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Wayne State University Foundation FY2023 filing

Tax-deductible

Detroit, MI501(c)(3)Since 2000Colleges & UniversitiesEIN 38-3555142Revenue $9.3M in FY2023

On file with the IRSpivotalmoments.wayne.edu/about/foundation5700 Cass Avenue Aab 4602, 48202-3692 · Detroit, MITax-exempt since Sep 1961School — 170(b)(1)(A)(ii)

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Wayne State University Foundation was established to be a centralized means of encouraging and managing financial support to Wayne State University. This support allows Wayne State University to provide its students, faculty, and scientists with opportunities for learning and discovery that otherwise would not have been financially possible.

501(c)(3) charity; gifts are tax-deductible.
78¢ of each $1 spent went to programs.
Mission: Form 990 Part I, line 1 · Status: IRS Pub. 78 · Programs: Part IX

Before you give

FY2023 · Form 990Independent: from IRS data, not the org
Download 990
IRS status
501(c)(3)
not on the IRS revocation list
Looks good: listed by the IRS and not on the revocation list.
IRS BMF · Auto-Revocation List
Tax-deductible gifts
Yes
Donations are tax-deductible
Looks good: the IRS lists gifts to it as deductible.
IRS Pub. 78 · IRS BMF
Latest return
FY2025
latest Form 990
Looks good: the latest return is for FY2025, 1 tax year back; within 2 tax years.
IRS e-file · Filing history
Surplus or deficit
4 of 6
filings with a surplus
Average surplus $18.4M a year · 44% of revenue · last 6 filings
Fine: a surplus in 4 of the last 6 filings.
Pt I · Ln 19 · 6 filings
Spent on programs
78%
of spending
Looks good: 78% of spending went to programs; 75% or more.
Pt IX · Ln 25 · col B
Cash reserves
1 mo
of spending, in cash
Fine: 1.4 months of spending in cash; 1 to 3.
Pt X · Ln 1–2 · Pt I · Ln 18
Named funders
1
named funder · $200K
Fine: 1 funder names it on their filings; under 3.
Funders’ Sch. I, 990-PF
Liabilities
$225K
0.04% of total assets
Looks good: liabilities are 0% of assets; 50% or less.
Pt X · Ln 26
Independent board members
12
of 16 voting members
Looks good: 12 of 16 voting members are independent, a majority.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$9.3M
-93% vs prior year
Spent
$24.2M
To programs
78%
Net assets
$503.9M
By yearFY2020–FY2025
Revenue
$9.3M
FY2023▼ -93%
Tap a bar for its year
Revenue by fiscal year
FY2020$23.1M
FY2021$23.4M
FY2022$143.3M
FY2023$9.3M
FY2024$21.7M
FY2025$27.9M
Expenses
$24.2M
FY2023▲ +5%
Tap a bar for its year
Expenses by fiscal year
FY2020$18.8M
FY2021$19.3M
FY2022$23.1M
FY2023$24.2M
FY2024$26.4M
FY2025$26.7M
Net assets
$503.9M
FY2023▲ +11%
Tap a bar for its year
Net assets by fiscal year
FY2020$420.6M
FY2021$514.1M
FY2022$452.7M
FY2023$503.9M
FY2024$596.1M
FY2025$657.5M

From the FY2023 Form 990 (year ending September 2023) · figures checked against the IRS filing · see the original

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You’re viewing the FY2023 filing — not the latest on file. See the latest (FY2025) →

Is it real?

Yes. Never revoked by the IRS. Latest filing on record: FY2025. IRS ruling in Sep 1961.

IRS Pub. 78 · IRS Auto-Revocation List · IRS Business Master File

Where the money goes

78 cents of each dollar spent went to programs.

Program services 78% · $18.7M Management & general 3% · $780K Fundraising 19% · $4.7M

Form 990 Part IX, line 25, columns B–D. Every line is in By the numbers.

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Who runs it and what they're paid

28 people listed on the 990.

Part VII, Section A · reportable compensation · most recent filed roster (FY2022); the FY2023 filing did not itemize Part VII
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
Cindy Pasky
Director
$0Pt VII · Sec A
David E Meador
Director (part Year)
$0Pt VII · Sec A
David M Hempstead
Director (part Year)
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
See Wayne State University Foundation executive salaries →

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Questions the 990 asks

The form asks each of these directly. These are the filed answers.

  • Family or business ties among officersPt VI · Ln 2No
  • Top official's pay set by an independent reviewPt VI · Ln 15aNo

Programs and updates

Manages donations to fund university learning and discovery opportunities.

Questions for Wayne State University Foundation

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Provided by the organization

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1 program · $18.7M · in their own filed words · FY2022
01

To provide financial support for the operations and objectives of wayne state university

$18.7Mprogram expense

Funders

Who pays for it.

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

Grants

Schedule I · received and paid
Grants received · FY2025
World Brain Forum FoundationFY2025$200K
Total grants receivedfrom 1 funder$200K
Grants paid · 6 grants · $108.1M · 2019–2024
Wayne State UniversityMI · FY2024$20,790,663
Wayne State UniversityMI · FY2023$19,912,528
Wayne State UniversityMI · FY2022$18,747,036
Wayne State UniversityMI · FY2021$17,487,905
Wayne State UniversityMI · FY2020$16,005,257
Wayne State UniversityMI · FY2019$15,191,168

By the numbers

The FY2023 990, line by line.

