Florida State University Magnet Research and Development Inc
Nonprofit profile at a glance
- EIN
- 134356799
- IRS 990-EZ coverage
- 2020–2024
- Forms available
- Form 990 2019, Form 990-EZ 2024
- Location
- Tallahassee, FL, USA
- Phone
- 8506443651
- Rating
- 67
- Verdict
- SUPPORTED
- Rating confidence
- Moderate
- Sector
- Science and Technology N.E.C.
Reported finances
- Revenue
- $68,795
- Expenses
- $58,917
- Assets
- $356,694
- Liabilities
- $39,392
Source: IRS Form 990-EZ. Selected filing: tax year 2024. Amounts in USD.
Leadership & pay
9 people listed
Executive titles in this filing
- STACEY PATTERSON (PRESIDENT)
People named in this filing
- STACEY PATTERSON (PRESIDENT)
- WALTER LEE (TREASURER)
- KELLY STARK (SECRETARY)
Selected names, not a complete roster or a statement of current roles. Open leadership details for the complete filed list.
Source: IRS Form 990-EZ. Selected filing: tax year 2024. Names and roles reflect this filing, not necessarily current officeholders.
Overview
Mission
Florida state university magnet research and development, inc. Is a direct support organization as provided for in section 1004.28, Florida statutes. The organization is considered a component unit of Florida state university (the university). The purpose of the organization is to promote and assist the magnet research activities of the university through income from contracts, grants, and other sources, including income derived from the development and commercialization of the university's work products.
What it reported doing in 2024
Fsumrd operates for the purpose of supporting, encouraging, and promoting scientific research, education, and training activities of faculty, staff, and students of Florida state university. The organization exists to design, develop, invent, assemble, construct, test, repair, maintain, and fabricate magnets or magnet systems of any type of design, and any ancillary components necessary or desirable for the development, operation, or mainenance thereof.
Operating model
- Revenue model
- Earned-program. 81% of the money available for current operations came from fees and other program revenue.
- Distribution model
- Direct operator. The filing allocates 100% of reported program-service expenses outside its grant, affiliate-payment, and member-benefit lines. This expense classification does not rule out separately announced grant awards.
The verdict
SUPPORTED - The filed numbers largely add up and revenue comfortably covers expenses. A relatively small share of available resources goes toward mission work and revenue has declined or grown slowly.
Rating breakdown
- Financial Efficiency: 58
- Transparency & Controls: 82
- Sustainability: 66
- Growth: 40
Detailed rating inputs
Financial Efficiency
- Mission deployment rate: 49.6%; rating input score 50
- Program expense ratio: 71.7%; rating input score 72
Transparency & Controls
- Consistency checks: 100%; rating input score 100; 52nd percentile among comparable filings
- Major donor itemization: Limited
Sustainability
- Operating margin: 14.4%; rating input score 67; 67th percentile among comparable filings
- Total-asset coverage ratio: 6.05; rating input score 87; 87th percentile among comparable filings
- Liabilities to assets ratio: 0.11; rating input score 17; 17th percentile among comparable filings
- Officer compensation ratio: 0%; rating input score 56; 56th percentile among comparable filings
Growth
- Program expense growth: 29.8% per year; rating input score 100; 87th percentile among comparable filings
- Revenue growth: -19% per year; rating input score 0; 15th percentile among comparable filings
- Asset growth: -15.4% per year; rating input score 0; 13th percentile among comparable filings
Details
- Where the money goes: 49.6% of revenue deployed · 71.7% of spending went to programs
- Governance: Filed governance answers
- Accomplishments: 1 filed program accomplishment · $42K in reported program spending
- Leadership: top reported pay $0 · 9 people listed
- Consistency: 8 of 8 current checks pass
- Schedules: 2 filed schedules
- Filing history: 4 filing years from 2020 to 2024
- Contacts: How to reach this organization
- Money network: 2 filed money-flow records
- Related organizations: 1 filed related-organization link
- Grant readiness: Federal tax and exclusion status, award history, and grant-maker relationships.
- People: Everyone the filings name, and which of them the filings identify by more than a name.
Key Signals
Signals prioritize questions for review. They are not findings of misconduct.
- Review — Financial Efficiency: Mission deployment rate scored 50/100.
- High — Growth: Revenue growth scored 0/100.
- High — Growth: Asset growth scored 0/100.
- High — Sustainability: Liabilities to assets ratio scored 17/100.
- Review — Sustainability: Officer compensation ratio scored 56/100.