2025-03-14T20:16:25-05:00 2024-06-30 910189318 MOSS ADAMS LLP 21700 OXNARD ST STE 300 WOODLAND HILLS CA 91367 990 2023-07-01 475599177 ASU ENTERPRISE PARTNERS ASUE 4809653759 PO BOX 2260 TEMPE AZ 852802260 VIRGINIA E DESANTO VP/TREASURER/CFO 4809653759 2025-03-11 1 1 WENDY CAMPOS P00448102 8185771900 2025-03-11 2023 2025-03-06 01:10:19Z MERIDITH RENTZ PO BOX 2260 TEMPE AZ 852802260 38567599 0 X WWW.ASUENTERPRISEPARTNERS.ORG X 2015 AZ ORGANIZATION'S MISSIONASU 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. 12 10 212 11 0 0 4334297 293954 3655351 3717481 3792002 4232250 5764867 5887538 17546517 14131223 15260453 3438775 0 0 7721241 9030576 0 0 534560 12800056 11739778 35781750 24209129 -18235233 -10077906 361760963 367975233 142865385 132222957 218895578 235752276 X SEE SCHEDULE OORGANIZATION'S MISSIONASU 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. 0 0 6515445 5000 5616643 SEE SCHEDULE OEP 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. BUILDING DESIGN, CONSTRUCTION, AND FINANCING OF OFFICE, INDUSTRIAL, AND MULTI-FAMILY PROJECTS. CURRENTLY, THE ORGANIZATION HOLDS $79.4 MILLION IN LAND AND BUILDING INVESTMENTS. UNIVERSITY REALTY OVERSEES PROJECTS NATIONWIDE, FROM SKYSONG IN SCOTTSDALE, TO BRICKYARD IN TEMPE, TO THE WASHINGTON CENTER IN THE HEART OF THE DISTRICT OF COLUMBIA, TO THE HERALD EXAMINER BUILDING IN LOS ANGELES. 972844 5000 1445675 SEE SCHEDULE OEP THROUGH ITS SUBSIDIARY SKYSONG INNOVATIONS WORKS WITH ASU FACULTY, POSTDOCS, AND STUDENTS TO TRANSLATE THEIR RESEARCH INNOVATIONS INTO COMMERCIAL APPLICATIONS. TO DATE, MORE THAN 250 STARTUPS HAVE BEEN LAUNCHED BASED ON ASU INNOVATIONS, ATTRACTING MORE THAN $1.4 BILLION IN FUNDING FROM OUTSIDE INVESTORS, GENERATING SUBSTANTIAL LOCAL ECONOMIC IMPACT. THE NATIONAL ACADEMY OF INVENTORS AND THE INTELLECTUAL PROPERTY OWNERS ASSOCIATION NOW RANKS ASU 9TH IN THE WORLD. UTILITY PATENTS GRANTED TO UNIVERSITIES WORLDWIDE. OTHER UNIVERSITIES RANKED ALONGSIDE ASU IN THE TOP 20 INCLUDE MIT, STANFORD UNIVERSITY, JOHN HOPKINS UNIVERSITY, HARVARD AND THE CALIFORNIA INSTITUTE OF TECHNOLOGY. SKYSONG INNOVATIONS ALSO OPERATES AN OFFICE OUT OF THE ASU CALIFORNIA CENTER IN SANTA MONICA, FACILITATE LINKAGES BETWEEN THE ARIZONA AND SOUTHERN CALIFORNIA INNOVATION ECOSYSTEMS, INCLUDING CONNECTING ASU INVENTORS WITH CALIFORNIA-BASED INVESTORS. 5475218 3428775 2157631 SEE SCHEDULE OEP MANAGES INVESTMENT POOLS AND PROGRAMS THAT GENERATE REVENUE THROUGH INVESTMENTS IN EDUCATION TECHNOLOGY COMPANIES AND AN ANGEL INVESTOR MEMBERSHIP PROGRAM TO ADVANCE ASU-AFFILIATED STARTUPS. 