Download 990
from philanthropy.org
1The main four
Money inPt VIII
$9.3M
Ln 12
Gifts and grantsLn 1h$18.7M
Investment incomeLn 3$1.8M
Money outPt IX
$24.2M
Ln 25
Programscol B$18.7M
Managementcol C$780K
Fundraisingcol D$4.7M
Owns and owesPt X
$503.9M
net assets · Ln 32
Cash and savingsLn 1–2$2.9M
Total assetsLn 16$504.2M
LiabilitiesLn 26$225K
PeoplePt VI, VII
28
listed · VII A
PaidVII A0
Voting boardVI 1a16
IndependentVI 1b12
2In more detail
Revenue in detailPt VIII
Gifts and grantsLn 1h$18.7M
Investment incomeLn 3$1.8M
Gains on assetsLn 7−$11.1M
Total revenueLn 12$9.3M
Assets in detailPt X, end of year
CashLn 1$2.9M
Cash and savings togetherLn 1–2$2.9M
InvestmentsLn 11–13$501.0M
Total assetsLn 16$504.2M
LiabilitiesLn 26$225K
Net assetsLn 32$503.9M
OperationsPt I, VI
EmployeesI 50
VolunteersI 613
Fiscal year endsHeaderSeptember
Conflict-of-interest policyVI 12aYes
Whistleblower policyVI 13Yes
Records policyVI 14Yes
3Year over year
Balance sheet, start vs end of yearPt X · col A, B
LineStart FY23End FY23
Cash and savingsLn 1–2$7.1M$2.9M
InvestmentsLn 11–13$445.7M$501.0M
Total assetsLn 16$453.4M$504.2M
LiabilitiesLn 26$658K$225K
Net assetsLn 32$452.7M$503.9M
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Grants to domestic organizationsLn 1$18.7M$18.7M
Investment management feesLn 11f$780K$780K
Other expenses (24a–d)Ln 24$4.7M$4.7M
Total functional expensesLn 25$24.2M$18.7M$780K$4.7M

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2025 Latest $27.9M$26.7M$1.2M$657.5M 990 PDF
FY2024 $21.7M$26.4M−$4.7M$596.1M 990 PDF
FY2023 Viewing $9.3M$24.2M−$14.8M$503.9M 990 PDF
FY2022 $143.3M$23.1M$120.2M$452.7M 990 PDF
FY2021 $23.4M$19.3M$4.1M$514.1M 990 PDF
FY2020 $23.1M$18.8M$4.3M$420.6M 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
See the full FY2023 990 (6 parts)
Part I · Summary $9,335,750 revenue, 12 lines filed
I-8 Contributions and grantsPrior year $28,806,459$18,677,275
I-9 Program service revenuePrior year $0$0
I-10 Investment incomePrior year $114,526,220−$9,341,525
I-11 Other revenuePrior year $0$0
I-12 Total revenuePrior year $143,332,679$9,335,750
I-13 Grants and similar amounts paidPrior year $17,487,905$18,747,036
I-14 Benefits paid to membersPrior year $0$0
I-15 Salaries and benefitsPrior year $0$0
I-16a Professional fundraising feesPrior year $0$0
I-17 Other expensesPrior year $5,607,162$5,434,051
I-18 Total expensesPrior year $23,095,067$24,181,087
I-19 Revenue less expensesPrior year $120,237,612−$14,845,337
Part VI · Governance 12 of 16 board members independent, 1 to look at
VI-1a Voting members of the governing body16
VI-1b Independent voting members12
VI-15a Process for setting top official's payNo
VI-2 Family or business relationship among officers or directorsNo
VI-12a Written conflict of interest policyYes
VI-13 Written whistleblower policyYes
VI-14 Document retention and destruction policyYes
Part VIII · Statement of revenue $9,335,750 across 5 lines filed
VIII-1d Related organizations$18,677,275
VIII-1h Total contributions, gifts and grants$18,677,275
VIII-3 Investment incomeUnrelated business −$185,778 · Excluded from tax $1,943,508$1,757,730
VIII-7 Net gain or loss on sales of assetsExcluded from tax −$11,099,255−$11,099,255
VIII-12 Total revenueRelated to mission $0 · Unrelated business −$185,778 · Excluded from tax −$9,155,747$9,335,750
Part IX · Statement of functional expenses $24,181,087 across 3 lines filed
IX-1 Grants to domestic organizationsPrograms $18,747,036$18,747,036
IX-11f Investment management feesManagement $780,399$780,399
IX-24 Other expenses (24a–d)Fundraising $4,653,652$4,653,652
IX-25 Total functional expensesPrograms $18,747,036 · Management $780,399 · Fundraising $4,653,652$24,181,087
Part X · Balance sheet $504,174,175 assets, 9 lines filed
X-1 Cash, non-interest-bearingStart of year $7,068,246$2,858,276
X-4 Accounts receivableStart of year $547,168$334,675
X-11 Publicly traded securitiesStart of year $328,113,650$361,708,444
X-12 Other securitiesStart of year $117,626,133$139,272,780
X-16 Total assetsStart of year $453,355,197$504,174,175
X-17 Accounts payable and accrued expensesStart of year $657,567$224,835
X-26 Total liabilitiesStart of year $657,567$224,835
X-32 Total net assets or fund balancesStart of year $452,697,630$503,949,340
X-33 Total liabilities and net assetsStart of year $453,355,197$504,174,175
Part XI · Reconciliation of net assets $503,949,340 net assets at year end
XI-1 Total revenue$9,335,750
XI-2 Total expenses$24,181,087
XI-3 Revenue less expenses−$14,845,337
XI-4 Net assets at start of year$452,697,630
XI-5 Net unrealized gains (losses) on investments$66,097,047
XI-9 Other changes in net assets$0
XI-10 Net assets at end of year$503,949,340

Form 990 e-file (XML) FY2023 from the IRS · Classification, formation year and address from the IRS Business Master File

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