Purdue Research Foundation FY2024 filing

West Lafayette, IN · Public charity (501(c)(3)) · Since 1930 · Education

✓ Tax-deductible Latest data FY2024
Revenue
$322.8M
▲ +91% vs prior year
Spent
$335.6M
To programs
71%
Net assets
$1.4B
You’re viewing the FY2024 filing — not the latest on file. See the latest (FY2024) →

Form 990 for the fiscal year ending June 2024 (IRS tax year 2023).

Figures match the IRS filing checked 7/4/26 · see original: IRS

Status and standing

Tax-deductible?
Yes
Per the IRS master file.
Can I give now?
No revocation on IRS record
Not on the IRS revocation list.
Filing up to date?
Filed FY2024 (typical filing lag)
Foundation funders?
7 funders, incl. Carroll County Cancer Association
$1.1M in the latest grant year.
Spent on programs?
71% to programs
Form 990 Part IX, latest filing.
Size and trend
$100M+
↑ +91% vs prior year
Legal name (IRS)Hdr · item CPurdue Research Foundation
EINHdr · item D35-1052049
Exempt statusHdr · item I501(c)(3) · active
Ruling yearIRS BMFMar 1931
Year of formationHdr · item L1930
Latest filingForm 990FY2024 · Form 990
Principal addressHdr · item CWest Lafayette, IN
NTEE classificationIRS BMFEducation (B110)
WebsiteHdr · item Jwww.prf.org

Where the money goes

Statement of Functional Expenses

Part IX · allocated across program, management, and fundraising
Allocation · columns B–D
Program services $0.71 Management & general $0.16 Fundraising $0.13
Program services71%$238.8M
Management & general16%$53.2M
Fundraising13%$43.7M
Total functional expensesLn 25$335.6M

Financial health

Revenue & expenses by yearFY2020–FY2024
Revenue
$322.8M
FY2024▲ +91%
Expenses
$335.6M
FY2024▲ +69%
Program efficiency
71%
of spending reaches programs
Operating runway
170.2mo
months of highly liquid reserves at operating expense rate
Surplus margin
-4%
revenue over expenses, this year

Summary of the Filing

Part I · fiscal year 2024 · Form 990
Total assets
$4.7B
FY2024▲ +6%
Total liabilities
$3.4B
FY2024▲ +7%
Revenue less expensesPt I · Ln 19−$12.9M
Total assetsPt X · Ln 16$4.7B
Program-expense ratioPt IX · col B71%
Voting members of governing bodyPt I · Ln 314
Independent voting membersPt I · Ln 413

Balance Sheet

Part X · end of year
CashLn 1$32.6M
Total assetsLn 16$4.7B
Total liabilitiesLn 26$3.4B
Total net assetsLn 32$1.4B
Months of cash on handcomputed1.2

Statement of Revenue

Part VIII
Contributions & grants$185.9M · 58%
Investment income$64.4M · 20%
Program service revenue$42.9M · 13%
Other revenue$29.6M · 9%
Contributions & grants58%$185.9M
Investment income20%$64.4M
Program service revenue13%$42.9M
Other revenue9%$29.6M
Total revenueLn 12$322.8M

Financial Metrics

Form 990 · FY2024 · each ratio shown with the dollars behind it
Liquidity & Payout
Operating runway
Highly liquid reserves $4.3B · Operating expenses (Pt IX) $335.6M · Less non-cash grants $30.4M · Cash operating expenses/yr $305.2M
170.2 months
Where the money goes
Program services
Program services $238.8M · Total expenses $335.6M
71%
Management & General
Management & general $53.2M · Total expenses $335.6M
16%
Fundraising
Fundraising $43.7M · Total expenses $335.6M
13%
Cost to raise $1
Fundraising expense (3-yr avg) $39.3M · Solicited contributions (3-yr avg) $114.7M
$0.34 to raise $1 (3-yr avg)
Where the money comes from
Contribution dependence
Contributions & grants $185.9M · Total revenue $322.8M
58%
Government reliance
Government grants — · Total revenue $322.8M
—
Earned-income share
Program service revenue $42.9M · Total revenue $322.8M
13%
Investment reliance
Investment income $64.4M · Total revenue $322.8M
+20%
Program self-sufficiency
Program service revenue $42.9M · Total expenses $335.6M
13%
Growth & trend
Revenue growth (YoY)
This year $322.8M · Prior year $169.4M
+91%
Revenue CAGR
FY2019 $183.2M · FY2023 $322.8M
+15%
Net-asset trend (YoY)
End of year $1.4B · Beginning of year —
Beginning net assets not meaningfully positive — showing dollar change
Balance sheet
Surplus Margin
Revenue $322.8M · Expenses $335.6M
-4%
Liabilities-to-Assets
Total liabilities — · Total assets $4.7B
—
Net-asset ratio
Net assets $1.4B · Total assets $4.7B
29%
Marketable Investment Share
Publicly traded securities (Pt X, ln 11) $1.5B · Other securities (Pt X, ln 12) $2.8B · Total assets (Pt X, ln 16) $4.7B
91%
People & payroll
Highest Reported Total Compensation
Individual Michelle Giuda · Reported title CEO, Krach Institute for Tech Diplomacy at Purdue · Highest reported compensation $533K · Total expenses $335.6M
0.2%
Personnel share
Salaries, benefits & payroll (Pt IX 5-10) $56.2M · Total expenses $335.6M
17%
Peer comparison

Same NTEE category, revenue band, and state where available. Descriptive — not a grade.