12963507 1 1 0 1 0 0 0 0 0 0 1 0 0 1 1 1 0 1 0 0 1 0 0 0 0 0 0 1 0 1 1 0 0 0 0 0 0 0 0 0 0 1 0 0 0 1 1 1 1 0 0 1 90 0 1 212 1 0 0 0 0 0 0 0 0 0 0 0 0 X 12 10 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 1 1 X VIRGINIA E DESANTO 4809651791 PO BOX 2260 TEMPE AZ 852802260 DANIEL DILLON PRESIDENT AND CEO (THRU 12/23) 37.00 3.00 X X 824034 0 76505 GRETCHEN BUHLIG DIRECTOR & CEO (ASUF) 1.00 49.00 X 0 611432 82365 AUGUSTINE CHENG MD & CEO (SI) 50.00 0.00 X 611701 0 52574 JEFF MINDLIN CHIEF INVESTMENT OFFICER 40.00 0.00 X 372431 0 59147 JEFF ROBERTS MANAGING DIRECTOR UR 50.00 0.00 X 378163 0 44901 KYLE SIEGAL ED & CHIEF PATENT COUNSEL 40.00 0.00 X 307117 0 53471 VIRGINIA E DESANTO VICE PRESIDENT, CFO & TREASURER 38.00 12.00 X X 305588 0 44378 HOPE SHARETT GENERAL COUNSEL/CORPORATE SECRETARY (THRU 12/23) 47.00 3.00 X 292576 0 49941 STEPHANIE LEACH CHIEF TECH. OFFICER (THRU 12/23) 40.00 0.00 X 295351 0 34383 CHARLIE LEWIS VP VENTURE DEV. & PHYS SCI. (SI) 40.00 0.00 X 256887 0 44007 RAHIMA MISTRY VP STRATEGIC INSIGHTS & ANALYTICS 40.00 0.00 X 251142 0 46872 MARK SEARLE PRESIDENT AND CEO (3/24 THRU 6/24) 37.00 3.00 X X 0 0 0 JOHN GRAHAM CHAIR 1.00 1.00 X X 0 0 0 NITA FRANCIS VICE CHAIR 1.00 1.00 X X 0 0 0 MACKENZIE WOODS INTERIM SECRETARY (1/24 THRU 5/24) 1.00 1.00 X X 0 0 0 NICOLE COLYER SECRETARY 1.00 1.00 X X 0 0 0 MICHAEL CROW ASU PRESIDENT 1.00 1.00 X 0 0 0 STEVE BETTS CHAIR (UR) 1.00 1.00 X 0 0 0 MORGAN OLSEN VICE CHAIR (IC) 2.00 1.00 X 0 0 0 CHRIS HOWARD DIRECTOR 1.00 1.00 X 0 0 0 LISA LOO DIRECTOR 1.00 1.00 X 0 0 0 ANNE MARIUCCI DIRECTOR 1.00 1.00 X 0 0 0 3894990 611432 588544 50 0 1 0 MST SOLUTIONS 2195 W CHANDLER BLVD SUITE 160 CHANDLER AZ 85224 CONSULTING SERVICES 815360 SALESFORCECOM INC 415 MISSION STREET 3RD FLOOR SAN FRANCISCO CA 94105 SOFTWARE SERVICES 746082 QUARLES AND BRADY LLP TWO NORTH CENTRAL AVE PHOENIX AZ 85004 EP LEGAL SERVICES & SI PATENT PROSECUTIO 727866 POLSINELLI PC 700 W 47TH STREET STE 1000 KANSAS CITY MO 64112 SI PATENT PROSECUTION 702672 OBERMEYER PRODUCTIONS INC PO BOX 4737 ASPEN CO 81612 VIDEO PRODUCTION 603616 29 207455 86499 41000 293954 PROGRAM RENTALS 532000 2301825 2301825 PROGRAM SUPPORT 611710 1124585 1124585 PROGRAM REV & MBRSHP 541900 291071 291071 3717481 4000779 4000779 122448 122448 262622 0 262622 262622 262622 24667847 24436376 231471 231471 231471 ASSET MANAGMENT FEES 900099 4401743 4401743 OTHER PROGRAM SERVICE 900099 1100725 1100725 5502468 14131223 9219949 0 4617320 3438775 3438775 1084135 316688 650481 116966 5909091 977810 4610341 320940 327847 55919 271548 380 1274754 126241 1057729 90784 434749 77415 356919 415 52479 52479 844482 608656 235826 76503 76503 270196 270196 684716 684716 882454 271685 610769 15167 1208 13959 1475703 1145567 325061 5075 1391976 1733 1390243 2997120 2965580 31540 143682 20091 123591 28301 1436 26865 