2026-05-12T16:13:46-05:00 2025-06-30 991856619 GRANT THORNTON ADVISORS LLC 171 N CLARK ST STE 200 CHICAGO IL 60601 990 2024-07-01 237326030 MICHIGAN STATE UNIVERSITY RESEARCH FOUNDATION MICH 5173539268 325 E GRAND RIVER AVE STE 275 EAST LANSING MI 48823 DAVID WASHBURN CEO 5173539268 2026-05-02 1 1 BRIDGET ROCHE P00666837 3128560200 2024 2025-03-06 01:10:19Z MICHIGAN STATE UNIVERSITY RESEARCH FOUNDATION DAVID WASHBURN 325 E GRAND RIVER AVE STE 275 EAST LANSING MI 48823 93804559 0 5167 X WWW.MSUFOUNDATION.ORG X 1973 MI TO PROVIDE SUPPORT FOR THE BOARD OF TRUSTEES OF MICHIGAN STATE UNIVERSITY (CONTINUED IN SCHEDULE O) AND TO PROMOTE, SPONSOR, ASSIST, AND CARRY OUT EDUCATIONAL, SCIENTIFIC, CHARITABLE AND RELATED ACTIVITIES AND OBJECTIVES OF MICHIGAN STATE UNIVERSITY. 23 22 43 22 551591 5044 11935013 8894747 1152517 874135 16994748 33073886 1578822 1882466 31661100 44725234 12695878 12798255 0 0 5105416 5625727 0 0 0 7982735 6467329 25784029 24891311 5877071 19833923 655014665 656424728 79645557 53839523 575369108 602585205 TO PROVIDE SUPPORT FOR THE BOARD OF TRUSTEES OF MICHIGAN STATE UNIVERSITY AND TO PROMOTE, SPONSOR, ASSIST, AND CARRY OUT EDUCATIONAL, SCIENTIFIC, CHARITABLE AND RELATED ACTIVITIES AND OBJECTIVES OF MICHIGAN STATE UNIVERSITY. 0 0 17322654 12798255 972944 GRANTING 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 COLLABORATIONS. 3048730 SPARTAN INNOVATIONS PROVIDES THE EDUCATIONAL AND FINANCIAL SUPPORT NECESSARY TO TURN MSU RESEARCH TECHNOLOGIES INTO SUCCESSFUL MICHIGAN BUSINESSES - AND SPUR ENTREPRENEURSHIP AND INNOVATION PARTNERSHIPS IN THE MICHIGAN ECONOMY. 20371384 1 1 0 1 0 0 0 0 0 0 1 1 1 1 1 1 0 1 0 0 1 0 0 0 0 0 0 1 0 1 0 0 0 0 0 0 0 0 0 0 0 0 1 1 1 0 0 0 1 80 0 1 43 1 1 1 0 0 0 0 0 0 0 0 0 0 0 X 23 22 1 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 CA FL IA KS MO NC ND NM OK VA MI X REBEKAH SKRZYNIARZ 5173539268 325 E GRAND RIVER AVE SUITE 275 EAST LANSING MI 48823 DAVID WASHBURN CEO 37.00 3.00 X X 463297 0 67636 PHIL ZECHER PRESIDENT 2.00 0.00 X X 0 0 0 RANDOLPH COWEN CHAIRMAN 2.00 0.20 X X 0 0 0 SCOTT ESTON VICE CHAIRMAN (THRU 12/24) 2.00 0.00 X X 0 0 0 JOHN PHILLIPS VICE CHAIRMAN (AS OF 12/24) 2.00 0.20 X X 0 0 0 BRUCE LEECH TREASURER 2.00 0.00 X X 0 0 0 LINDA HUBBARD SECRETARY (AS OF 12/24) 2.00 0.00 X X 0 0 0 HOWARD AKUMIAH DIRECTOR 2.00 0.00 X 0 0 0 JON BRAEUTIGAM DIRECTOR 2.00 0.00 X 0 0 0 KERMITT BROOKS DIRECTOR 2.00 0.00 X 0 0 0 ETHEL CORMIER DIRECTOR 2.00 0.00 X 0 0 0 JEFFREY DEGRAAF DIRECTOR 2.00 0.20 X 0 0 0 LISA FRACE DIRECTOR (AS OF 02/25) 