Montana State University Innovation Campus

Nonprofit profile at a glance

EIN
455507328
IRS 990 coverage
2017–2024
Official website data refreshed
Sep 2026
Forms available
Form 990 2024, Form 990-N 2012
Location
Bozeman, MT, USA
Phone
4069942053
Rating
78
Verdict
SUPPORTED
Rating confidence
Moderate
Sector
Religion Related N.E.C.
Affiliation
Religious (unspecified)

Official website

Reported finances

Revenue
$794,688
Expenses
$845,619
Assets
$20,099,549
Liabilities
$6,672,165

Source: IRS Form 990. Selected filing: tax year 2024. Amounts in USD.

Leadership & pay

14 people listed

Executive titles in this filing

  • Mark Sharpe (Executive Director)

Highest reported compensation

  • Mark Sharpe (Executive Director): $174,733 total reported compensation

Source: IRS Form 990. Selected filing: tax year 2024. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

To develop a business park that benefits MSU's research community and partner with private sector.

What it reported doing in 2024

MSU Innovation Campus (MSUIC) continues to advance its multiphase research park in Bozeman, Montana, aimed at promoting economic development, research, and educational opportunities in support of Montana State University (MSU). In late 2024, the Bozeman City Commission unanimously approved a new zoning designation for MSUIC allowing for increased development density.The first facility, the Applied Research Lab, opened in early 2020. It brings together MSU faculty and students with Montana-based industry partners to collaborate across multiple areas of MSU's research expertise. (Continued on Schedule O)EngineWorks Bozeman, an 87,000-square-foot multi-tenant office building, was completed in April 2025. It now houses the MSU Quantum Core program, sponsored by the Air Force Research Laboratory (AFRL). In December 2024, Aurora Innovation Inc., a company specializing in self-driving car technology, began operations in a newly constructed 78,000-square-foot facility on MSUIC.Plans are currently underway for a new life sciences building, with a ground lease anticipated in 2026. MSUIC's road and sidewalk network has been completed, connecting the entire campus to the surrounding street infrastructure.

Operating model

Revenue model
Mixed. Its operating money came from several sources; no one source provided a clear majority.
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.
  • Includes noncash contributions: Reported contributions include donated property or goods.

The verdict

SUPPORTED - A large share of available resources goes toward mission work and the filed numbers largely add up. Revenue has declined or grown slowly and expenses are high relative to revenue.

Rating breakdown

  • Financial Efficiency: 78
  • Transparency & Controls: 70
  • Accountability: 100
  • Sustainability: 49
  • Growth: 60

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 90.5%; rating input score 90
  • Program expense ratio: 85%; rating input score 85
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 63rd percentile among comparable filings
  • Pay-setting controls: 1 of 6 controls in place; rating input score 17
    • Compensation committee: Missing
    • Independent consultant: Missing
    • Other Form 990s reviewed: Missing
    • Written employment contract: Missing
    • Compensation survey or study: Missing
    • Board or committee approval: Pass
  • Foreign activity oversight: Limited
  • Grant itemization coverage: Limited
  • Major donor itemization: Yes; rating input score 100
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 100%; rating input score 100; 63rd percentile among comparable filings
  • Governance controls: 8 of 8 controls in place; rating input score 100
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Pass
    • Document-retention policy: Pass
    • CEO compensation review process: Pass
    • Other executive compensation review process: NotApplicable
    • Form 990 shared with the board: Pass
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Pass
    • Independent financial-statement audit: Pass

Sustainability

  • Operating margin: -6.4%; rating input score 22; 22nd percentile among comparable filings
  • Total-asset coverage ratio: 23.77; rating input score 97; 97th percentile among comparable filings
  • Liabilities to assets ratio: 0.33; rating input score 23; 23rd percentile among comparable filings
  • Officer compensation ratio: 1.1%; rating input score 60; 60th percentile among comparable filings

Growth

  • Program expense growth: 12.1% per year; rating input score 100; 69th percentile among comparable filings
  • Revenue growth: -32.3% per year; rating input score 0; 1st percentile among comparable filings
  • Asset growth: 9.1% per year; rating input score 100; 56th percentile among comparable filings

Details

  • What they do: 1 operating location identified
  • Where the money goes: 90.5% of revenue deployed · 85% of spending went to programs
  • Governance: 13 of 13 board members independent · 8 of 8 filing controls reported
  • Programs: 1 filed program accomplishment · $719K in reported program spending
  • Leadership: top reported pay $175K · 14 people listed · 1 of 6 pay-setting controls reported
  • Consistency: 31 of 31 current checks pass
  • Schedules: 7 filed schedules · includes major donors and executive pay
  • Filing history: 8 filing years from 2017 to 2024
  • Contacts: How to reach this organization
  • Related organizations: 2 filed related-organization links
  • 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.

  • High — Growth: Revenue growth scored 0/100.
  • High — Sustainability: Operating margin scored 22/100.
  • High — Sustainability: Liabilities to assets ratio scored 23/100.