MetricThis orgPeer medianPercentile
Program ratio 71%——
Overhead ratio 16%——
Fundraising cost ratio 23%——
Revenue growth 91%——
Investment management fee ratio 0.01%——
Legal fee ratio 1%——
Accounting fee ratio 0.08%——

Straight from the Form 990 — descriptive, not an evaluation. A ratio is hidden when its base is zero or too small to be meaningful; the dollars are always shown.

Leadership and pay

Officers, Directors & Key Employees

Part VII, Section A · reportable compensation · most recent filed roster (FY2023); the FY2024 filing did not itemize Part VII
CEO, Krach Institute for Tech Diplomacy at Purdue
$533,351Pt VII · Sec A
P4l President & CEO and VP Univ Advancement
$493,561Pt VII · Sec A
Chief Investment Officer
$477,705Pt VII · Sec A
CFO & Treasurer
$374,128Pt VII · Sec A
President
$365,841Pt VII · Sec A
Chief Innovation and Collaboration Officer
$333,294Pt VII · Sec A
SR. VP, Commercialization
$313,165Pt VII · Sec A
Director of Investments
$310,407Pt VII · Sec A

David Cooper’s $560K as Chief Investment Officer is at the 47th percentile of top reported officer pay among 674 $100M+ education nonprofits. Peer set: organizations in the same NTEE major field of work and revenue-size band, compared on each org’s own highest-paid officer/key-employee, from Form 990 Part VII / 990-PF Part VIII. Descriptive placement, not a verdict on whether the pay is appropriate.

Compensation history total reportable pay by year · 8 named individuals · Part VII

NameFY2024FY2024FY2023FY2022FY2021FY2020
David Cooper$560,139$477,705$529,011$406,252$349,199$287,295
David Broecker$551,795$333,294$437,980$412,220$385,770$230,399
Michelle Giuda$545,747$533,351————
Matthew Folk$449,817$493,561$426,106$357,424$250,278—
Bonnie Glick——$460,444———
Lee Rubenstein$430,633—————
Chad Pittman—————$405,089
Scott Seidle$387,836$374,128$364,456$358,063$352,158$322,318

Total reportable compensation (Form 990 Part VII column D / Schedule J column E) by filing year, matched by name within this organization. The Schedule J base / bonus / deferred breakdown is not parsed into this dataset.

See Purdue Research Foundation executive salaries →

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Governance & Policies

Part VI
Voting members of the governing bodyPt VI · Ln 1a14
Independent voting membersPt VI · Ln 1b13
Conflict-of-interest policyPt VI · Ln 12aYes
Whistleblower policyPt VI · Ln 13Yes
Document retention policyPt VI · Ln 14Yes
CEO/top-official compensation independently reviewedPt VI · Ln 15aYes
Family or business relationships among officers/directorsPt VI · Ln 2Yes

Mission and programs

Supports Purdue University by managing its intellectual property, funding research, acquiring endowments, and developing land to foster scientific and educational innovation.

Provided by the organization

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Mission & Programs · Part III

Where the work happens

1 program service account for $238.8M of program spending, described in the organization's own filed words · FY2023.
01

Purdue Research Foundation (the Foundation) was created in 1930. The primary purpose of the Foundation is to promote the educational purpose of Purdue University (the University); seek, acquire, manage gifts, bequests and endowments; make funding available to faculty, staff, and students to aid in scientific investigation, research or…

$238.8Mprogram expense

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Funders

From grant filings on record. Receipts are incomplete: individual donors are never listed.

Grants

Schedule I · received and paid
Grants received · FY2025
See all 7 funders →
Grants paid · 10 grants · $402.0M · 2019–2024
Trustees of Purdue UniversityIN · FY2024$50,069,268
Trustees of Purdue UniversityIN · FY2023$170,958,224
Trustees of Purdue UniversityIN · FY2022$52,227,816
Trustees of Purdue UniversityIN · FY2021$44,196,394
Trustees of Purdue UniversityIN · FY2020$37,157,937
Trustees of Purdue UniversityIN · FY2019$46,218,777

Filing history

YearRevenueExpensesChangeFiling
FY2024 Viewing $322.8M$335.6M+91% 990 PDF
FY2023 $169.4M$199.2M-34% 990 PDF
FY2022 $255.7M$157.8M+5% 990 PDF
FY2021 $243.9M$138.5M+33% 990 PDF
FY2020 $183.2M$153.9M 990 PDF

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Schedules filed Part IV

III · Programs I · Grants R · Related orgs G · Fundraising L · Interested persons A · Public support F · Foreign M · Noncash

Not shown yet: ratings, outcomes, and peer benchmarks. A Form 990 doesn’t report them.

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Sources

Every figure above is drawn from these filings
Form 990 e-file (XML) · FY2024IRS
Classification, formation year, addressIRS Business Master File
Names, privacy, and removal requests More

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