOTIATIONS WITH THE PRESIDENT AND CEO. ALL OTHER COMPENSATION DECISIONS FOR KEY EMPLOYEES HAVE BEEN DELEGATED FROM THE BOARD OF DIRECTORS TO THE PRESIDENT AND CEO, WHO FOLLOWS A SIMILAR PROCESS AFOREMENTIONED. FORM 990, PART VI, SECTION C, LINE 19 DOCUMENTS MADE AVAILABLE TO THE PUBLIC THE FINANCIAL STATEMENTS FOR EP ARE AVAILABLE UPON REQUEST. THE ORGANIZATION'S GOVERNING DOCUMENTS AND CONFLICT OF INTEREST STATEMENT ARE NOT MADE AVAILABLE TO THE PUBLIC. FORM 990, PART XI, LINE 9: CHANGE IN UNREALIZED SWAP VALUE 2,022,609. 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