855929 819463 36466 352947 80000 272947 PROGRAM RENTAL EXPENSES 1187504 1187504 FEES AND SUBSCRIPTIONS 174128 8184 165944 MEALS AND CULTIVATION 169835 18641 151194 OTHER EXPENSES 136656 103716 32940 24209129 12963507 10711062 534560 6966339 6593353 2039820 2039820 12937996 16831429 627744 492193 74825227 14815294 63215209 60009933 252352894 259096606 23620961 22911899 361760963 367975233 26186991 24390229 319643 263133 49434882 46330066 66923869 61239529 142865385 132222957 X 217820748 234574929 1074830 1177347 218895578 235752276 361760963 367975233 X -10077906 25901720 684716 348168 X 0 1 X 1 0 X 39368050 13416747 5357054 4334297 293954 62770102 39368050 13416747 5357054 4334297 293954 62770102 44183882 18586220 7778434 7322545 7913804 4133442 4385849 31534074 94304176 57477793 0.19710 0.27540 X THE ORGANIZATION AS THE PARENT ORGANIZATION OF SEVERAL PUBLICLY SUPPORTED NONPROFIT ORGANIZATIONS, HAS OPTIONS ON WHICH ENTITY IT CHOOSES TO RECEIVE GIFTS. WHILE NORMALLY THE ORGANIZATION WOULD AIM TO COLLECT AT LEAST 33 1/3% OF ITS SUPPORT FROM THE GENERAL PUBLIC, THERE ARE TIMES WHERE LARGER REAL ESTATE GIFTS MAY BE RECEIVED BY THE REAL ESTATE ARM OF THE ENTERPRISE. THESE LARGE GIFTS BY NATURE ARE FEW AND HAVE UNPREDICTABLE TIMING, CAUSING INSTANCES WHERE THE 33 1/3% OF PUBLIC SUPPORT MAY NOT BE REACHED. ABSENT THOSE CONTRIBUTIONS AND DEPENDING ON INVESTMENT RETURNS, THE ORGANIZATION WOULD HAVE PASSED THE 33 1/3% TEST. DUE TO THAT FACT AND THAT THE ORGANIZATION ALONG WITH ITS AFFILIATED ENTITIES MAINTAINS A BONA FIDE SOLICITATION PROGRAM DIRECTED TOWARDS THE GENERAL PUBLIC AND OTHER PUBLIC CHARITIES THE ORGANIZATION FEELS IT SATISFIES THE 10% FACTS AND CIRCUMSTANCES TEST AND WILL CONTINUE TO MONITOR THE 33 1/3% THRESHOLD. IN ADDITION, THE ORGANIZATION HAS A GOVERNING BODY THAT REPRESENTS THE BROAD INTERESTS OF THE PUBLIC. RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED X 0 0 270196 360196 270196 360196 23938933 239035704 24209129 239395900 1000000 1000000 250000 250000 0 0 0 0 1000000 1000000 1000000 1000000 4000000 6000000 387280 309780 335408 360196 1392664 250000 250000 250000 250000 1000000 1500000 102250 0 0 0 102250 SCHEDULE C, PART II-A: INFORMATION REGARDING LOBBYING ACTIVITIES AS A PART OF ITS MISSION, ASU ENTERPRISE PARTNERS, CONTRIBUTES TO PUBLIC COMMUNICATION AND ADVOCACY ACTIVITIES THAT SUPPORT HIGHER EDUCATION IN ARIZONA AND THE NEED FOR ADEQUATE FUNDING TO PROVIDE EXCELLENT EDUCATIONAL OPPORTUNITIES FOR ARIZONA RESIDENTS. 