2.00 0.00 X 0 0 0 DOUGLAS GAGE DIRECTOR 2.00 0.00 X 0 0 0 THOMAS GLASMACHER DIRECTOR (THRU 02/25) 2.00 0.00 X 0 0 0 KEVIN GUSKIEWICZ DIRECTOR 2.00 0.00 X 0 0 0 PATRICIA HEMINGWAY HALL DIRECTOR (THRU 12/24) 2.00 0.00 X 0 0 0 RENEE KNAKE JEFFERSON DIRECTOR (AS OF 01/25) 2.00 0.00 X 0 0 0 THOMAS JEITSCHKO DIRECTOR 2.00 0.00 X 0 0 0 RICK LASCH DIRECTOR (AS OF 06/25) 2.00 0.00 X 0 0 0 BRIANNA SCOTT DIRECTOR 2.00 0.00 X 0 0 0 WILLIAM SEIFERT DIRECTOR 2.00 0.00 X 0 0 0 STAN SOKOLOWSKI DIRECTOR 2.00 0.00 X 0 0 0 KATHRYN STEWART DIRECTOR 2.00 0.00 X 0 0 0 JANICE STIPP DIRECTOR 2.00 0.00 X 0 0 0 KELLY TEBAY DIRECTOR (THRU 01/25) 2.00 0.00 X 0 0 0 JOEL WITTENBERG DIRECTOR 2.00 0.00 X 0 0 0 REBEKAH SKRZYNIARZ DIRECTOR OF FINANCE 38.00 2.00 X 196517 0 41149 JEFFREY WESLEY EXECUTIVE DIRECTOR, VENTURES 40.00 0.00 X 352004 0 57057 FRANK URBAN DIRECTOR OF VENTURE CREATION 40.00 0.00 X 165949 0 46906 BRADLEY FINGLAND DIRECTOR OF VENTURE CREATION 40.00 0.00 X 161359 0 34814 MATT OKONESKI VENTURE ASOCIATE 40.00 0.00 X 151264 0 21224 TOMMY SKINNER DIRECTOR VENTURE INVESTMENTS 40.00 0.00 X 150314 0 21303 THOMAS STEWART DIRECTOR, VENTURE PROGRAMMING 40.00 0.00 X 139429 0 24614 1780133 0 314703 16 0 1 0 CAMBRIDGE ASSOCIATES LLC PO BOX 412015 BOSTON MA 022412015 CONSULTING SERVICES 281250 PUBLIC SECTOR CONSULTANTS 230 N WASHINGTON SQR STE 300 LANSING MI 48933 CONSULTING SERVICES 192379 GRANT THORNTON 171 N CLARK STREET SUITE 200 CHICAGO IL 60601 ACCOUNTING SERVICES 182380 PENTASTAR AVIATION LLC 7310 HIGHT ROAD WATERFORD MI 48327 AIR & GROUND TRANSPORT 154392 MATTHEW R RUDD 3606 TOLES ROAD MASON MI 48854 CONSULTING SERVICES 109992 6 8218715 676032 8894747 MANAGEMENT FEE REVENUE 900099 495950 495950 SPONSORSHIP 900099 378185 378185 874135 8024429 405641 7618788 1692990 1692990 1671624 1616630 54994 54994 35770 19224 72512152 47462695 25049457 25049457 110180 24939277 MISCELLANEOUS REVENUE 900099 131256 98809 32447 REBATE REVENUE 900099 3226 3226 134482 44725234 972944 551591 34305952 X 12798255 12798255 1381036 1103171 277865 3213273 2887767 325506 287644 258489 29155 534935 480482 54453 208839 187635 21204 156249 81778 74471 207897 207897 12688 12688 1631992 25146 1606846 2852005 1728055 1123950 171874 144282 27592 59923 14981 44942 365746 90065 275681 221666 55416 166250 119096 89322 29774 86018 21504 64514 121005 119436 1569 116441 116441 BAD DEBT EXPENSE 259100 259100 SUBS/ONLINE SERVICES 44007 11002 33005 UNRELATED BUSINESS TAX 22489 22489 MEMBERSHIPS 11240 2810 8430 7893 7893 24891311 20371384 4519927 0 442053 221381 37602686 22070952 4977555 3335089 8583538 9870901 234887 235010 1341547 56120 1273893 1285427 185756267 208873571 270235303 282392811 29544480 33894435 116364003 94245151 655014665 656424728 3796359 2822101 2786189 1891785 21048082 21986713 21158963 20604958 30855964 6533966 79645557 53839523 X 531292375 556598511 44076733 45986694 575369108 602585205 655014665 656424728 X 19833923 8793194 32200 -1443220 X 0 1 X 1 0 X 3897622 5943760 8872793 11935013 8894747 39543935 3897622 5943760 8872793 11935013 8894747 39543935 39543935 4566263 1661645 9835357 11465183 9366772 36895220 442883 740717 121090 34529 5044 1344263 150311 6916 29834 32422 35673 255156 78038574 4844390 0.50670 0.46570 X SCHEDULE A, PART II, LINE 10, EXPLANATION OF OTHER INCOME: FEE FOR VIOLATION OF CONTRACT - 2020 AMOUNT: $ 150,001. 2021 AMOUNT: $ 0. 2022 AMOUNT: $ 0. 2023 AMOUNT: $ 0. 2024 AMOUNT: $ 0. REBATE REVENUE - 2020 AMOUNT: $ 310. 2021 AMOUNT: $ 679. 2022 AMOUNT: $ 2,338. 2023 AMOUNT: $ 31,645. 2024 AMOUNT: $ 3,226. MISCELLANEOUS REVENUE - 2020 AMOUNT: $ 0. 2021 AMOUNT: $ 6,237. 2022 AMOUNT: $ 27,496. 2023 AMOUNT: $ 777. 2024 AMOUNT: $ 32,447. RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 0 12688 0 12688 0 20358696 0 20371384 0 1000000 0 250000 0 0 0 1000000 1000000 2000000 3000000 5663 12688 18351 250000 250000 500000 750000 PART II-A: LOBBYING EXPENSES RELATED TO ASSISTANCE IN DRAFTING A BILL FOR MICHIGAN LEGISLATURE, INTRODUCTION TO MICHIGAN LEGISLATURE AND CREATING AWARENESS OF FOUNDATION'S ACTIVITIES, AND STATE SUPPORT FOR FOUNDATION'S FEDERAL GRANT INITIATIVES (EDA AND NSF). 1262000 1262000 16987 16987 0 36930 36930 0 25630 2203 23427 1285427 LIMITED PARTNERSHIPS 145887576 F VENTURE CAPITAL INVESTMENT 136505235 F 282392811 PROGRAM-SERVICE INVESTMENTS 33894435 F 33894435 INVESTMENTS IN RELATED ENTITIES 47179662 CAPITAL LEASE RECEIVABLE 25542191 DUE FROM RELATED ENTITIES 11606917 CAPITAL LEASE LAND 5555155 CAPITAL LEASE RESIDUAL VALUE ASSET 4193246 RIGHT-OF-USE ASSET 167980 94245151 ANNUITIES PAYABLE 6034432 LIFE ESTATE AGREEMENT OBLIGATIONS 335537 OPERATING LEASE LIABILITY 163997 6533966 X PART X, LINE 2: FIN 48 FOOTNOTE THE FOUNDATION IS EXEMPT FROM FEDERAL INCOME TAXES UNDER THE INTERNAL REVENUE CODE (CODE) SECTION 501(C)(3), AND IS ALSO NOT A PRIVATE FOUNDATION UNDER THE MEANING OF THE CODE, SECTION 509(A)(1). HOWEVER, INCOME FROM CERTAIN ACTIVITIES NOT DIRECTLY RELATED TO THE FOUNDATION'S TAX-EXEMPT PURPOSE IS SUBJECT TO TAXATION AS UNRELATED BUSINESS INCOME. 