6250000 6250000 42491000 19181974 10193284 51479690 2112186 1824958 287228 4790067 2797052 1993015 60009933 NET INV DIRECT FINANCING 14600000 ASSETS WITH LIMITED USE 7820538 OTHER ASSETS 491361 22911899 ASSETS HELD FOR OTHER ENTITIES 59504554 INTEREST RATE SWAPS LIABILITY 1734975 61239529 X 410088316 25901720 370055373 395957093 14131223 0 14131223 277361513 232768654 232768654 44592859 684716 -21068446 -20383730 24209129 PART X, LINE 2: LIABILITY FOR UNCERTAIN TAX POSITION (ASC 740) ASU ENTERPRISE PARTNERS ("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 SEPARATE 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 TAX YEARS ENDING JUNE 30, 2024, 2023, 2022, 2021, AND 2020 ARE STILL OPEN TO AUDIT FOR BOTH FEDERAL AND STATE PURPOSES. THE ORGANIZATION HAS DETERMINED THAT THERE ARE NO MATERIAL UNCERTAIN TAX POSITIONS THAT REQUIRE RECOGNITION OR DISCLOSURE IN THE CONSOLIDATED FINANCIAL STATEMENTS AS OF JUNE 30, 2024 AND 2023. PART XI, LINE 2D - OTHER ADJUSTMENTS: ASUF REVENUE 326,430,383. ASURE REVENUE 4,378,312. RCASU REVENUE 4,165,933. OH REVENUE 16,871,005. RESERVES SUBSIDY -620,000. SERVICE AGREEMENT - COST REIMBURSEMENT 22,875,950. CHANGE IN VALUE INTEREST RATE SWAP 348,168. PROGRAM RENTAL EXPENSES -1,187,504. ELIMINATIONS BETWEEN OUTSIDE ENTITIES -3,206,874. PART XII, LINE 2D - OTHER ADJUSTMENTS: ASUF EXPENSE 222,085,458. ASURE EXPENSE 4,061,773. RCASU EXPENSE 3,860,586. OH EXPENSE 16,278,357. ELIMINATIONS BETWEEN EP/UR/SI 2,829,921. ELIMINATIONS BETWEEN OUTSIDE ENTITIES -16,347,441. PART XII, LINE 4B - OTHER ADJUSTMENTS: PROGRAM RENTAL EXPENSES 1,187,504. RESERVES SUBSIDY 620,000. EP SERVICE AGREEMENT - COST REIMBURSEMENT -13,451,950. AZTE SERVICE AGREEMENT - COST REIMBURSEMENT -9,424,000. EUROPE (INCLUDING ICELAND & GREENLAND) 0 0 PROGRAM SERVICES LEGAL EXPENSES 31844 EUROPE (INCLUDING ICELAND & GREENLAND) 0 0 PROGRAM SERVICES LICENSEE LEGAL EXPENSE REIMBURSEMENT 47186 0 0 0 0 0 0 79030 0 79030 1 0 0 0 0 0 1 ARIZONA STATE UNIVERSITY PO BOX 877505 TEMPE AZ 85287 860196696 115 54478 0 PROGRAM SUPPORT ASU ENTERPRISE PARTNERS OUTREACH HUB PO BOX 2260 TEMPE AZ 852802260 882681235 501(C)(3) 1493129 0 PROGRAM SUPPORT ASU FOUNDATION FOR A NEW AMERICAN UNIVERSITY PO BOX 2260 TEMPE AZ 852802260 866051042 501(C)(3) 1773603 0 PROGRAM SUPPORT ASU RESEARCH ENTERPRISE PO BOX 2260 TEMPE AZ 852802260 900868685 501(C)(3) 30000 0 PROGRAM SUPPORT INVISION AZ 2801 EAST CAMELBACK ROAD PHOENIX AZ 85016 823671458 501(C)(6) 75000 0 PROGRAM SUPPORT 4 1 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 0 0 0 0 0 0 0 1 0 DANIEL DILLON PRESIDENT AND CEO (THRU 12/23) 565792 0 235000 0 23242 0 45600 0 30905 0 900539 0 0 0 GRETCHEN BUHLIG DIRECTOR & CEO (ASUF) 0 488890 0 113000 0 9542 0 45600 0 36765 0 693797 0 0 AUGUSTINE CHENG MD & CEO (SI) 444812 0 137675 0 29214 0 23100 0 29474 0 664275 0 0 0 JEFF MINDLIN CHIEF INVESTMENT OFFICER 310031 0 62400 0 0 0 21910 0 37237 0 431578 0 