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. PART XI, LINE 4B - OTHER ADJUSTMENTS: RENTAL EXPENSES EUROPE (INCLUDING ICELAND & GREENLAND) 0 0 INVESTMENT 5180310 NORTH AMERICA 0 0 INVESTMENT 4750630 0 0 0 0 0 0 9930940 0 9930940 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 12162542 0 SUPPORT UNIVERSITY THE OHIO STATE UNIVERSITY 2650 KENNY ROAD ROOM 120 COLUMBUS OH 43210 316025986 115 53368 0 NSF ENGINES SUBRECIPIENT REEL FREE LLC 112 PEARSON COURT LOWELL MI 49331 883193854 49620 0 STARTUP SUPPORT VETR HEALTH LLC 109 MICHIGAN STREET NW GRAND RAPIDS MI 49503 882624352 44239 0 STARTUP SUPPORT CARBON STEALTH DESIGN LLC 7294 STORYBOOK LN ADA MI 49301 332234532 42000 0 STARTUP SUPPORT RIDE YOURWAY 6155 E PARIS AVE SE SUITE 130 DUTTON MI 49316 824358888 40278 0 STARTUP SUPPORT HEALTHBAR 109 MICHIGAN STREET NW STE 424 GRAND RAPIDS MI 49503 850943514 34786 0 STARTUP SUPPORT MOVEFACTORX 109 MICHIGAN STREET NW STE 421 GRAND RAPIDS MI 49503 814328710 31856 0 STARTUP SUPPORT SHARP & FLAT INC 190 E 8TH STREET 1705 HOLLAND MI 49423 934703330 25000 0 STARTUP SUPPORT WIMAGE 125 OTTAWA AVE NW 150 GRAND RAPIDS MI 49503 22500 0 STARTUP SUPPORT BLUTAPP DBA BLULATERAL 109 MICHIGAN ST NW STE 406 GRAND RAPIDS MI 49503 920408643 19570 0 STARTUP SUPPORT TRUELINE HEALTH 1888 TALL PINES DR SE GRAND RAPIDS MI 49546 933825486 18420 0 STARTUP SUPPORT PHOTONICARE 37 OTTAWA AVE NW SUITE 200 GRAND RAPIDS MI 49503 463073630 18170 0 STARTUP SUPPORT EVERFRIENDSAI 2906 WOODSIDE AVE SE GRAND RAPIDS MI 49508 993169487 16579 0 STARTUP SUPPORT FIELDMAN 6553 TERRY LANE SAWYER MI 49125 874052344 16125 0 STARTUP SUPPORT SIMPLE ESTIMATE LLC 109 MICHIGAN STREET NW STE 400 GRAND RAPIDS MI 49503 934303511 15000 0 STARTUP SUPPORT SBE MEDICAL 5384 BLAKELY ST BELMONT MI 49306 844008109 14560 0 STARTUP SUPPORT QUANTITATIVE COIN GRADING 8068 ISLAND COURT STANWOOD MI 49346 923477615 14165 0 STARTUP SUPPORT CURACOLLABORATIVE LLC 38 BRIARWOOD PLACE GROSSE POINTE FARMS MI 48236 921174797 13223 0 STARTUP SUPPORT FAYCREST STUDIOS 216 E SUPERIOR ST APT 2 ALMA MI 48801 822575390 12500 0 STARTUP SUPPORT STUDENT ACHIEVEMENT SYSTEMS 109 MICHIGAN STREET NW STE 418 GRAND RAPIDS MI 49503 812884528 10061 0 STARTUP SUPPORT FIRST RULE CM 109 MICHIGAN STREET NW STE 416 GRAND RAPIDS MI 49503 995136246 9416 0 STARTUP SUPPORT VPED 109 MICHIGAN STREET NW STE 402 GRAND RAPIDS MI 49503 802839804 8695 0 STARTUP SUPPORT 2 23 PART I, LINE 2: PROCEDURES FOR MONITORING THE USE OF GRANT FUNDS ALL GRANTS TO MICHIGAN STATE 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 0 0 0 0 0 0 0 1 0 DAVID WASHBURN CEO 374808 0 86725 0 1764 0 37425 0 30211 0 530933 0 0 0 JEFFREY WESLEY EXECUTIVE DIRECTOR, VENTURES 306200 0 44040 0 1764 0 30680 0 26377 0 409061 0 0 0 REBEKAH SKRZYNIARZ DIRECTOR OF FINANCE 171870 0 23460 0 1187 0 17820 0 23329 0 237666 0 0 0 FRANK URBAN DIRECTOR OF VENTURE CREATION 140697 0 24133 0 1119 0 13995 0 32911 0 212855 0 0 0 BRADLEY FINGLAND DIRECTOR OF VENTURE CREATION 136019 0 24133 0 1207 0 13995 0 20819 0 196173 0 0 0 MATT OKONESKI VENTURE ASOCIATE 145053 0 5000 0 1211 0 14720 0 6504 0 172488 0 0 0 TOMMY SKINNER DIRECTOR VENTURE INVESTMENTS 144189 0 5000 0 1125 0 14720 0 6583 0 171617 0 0 0 THOMAS STEWART DIRECTOR, VENTURE PROGRAMMING 121906 0 16545 0 978 0 12265 0 12349 0 164043 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 AND DIRECTOR OF FINANCE. THE BOARD CHAIR APPROVES FINAL AGGREGATE 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 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 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 FISCAL 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 COMPENSATION OF THE CEO IS REVIEWED BY THE COMPENSATION COMMITTEE IN PARTNERSHIP WITH DIRECTOR OF FINANCE 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 AND DIRECTOR OF FINANCE 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 IX, LINE 11G PROFESSIONAL SERVICES: PROGRAM SERVICE EXPENSES 1,728,055. MANAGEMENT AND GENERAL EXPENSES 1,123,950. TOTAL EXPENSES 2,852,005. FORM 990, PART XI, LINE 9: GAIN/LOSS IN SUBSIDIARY -8,023,621. PROVISION FOR CREDIT LOSSES -3,770,990. ADJUSTMENT TO VALUE OF ANNUITIES PAYABLE -41,472. CAPITAL CONTRIBUTIONS 10,347,434. BOOK TO TAX DIFFERENCE IN NET RENTAL INCOME 45,429. SPARTAN INNOVATIONS 325 E GRAND RIVER SUITE 275 EAST LANSING MI 48823 460683865 INVESTMENT MI 1543210 677465 MSU RESEARCH FOUNDATION INVESTMENT HOLDINGS LLC 325 E GRAND RIVER SUITE 275 EAST LANSING MI 48823 464056160 INVESTMENT MI 96959 17063979 MSU RESEARCH FOUNDATION FOUNDATION PARK I LLC 325 E GRAND RIVER SUITE 275 EAST LANSING MI 48823 802432427 INVESTMENT MI 1105256 36255323 MSU RESEARCH FOUNDATION MICHIGAN RISE PRE-SEED FUND III LLC 325 E GRAND RIVER SUITE 275 EAST LANSING MI 48823 802482435 INVESTMENT MI 851447 26926191 MSU RESEARCH FOUNDATION TECHNOLOGY INVESTMENTS I LLC 325 E GRAND RIVER SUITE 275 EAST LANSING MI 48823 320421927 INVESTMENT MI 0 0 INVESTMENT HOLDINGS LLC CHARITABLE REMAINDER TRUSTS (1) 000000000 N/A MI MSU RESEARCH FOUNDATION 0 1 0 0 0 0 0 0 0 0 0 1 0 0 1 1 1 1 0 0 UCRPI Q 800673 COST UCRPI A 58200 COST