0 0 JEFF ROBERTS MANAGING DIRECTOR UR 303163 0 75000 0 0 0 22425 0 22476 0 423064 0 0 0 KYLE SIEGAL ED & CHIEF PATENT COUNSEL 284317 0 22800 0 0 0 21361 0 32110 0 360588 0 0 0 VIRGINIA E DESANTO VICE PRESIDENT, CFO & TREASURER 278043 0 27545 0 0 0 20865 0 23513 0 349966 0 0 0 HOPE SHARETT GENERAL COUNSEL/CORPORATE SECRETARY 265956 0 26620 0 0 0 20071 0 29870 0 342517 0 0 0 STEPHANIE LEACH CHIEF TECH. OFFICER (THRU 12/23) 272270 0 23081 0 0 0 15880 0 18503 0 329734 0 0 0 CHARLIE LEWIS VP VENTURE DEV. & PHYS SCI. (SI) 237563 0 19324 0 0 0 18261 0 25746 0 300894 0 0 0 RAHIMA MISTRY VP STRATEGIC INSIGHTS & ANALYTICS 228142 0 23000 0 0 0 17262 0 29610 0 298014 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 IDEMNIFICATION 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 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 INCLUDE TWO 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 2004-01-07 22420000 ACQUIRE, IMPROVE, AND EQUIP FACILITY 0 0 0 B THE INDUSTRIAL DEV AUTH OF THE CITY OF TEMPE AZ 860439481 NONEAVAIL 2021-11-09 30425000 BOND REFUNDING ISSUE 0 0 0 A 2155000 22475006 706638 277740 21490628 2004 0 0 1 1 B 12370000 30425000 30425000 2021 1 0 1 1 A 0 0 0 0 0 0 1 B 0 0 0 0 0 0 1 A 0 0 0 1 1 1 BANK OF AMERICA 30.000000000000 0 0 0 0 1 B 0 0 0 1 0 0 0 0 1 A 1 B 1 SCHEDULE K, PART I, BONDS A & B, ISSUER NAME: THE INDUSTRIAL DEV. AUTH. OF THE CITY OF TEMPE, AZ. SCHEDULE K, PART I, BOND A, PURPOSE OF BOND: TO ACQUIRE, IMPROVE, AND EQUIP FACILITY. SCHEDULE K, PART I, BOND B, PURPOSE OF BOND: THE BOND ISSUED 11/09/2021 WAS USED TO REISSUE A BOND ON 04/22/2014 WHICH WAS ORIGINALLY ISSUED ON 10/28/2003. SCHEDULE K, PART II, LINE 3, BOND A, 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 REPRESENTS INTEREST INCOME. SCHEDULE K, PART IV, LINE 2C, BONDS A & B, REBATE COMPUTATION: THE REBATE COMPUTATION FOR THE 2004 BOND A WAS LAST PEFORMED ON 06/30/2024. THE REBATE COMPUTATION FOR THE 2021 BOND B WAS LAST PERFORMED ON 11/09/2021. X 2 41000 FMV 0 0 1 0 PART I, COLUMN (B): THE AMOUNT IS DETERMINED BY THE NUMBER OF CONTRIBUTIONS. 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. 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 EMPLOYEE BECOMES 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 AS DESCRIBED. FORM 990, PART VI, SECTION C, LINE 19 DOCUMENTS MADE AVAILABLE TO THE PUBLIC THE FORM 1023, FORM 990 AND FORM 990-T FOR ASUEP ARE AVAILABLE TO THE PUBLIC UPON REQUEST. THE ORGANIZATION'S GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, AND FINANCIALS STATEMENTS ARE NOT MADE AVAILABLE TO THE PUBLIC. FORM 990, PART XI, LINE 9: CHANGE IN VALUE INTEREST RATE SWAP 348,168. 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